Since the early 2000s, entrepreneurship in Africa [fr] has reported strong organic growth [fr]. However this development has not spread in all market sectors and too often seems to be limited to service industries and trade. Africa has 65 million Small and Medium Enterprises (SMEs) [fr], nevertheless it is still struggling to develop a class of local entrepreneurs to manage strategic industries, specifically the export of agricultural raw materials, mining, transport and industry public works where the market too often turns to foreign managers.
Yet investors’ enthusiasm for Africa, that many see as the latest Gold Rush for those seeking an alternative to Asian markets, has an impact on local government policies which are concerned with developing their private sectors. The final report [fr] of the World Bank indicates that the reforms undertaken by most African governments have improved the business environment in the administrative, fiscal and regulatory domains.
Candy factory of the Senegalese Sugar Company (Senegal) by Manu25 on Wikipedia under creative commons licence
Numerous academics and researchers have examined the influence of cultural practices in order to understand the entrepreneurial adventure in Africa. Their researches led them to consider the weight of cultural values and principles strongly anchored into the collective psyche of African businessmen to evaluate the factors for success for African entrepreneurs.
The irrationality of economic choices of African business executives facing the social pressure of ethnicity,or their extended family has been extensively studied.
Read more at Entrepreneurship, Culture and Solidarity in Africa