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3 Things To Do First Before You Build Or Invest In Africa.

Before you pack your bags and jump on the next flight to Africa, there are 3 essential steps you MUST take to set yourself up for success.

Magnus Dikese

Magnus Dikese

— 3 min read
3 Things To Do First Before You Build Or Invest In Africa.

Several economists have referred to Africa as the “next global growth market.” This isn't breaking news, but it's worth noting that the IMF predicts that 7 of the world's top 10 fastest-growing economies in 2024 will be African!

Before you pack your bags and jump on the next flight to the continent, there are 3 essential steps you MUST take to set yourself up for success.

Make sure you read until the end as I also included 1 bonus step that might become your secret weapon. Let's dive in.

Step 1: Be ALL In (No Cap 🧢)

It may sound obvious, but you'd be surprised at how many individuals and companies fail to clearly communicate their commitment towards investing in the continent. 

Just saying "I want to do business in Africa" isn't enough. Fully commit to your vision. Why Africa? What problem are you solving? Articulating your purpose gives you focus, determination, and sets you apart in a competitive market.

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Reflection: You wouldn't just say "I want to travel the world," right? You'd pick a destination, plan your route, and do the research needed. Commit to your African adventure with the same passion.

Step 2: Time is Money (Literally)

Emerging economies are not emerging for ever. Africa's economies are at a stage similar to where China was years ago, presenting immense opportunities and the window for "easy" entry is closing fast. 

Don't wait for the perfect moment – develop a sense of urgency. The earlier you establish yourself and build relationships, the better your chances of success.

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Reflection: Recognizing urgency is like realizing that the African market for tech is rapidly expanding. The more you just wait, the more competitors will enter, and you might miss the chance to establish a strong foundation. It's like a train leaving the station – the earlier you board, the better your chances of finding a good seat and reaching your destination more comfortably.

Step 3: Plan Like a Pro (No Half-assing Allowed)

"If you fail to plan, you plan to fail". It's especially true in Africa. Craft a clear roadmap. My favourite framework for this is the Golden Circle framework by Simon Sinek.

Start with your "Why", then map out the "How", and finally, define your "What".

Concept of Golden Circle -By Simon Sinek

Bonus Step: Speak the Local Language (Metaphorically)

Building context is your secret weapon. Align your business goals with the local development goals of your target market. This shows you're not just there for profit, but to contribute to the community.

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Reflection: Learning the local language and cultural nuances makes your journey smoother. Similarly, understanding and aligning with the development goals of each region helps you connect with locals, open doors, and gain valuable support.

I hope these steps can become your compass, guiding you towards a successful journey on the continent. 

Stay tuned for more insights, and don't forget – the time to act is now! Embrace the challenge, align your goals with local development, and pave the way for an incredible journey.

If you made it to the end, thank you and I'm looking forward to seeing you in the next newsletter. 🙏🏾

Peace,
Magnus

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