SOCIAL MEDIA: The African Impact.
Resources abound but without essential and effective management of such, then just little could be accomplished or achieved. The world is perceived as a global village with the existence of software technologies and interconnectivity among diverse regions and continents, and the breakthrough of Social Media in this era has proved more beneficial to emerging enterprises.
Much have been observed in corporate business, with huge portfolios and stakes getting higher, while the returns seem assuring and secured. As well, there have been admirable clamour to encouraging the nurture and growth of Small and Medium Enterprises (SMEs); it’s not been a ‘bad-run’ though, on the bright side, aspiring young entrepreneurs are spurred-on by current trends offered by the Social Media which constitutes a significant part of the New Media experience. Cognizance of its advantageous status in population, Africa is a safe haven for financial investments, when compared with the rest continents. And nations like Nigeria, South Africa, and Egypt, have so far influenced meaningful integration of SM to facilitating the development and sustenance of small businesses, which ordinarily could prove ‘problematic’ via contemporary measures.
Renowned economist who also doubles as the Vice President of the SMEs Secretariat Forum Professor Pat Utomi recently, at the maiden SME breakfast session organized by a consulting firm, tasked small and medium enterprises (SMEs) on the need to be creative in their business processes. He described the SMEs thus as, “the backbone of any economy and key source of economic growth, dynamism, and flexibility.” ‘One-Man’ business is contemporary with mostly Artisans, but of course this type of business is now evident in the creative sector.
Due to widely recognized gestures offered by SM networks, more and more creative entrepreneurs in Design, Architecture, Advertising, Music, Arts/Craft, Film/Videos, Radio/TV, Press, have found it easier and more strategic to engage a small scale business efficiently. Media networks such as facebook, twitter, blog, linkedin, have aided to re-strategizing potentials and prospects of the SMEs.
Two objective features should however, be noted here: [1] Product and/or Service Brand; and [2] Prospect for Long-Term. The Social Media not only provides effective management of existing features of entrepreneurship, but also sustaining its potential expansion into bigger ventures. In a related path, a budding fashion stylist/ make-up artist in Nigeria’s economic capital city of Lagos attests to the viable options SM portends to aiding small businesses.
Pointing out the possible odds, CEO of fashion house & beauty outfit FHM Ms Abimbola Alimi relayed the distinguishing factors of inadequate funds as well as medium/long-term feasibility as obstacles still rattling SMEs. Her assertion was revealed at an interaction with independent campus press XDOCH Media: “It was hard for me financially when I started this venture as a stylist, but it’s been about two years now and some great deal of patronage and monetary gains have being observed.
Major part of the ‘bail-out’ has surely being due to my interactive platform on twitter and facebook.” She continued, “Do visit my facebook page ‘Abimbola Alimi FashionHouseMakeOva’ or follow me on twitter [@fashionhouseFHM] and see how it’s been amazing.”
According to Global Entrepreneurship Monitor (GEM) at the end of 2011 - In Ghana, SMEs account for70% of its GDP and 92% of its businesses; In South Africa SMEs accumulate 91% of formalized businesses; while they account for 70% of its businesses in Nigeria. These statistics genuinely show the enviable influence of SM to improving the business infrastructure in Africa, thus impacting positively on the economy.
It could only get better.
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