As we start to head into a new decade, no longer can African nations rely on their victim mentality to explain their current circumstances. It’s going to take strong leadership to look forward not backward, in order to improve.
Perhaps the biggest deterrent and most widely known theme of when people think about Africa is the corruption that exists. Corrupt political and business deals with foreign countries pad the pockets of those at the top while stunting the growth of the respective country.
Throughout history, leaders with the big ideas that would help reshape the world, were only able to manifest these ideas by having extreme focus. Focus, combined with wanting to empower and inspire others, helped embolden them into the history books for impacting the success of their country.
Poor government leadership and spending has been a detriment to the economic development of African countries for far too long. Government funds need to be invested into promising companies that create sustainable economic growth.
Entrepreneurship and capitalism are the tried and true driving forces behind sustainable economic development. African countries cannot hope to build an economy around natural resources or aid from other countries; these can be supplemental factors but never the backbone for economic prosperity.
Big business, industry, champion companies; whatever you want to call it, it is the driving force behind the growth of countries’ economies. As the global economy booms, we have example after example of stand out companies from successful countries all across the world.
Google is a great example of a champion company known around the world. It was born out of an ecosystem in the United States where venture capitalism supports and drives entrepreneurship that has the chance to reshape the landscape of not only the country, but the world..
The sogo sosha of Japan and the chaebols of South Korea are examples of powerful champion companies that created bountiful opportunities for their respective nations to become global economic powerhouses.
Through deliberate planning, their companies like the English and Dutch merchant companies boosted their nation’s economy in search of business opportunities abroad. Similarly, the Asian Tigers followed suit and created champion companies of their own.
African countries can follow in the footsteps of Asian Tigers by creating an environment that allows for the development of champion companies. It’s a simple strategy, yet one that will bring prosperity to every nation that properly executes it.