Entrepreneur’s lessons for Africa’s emerging markets

Emerging markets in Africa are full of opportunities for entrepreneurs, but they should know a few things before they start. South African entrepreneurs Vahid Monadjem and Dale Humby share lessons they have learned from their African business ventures.

On AfricaBusiness.com they insist that designing for emerging markets in Africa requires an enquiring mind, the determination to question every assumption, and both the confidence and humility to engage with the right partners. Product development should be done locally, not in some distant HQ. “Product design should always be undertaken with the input of the customer, and it always requires real, on-the-ground research and testing.” Furthermore, in emerging markets, things change all the time. Try to work with local partners and keep your eyes on the ball.

And keep in mind that the markets may be challenging, but the reward can be huge. “With predictions that these economies will grow almost three times faster than developed ones, and account for an average of 65% of global economic growth by 2020, those businesses that can offer well-designed products that meet a basic need, could find themselves sitting on a veritable goldmine.”

Further reading on africabusiness.com

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