The 5 critical success factor of business in Africa

Among 2o startup funded in a month,only 5 startups are subjected to be funded and come into existing companies with success in Africa.This statistics always rises the questions such as Why are the other 15 failed to be successiful in time?or what are the reason for their failure? But before we jump on answering those questions above,we must ask our selves these question;What are the general success factors of the modern busines in Africa?

Like other business firms in other part of the globe,the success factors for business in Africa are the same,but environment consideration is important especially when you are thinking of how to  create  the next business in Africa.The following are the business success factors:

Viable business concept
A clear business concept is that intend to solve a certain problem in a society as the way to fix the customer needs.Everything can be  customerly  in a certain society but the culture and governmental regulations play the important role to make the business concept viable in that community.

Understanding of the market
A clear understanding of the market is the key of the business to prevail since if you understand the market you are automatically having the trick to play with your revenue streams and maintain your customers and beyond adding more revenue streams.

Management capability
In order for a firm to exist in a business process;the firm's team means everything for the service.Maintaining the positive relationship in a firm,(a relations towards business  existence);especially on production, quality assurance,and marketing is the most important roles the managers must endorse so as to make the firm come into success.

Strong financial understanding and control
In order to call you name that is in businesss,you must know what goes in and what goes out of your business and controling as well as expanding the in and out flow pipes so that the business can be big and successiful as you wish.

Consistent business focus
Above all the consistency of the firm business focus is very essential since the future of the business intend to give solutions.

Being aware and live the success factors is the only way to avoid failure which are on the way due to;lack of business plan,Insufficient market research,underestimating of competition,inadequate insurance,lack of customer service,Lack of experience and knowledge on the industry you are trying to compete,insufficient operating capital,change in the governmental regulation and lack of fear of failure.

It is how simple to know why most startups fails or not see the success in time;since most of them do not know their critical success factors to which they should be founded and being able to withstand the unforeseen chalanges which they differ each other.