Passion To Business: How to Start A Business Based On What You Already Know

Welcome to the first article from a series we created from our previous webinar: “Passion To Business – How to Start A Business Based On What You Already Know”. This article is an introduction to the series. The succeeding articles will treat different topics as laid out in the webinar presentation.

To learn more about the topics of Passion To Business, you can check out our previous article on the argument: How To Transform Your Passion Into Business. That is part of another series “Jobs & Careers” with some 5 articles to explore the topic. Enjoy the reading.

Introduction to the webinar

To start with, it’s good to acknowledge that Africa has the youngest global population. That is according to the CIA World Factbook, indicating that the top 10 countries with the lowest median age are in Africa. Niger’s median age is estimated to be around 14.8, while Uganda is said to be the second youngest, with 15.7.

In that same demography of young and vibrant youth, there is no lack of passion and access to the most important tool of the age, the internet. There is even more to consider, the African diaspora, a huge percentage of which is highly skilled in their profession are found in most of the advanced economies of the world. But how come Africans are not over-dominating the creative economy?

I mean the economy of today which is largely driven by information and the power of the internet. What will it take for young Africans to be truly financially independent, leveraging the power of the internet and the skill set they already have? Join us for this transformative journey as we:

• Delve into the problem,
• Explore the challenges,
• And present practical solutions for starting an online business based on what you already know.

If you have a passion which I believe you do, then I want you to remember that in this fast-evolving digital age, financial independence, and economic empowerment are at your fingertips. All these are because the world has changed, and new opportunities have emerged that can help us bridge the gap between our passions and transform them into businesses.

We understand that, for many of you, the journey of transforming your passion into a business might be riddled with obstacles. This is why we are here, and I am inviting you to explore this together with us.

Why is This Information Essential for You Today?

This is essential for young Africans and the African diaspora for several compelling reasons. Let’s start with the usual suspect:

1. Economic Empowerment: In many parts of Africa and among the African diaspora, traditional job opportunities are often limited due to the high amount of people who are seeking the same job opportunity. This is why economic challenges can be overwhelming for many. Instead, this webinar offers a roadmap for individuals who want to take control of their financial destinies and create opportunities for themselves.
2. Digital Divide: With the advent of the internet and smartphone technology, access to global markets has become more attainable than ever before. However, many are not aware of the potential and opportunities available online. This webinar bridges the gap by showing how they can leverage their existing resources.
3. Unlocking Creative Potential: Young Africans and individuals from the African diaspora possess a wealth of untapped creativity, skills, and knowledge, from storytelling, music, writing, and dancing, just to name a few. This webinar empowers them to harness their unique talents and convert them into profitable online businesses.

This is essential for young Africans and the African diaspora because it offers a lifeline to economic empowerment, bridges the digital divide, unleashes creative potential, encourages diversification of income, and provides the tools and knowledge needed to shape a self-sufficient and prosperous future.

It’s an opportunity to unlock the doors to financial independence and embrace the boundless potential of the digital era.

The Problem: Current Economic Challenges

Now that we have understood why this webinar is essential for young Africans and the African diaspora, it’s time to explore what are even the challenges and the Current Economic situation of most Young Africans and the African Diaspora. That, in my view, is important.

Between 2013 up till 2018 and frankly, till now, I have been collecting data among members of the African diaspora and what I have understood over the years can be summed up in one simple phrase: “People need help”.

This can easily be extended from across the border in the west where you have a considerable presence of Africans. France, Italy where I live and have seen a lot of people sleeping under the bridge, the UK, and even the US.

All you need to do is to look around and you will understand that the economic challenges faced by young Africans in the diaspora are multifaceted and often deeply entrenched. Those within the continent are even more badly placed, sometimes, as they face such challenges which include, though not limited to the following:

• High Unemployment Rates: Young Africans frequently confront high levels of unemployment or underemployment, making it difficult to secure stable sources of income. This often results in a cycle of financial instability and dependence.
• Economic Disparities: There are significant economic disparities within African countries, with limited access to resources and opportunities for young people, especially those in marginalized communities.
• Lack of Access to Credit: Young Africans often struggle to access credit or capital to start their own businesses or pursue higher education, hindering their financial growth and independence.
• Inadequate Infrastructure: Insufficient infrastructure and public services can make it challenging to establish businesses or access critical resources.

The Financial Struggles of the African Diaspora

Just like young Africans in the continent, the financial struggles of the African diaspora are shaped by a distinct set of challenges.

This is true whether you are looking at Italy where I have interviewed hundreds of immigration-related experts, in the UK, France, and more. The challenges are quite many, and they are making life much harder for many people in the African diaspora community:

• Cultural Barriers: The African diaspora may face cultural and social barriers in their host countries, which can limit their economic opportunities and access to resources.
• Remittances and Dependency: Many members of the African diaspora are responsible for sending remittances to their home countries, which can create financial strains and dependence on those working abroad.
• Limited Recognition of Qualifications: In some cases, the qualifications and experience of members of the African diaspora may not be recognized in their host countries, leading to underemployment or unemployment.
• Racial and Economic Inequality: Systemic racial and economic inequalities in many countries where the African diaspora resides can limit their financial prospects and access to wealth-building opportunities.

The Dependency on Traditional Employment

You might have been told such a lie that there is security in your job, but nothing can be farther from reality. But be warned that job security does not exist, and it will serve you well, to get that off your mind.

Depending on traditional employment alone can lead to a host of problems which many people only realize later and then maybe want to blame the system or the company they have worked for, and you don’t want to do that. Now, here are three reflections to consider:

• Job Security Concerns: Traditional employment often lacks job security, with layoffs and job cuts becoming common in today’s rapidly changing job market, it will be a good idea to reconsider your position about job security.
• Limited Income Growth: Many traditional jobs have limited income potential and salary growth over time, making it challenging to achieve true financial independence.
• Lack of Control: Relying solely on an employer means limited control over one’s work and income, leaving individuals vulnerable to external economic shifts.

The Need for Diversification in Income Sources

Considering those challenges, it’s natural to ask what the effective ways are to put them under control. Diversification of income sources is absolutely one of the best ways to do so. And come to think of it, you already have what it takes as we shall discuss later in this presentation.

Now, here are three important reasons why you need to seriously consider the diversification in income sources:

• Risk Mitigation: Relying on multiple income streams can help mitigate financial risks associated with job loss or market fluctuations.
• Economic Resilience: Diversification promotes economic resilience, providing individuals with the ability to adapt to changing circumstances.
• Financial Independence: Diversification is a key factor in achieving financial independence, as it allows individuals to take control of their income and livelihood.

Understanding the scope and severity of these problems is the first step toward finding practical solutions and embarking on a journey to financial independence. And that leads us to an interesting part of this conversation, the Creative Economy. When I said, “Passion for Business”, that was exactly what I had in mind.

Conclusion – what is a Passion?

I would like to conclude this first article in the series with this question and then go ahead and provide an answer to it: “What is even a passion?”. Now, passion is a strong and intense emotional or enthusiastic connection to something, whether it be an activity, pursuit, cause, or person.

It goes beyond mere interest and involves a deep commitment and drive. When someone is passionate about something, they are often willing to invest time, energy, and effort into it because it brings them joy, fulfillment, and a sense of purpose.

Passion can manifest in various forms, such as:

• Hobbies and Interests: People can be passionate about hobbies like painting, writing, playing music, or sports.
• Career: Passion for one’s work can lead to a fulfilling and satisfying career. Many successful individuals attribute their success to their passion for what they do.
• Causes and Beliefs: Some people are passionate about social or environmental issues, advocating for change and making a positive impact.
• Relationships: Passion is often associated with romantic relationships, where individuals feel a deep emotional and physical connection.
• Learning and Growth: Some individuals have a passion for continuous learning and personal development, constantly seeking to expand their knowledge and skills.

Passion can be a powerful motivator, driving individuals to overcome challenges, persevere in the face of obstacles, and achieve their goals. It adds a sense of meaning and excitement to life, shaping personal identity and contributing to a fulfilling and well-rounded existence.

I hope you have gotten value from this first part of the article. See you in the next one and make sure you check it out.