The main obstacles to entrepreneurship in Africa remain the difficulties of access to capital, corruption, uncertainties linked to the economic environment and rigorous regulation.
The entrepreneurial spirit is well anchored among African youth, according to a survey conducted by the Ichikowitz Family Foundation (IFF) among 4,507 young Africans from fifteen countries. 78% of young people surveyed aged 18 to 24 plan to start their own business in the next five years.
This rate is particularly high in Malawi (92%), Rwanda (89%) and Uganda (89%). However, it is relatively low in Gabon, where 47% of young people dream of becoming entrepreneurs, according to the survey made public on June 13.
The main obstacles to entrepreneurship cited are access to capital (61%), corruption (29%), uncertainties linked to the economic environment (24%) and very rigorous regulations (23%).
Of the 78% of young people who dream of starting their own business, 43% say they will rely on technology to create, promote and manage their business compared to 35% who intend to do so partially.
The survey entitled “African Youth Survey” also shows that young Africans are quite satisfied with the entrepreneurial environment in their country. 66% of young people surveyed believe that their country creates a culture of innovation, develops entrepreneurship and facilitates the development of the digital economy (67%). This optimism is particularly palpable in Rwanda, Ghana and Kenya, countries considered to be at the forefront of digital transformation.
Have fewer children than parents
In addition, 30% of young Africans describe their standard of living as good, 45% describe it as average and 25% describe it as mediocre.
However, these young people are very optimistic about improving their quality of life in the future. 77% of them say they expect their standard of living to improve over the next two years, while 5% expect it to deteriorate. In the longer term, young people are also showing optimism, since more than two thirds (67%) expect to have a better life than that of their parents.
Young Africans are also confident in the plans they have for the future. 77% are already assured of knowing what they will do with their lives. While most young people plan to start a family, the vast majority plan to marry at a later age than their parents (68%). They also plan to have children (69%), and especially less than their parents (72%).