ENTREPRENEURSHIP IN AFRICA: A REVIEW OF GROWTH AND CHALLENGES

Authors

  • Olubusola Odeyemi Independent Researcher, Nashville, Tennessee, USA
  • Adedoyin Tolulope Oyewole Independent Researcher, Athens Georgia, USA
  • Omotoya Bukola Adeoye Independent Researcher, Chicago, Illinois, USA
  • Onyeka Chrisanctus Ofodile Sanctus Maris Concepts, Nigeria Ltd
  • Wihelmina Afua Addy Independent Researcher, Maryland, USA
  • Chinwe Chinazo Okoye Access Bank Plc, Nigeria
  • Yinka James Ololade Independent Researcher, Addison, Texas, USA

DOI:

https://doi.org/10.51594/ijmer.v6i3.874

Abstract

Entrepreneurship in Africa has emerged as a dynamic force, witnessing both remarkable growth and formidable challenges. This review delves into the multifaceted landscape of African entrepreneurship, providing insights into the key drivers of its expansion and the persistent obstacles it confronts. The growth of entrepreneurship in Africa is propelled by a confluence of factors. A burgeoning population, coupled with increasing urbanization and connectivity, has created a fertile ground for business innovation. Government initiatives and international partnerships have also played pivotal roles, fostering an environment conducive to entrepreneurial endeavors. Notably, a rising culture of innovation and a wave of tech-driven startups are contributing to the continent's economic diversification. However, this entrepreneurial surge coexists with a host of challenges that demand attention. Infrastructure deficiencies, including unreliable power supply and inadequate transportation networks, hamper the operational efficiency of businesses. Limited access to financing remains a pervasive issue, hindering the potential of aspiring entrepreneurs to transform their ideas into viable enterprises. Regulatory complexities, bureaucratic hurdles, and political instability further complicate the entrepreneurial landscape. Navigating the intricate socio-economic fabric of Africa, entrepreneurs face unique cultural and contextual challenges. Disparities in education and skill levels pose barriers to entry, requiring a concerted effort to bridge gaps and empower a diverse pool of aspiring business leaders. Recognizing the significance of inclusivity, the Review emphasizes the need for tailored support mechanisms to address the specific needs of women and marginalized communities in the entrepreneurial ecosystem. In conclusion, this Review presents a nuanced overview of entrepreneurship in Africa, acknowledging its growth drivers while addressing the complex challenges that entrepreneurs encounter. It underscores the imperative for comprehensive strategies that not only foster a conducive environment for business growth but also address the diverse and context-specific impediments to entrepreneurial success. By embracing the dual facets of growth and challenges, Africa can unlock its entrepreneurial potential and pave the way for sustainable economic development.

Keywords: Entrepreneurship, Growth, challenges, Review, Urbanization.

Published

2024-03-16

Issue

Section

Articles