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Entrepreneurship

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Content

Preface

Acknowledgement

About the Editor

Introduction

Education

The Role of Entrepreneurship

African Economic Growth

From the Start-Up Perspective

Gender and Entrepreneurship

The Influence of Governmental Rule

Corruption and other obstacles for Start-Ups

How to get started

Basic skills needed

What to Remember

Financing your Project

How to manage your capital

Business Plan

Conclusion

Appendices

Appendix A: References

Appendix B: Funding Agencies

Appendix C: Glossary of Terms

Appendix D: Table of Figures

Preface

This book shows the compelling effort to mesh theory into practice. The information in this book compels you to re-examine your environment and take action. It describes how to tailor your knowledge and develop your society.

It is a practical guide for practitioners who provide counselling and planning services. It is also for pupils and students who want to develop their mind set. It is helpful for organizational development in different institutions. Entrepreneurship: An African Perspective is an easy to read book which demonstrates how you can transform your ideas into practice.

Acknowledgement

Special thanks go to all my colleagues and friends for their support and suggestions made on this topic. Special thanks go to Tabot Kingsley for his pictures. I appreciate your direct contribution on this field.

Special thanks also go to Abam Sydney, Wolfgang Azipon and Angel Blake for their alternative views and discussion on certain topics.

Not forgetting the special strength I got from my family to complete this project. Sarah Boehme, Fabian Boehme, Karl Boehme, Eva Boehme, Harald Boehme and Francisca Schutz-Glaeser. Thank you all for your support.

About the Editor

Rachelle Blake, PA, MHA, is a Global Senior Strategic Healthcare Information Technology Leader and Global HIT Workforce Subject Matter Expert. She is Founder, CEO and President of Omni Micro Systems, Inc. and Omni Micro Solutions, Inc., in the United States, and CEO, Founder and Managing Director of Omni Micro Systems & Omni Med Solutions UG (mini-GmbH) in Germany, an international family of fullscale health information consulting and technology development companies in operation for nearly a decade on a global level.

She has authored four books, including three textbooks, and a variety of instructional manuals, curricula, computer-based training modules, presentations and white papers.

Introduction

When people have the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit, we talk about entrepreneurship. However, Entrepreneurship does not only end there, according to Maria Minniti, a leading author on entrepreneurship and economic growth and professor at Babson College. It has a broader description. She said Entrepreneurship is more of an awareness of individuals to make changes that will improve their lifestyle. It does not necessarily mean starting a new business but also solving a problem or choosing to change a direction in order to save time. Entrepreneurship is as an attribute to human behaviour. This book focuses on Entrepreneurship from an economic perspective by being innovative and starting a new business. The practice of entrepreneurship is not only building a business that is competitive on the local market but also analysing the possibility of a business in Africa in order to interact on the global market. This material incorporates the role of education in business building as well as focuses on how to acquire funding and write down a good business plan.

The fast growing population in Africa, with significant growth of the working population, shows that Africa needs entrepreneurs with new and innovative ideas to match this growing work force. There is sufficient land, labour and natural resources which, when used effectively, will yield profit and promote growth in many African nations. The citizens should grasp the Entrepreneurial spirit and innovate, take risks and compete on the global market. In many areas of Africa, there is lack of basic knowledge and technology that promotes growth. This does not make innovation impossible; it shows that there is still a lot to accomplish. The citizens have to be aware of their environment, build up a mind-set that is innovative and try to develop their immediate environment. This book portrays African economic growth in the 21st century and encourages their citizens to be entrepreneurs. Education should be in a way that encourages children right from kindergarten to be aware of their environment and think of ways to improve it. This book explains the development going on in some African countries as well as provides some guidelines on how to get started as an entrepreneur. There are many projects going on in Africa which are interesting for investors, for example the 650-kilometer railway built to link up the Ethiopian capital of Addis Ababa and the Port of Doraleh in Djibouti. The grand Ethiopian renaissance dam and the plan to build the Konza Techno City in over 5,000 acres of land, 64km south of Nairobi. Investors usually shy away from supporting African investments because of high risk and little profit. However, investing in the right project can result in significant return on investment.

The first chapter of this book focuses on education, including what education is and how to educate the children to be thinkers of tomorrow. Chapter Two discusses the role of Entrepreneurship in the African community, including what advantages it brings to the community and its growing population. Chapter Three focuses on African Growth. The Gross Domestic Product (GDP) will be analysed and discussed, why it grows in most African countries at such a rapid rate. Chapter Four shows the perspective of Entrepreneurship in Africa and the benefits and gains it brings to society. In Chapter Five, the vital role that women play in business management will be discussed. Women generally have far less capital than men and are very concerned about their families, but their role in business is important. For these reasons, it is important to know the role gender plays in Entrepreneurship and how it influences economic growth. Chapter Six analyses the influence of governmental rule on economic growth; meanwhile, Chapter Seven discusses the effects of corruption on start-ups. After taking a close look at the environment of an entrepreneur, this booklet goes further to explain how to get started with your business, including where and how to raise funds and write down a good business plan.

Creative Thinking

1. Describe an Entrepreneur.

2. Are there any entrepreneurial projects currently going on in your town?

3. How would you classify the projects?

Education

For many centuries, experience has shown that education is the key to success. Does education mean that we have to study up to the university level to be educated? Is being a professor, having a postsecondary degree, or simply completing a primary or secondary school education sufficient to be known as educated? Actually, education can be as simple as learning enough to face the challenges of life. What is enough in this case? And how can we weigh or classify it? The fact is, there is no complete learning. As time changes, new development and processes influence our ways of thinking, learning and the way we do things. So it is quite obvious that a person in a developing country like Cameroon or Kenya learns differently from those in the developed world.

Returning to traditional education, going to school is necessary. In Africa there is a need for more and well-equipped schools with good teachers. Everybody is talented in a specific way and in different fields of work. Education will help to build up your talent. This actually means that schools should focus on building children to be able to discover their talent. They should be educated to be responsible for themselves, build good relationships in life and support the society in which they live in through hard work. It does not necessary mean that the school has to be expensive or have the best buildings in town. But the context and content being taught is very important. The schools should adjust their teaching plan to make the children take responsibility of themselves.

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