Experts say Africa’s growth hinges on youth enterprise

Africa’s next phase of economic growth depends on its ability to turn young innovators’ ideas into scalable businesses.

Speaking at the BusinessDay Young Innovators Forum 2.0, experts call on the continent to explore pathways in building resilient enterprises and unlocking its innovation potential.

Frank Aigbogun, the publisher  and CEO of BusinessDay Media Limited, in his address, said that Nigeria’s quest for sustainable economic growth and industrial development hinges on the strength of its institutions and the adoption of policies that encourage investment, innovation and productive enterprise.

“We need institutions, policies and markets that support productive enterprise. Building a lasting enterprise requires creativity and discipline, ambition and measurement, confidence and a willingness to learn from customers,” he said.

Buttressing the theme of the forum, ‘From Hustle to Enterprise ‘, he said, “Hustle is the ability to start with what you have. Enterprise is the ability to build something that lasts. Hustle finds the first customer; enterprise understands why that customer returns.”

He emphasised that one of the challenges faced by young entrepreneurs is access to affordable capital. He also noted that infrastructure is expensive, markets are fragmented, and many founders must learn financial management, governance, and leadership while struggling to keep their businesses alive.

“Entrepreneurs cannot accomplish these alone. Investors must recognise credible opportunities. Financial institutions must understand emerging businesses. Established companies must open doors to new suppliers and partners. Policymakers must create conditions in which productive enterprises can thrive,” he said.

Adedoyin Fabikun, CEO at Vertiline Synergy Limited, explained that entrepreneurs should have what she called conceptualization in place early in their business to build enterprises that last.

“The first thing that you need to do your business 10 years, five years before you even start, is to have conceptualisation.

“Conceptualisation allows you to know your what, how, and why. Why am I in business, how am I going to do this, what am I doing, and all of that,” she said.

According to Adedoyin, conceptualisation allows an entrepreneur to do an experience study. The experience study is basically what will allow an entrepreneur to know that the business he or she is about to do is important.

“Your experience study will allow you to know your vision and mission, which is very important. Your vision and mission allow you to go back every time you forget.

“After the experience study is done, it allows you to know exactly how your business is going to be running before you even start it,” she noted.

David Adeleke, co-founder & CEO of ZEEH, said many young entrepreneurs have great business ideas, but not all of them become successful businesses, because they failed to actualise their ideas.

“Ideas are one of the good gifts that God has given everybody, and it’s easy to change and create, especially for people who are entrepreneurs. “It’s one thing to have an idea, and another thing to actualize that idea into a running business,” he noted.

He encouraged young entrepreneurs to ensure that every business idea they are putting out must be tailored to solving societal problems. To achieve that, he said an entrepreneur should ask himself the following question: Is this business going to sell? Are people going to pay for it? And even if they’re going to pay for it, how much are they going to pay for it, and am I solving a problem?

Michael Pepper, personal branding specialist, emphasised the need for every entrepreneur to take cognisance of his/her personal branding.

“Your personal brand is what people know you for, trust you with, and say about you when you are not in the room.

“Leadership is a character, and not a title; people think about leadership as having a title, but leadership is actually a character. You are a leader before somebody appoints you as a leader, and leadership can go across so many different domains,” he said.

He noted that in personal branding, people want to know how you sleep, why you sleep like that, what you eat, what ingredients you use, what gyms you go to, why you train like that. “People want to connect to you,” he said.

Jamiu Adeyemi, director-general at Lagos Youth Development Institute, has said Africa’s economic transformation will depend on a new generation of entrepreneurs who go beyond identifying challenges to building practical, sustainable solutions that create jobs and improve lives.

“The future is not something we need to enter; it’s something we all need to create. An African-led generation of social entrepreneurs will be built by those who hustle to structure solutions that serve people, create jobs, and leave a legacy,” he said.

Africa’s entrepreneurial energy is visible in its technology ventures, creative industries, emerging consumer brands, neighbourhood enterprises and digitally enabled businesses.

However, the challenge is converting that energy into productive, scalable and enduring companies capable of creating jobs, attracting investment and competing across markets.