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Key Topics
Requirement
Question 1
Identify the unique nature of entrepreneurial management.
Answer:
Given the complexities and differences among different countries of Africa and to start a successful business in them, entrepreneurial skills need to be honed in the first place. There are several business opportunities, straight away, in all the countries that have featured in the passage. However, Nigeria and Malawi seem to be ideal places where Benard can successfully operate despite obstacles. He can start by focusing on his connections and partnerships. His knowledge of packaging if combined with on-the-ground expertise and global know-how will give him an edge. Moreover, capturing bigger markets can be helpful in convincing the investors (Boulton and Turner, 2005). The growing economy of Nigeria, along with its large population will have a significant demand for the products. Benard also has an opportunity to enter smaller markets by learning the mistakes of others.
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Question 2
Understand the strategic and organizational challenges involved in rapid and profitable growth.
Answer:
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Strategic challenges: starting a business in smaller countries doesn’t provide enough capital to move into other countries because setting up business in Africa is very expensive in itself. The next challenge is the complex process of putting logistics in place insofar taking the business in multiple countries is concerned (Javalgi and Steven White, 2002 ). Apart from this, there are the challenges of travel and visa restrictions, cross-border taxes, corruption and lack of single currency. In the case of Malawi, where tobacco restricts him to one sector, Nigeria, however, is going to provide Benard an opportunity to realize his ambitious vision.
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Organizational challenges: the packaging company that Benard wants to start requires a robust infrastructure in the first place. In addition to that, smaller countries like Malawi and others lack effective managerial capacity. In this case, skilled managers help in developing people and make them competitive from ground up to transplant them. So Nigeria but Malawi can provide professionals with right capabilities. Rwanda can be another country to start off the business that has good economy, transparency and stable government with a fantastic market in order to get a foothold. But due to the lack of a potential business partner or any family member in Rwanda, setting business there could be problematic for Benard.
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Evaluate growth opportunities in a global landscape.
Answer:
The country like Nigeria certainly has countless growth opportunities due to the fact that, in addition to Africa’s one of the leading economies, it is an emerging market in the global platform. However, the other African countries, being historically overlooked, are also changing and attracting a lot of entrepreneurs. So, these African markets are so replete with resources that they could be low-hanging fruits in terms of businesses and profits. Even in spite of different hurdles the chances of growth and expansion are far more if Benard enters in any one of these markets as soon as possible. The government policies in these countries are also supporting the businesses (Bayoumi, Coe and Helpman 1999).
References
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Bayoumi, T., Coe, D. and Helpman, E. (1999). R&D spillovers and global growth. Journal of International Economics, 47(2), pp.399-428.
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Boulton, C. and Turner, P. (2005). Entrepreneurship. Singapore: John Wiley & Sons (Asia).
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Javalgi, R. and Steven White, D. (2002). Strategic challenges for the marketing of services internationally. International Marketing Review, 19(6), pp.563-581.
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