These are the words a friend used to describe how dynamic and fast growing the continent became. Obviously, he was talking about small businesses, but I’ve heard similar stories from other sources regarding some quite important deals.
In 2012 Africa became the fastest growing continent in the world with the highest number of new millionaires. There are now more than 100,000 millionaires in Africa and about 20.000 new millionaires will be added every 3 years. Waouh!
There are lot of opportunities. I’ve have started few months ago a series of posts on ideas to start profitable business in Africa:
There are thousands of other business opportunities that I will continue featuring here.
The continent still is a risky place to do business, but the rewards of success are instant and a lot. Here are the top 7 tips for success I’ve garnered through my latest conversations:
1. “It’s almost virgin here. There are lot of opportunities, but you have to fight!”
2. “Target the vanity class with vanity products. The “new rich” have lot of money. They are though on everything except their big ego and social reputation”
3. “Target the lazy executives and middle managers. Do the job they are paid for as a consultant. Be good, and politically savvy, and the money is yours”
4. “You’ll make more money in selling food or opening a restaurant than working for the Bank”
5. “You can’t avoid politics, but learn to think like the people your are talking with. Always finish your sentence with something like “the most important is the country’s development, not power. We all have to work in that direction”
6. “It’s about hard work and passion, but you should first forget about managing time like in Europe.
Take time to visit people, go to the vanity parties, have the patience to let stupid people finish their long empty sentences, and make the politicians understand that your project could make them win elections and strengthen their positions”
7. “Speed is everything. Think fast, Act fast, Be everywhere through friends, family and informants”
All these look very machiavellian to me, but who said business was something for the faint hearts!