Business

Lessons From Africa On Building Effective Business Ecosystem

Business ecosystem - cfamedia
Credits: The Blue Diamond Gallery

Getting adapted to emerging challenges, in the business ecosystem, requires continuous change.

These rapid changes involve, a co-creation, whereby, companies create business structures that foster a relationship among consumers, producers, and relevant stakeholders.

The relationship created gives birth to an ecosystem, which often times, is not easy to maintain and if not properly monitored, can collapse. How, then, can an effective business ecosystem be maintained?

In developing a dynamic business ecosystem alongside maintaining it, the following are necessary factors that come to play:

Providing a Level playing ground
You might, probably, have wondered why people join an ecosystem in their industry. Reports coming from such engagement indicates that self-motivation for greater success is the benefit acquired.

Asides that, they tend to stay a long time because of much greater benefits and beyond the corporate relationship that is obtained.

Redefining ‘tribal’ boundaries
The opinions we have and how well our engagement goes down with people are factors in determining the narrative, for an ecosystem.

In Sub-Saharan Africa, the factor of ethnicity is pertinent and in trying to scale a solution, certain traditional boundaries need to be redefined.

For effective socializing in an ethnic framework, entrepreneurs from different tribes, need to work together. A major way is through the facilitation of inter-tribal interactions and encouraging group diversity.

Facilitating interaction
Every ecosystem has a core solution and this has to be aligned with the interests of the stakeholders, to increase engagement.

During the interactions, connections are created, which leads to influence and nurturing of others and this helps to create ideas.

Developing an inbuilt capacity
Government agencies, or, incubators, most of the time, try to devise programs, but an inclusion of the locals can appear to provide potential solutions.

Giving support to people, who would embrace new ideas, is important, to maximize outcomes. Businesses around the world, develop companies around the world.

They, also, develop agile structures and processes, to cope with the unexpected, enabling their stakeholders to identify and move forward with new ideas.

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