One of the most conventional strategies for small-business longevity is the acquisition of financial resources. Although this approach has gained popularity in the West, especially among technology startups in Silicon Valley, it has not ameliorated the startup-survival problem. In fact, it seems to have exacerbated the situation.
Statistics show that U.S.-based companies raise the most capital and experience the lowest longevity, whereas Africa-based companies raise the least capital and experience the highest longevity. In studying more than 200 senior-level executives in one of Africa’s fastest-growing industries — fintech — the authors found that Western entrepreneurs display three misplaced priorities that have a negative impact on their change-readiness and longevity.roughly 65% of companies in the U.S.
is the founder of Kleos Advisory Africa and the first African to serve on the Board of Governors of the Beta Gamma Sigma Honors society. With her expertise in change management and entrepreneurship, she has consulted for blue-chip companies such as Accenture, Ernst and Young, and the World Bank. Lauded as one of the most inspiring women in Africa, she can be reached at www.gloryenyinnaya.com.
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