In Africa, SMEs continue to be major drivers of the continent’s economy.

The harsh reality is that we are now faced with uncertain times in Africa and around the world. The COVID-19 pandemic has jolted the world economy to its knees, and for startups, action must be taken towards ensuring that they succeed despite the uncertainty in the world.

SMEs in Africa must ask themselves: what are the qualities of startups who succeed? How can I thrive even during uncertain times? How do I attract new customers and investors?

Effective strategies must be built to sail through the tides of uncertainties.

In this article, we would dive into the 7 qualities of startups who succeed in uncertain times. These qualities will guide SMEs in Africa towards running a successful business even amid uncertain times. Let’s dive in!

Ability to adapt to changes:
Startups who succeed can adapt to changes. As an SME in Africa, it is important to have a dynamic approach to strategising for your business. Technology and data are major considerations for building a more dynamic strategy for your business. What new technologies are available? The best startups can adapt quickly to changes in data, technology, or human behaviour. Due to the pandemic, it is clear that there are certain changes in the way consumers now behave. For example, online shopping has become the norm. If you are in retail, you might want to switch from in-store shopping alone to both install and online shopping and delivery to compete.

Determination:
Having strong determination is another important quality for startups who succeed. Running a startup during uncertain times isn’t easy. Many challenges come with it. However, Determination is a quality that can help overcome such challenges. Even when the road gets bumpy, a successful startup emphasises determination and keeps the vision in view. As an SME in Africa, it is important to emphasise determination as a culture and motivate your team towards achieving the set goals as a business.

Social Skills:
This is an important quality for startups who succeed. Nothing spells success like having a network of influential people as a startup. Guess what? This can open doors to investors and partners who are interested in your business. As a startup, having strong social and networking skills is key to running a successful startup.

Innovation:
In a completely saturated market, innovation sets a business apart. As a startup, it is important to provide products or services that add value to the customer. Creating innovative products that respond to consumer behaviour and overall market changes is an important quality for startups who succeed. Businesses that are thriving during these uncertain times are businesses that have been able to innovate. Startups must ask themselves. What real value can I offer consumers? What makes my business stand out?

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