All who are into business opportunities and markets all over the world know that Africa has been the center of the economic commodity. Experts and specialists are claiming that Africa could be the next Dubai or China. Despite many people believing that Africa is unsafe and unstable, which is true for some of the countries on the continent, it is not quite like that.
The situations are complicated for some parts of the continent but, there are countries in Africa that are very opened for all sorts and types of business cooperation. For example, even though there have been reports about the recent violence in Kenya, this country shows remarkable improvement in its infrastructure and this puts Kenya on the map of well worthy long term investments.
Since we are very sympathetic towards people with ideas who want to start their business in Africa but have no idea where to start, we are here to find the best suggestions and recommendations for you. Well, for starters, a good news is that there are plenty of business opportunities in Africa, as well as, investors who are willing to use their assets to aid young startups and give them opportunities to show what they can do.
Now that you know that there is a possible audience that is ready to engage with this continent, here are some useful tips on what would be the best course of action that you can take in order to position yourself on the course of success.
The African business culture
African business culture is very similar to the Asian business culture. It is more driven by relationships between people that by transactions. African people prefer to do their business in person whenever they get the chance for it and they rely more on the bond between them and their clients than on the transactions and the profit.
It is a common mistake that people think that African consumers are poor by default. This is not true and you can rest assured that they have more money than people think. The best thing is that they are very willing to spend this money.
The best thing to do when thinking about doing business in Africa is to take a regional approach or rather not focus on just one country. If you want to do big things, you need to think big. Take the whole continent into your consideration.
One more important thing to know about Africa is that the level of brand loyalty is really high. If you do some research on the sectors or banking or beverage and food, you will be able to see exactly how much brand loyalty is important here. This could give you some ideas.
Africa has a great problem with corruption and they are very serious about it. Africans know it costs entrepreneurs, it largely inhibits growth and it drives the unnecessary uncertainty that no one needs. So, open your mind and start.