What are the top 3 problems that young founders are facing in Africa
What are the top 3 problems that young founders are facing in Africa
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What are the top 3 problems that young founders are facing in Africa
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Ian Lai
taxes, funding and access to market
Komlan Abrema
1. Money
2. Money
3. Money
We can get access to all the resources you have mentioned above if we have all the money. Youth are smart and hardworking and have already moved around all these obstacles. Money is the greatest barrier.
Moranga Innocent
Thank you Phanice and I am glad that your perspective covers three different dimensions that are very important if we are to scale and accelerate enterprise development among young founders.
What can be done to solve these challenges?
Daisy Mwikali
It is sad that this is a reality we are still facing in 2020, but here is my list of problems facing young founders an entrepreneurs in Africa:
1. Lack of government support for entrepreneurship
2. Unfair or excessive regulations for sme’s and start up businesses
3. Inherited poverty that you have to get out of before starting any business
4. Too much interdependence from family and friends and expectation of support
5. Lack of support from banks and loaning agencies
6. Unfair competition from big companies that kills upcoming businesses
7. Too much startup capital: Registration, permits etc
8. Lack of personal experience and little support by friends and family
9. Less appreciation of locally made products due to cheap and low standard imports
10. Expensive raw materials
My top 3 will definitely be:
1. Too much government regulation and taxation of small businesses
2. Less appreciation of locally made products due to cheap and low standard imports
3. Lack of personal experience and little support by friends and family
Moranga Innocent
This is extremely eye-opening Daisy and indeed many young founders are facing these challenges across Africa.
What could be you take on how we can solve them? The majority of your perspective is on legislation, you may say it’s not within individual control.
How do we make it better?
Phanice Wamukota
Lack of enough experience
Limited Capital
Limited connections
Anonymous Anonymous