JOHANNESBURG, SOUTH AFRICA – The African Energy Chamber (AEC) hosted a Business Development Workshop for Young Entrepreneurs, emphasizing the critical role of youth in driving Africa’s economic transformation. NJ Ayuk, Executive Chairman of the AEC, stressed the need for young entrepreneurs to capitalize on opportunities in the energy sector, particularly in gas-to-power projects and renewables.
“When you look at African youth and a lot of young people across the continent, you keep seeing the longing for big solutions,” Ayuk said. However, he noted that financing remains a significant challenge, urging banks to provide patient capital for young entrepreneurs. “Financing is one of the biggest challenges we would face because we have not built a thriving banking sector.”
Ayuk advised startups to prioritize business planning, demographic analysis, and networking to access financing and build relationships with banks and investors. “Your network at the end of the day becomes your net worth,” Ayuk remarked, highlighting the significance of building and leveraging professional relationships. “Get that business plan in place, and they will try to help you execute it.”
In building a business, the benefits of having a strategic partner cannot be overstated, and more specifically, the importance of self-assessment regarding one’s contributions. In this regard, Ayuk cautioned against overloading titles such as CEO or president. “You need to be able to cut your egos and really get down to walking with other people that can lift you up,” he said.
Furthermore, Ayuk underscored the significance of collaboration, drawing from his expertise in the energy sector. “Some of the technologies that you’re going to need to drive the energy of tomorrow, we don’t have on this continent. So sometimes we might have to be able to partner with a colleague from Europe or America, from Asia, from the Middle East, where they have these technologies.”
For sustaining a business across multiple generations, Ayuk advised young professionals to engage younger family members early to ignite their interest; provide support for relevant educational pursuits and practical training within the company; clearly define how leadership transitions and roles are managed through succession planning; establish robust legal and financial structures for managing ownership and inheritance; and foster innovation by remaining adaptable and open to new ideas to stay competitive.
“My biggest advice to youth is to build that relationship with the bank,” Ayuk stressed. “Your network at the end of the day becomes your net worth.”
He concluded with valuable lessons he has learned as an entrepreneur, including the importance of always paying close attention to financial numbers, prioritizing the establishment of a strong brand, ensuring the right people are on board for success, and recognizing the invaluable role of mentorship in building a supportive team.
The AEC workshop aimed to empower young entrepreneurs with the skills and knowledge necessary to drive Africa’s economic transformation. Ayuk’s insights provided valuable guidance for navigating the challenges and opportunities in the energy sector. By fostering a culture of entrepreneurship and innovation, Africa can unlock its full potential and secure a brighter future for generations to come.
