Africa - the last Adventure
Granted, Africa is not for faint-hearted persons. Africa needs strong people with entrepreneurial spirits and pioneer characteristics , adventures and discoverers.
Pioneers bare crossing borders into new frontiers. They try to do things that few people have done before. Pioneers are often confronted with lack of understanding by most of their fellow men. They are visionary. They leave the beaten tracks and begin something new. They do not act halfhearted, fearful, unstable or hesitatingly; but decidedly, straight forward and of good cheer.
Discoverers jump at sudden or unexpected opportunities. They are flexible and ready to adjust themselves to new situations and developments. They are lateral thinkers and contrarians who are able to think beyond established paradigms can achieve extraordinary results in Africa.
A lot of things in Africa are still undeveloped, unexplored, undiscovered. Those who want to do business in Africa are facing a lot of challenges:
- Mentality of the local people
- Strange and incomplete legal systems
- Low stability of the law
- Unpredictability of legal decisions
- Bureaucracy and arbitrariness of local authorities
- Corruption everywhere
- Inadequate infrastructure
- Tropical diseases and high HIV/AIDS prevalence rates
- Lack of educated people
- Limited supply of electricity and water
- High crime rates in some major cities and countries
Pioneers, adventurers and discoverers will not be deterred by these challenges,they make the best of them. They love to be among the first participants of a new trend. Dawning markets with considerable growth potential in nearly all sectors and a vast number of vacant market niches offer them a lot of opportunities.
And what about the poverty? many people may think that this is a reason not to invest in Africa. As a matter of fact,
there are a lot of challenges arising from the high percentage of poor people in many African nations. However, the customer
groups at the BOP (Base of the Pyramid)Markets are huge in numbers and power purchase. These markets are mostly untapped.
Business people and investors should prick up their ears. A number of very successful companies (especially from India) have already made fortunes with business models that serve the BOP markets.
The wealth of these emerging markets is waiting for innovative entrepreneurs - not only in Asia, but in Africa too.