About Half Of Young Africans Would Start A Business If They Get USD 100—And Run Social Enterprises

A recent survey has shown that around half of the young Africans would start a new business if they get as much—or as little—as USD 100. More interestingly, 63 percent of these youths would invest that money in a business idea that would benefit the community.

That’s but one of the many interesting findings in the report published by the Ichikowitz Family Foundation charity, and conducted by international polling firm PBS Research on behalf of the foundation.

10 percent of the people questioned in the survey said they would use the USD 100 to start a business in technology or agriculture. Meanwhile, 10 percent of them want to go into the retail sector.

But, as expected, more than half of the young African surveyed decried the lack of capital access as the biggest barrier to living out their entrepreneurial dreams.

Nevertheless, the regulations of the government alongside corruption formed a significant part of the business hurdle in the way of young entrepreneurship.

The survey reveals that most young Africans are not really concerned about school, as just 16 percent said they would invest the money in their education. Savers make up only 13 percent of the pie chart, while 16 percent would blow the money off on items or leisure.

In Malawi and Togo, young people are mostly likely to start a business in the next five years, as 9 out of them people from these countries have the makings of afropreneurs.

There’s no other place in the world where there are so many young people, as three-quarters of Africa’s population are under the age of 35. According to the United Nations’ 2019 World Population Prospects, the world’s youngest countries are all in Africa.

The spirit of entrepreneurship is not new in the continent, as most young Africans are optimistic about the future despite the many challenges facing the continent.

Featured Image: Umaizi