African entrepreneurs must seriously consider expanding their business outreach and impact beyond their domestic domains. They should do this before others do it on their behalf and -right in their backyard.
The current global scenario has heightened competition in areas such as manufacturing, trade finance, construction and technology among other business activities.
On the other hand, it has also created an atmosphere of cooperation and partnership at both macro and micro levels across business ventures, countries and regional groupings for sustainable business growth.
Increased competition and inter/intra-country business cooperation and partnerships should not be seen as contradicting scenarios. Rather, African countries ought to see them as complementarities that contribute to wealth creation and indigenous entrepreneurial innovation.
The new global reality is marked by sectoral shifts, policy reforms, greater global interactions and heightened influence of both economic and non economic factors.
African entrepreneurs need to realise that economic interactions are now filled with higher momentum for bilateral, regional and global treaties, strategic business partnerships and major paradigm shifts that tend to make fundamental techno-economic and socio-cultural transformations at every corner of the globe.
Business ventures need to actively and skillfully engage in the rapidly internationalizing business environment by promoting strategic partnerships and cooperation in terms of subsidiaries, joint ventures, outsourcing, import-and- export links; technology transfer and business sharing, among others.
Thinking continental and acting local
African entrepreneurs must acquaint themselves with regional, continental and global business dynamics in order to enhance their stake in the international business environment. Businesses the world over, are affected by factors beyond their borders. It is time for African entrepreneurs to connect with one another. Regionalised (or continentalised) economic and business interactions are needed more than ever.
Full article can be found on this link African entrepreneurs must be proactive
The author Mengsteab Tesfayohannes is an Associate Professor of Management at the Sigmund Weis School of Business, Susquehanna University, Selinsgrove, PA, USA. He can be reached at: Tesfayohannes@susqu.edu