Africa stands at the forefront of global youth demographics, boasting over 400 million individuals between the ages of 15 and 35. Recognizing the pivotal role of young entrepreneurs in propelling economic progress, NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) (http://www.EnergyChamber.org), emphasized the significance of nurturing this demographic during the AEC’s Business Development Workshop for Young Entrepreneurs.

With 600 million Africans lacking electricity access, the transformative impact of initiatives to connect gas-to-power projects or introduce renewables to communities is significant. Ayuk emphasized the opportunities for young entrepreneurs to get involved in this space, highlighting how these endeavors can shape Africa and the world significantly.

“When you look at African youth and a lot of young people across the continent, you keep seeing the longing for big solutions,” says Ayuk. However, “financing is one of the biggest challenges we would face because we have not built a thriving banking sector.”

According to Ayuk, banks need to provide patient capital for young entrepreneurs. This type of funding allows entrepreneurs the time needed to develop their ventures effectively. “My biggest advice to youth is to build that relationship with the bank,” Ayuk stressed. “Get that business plan in place, and they will try to help you execute it.”

For startups, Ayuk advocated for a methodical approach, prioritizing meticulous business planning, demographic analysis and networking to access financing and build relationships with banks and potential investors. “Your network at the end of the day becomes your net worth,” Ayuk remarked, highlighting the significance of building and leveraging professional relationships.

In building a business, the benefits of having a strategic partner cannot be overstated, and more specifically, the importance of self-assessment regarding one’s contributions. In this regard, Ayuk cautioned against overloading titles such as CEO or president. “You need to be able to cut your egos and really get down to walking with other people that can lift you up,” he said.

Furthermore, Ayuk underscored the significance of collaboration, drawing from his expertise in the energy sector. “Some of the technologies that you’re going to need to drive the energy of tomorrow, we don’t have in this continent. So sometimes we might have to be able to partner with a colleague from Europe or America, from Asia, from the Middle East, where they have these technologies.”

For sustaining a business across multiple generations, Ayuk advised that young professionals should engage younger family members early to ignite their interest; provide support for relevant educational pursuits and practical training within the company; clearly define how leadership transitions and roles are managed through succession planning; establish robust legal and financial structures for managing ownership and inheritance; and foster innovation by remaining adaptable and open to new ideas to stay competitive.

He concluded with valuable lessons he has learnt as an entrepreneur. These include the importance of always paying close attention to financial numbers, prioritizing the establishment of a strong brand, ensuring the right people are on board for success, and recognizing the invaluable role of mentorship in building a supportive team.