It’ll take visionary leadership, informed public finance systems, risk analysis and policy frameworks given provisions for experimentation to bring to life an ideal Africa.
About the fact that Africa is blessed with plenty of natural minerals, there’s no need to dwell much because enough has already been said. However, regarding the important role entrepreneurship has in innovation, employment creation and economic development, Africa remains largely ignorant and or misinformed.
The one thing that has led the present Africa down to this perilous times is poor resource management, so it is imperative that for this futuristic Africa this state of affairs shall have been revisited and revised.
We all aspire to have vibrant economies with better business life and general standards of living. We therefore need to locate the how-tos of making things happen as African nations.
The discipline of entrepreneurship generally studies the why, when and how of opportunity creation, recognition and utilization for providing goods and services through creation of new firms and within existing firms for both profit and nonprofit purposes as outlined by Win Naudè, Adam Szirmai and Michele Goehuys.
The economic history of the presently advanced nations favors the assumption that economic development is the outcome for which entrepreneurship is an inevitable cause.
It is in this light that the future Africa should have instituted radical entrepreneurship development institutes through which to capitalize on the premium role of entrepreneurship in our economic development as a continent.
In our present Africa, social norms forcing solidarity, precluding many from becoming formal entrepreneurs, impede the continent’s economic revival and/or growth. In this futuristic Africa all such detrimental issues shall have been dealt with.
In this truly entrepreneurial Africa to promote extensive entrepreneurship, member countries shall have obtained information on barriers affecting it and having overturned them. Member states shall have strengthened economic research to reduce uncertainties in our understanding of global economic world.
The findings shall then inform and promote new policies and measures for the creation of new business ventures.
Entrepreneurial barriers affecting women, those with disabilities, the young, ethnic minorities and those living in distressed rural areas shall have been identified and addressed with the economic good of these members in the forefront of our thinking.
In short, entrepreneurship shall be accessible to all. This aligns with aspiration 6 according to Agenda2063, “An Africa, whose development is people-driven, relying solely on the potential of African people, especially its women and youth…”
This Africa will be an extended version of Botswana’s economy with its use of policies formulated by institutions like the World Bank. To achieve this, African countries will have demonstrated collective efforts towards aspiration 1 of the agenda 2063, “A prosperous Africa based on inclusive growth and sustainable development“.
Our economies shall encourage competitive and dynamic enterprises. And free market philosophy with sound fiscal policies shall be guiding all economic efforts.
Not foregoing the fact that all member countries shall be responsible for the domestication of international policies and development of country-specific policies and their implementation, the ideal continent will have an established coordinating body to monitor and evaluate the economic efficiency of policies.
Equally important, this coordinating body will facilitate coordination and elaboration of common objectives and the exchange of information.
An African charter governing the small businesses and calling all countries to actively support and enhance entrepreneurial spirit shall be in place. The charter shall address the following areas: education and training for entrepreneurship, strengthening the technological capacity of small enterprises, cheaper and quicker startups and the likes as with those guiding economies of first world nations.
Africa shall demonstrate the commitment to disseminating entrepreneurial knowledge for small business entities, which are by far the most viable sources of innovation and economic dynamism. The constituent countries shall have created creative spaces in their economic sectors and rewarding creativity and innovation.
Entrepreneurial spirit will be highly esteemed with policies that guarantee aspiring entrepreneurs property rights.
The source of true wealth shall have been harnessed which is mechanization. Growing numbers of civic entrepreneurs who aspire for change through bringing bold interventions that push bounds in addressing social problems such as unemployment and education inflation.
To conclude, aspiration 7 of the agenda 2063, “Africa as a strong, united, resilient and influential global player and partner”, would have uncompromisingly been achieved.