For nations like Ethiopia, with high population most of which are employment seeker youths, capitalizing on startups is essential. Ethiopia’s commitment to become hub of global startups, in this regard, is a vivid ambition for sustainable development, as of Global Innovation Initiative Group (GIIG).
The GIIG Co-Founder Jo Griffiths recently told The Ethiopian Herald that Ethiopia is ambitious to become a significant role player in Africa’s startups landscape with a supportive government, international partnerships, and the growing young talent.
It is good news for Ethiopia’s ambition for the venture as the Co-Founder pledged that her group assists Ethiopian startups through facilitating access to funding, mentorship, and international visibility.
Talented Ethiopian job seekers are opportune hearing this news that inculcates into them the spirit of getting changed working on their land instead of looking for the illusion of becoming rich going overseas via taking multiple of risks including losing their lives.
On top of creating self employees, the startups are profitable in advancing innovation and technology for Ethiopia. As to the GIIG Co-Founder, Ethiopia is hub of many startup promoters in Africa and the hosting country of startup awards Africa next year. And this gives Ethiopian youths to look inside their talents and act accordingly. To engage in startups locally, with no hesitation, is less risky than longing for harvesting the wealth the foreigners accumulated which is hard to achieve and accompanied by various dangers including baseless hatred even if it is so.
Though it is less risky, startups need special consideration for there are a number of different factors that entrepreneurs must think of as they try to get their new business off the ground and begin operations. Location that can make or break the business; legal structure that best fits their entity; and seed money or funding the startups among others are some of the factors the entrepreneurs should think over in advance.
Equals to any business, a startup is accompanied by its own advantages and disadvantages. There are a variety of advantages to working for a startup. As startups have fewer employees than large, established companies, employees tend to wear many hats, working in a variety of roles, which leads to more responsibility as well as opportunities to learn.
Startups tend to be more relaxed in nature, making the workplace more of a communal experience, with flexible hours, increased employee interaction, and flexibility. Startups tend to also have better workplace benefits, such as nurseries for children, free food, and shorter workweeks. The work at startups can also be more rewarding as innovation is welcomed and managers allow talented employees to run with ideas with little supervision.
Understanding startups fully also necessitates accepting the disadvantageous part of the venture. One of the primary disadvantages of a startup is increased risk. This primarily applies to the success and longevity of a startup. New businesses need to prove themselves and raise capital before they can start turning a profit. Keeping investors happy with the startup’s progress is critical. The risk of shutting down or not having enough capital to continue operations before turning a profit is ever-present.
Be it is, no need to think that lion lies on the road and give up to engage in any startup. Being optimist helps when coming up to challenges and looking for experiences of other countries in the sector can raise the spirit of ‘I can do’.
Apart from developed countries that are successful in startups, there are more than 12 African countries among the best in emerging and developing countries that include Kenya, Uganda, Ghana, Nigeria South Africa, Ethiopia and Botswana. Experiences can be gained from these countries enable many to be initiated for new startups. Besides, supports the above mentioned group can provide along with the government’s commitment to create new environment invigorate Ethiopian startups and make successful the country’s ambition to become startup hub.
THE ETHIOPIAN HERALD SATURDAY 13 APRIL 2024
