The concepts of Entrepreneurship and Social Enterprise are major aspects of business that are growing at an exponential rate. Regions such as Africa, India and parts of South America are proving to be the grounds for extreme potential in the entrepreneurship sector. Specifically, Africa has been the subject of hot topic as investors, entrepreneurs and corporations alike have been realizing the potential for significant profits in the region. For instance, there are individuals who have seized the opportunities and become what are called “Afropolitans” and “Afropreneurs”. These are individuals who seek to make profits through the political and business aspects of the region. Among these entrepreneurs is a man called Tony Elumelu. He is an extremely successful business man in Africa and – according to an article on CNN – refers to himself as an “Afrocapitalist”. Elumelu’s definition of the term Afrocapitalist is the economic philosophy “that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth” (CNN 2013). This is a very good example of new ideas emerging in a place where a few decades ago there may have been the notion that there is low potential for growth. Furthermore, the concept of long-term private investments from domestic firms within Africa is extremely new and may bring about significant profits in its future. The fact that Elumelu was able to see this opportunity and apply his business skills to the region proves to be the right necessities for a successful entrepreneur. In Commerce 101, we have discussed the concepts of entrepreneurship and social enterprise and have even linked projects such as the ARC Initiative to our curriculum. What Tony Elumelu is practicing in Africa can be directly linked to the same concepts we have learned and is an evident case of success in the region.
Works Cited:
Nurse, Earl, and Jill Dougherty. “Tony Elumelu: The ‘Africapitalist’ Who Wants to Power Africa.” CNN. Cable News Network, 12 Nov. 2013. Web. 14 Nov. 2013. <http://edition.cnn.com/2013/11/12/business/tony-elumelu-africapitalist-africa/index.html>.
Article URL:
http://edition.cnn.com/2013/11/12/business/tony-elumelu-africapitalist-africa/index.html