African Entrepreneurs

Africans have much to be proud of, including some recent major economic successes. In September, Wal-Mart made an offer to buy the South African retailer Massmart for $4.2 billion. And this summer’s FIFA World Cup – a first for Africa – generated more than $3 billion in revenue for South Africa, the host country.

Still, there is much to be done.

Analysts and business leaders often focus on mineral resources when considering prospects for Africa’s future – the continent is the source of much of the world’s platinum, diamonds and gold. But I believe Africa’s most valuable assets are its wonderful people, particularly its entrepreneurs.

Millions of men and women are carefully building small businesses suited to local markets, working off the radar in regions untouched by big business. They are the real diamonds. These entrepreneurs are agents of change, taking risks that may someday generate jobs and build communities.

Yet many lack the financial resources and support networks needed to help them scale up their businesses. Some have such limited access to teachers and mentors that simple training on pricing, marketing and product design can have a massive impact. With the right support, their entrepreneurial efforts can produce even more opportunities, leading to the prosperous dynamic of progressive capitalism.

That’s why Virgin Unite, our non-profit foundation, established the Branson School of Entrepreneurship in Johannesburg to support and celebrate young South Africans as they launch new ventures. We help them expand their businesses by connecting them with entrepreneurs from South Africa and around the world – people who can provide mentorship, help them gain access to markets and raise capital.