Why do African entrepreneurs embrace business education? Entrepreneurs are the lifeblood of economic progress, with small and medium-sized enterprises (SMEs) making up 90% of all businesses.
These SMEs are more than just companies; they are the engines of job creation, contributing “up to 40% of national income (GDP) in emerging economies.” However, a closer look reveals a gap.
Many of these enterprises begin their journey without the necessary preparation, resulting in high turnover rates and other pitfalls. There’s a pressing demand for comprehensive business education, programs to equip entrepreneurs with the skills to build sustainable businesses, which are, as the data suggests, the African continent’s major employers.
The rising unemployment figures in Nigeria, reaching 5% in the third quarter of 2023, make the case for such educational initiatives even more urgent. For over a decade, various initiatives have been developed to address these educational needs, including courses and programs aimed at empowering entrepreneurs with practical business knowledge.
Making these resources available is one thing, however, ensuring entrepreneurs take advantage of them is another thing. So, why do entrepreneurs embrace business education?
See Also: How to transition from a business idea to starting your business in 30 days.
What Data From My 30-Day Program Reveals
I run a 30-day program – Start Your Business in 30 Days to help aspiring entrepreneurs start their businesses, and my experience reveals that the entrepreneurial drive to gain business knowledge is complex and varied.
Some aim to enhance their existing ventures, others want to revamp their business models and many are eager to master cutting-edge market strategies.
Periodically, I and my team conduct surveys to understand why African entrepreneurs embrace business education or seek business coaching. The insights from these surveys help us improve our programs and make sure we’re addressing entrepreneurs’ specific needs.
Our research helped us uncover why African entrepreneurs embrace business education. I’ll share the insights from a recent survey so we, as coaches, can effectively meet our clients where they need us most.
Why African Entrepreneurs Embrace Business Education
Growth
Growth emerges as a central theme among entrepreneurs. It’s not mere survival they’re after, but expansion and market presence. Coaches have a unique opportunity here to work with clients to devise strategies that foster sustainable growth and help exploit new market opportunities.
A Solid Start
I’ve noticed a strong trend: Entrepreneurs place great value on equipping themselves with foundational business knowledge. They’re determined to transform their business concepts into successful realities. This keenness to learn before launching is a testament to their foresight and commitment to success.
The value entrepreneurs place on foundational knowledge cannot be overstated. Aspiring business owners want to start with confidence, armed with effective planning and execution strategies. Coaches can serve this need by offering comprehensive programs that cover the A to Z of business initiation, including critical thinking and strategic planning.
A Strong Structure
Business structuring is another area where entrepreneurs desire guidance. They show a clear intention to structure—or restructure—their businesses for effective operation and growth. They recognize the importance of establishing a solid operational framework as a key to sustainability.
Coaches are challenged to facilitate the design of such structures, infusing best practices that ensure resilience and adaptability in their clients’ ventures.
Expertise In Business Education
When choosing the right business education program, entrepreneurs’ decision-making extends beyond the course material to encompass the instructor’s expertise and reputation.
Entrepreneurs invest in experts they believe in, those who can simplify complex ideas and create actionable strategies. Building a personal brand as a trusted advisor is crucial for coaches to attract and retain ambitious entrepreneurs.
Strengthening Africa’s Economy Through Targeted Business Education For Entrepreneurs
I believe we stand at the cusp of a transformative era for Africa’s economy. SMEs, which form the backbone of the continent’s economic fabric, could see an unprecedented surge in their contribution to GDP and job creation if equipped with the right knowledge and guidance.
Insightful coaching, tailored to meet businesses at their specific points of need, will serve not just the business owners but the broader economy. By providing entrepreneurs with the tools and understanding to navigate market complexities, coaches play a pivotal role in shaping businesses that are resilient, adaptive and growth-oriented.
Imagine a future where, through such dedicated coaching, the number of thriving SMEs soars, reducing unemployment rates significantly. And we could witness SMEs contributing even more to national incomes, since as these businesses grow, they attract more investment, creating more jobs and driving economic progress.
Final Thoughts
As we press forward, let us commit to coaching that is transformational, not transactional. Coaches should work to create a legacy of growth, innovation and enduring success across Africa’s entrepreneurial space.
With every business that succeeds, I see a step toward improved economic statistics, toward a continent where enterprise and education walk hand in hand toward a brighter, more prosperous future.
How We Can Help You Register Your Business And Comply With Taxes Monthly
Send us a message on WhatsApp- 08188122223 or 08038874148 to help you with your business registration and tax compliance.
Our Essential Compliance Service Covers:
Initial Registration for VAT/TIN Certificate: Complete facilitation of your initial VAT/TIN registration process with FIRS and LIRS.
Initial Registration for PAYE, Business Premises, and Development Levy.
Monthly PAYE: Computation of PAYE deductible, remittance of PAYE, and filing of monthly returns.
Monthly VAT: Computation of VAT payable, remittance of VAT, and filing of monthly returns, taking cognizance of applicable tax laws.
Annual Business Premises and Development Levy Renewal
On-Demand Premium Services
Should your business require our ProMAX Compliance Service, which includes account preparation, auditing, and TCC filing, please contact us directly. This premium service is tailored to your specific needs and billed upon request.
Why Choose Our Compliance Services?
Peace of Mind: With our expertise, you can rest assured that your compliance needs are in capable hands.
Cost Efficiency: Save on potential non-compliance penalties with our cost-effective services.
Expert Guidance: Our seasoned professionals keep your business compliant amidst regulatory changes.
Get in touch today by clicking the Contact Us page or sending us a message on WhatsApp: 08038874148 or 08188122223.
How I Can Work with You to Start And Grow Your Business
If you want to work with me to start a profitable and sustainable business, then enrol in the Start Your Business in 30 Days Program. I will take you from idea to starting your business in 30 days. At the end of the program, you will get a registered business with CAC, logo and brand assets, admin set-up, one-on-one consulting sessions and more. Click here to enrol.
Every week, I teach practical business lessons that have helped thousands of entrepreneurs start and grow their businesses. If you want to benefit from my teachings, click to sign up for the weekly business lesson here.
Promote your business to over 8,600 business owners who are subscribed to my newsletter by sponsoring my newsletter. Get in touch- Ebere@entrepreneurs.ng or 08038874148.
I am an internationally trained award-winning entrepreneur running three profitable businesses and a member of the prestigious Forbes Coaches Council.
Also, I work with companies and established corporations to scale their impact and revenue. Reach us at Business@entrepreneurs.ng if you would like to transform your business.
See the different ways we can help increase your business success.
This was first published on Forbes.com
