Shaping African Businesses: How Business Management Training Can Help
A report in 2022 showed that “80% of businesses in Africa fail within five years of establishment.” This alarming figure is particularly significant in a continent where 22 percent of its working-age population is venturing into entrepreneurship — the highest rate globally. This, therefore, means that Africa needs more high-quality business management training designed not only for entrepreneurs but for everyone who dreams of innovation and development.
Recognizing this dream, Semicolon Africa and Henley Business School joined forces with a shared belief that Africa can attain an economic position of stability and pride. They formed a partnership to cultivate the minds of techpreneurs in Africa. To form this partnership and create a business management class for techpreneurs, key stakeholders, including Jean-Pierre Choulet, Dr. Alicia Peña Bizama, Barry Van Zyl, and Adeyinka Adewale, PhD, from Henley Business School, University of Reading, UK, alongside Semicolon Africa’s visionaries, Sam Immanuel and Ashley Immanuel, played leading roles.
As a leading representative of Henley Business School in Nigeria, Dr. Adeyinka Adewale, Director of Studies, Department of Leadership Organisations and Behaviour, makes multiple trips to Nigeria annually, passionately advocating for human capacity development.
Dr Adewale emphasized that Henley Business School is an institution with both African and European influences, making its mission in Africa align with Semicolon Africa’s mission, which is to enable Africa’s digital transformation by building tech-focused talents and businesses.
To solve a problem effectively, understanding the people affected is crucial. Dr. Adewale, with his early educational background in Nigeria, comprehends the challenges faced by Africans in the business and entrepreneurship circle. He expresses, “I see myself in everybody and can feel the pulse, pain, and gaps in people, particularly Africans.” Consequently, he considers it a great honor and a theme of his existence to contribute to the growth of others in business.
Dr. Adewale asserts that entrepreneurship is a mindset, requiring equipping minds with key skills. He emphasizes that Africans need more than basic or technical skills; they require business management skills to effectively manage other skill sets.
Classes at Henley Business School held at Semicolon are more than just instructional. They create a realization of the essence of teaching, extending beyond the curriculum to impact lives, build bonds, mentor, and become integral parts of students’ lives.
Joshua Oluwakuse, a student from the 14th cohort, describes his journey in the business management class: “Before embarking on this journey, my perception of entrepreneurship was shaped by the unpredictable outcomes in the business world. Some succeeded, while others faced setbacks. It often seemed like an exclusive path, reserved for a privileged few with abundant resources. My discovery of Semicolon, an institution offering both technology and business education, was the catalyst for my transformation. What set my excitement on fire was the affiliation with Henley Business School, a symbol of excellence.”
Teaching business management to Africans involves a mindset shift. This is why Dr. Adewale asserts that failure is an event, not a person, and advocates for tapping into different capitals — social, financial, etc. — that are convertible.
Sherif Awofiranye, a member of the 15th cohort, shares his experience and emphasizes the importance of business management for Africans. He says, “Dr. Adewale consistently emphasized the concept of a Growth Mindset, and it has undeniably reshaped my perspective. I now see things from various angles, and it has led me to contemplate the immense potential of openly nurturing the mindset in young African minds. Imagine if this knowledge were readily accessible to the youth across Africa. I firmly believe that it could revolutionize our continent, fundamentally altering our approach to various aspects of life.”
Dr. Adewale believes that immersive participation is crucial for getting the best out of every class, making everyone a thinker and a team player. He acknowledges that one of the problems in Africa is a generation that does not think or have the energy to read, even though access to materials exists.
He explains that while other developed countries like Britain may offer some similar challenges contextually, the economic hardships in Africa make the situation more challenging for the continent. Yet, he remains amazed at the drive of Semicolon students, considering them as the true representation of Africans — people who desire to achieve great things.
Dr. Adewale’s classes serve as a push for greatness, achieved through challenging tasks such as writing a 1000-word individual reflective piece, building a business in 48 hours, and pitching business ideas to a hall full of people for the first time. These exercises teach that successful leadership requires vulnerability and emotional connection with team members.
Adetoyinbo Adeyemi, a member of the 16th cohort of Semicolon’s techpreneurship program, reflects on the heart of gratitude emphasized during the classes. He notes, “the most important take-home for me was the heart of gratitude that Dr. Adeyinka Adewale, PhD spoke about. In the 1000-word reflection exercise Adeyinka Adewale, PhD gave us, I wrote about the things I learned from him, which is a lot! Things that have forever shifted my perspective on life, money, entrepreneurship, and collaboration altogether.”
CEO of Condueet Tech and Semicolon alumnus, Tolulope Ayemobola, shares the impact of the business management classes on his startup. He notes, “At Condueet, we are creating a digital financial passport for everyone, by connecting with financial services in Nigeria and Africa, and the leadership and finance modules from Henley Business School classes have been instrumental in exposing areas I thought I knew, and adding parts I seemingly lacked.”
“Thanks to the program, We have been able to adapt many things. Presently, we are reworking our books and we feel even more confident because we understand better what we are doing. Also, there’s a sense of ownership among team members. Everyone wants to get their part done in the grand scheme and how best they can.”
Today, thanks to the fostering partnership between Semicolon and Henley Business School, Africa is one step closer to achieving the goal of changing mindsets and influencing startups and thriving businesses created by young Africans, who will build the businesses that will build Africa.
Dr. Adewale’s unconventional teaching methods challenge students to imagine their futures and identify the key drivers for their desired futures — the very push Africans need. The keys to the future of Africans can only be forged by Africans; we only have to realize it by building more skills and creating a mindset that will change not just how we think but also how we are perceived by the world. Business management is one pathway to achieve this goal.
