Why it's too hard to start a business in Africa -- and how to change it | Magatte Wade

Summary

The speaker shares a personal and emotional story about the challenges faced by young Africans, including migration, poverty, and the harsh business environment in Africa. They highlight the struggle of doing business in African countries due to restrictive laws and corruption, and emphasize the need for simplifying business operations to create jobs and reduce poverty. The speaker calls for action to address these issues, advocating for e-government solutions and warning that the future of Africa depends on the choices made today, urging for peaceful and productive change.

Takeaways

• 💔 The speaker was deeply affected by words that shattered their heart but also filled it with hope, renewing their commitment to share their story.
• 🌊 The speaker is haunted by the recurring stories of young people from their community dying in the ocean or being sold as slaves during migration attempts to Europe.
• 🏺 The speaker confronts the harsh reality of people from their community being viewed as inferior, which contributes to a culture of poverty and lack of opportunity.
• 🔨 The speaker's father instilled a problem-solving attitude, encouraging them to think of alternatives and solutions, which has influenced their entrepreneurial endeavors.
• 🌍 The speaker has started businesses that integrate African culture into consumer brands, aiming to bring these to global markets like the US, as a means to combat cultural inferiority.
• 🚫 The speaker emphasizes the importance of job creation as a solution to poverty and argues that jobs primarily come from businesses, especially small and medium-sized enterprises (SMEs).
• 📉 The speaker criticizes the World Bank's Doing Business index, pointing out that African countries are at the bottom, making it difficult to start and run businesses, which perpetuates poverty.
• 🛃 The speaker shares personal experiences of the challenges faced in running a business in Africa, such as high tariffs on imported raw materials and the unavailability of basic supplies.
• 🏛️ The speaker calls for simplification of business environments and the implementation of e-government solutions to fight corruption and improve the ease of doing business in African countries.
• ✊ The speaker concludes with a call to action, urging the audience to educate themselves, build awareness, and advocate for change, while also warning leaders about the potential for unrest if the situation does not improve.

Q & A

What was the speaker's emotional response to the words they heard four weeks ago?

The speaker's emotional response was a mix of heartbreak and hope. The words shattered their heart but simultaneously filled it with hope, renewing their commitment to the ideas they wanted to share.

Why does the speaker describe themselves as 'haunted'?

The speaker is haunted by the repeated stories of young people from their community dying in the ocean or being sold as slaves while trying to migrate to Europe.

What is the primary reason the speaker believes people are migrating to Europe?

People are migrating to Europe primarily to find jobs, as there are limited opportunities where they currently live.

What is the speaker's approach to addressing the issues faced by their community?

The speaker's approach is to create consumer brands that embed the best of their African culture, package them in a modern, world-class manner, and introduce them to sophisticated markets like the US.

Why does the speaker argue that simplifying the business environment is crucial for poverty alleviation?

The speaker argues that simplifying the business environment is crucial because jobs, which are a solution to poverty, come from businesses, especially small and medium-sized enterprises (SMEs).

What is the significance of the Doing Business index ranking mentioned by the speaker?

The Doing Business index ranking is significant because it measures how easy or difficult it is to start a company in each country, and the speaker points out that all 50 African countries are at the bottom of the list, indicating a major barrier to economic growth and job creation.

Why does the speaker mention the 45 percent tariff on raw materials imported into Senegal?

The speaker mentions the 45 percent tariff to highlight the high costs and barriers that make it difficult for businesses to operate in African countries, contributing to the poverty and lack of job opportunities.

What was the emotional impact on Yahara, the employee from Senegal, after hearing the speaker's explanation?

Yahara initially cried because she had internalized the negative representation of her people as poor and inferior. However, after the speaker's explanation, she realized that the problem was not her or her people, but the environment and circumstances they lived in.

What are the two 'marching orders' the speaker gives to the audience?

The two 'marching orders' are to educate oneself and build awareness, and to advocate for e-government solutions to fight corruption and simplify the business environment.

What is the speaker's message to the leaders and the audience regarding the future of Africa?

The speaker's message is that the future of Africa can go two ways: a violent revolution or a peaceful, productive transformation. They urge leaders to facilitate an environment conducive to job creation and economic growth, and they encourage the audience to be part of the solution by getting involved and advocating for change.