Ways to Promote Entrepreneurship in Africahumphreykariukindegwa.webs.com /apps/blog/show/42610834-ways-to-promote-entrepreneurship-

in-africa

For a country who still trying to harness its own economic and development potential such as Africa, it isimportant for them to promote different activities that can encourage entrepreneurship and socialinnovations. There are a number of studies out there that place Africa into one of the ten fastest-growingeconomies, while there are other studies like the one done by the International Monetary Fund thatpredicted that between 2011 and 2015 there will be 7 African countries who are going to be included in thelist. Due to this recent developments in Africa's economy, many analyst have already started to attribute itto different factors, such as the exponential increase in shipping of raw material to the east and other partsof the world. Though this kind of claim is true it only hold on third of Africa's growth as the rest is all due tothe genuine value creation which is then attributed to the entrepreneurship within the continent.

To some people, the kind of growth rate that Africa has shown over the past few years may seem enoughto ensure the continual growth and development in the country, but if we look more closely we can saythat there are still some room for improvement that can help Africa to harness the different potentials of theentrepreneurship within the continent.

How can Africa promote entrepreneurship in the country?

For Africa to be able to take a huge percentage of their people out of the poverty line, Africa would needs tohave an accelerated structural transformation which would also require them to put a lot of investments tofactors that would lead them to growth-enhancing structural change. To ensure that Africa will also have acontinuous growth, many of the African countries would also need to realize the need to diversify andexpand their sources of economic growth while they are maintaining different activities that would create

more opportunities for the people and entrepreneur in the country.

To make the possible entrepreneurs more comfortable with the market environment, the Africangovernment would need to provide some kind of assurance that will promote a very conducive businessenvironment for the entrepreneurs by enforcing flexible policies that can help in boosting the number ofprivate entrepreneurs. With the right set of policies and regulations, Africa is going to be able to encouragethe private entrepreneur to take a more proactive role in addressing the different challenges that goeshand-in-hand with the enhancement of business services and the provision of opportunities for innovationand competition.

in order not to hamper the growth of firms in Africa with the low density of economic activities, the Africangovernment must also make sure that there is an enough resource of skilled labor and human capital. Inaddition to this, Africa would also need to learn to adapt to the changes that are caused by the new andemerging technologies in the market.