The past three years have truly disrupted our ideas about business sustainability. We are simultaneously confronted with the prospect of new AI innovation, market crashes, climate change chaos and the geopolitics that currently plague the world. Just like the question: when is a good time to have a baby, when is a good time to start a business cannot be easily answered. However, it can easily be argued that there is never as good a time as right now!
Starting a new business is a daunting prospect. Even seasoned entrepreneurs will tell you that a new business might as well be a new baby. It requires constant attention, any small thing can cause it to fall or fail. Without love and a passion to see it grow, you might be tempted to give up completely! That's just you looking after it by yourself, during the early stages. Once you throw in external influences, unforeseen circumstances and the laws and regulations required to keep it strong and healthy, you're in for a bumpy and unpredictable ride.
If there is so much stacked agains the prospect of success; what then, is the lure to start a new business at all?
There's a Chinese maxim which can be translated into the following idea:
great threat can bring great opportunity.
What is an entrepreneur if not - very much - an opportunist? Given all the challenges I mentioned in the opening paragraph of this blog, each one of these presents an opportunity to innovate. If one takes the daunting developments in AI for example; the prospect to create safe AI platforms which can enhance human creativity and progress is still largely untapped. So, instead of viewing AI as a threat, one can view it as an enabler to human progress. If that's the case, then countless solutions can be developed to assist humans in the mastering of AI technologies. So, there are many untapped opportunities in the realm of technology, which may be your next business idea!
Wherever human beings are, products and services are needed. So, it goes without saying that; there will always be opportunities for new business. If one is *lucky, you may tap into a business model, which brings about spectacular success. In The Book Every Entrepreneur needs to read, you will find real stories of real entrepreneurs. The collective wisdom of everyone - from Start-up Founders to Venture Capital investors and Business Incubators, will hopefully provide you with all the info you need to make an informed decision about the business landscape in Africa.
Readers are Leaders!
* Luck is when opportunity meets up with preparation.