T H E M E 1
ESOS AND ENTREPRENEURS NEED TRAINING IN VARIOUS BUSINESS AREAS
Critical parts of your business you will need help with next year? (% of rating)
Entrepreneurs seek training, with a focus on practical business management skills. Entrepreneurs expressed their needs in practical business management skills which include: ‘Fundraising”, “International Connections”, “Customer Acquisition”, “Financial Management”, “Product Development”, “Operations”, “Market Research” “Management” and “Talent Acquisi- tion”. 79% of entrepreneurs rated ‘Fundraising’ and ‘International connections’ as highly relevant skills to have. The skill development needs vary according to how long entrepreneur’s venture has been existing. 27% entrepreneurs with ventures aged between 1-2 years rated ‘Fundraising’ as more relevant. On the other hand, only 12% of entrepreneurs with ventures aged between 2-3 years old rated ‘Fundraising’ as relevant. Focus groups further revealed that the need for business management skills training is higher for growth stage startups. Startups at this growth stage require strong management competency that will help them guide their business and effectively lead their teams. Furthermore, the gap in previously relevant professional experience among entrepreneurs seems to contributes to their lack of business development and management competency in leading their business operations.
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
79% of entrepreneurs consider fundraising and international connections as most relevant skills to have.
79% 79%
75%
68%
63%
57%
54%
53%
52% 48%
32% 33% 33%
32%
29%
22%
20%
17%
15% 14%
14% 17%
13% 16%
11%
11%
8%
8%
5%
5%
3%
2%
2%
2%
2%
2%
2%
2%
1%
2%
Very Relevant
Significant
Relevant
Insignificant
Training needs by entrepreneur venture age (% of rating)
Although 60% of the entrepreneurs have at least a first degree, most of them have 1-2 years of work experience. This low level of relevant professional experience among entrepreneurs seems to contri- bute to their lack of business development skills and management competency. Entrepreneurs’ needs are most often a reflection of their environment. Research reaffirmed a positive correlation between entrepreneurs’ skill levels and the market in which they operate. In comparison to other regions, entrepreneurs in the central African region are severely marginalized by the poor support for SMEs, and underdeveloped business systems.
10% 15% 20% 25% 30%
27%
22%
21%
20%
18%
14%
13%
12%
10%
8%
8%
7%
7%
5%
4%
4%
0% 5%
An idea About to start
<1
1-2
2-3
5-8
3-5
Over 8
Fundraising International Connections
27% of entrepreneurs with a venture aged between 1-2 years rated ‘Fundraising’ the highest in terms of relevance.
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N E E D S A S S E S S M E N T R E P O R T
Trends and insights from ESOs, entrepreneurs, and investors
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