Africa's Business Revolution: How to Succeed in the World's Next Big Growth Market

by Acha Leke, Musta Chironga, George Desvaux

The Definitive Guide to Doing Business in Africa For global and Africa-based companies looking to access new growth markets, Africa offers exciting opportunities to build large, profitable businesses. Its population is young, fast-growing, and increasingly urbanized--while rapid technology adoption makes the continent a fertile arena for innovation. But Africa's business environment remains poorly understood; it's known to many executives in the West only by its reputation for complexity, conflict, and corruption. Africa's Business Revolution provides the inside story on business in Africa and its future growth prospects and helps executives understand and seize the opportunities for building profitable, sustainable enterprises. From senior leaders in McKinsey's African offices and a leading executive on the continent, this book draws on in-depth proprietary research by the McKinsey Global Institute as well as McKinsey's extensive experience advising corporate and government leaders across Africa. Brimming with company case studies and exclusive interviews with some of Africa's most prominent executives, this book comes to life with the vibrant stories of those who have navigated the many twists and turns on the road to building successful businesses on the continent. Combining an unrivalled fact base with expert advice on shaping and executing an Africa growth strategy, this book is required reading for global business executives looking to expand their existing operations in Africa--and for those seeking a road map to access this vast, untapped market for the first time.

Genres: Business, Africa, Nonfiction, Economics

256 pages, Hardcover

Published November 20, 2018

Reviews

[Fofeyin Fai-Yengo · Rating 5 out of 5]

This is one of the best books I have read in 2018. It is very easy to be absolved with the bad news portrayed about our Continent. The question then becomes -can anything good really come from Africa? Evidently, there is a lot that can come from Africa as @Acha Leke and Co-authors masterfully highlight in this book.
They provide facts, trends, and most importantly, the opinion of people and organizations who are succeeding in Africa. Reading this book I could clearly get a measure of the 'impending' demographics boom in Africa - tremendous opportunities will come from educating this your population, providing productive jobs for them, as well as taking care of their health and everyday consumer needs.
Finally, the authors' focus on Africa, and not just on the individual countries. It's high time we African's see ourselves as Africans First. I highly recommend this book and bravo to the Authors.

[Patrick Tagny · Rating 3 out of 5]

The authors clearly master the business environment on the continent. I guess I had set the bar too high coming in. Would recommend to all the Afro-skeptics out there though...

[Greg Hawod · Rating 5 out of 5]

There is a lot of interesting and helpful information in this book. For anyone who would like to know how a business can be successful in Africa, this book is a must.

Many entrepreneurs and business leaders disregard Africa not knowing the untapped potential for growth here. The stories many entrepreneurs who take the challenge of solving the problem Africans face are featured here. I for one didn’t know that the business here already reached hundreds of billions of dollars!

One of the beauty of this book is that the authors carefully laid out the foundation on how to be successful here. Moreover, they also acknowledged the challenges and offered solutions on how business organizations can make the most of investment in this continent. Obstacles which are inherently available in African due to its unique history and culture are also discussed.

Business leaders who are looking for more opportunity to grow can invest now in Africa and this book will be a great help.

[Toyin Spades · Rating 4 out of 5]

Africa has always been of interest to the World and in recent times, the huge potential the continent holds is of renewed interest to Enterprises across the world.

The writers start with identifying the various business opportunities that Africa presents. Giving examples of a few international companies that invested in African countries, they show the exponential returns these companies experienced.

They make convincing arguments about why it is key to invest in watch the African market and prepare to invest heavily.

Ofcourse there are a number of challenges experienced (lack of basic infrastructure and systems, political instability etc), it doesn't change the fact that the largest companies in Africa earned a combined $1.4 trillion in revenue.

They provide 4 innovative practices that should form the basis of strategic investment in Africa.

Enterprises interested in reaping the long term benefits of investing in Africa need this book as a starting guide.

[Joseph Lassen · Rating 3 out of 5]

A good introduction to the continent - I’m interested to investigate further, especially due to the emerging demographic trends; however, I found it to be too much of a pitch book and not enough real analysis on the challenges faced on the continent and how to surpass them. The authors’ rosy assessments are tempered a bit by Blackstone and others’ decisions recently with regards to FDI on the continent.

[Michael J. Flynn · Rating 4 out of 5]

Excellent examples of business opportunity in Africa. Also dispels many myths about the current economic development with factual analysis about the young, urban African population across the 55 nations with the fastst growing consumable income on earth and the most multi-vertical infrastructure development opportunity. A must read for globally minded entrepreneurs and small to large cap company executives looking for double digit growth market opportunities.

[Marie · Rating 4 out of 5]

Why are our mental maps of Africa so faulty? In part, it's because so much of the news about Africa is negative.

Africa has 1.2 billion people and the population is expected to double by 2050.

400 countries with annual revenues of 1 billion or more.

89 cities of over 1 million inhabitants by 2030.

Nearly half of Africa's big firms are located in South Africa.

[Fatima K · Rating 5 out of 5]

I thoroughly enjoyed this book. A very easy read, optimistic vibe and straight to the point. It was written to give that inexhaustible well of hope (that we Africans are known for) to the reader whatever your occupation, area of interest or station in life. It is based on verifiable data obtained from credible sources. I very much appreciated the special focus on the advantages and outcomes derived from the intentional commitment to affording women in Africa access to equitable opportunities for mentorship, allyship and sponsorship for career advancement in the C-Suite and at Board levels. The book also gives long term projections for the African business climate and what companies the world over can do to harness the potentials on the continent now. The authors indicate that though the rules are different, it is possible to have a purpose-led profitable business here. You just have to be in it for the long haul.

[Olatomiwa Bifarin · Rating 4 out of 5]

“The instinct of most business people is to underestimate Africa’s size and potential as a market, and overestimate the challenges of doing business there.” This is one of the salient point in the Africa’s Business Revolution’s preamble. There is a mimetic complex around doing business in Africa, the ‘data’ don’t get scrutinized (i.e. the peace-makers that doesn’t make your 10’o clock news, the silent evidences), and assumptions are not being questioned. Acha Leke et al tried flipping the coin here. Showing what is possible, what is working, and what has worked, and what is going to work.

[Tim Nowotny · Rating 4 out of 5]

I was not aware that this book was written by 3 consultants. I do not dislike consultants per se but they have a distinct style and way to look at the world. This shows here as well. You see a lot of opportunities and a nice framework how to take them (the framework in itself would be educational for many obvious self help books imho). But problems are quickly swept away, e.g. corruption (the solution of this book in one paragraph: Don‘t do it).

All in all a good read but you need to be aware that it‘s not a full picture

[Daniel · Rating 5 out of 5]

Useful insights into Africa's private sector. This book paints an optimistic picture of the business opportunity that results from Africa's growth. You have to take it as truth only as far as you refer to McKinsey's research and data evidence, which can hardly be comprehensive. Nonetheless, current global business stakeholders and business media is waking up to the rallying cry. Institutions and multilateral organisations are also realising their role although lagging behind nimble entrepreneurs and technology.

A great read for its educational value.

[Francisco · Rating 5 out of 5]

Everyone should read this book! As a diasporan and a social entrepreneur in Africa,this book is necessary to unlock Africa's potential,in my experience dealing with European investors,they have a distorted and biased view on investing in Africa,which this book can help debunk if only they chose to read instead of listening to propaganda.

[Mike C · Rating 4 out of 5]

3.5/5

Pros:
- Very knowledgeable and well researched
- Summarizes points into easily understood arguments
- Provides case studies of successful businesses, both based in Africa and outside of the continent
- Covers a wide range of topics and lays out a structured thesis for a how to enter a market, penetrate it, and also discusses the challenges of doing so

Cons:
- Very "salesy" in trying to convince the reader to do business in Africa instead of giving an unbiased opinion. To that point the authors give a very rosy view of the continent and brush over serious issues with by responding with simple points as solutions
- Probably did not need to be a book, I think a lot of these points could have been made more concisely and would read better in a deck or whitepaper. Seems points were stretched out to make a book that could be sold for $35
- Naturally it's very pinpointed in time as this was written in 2018 and won't reflect the rapidly changing environment. No way to solve for this.

Overall, its high-level viewpoint doesn't follow the execution of what it suggests. There are serious issues such as corruption and education gaps that are discussed, but the severity of which are simplified. Also a number of things that successful businesses do well may be uncorrelated to why they are successful. It may not be that businesses are successful because they can invest in digital applications, but they are able to invest in digital applications because they are successful. Negatives aside, I imagine for someone doing business in Africa this would be a great template to work from.

[Jesmane Boggenpoel · Rating 5 out of 5]

An insightful read whether you are an investor, entrepreneur or operator looking for opportunities. Covers a range of insights from large to medium size business to tech start ups. Good balance between hope and vision for Africa with realism on existing challenges. A must read book on Africa.

[Mwende · Rating 4 out of 5]

I was fortunate to listen to Acha Leke speak . I was filled with optimism. It felt good listening to someone give positive examples about my continent.
This book really is for the afro-skeptics. You will get a number of examples on how other business have been successful. It’s for the afro-optimist , you are right in believing the potential and possibilities in Africa.
What I loved most was that I found plenty of credible and useful information from various institutions all in one book.

[Paul Menezes · Rating 3 out of 5]

My expectations may have been too high for this book, as I was expecting a detailed analysis on particular countries where this "revolution" is or will be taking place. However this book is filled with wide-ranging projections and a broad overview of industry.

One example regarding Africa's manufacturing output - "would result in the creation of 6 million to 14 million stable jobs.....increasing the number of stable jobs in Africa by as much as 11 percent" . Not sure how this is useful. How many stable jobs currently exist ? A lot of projections here lack context.

There are however some inspirational start up stories found here, and there is a fair amount of hard statistics pulled from McKinsey analysis, World Bank, etc..

I don't regret reading this book, as it has inspired me to dig deeper. I do however, now believe a subscription to Trading Economics will provide the information I originally set after.

This books covers an entire continent's business revolution in 182 pages, and that does not include the 15-20 half or full page graphics.

[remigius · Rating 5 out of 5]

Great African Business Revolution

This is not just a book it is a research into Africa that clearly articulate what works and what doesn’t. It a must read for every entrepreneur in Africa and all over the world who want to succeed in Africa. I highly recommend it.

[Clint · Rating 4 out of 5]

Lots of business and investment opportunity in Africa. This is a good primer for anynie ven turing in.

[Amanda Skaar · Rating 5 out of 5]

Must-read! An abundance of interesting companies and case studies I would have never stumbled upon through online research.

[Saransh Singh · Rating 5 out of 5]

A great insight.

[EBONGO Aristide · Rating 4 out of 5]

Interesting !!!!

Deep insights on African Business and context. Highly recommended for any company which is thinking of growing a sustainable business in Africa.

[Tushar Vashnavi · Rating 5 out of 5]

Well written perspective

Very well written with clear recommendations , lot of on the ground analysis gives perspective that will help many strategy builders in there planning.

[Bianca · Rating 3 out of 5]

No unexpected insights here - a good read foe those unfamiliar with the African business landscape

[Raymond · Rating 3 out of 5]

Solid read. Pretty straightforward and dry at times. Was good for exposing me to different facets of the topic and an overall overview which is what I wanted.

[Micael Ondoa · Rating 5 out of 5]

Well written. Gives a good insight into the different aspects of business in Africa. Includes good references and research data.

[Juliet Fiagbor · Rating 5 out of 5]

I’m grateful for this book and most of the topics raised in it will stay with me for a long time. Looking forward to making use of most of the information presented in there .

[Bukhosibenkosi Masango · Rating 2 out of 5]

Interesting book; but was it written by McKinsey….

[Jane Gerber · Rating 5 out of 5]

Each experience is unique and captivating. A must read for anyone interested in forming their own business or already dabbling in entrepreneurism.