INNOVATION IN ENTREPRENEURSHIP: NEW APPROACH AND STRATEGY TOWARDS AFRICAN CONTINENT’S DEVELOPMENT IN THE FAST MOVING WORLD

Abstract

This paper looked into the multifaceted landscape of African entrepreneurship, providing insights into the key drivers of its expansion and the persistent obstacles. The growth of entrepreneurship in Africa is propelled by a confluence of factors.  population, coupled with increasing urbanization and connectivity, these has created a fertile ground for business innovation. Government initiatives and international partnerships have also played pivotal roles, fostering an environment conducive to entrepreneurial endeavors. Notably, a rising culture of innovation and a wave of tech-driven startups are contributing to the continent's economic diversification. However, this entrepreneurial surge coexists with a host of problems that demand attention. Infrastructure deficiencies, including unreliable power supply and inadequate transportation networks, hamper the operational efficiency of businesses. Limited access to financing remains a pervasive issue, hindering the potential of aspiring entrepreneurs to transform their ideas into viable enterprises. Navigating the intricate socio-economic fabric of Africa, entrepreneurs face unique cultural and contextual challenges such as disparities in education and skill levels which pose barriers to entry, requiring a concerted effort to bridge gaps and empower a diverse pool of aspiring business leaders. Recognizing the significance of inclusivity, this paper recommends the need for tailored support mechanisms to address the specific needs of women and marginalized communities in the entrepreneurial ecosystem, which is the    imperative for comprehensive strategies that not only foster a conducive environment for business growth but also address the diverse and context-specific impediments to entrepreneurial success. By embracing the dual facets of growth and challenges, Africa can unlock its entrepreneurial potential and pave the way for sustainable economic development.