Source: Forbes
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.
What Data From My 30-Day Program Reveals
I run a 30-day program 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 seek business coaching or enroll in business education. The insights from these surveys help us improve our programs and make sure we’re addressing entrepreneurs’ specific needs.
I’ll share the insights from a recent survey so we, as coaches, can effectively meet our clients where they need us most.
1. 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.
2. 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.
3. 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.
4. 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
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.
THE AUTHOR: Florence Chikezie, Forbes Council Member
