OPINION | Entrepreneurship in Africa holds the potential to effect lasting change

Last week we celebrated Global Entrepreneurship Week by recognising and paying tribute to millions of entrepreneurs worldwide who have taken the leap of courage to bring their ideas to the world by launching businesses.  

The week also presented an opportunity to distinguish entrepreneurs from business owners. While both play vital roles in driving economic self-sufficiency, entrepreneurs stand out through their profound sense of purpose. They go beyond profitability, positioning themselves as change agents committed to addressing societal challenges, creating lasting impact and fostering transformation within their communities and beyond.

History has shown that transformative change globally always begins with a single idea, purposefully executed for social impact with passion, determination and resilience. Johannes Gutenberg’s 15th-century invention of the printing press revolutionised access to information, laying the foundation for the modern knowledge economy.

James Watt’s steam engine powered global economic and societal shifts. More recently, Nelson Mandela’s visionary leadership turned the dream of a democratic SA into reality, reshaping a nation. Visionaries like Vinton Cerf and Robert Kahn, the founders of the internet, ushered in the digital age, which innovators like Bill Gates and many other tech entrepreneurs continue to expand upon.

Africa is a continent grappling with the highest poverty levels globally (429-million people live in abject poverty – equating to roughly one-third of the continent’s population). In 2023, youth Neet (Not in Employment, Education, or Training) stood at 21.9%, surpassing the global rate of 20.4%.  

Alongside political instability, food insecurity, and mounting climate and developmental challenges, entrepreneurship in Africa is not a “nice-to-have”; it is a “must-have”.

Our challenges present unique opportunities for entrepreneurs, intrapreneurs and governments to collaborate in creating innovative ventures that deliver sustainable, people-centred solutions. By addressing pressing issues with creativity and determination, these efforts can drive economic empowerment, foster resilience, and create long-lasting social impact.

Guided by the principle of ubuntu – a belief in shared humanity and interconnectedness – many African entrepreneurs are deeply rooted in their local communities. Ubuntu, often expressed as “I am because we are,” inspires entrepreneurs to prioritise collective well-being. This ethos drives them to tackle critical challenges such as access to clean water, health care, education, and sustainable agriculture, creating solutions that uplift not just individuals but entire communities.

Beyond economic self-sufficiency and social impact, entrepreneurship in Africa holds the potential to effect lasting change on a continental scale. Entrepreneurs are often at the forefront of driving policy change and shifting cultural attitudes towards work, innovation and governance.

Over the years, I have witnessed firsthand how many of Africa's entrepreneurs – often informal sole proprietors – become trapped in a survivalist mindset, struggling to move beyond subsistence to growth and scalability. They frequently lack the resources, support and technical know-how needed to scale their businesses. However, the most significant barrier is often their mindset.

As first-generation business owners, many perceive their challenges to be insurmountable, leading them to mentally and emotionally disengage from opportunities that could drive their growth. Empowering them to overcome these internal and external obstacles is at the heart of my mission.

All lasting change begins in the mind. In Africa, the mindsets that hinder progress have been embedded over more than four centuries, shaped by the legacies of colonisation and slavery. This is where Afriternergy™ – a powerful ideology I developed – can make a profound and lasting impact on entrepreneurs and SMEs across the continent.

The real transformation that is needed is a mindset shift – specifically, the adoption of a prosperity mindset. Without this fundamental change, no matter the resources or support available, whether through mentors, government funding initiatives, or business accelerators, the path to failure is often already paved. Only by fostering a mindset of abundance, growth, and possibility can entrepreneurs truly unlock their potential for success.

• Bengane is the founding director of BizOil Institute and co-director at the Entrepreneurial Planning Institute