In the Economist:
One of the many terms Silicon Valley has bequeathed to the business world is “serial entrepreneur”, a label for those restless souls who start one business after another. Perhaps Africa can now contribute another expression: the “parallel entrepreneur”. More than in any other part of the developing world, the continent’s budding business folk create networks of several firms across a number of different sectors of the economy, according to research by IMANI, a think-tank based in Ghana. The 189 successful entrepreneurs it surveyed in Ghana, Nigeria and Kenya own, on average, six businesses each. One boasted more than 60. What explains this entrepreneurial hyperactivity?
One reason for it is simply the wealth of opportunity, says Cyril Allen II, a well-connected businessman in Liberia’s capital, Monrovia. He and his family farm cocoa and coffee, run a cleaning business, lease out property and manage logistics for international companies. “The civil war here ended less than a decade ago.”...[continue reading]