African entrepreneurs need to adopt organisational mindset to be linked with higher business success, a study has revealed.
The research studied the mindset of entrepreneurs to understand the challenges facing African start-ups.
It categorised the mindset of entrepreneurs into two parts – the exchange mindset and the organisational mindset.
According to the report, most entrepreneurs with the “exchange mindset” were women, highlighting the less formal level with which women view entrepreneurial enterprises.
The organisation mindset is characterised by a macro-level view of themselves and their attention is focused towards the characteristics of their business, its performance and expansion.
The research was conducted by the Tony Elumelu Foundation in partnership with the Stanford University Centre on African Entrepreneurs, to indentify important cultural factors that influence the entrepreneurial journey of women.
Women form a larger part of entrepreneurs in Africa, according to the report, but experience more setbacks and delayed growth than their male counterpart.
The foundation has also opened application for young entrepreneurs in Africa with a minimum of five years business and professional experience to stand a chance to receive guidance.
Mentors will participate in a two-hour session every month for 12 months and will be rewarded with certificates and other valuable opportunities.
