Page 82 - Msingi Afrika Magazine Issue 15

Economy
Economy

became the policies that run many
‘modern’ African economies that
ensure that the people who are not
connected, not influential or not
seen as important, often find them-
selves dealing with a bureaucracy
that works against them and causes
them in many instances to throw in
the towel early on. Other than that,
issues of security and socio-eco-
nomic stability in African countries
and between African countries can
easily turn a predictable situation
into one that throws a business into
turmoil. African entrepreneurs need
to be nimbler and more creative
than their counterparts in western
and eastern economies to even earn
a fraction of what those entrepre-
neurs earn. However, it is possible
to do so, even without engaging in
corrupt practices. More than possi-
ble, it is critical for Africa’s growth
that those inclined towards entrepre-
neurship go forth and take the risks
necessary to make a difference for
Entrepreneurship our growing economies.

It must be clarified that there are
many types of entrepreneurships in
in the 21st century this day and age: technopreneurs,
agripreneurs, academic entrepre-
By Abigirl Phiri, Zimbabwe. neurs, corporate entrepreneurs,
social entrepreneurs, or green
entrepreneurs. Whichever the flavor,
the common characteristics are that
ntrepreneurship is in- into the fold. Schumpeter proposed these entrepreneurs are not only
herently associated with that entrepreneurs were inventors, creative but also innovative. They
risk accompanied by the creators of new ideas in the quest always come up with new ways of
Epossibility of great re- for profit; Knight suggested that the doing things that – if successful –
ward or great failure. Entrepreneurs risk factor made them responsible will eventually make life easy for the
have to navigate a landscape requir- for premiums in financial markets people. Well, that’s if the good and
ing them to get licenses, permits, and Israel Kirzner seeing entrepre- ease of life for their people is their
hire people and find ways to pay neurship as a process leading to agenda. Another common character-
for all this, all based on a plan and discovery. (Investopedia) istic that they share is being proac-
a hope that their ideas will see the tive in everything they do. They are
light of day and sustain them and In Africa, the element of risk is the first movers who strike the iron
their team financially. The aspect of much higher than in other econo- whilst it is still hot. This is a dis-
risk excluded them from economic mies in the world. African nations tinctive characteristic that sets them
models until the middle of the 20th have faced historical injustices apart from other people. They thrive
Century when the ideas of theorists and hindrances to growth that are on this and this is the reason why we
Joseph Schumpeter, Frank Knight, deliberately imposed upon them by end up having serial entrepreneurs
and Israel Kirzner brought them former colonizers. These, in turn, jumping from one venture to the

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