$40 Million donated to support Young African Entrepreneurs.

From the 17th of March 2023, I shall be joining other coaches and mentors to support young entrepreneurs in Africa through the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund as a business coach and mentor (YEI MDTF) for 3 months.

source: Afdb website

This innovative initiative, administered by the African Development Bank, aims to strengthen entrepreneurial ecosystems throughout Africa. Established in 2017, the Fund equips young Africans with the skills, financial support, and resources required to build successful and sustainable enterprises, therefore contributing to the Bank’s strategic aims.

The Youth Entrepreneurship and Innovation Multi-Donor Trust Fund is a crucial component of the Bank’s Jobs for Youth in Africa Plan, which seeks to create 25 million jobs and equip 50 million young people with employability and entrepreneurial skills-enhancing training by 2025. As such, the Fund, which is administered by the Bank’s Human Capital, Youth, and Skills Development Department, brings together donors and partners to capitalise on the Bank’s track record of contributing to youth employment across the continent.

In 2017, initial contributions from Denmark and Norway were quickly followed by contributions from the governments of Sweden, the Netherlands, and Italy, bringing the total investment to about $40 million. The Fund is positioned to have a substantial impact on the future of entrepreneurship and employment in Africa from 2017 to 2025, the duration of its existence.

Given that over 62% of Africa’s population was under 25 years old in 2019, with a predicted fall to approximately 52% by 2050, the YEI MDTF’s mission is more important than ever. According to the United Nations Population Fund, investing in human capital may increase the continent’s GDP by $500 billion per year for 30 years. In addition, the Bank estimates that Africa will need to generate 20 million jobs each year through 2030 in order to sustain current unemployment rates.

Source: Bing.com

Micro, small, and medium-sized companies (MSMEs) account for 95% of all businesses and 80% of employment in Africa. Young entrepreneurs play a significant role in tackling the rising youth unemployment rate through the use of these businesses. According to the World Bank, youth-led businesses are more likely to employ their peers and operate in industries with rapid growth.

With the proper assistance, these businesses may contribute to the expansion of economies and the creation of employment opportunities across the continent.

Young business entrepreneurs in the pastry business

The Youth Entrepreneurship and Innovation Multi-Donor Trust Fund aims to increase youth employment, facilitate access to finance and business survival for youth- and women-led start-ups and MSMEs, create enabling environments for MSME development and youth employment, and enhance the design of Bank projects with a focus on youth employment. The Fund is well-positioned to have a significant impact on the future of Africa’s youth and economy through sponsoring enterprise support and access to finance, as well as studies and reforms that stimulate the growth of innovative startups established and led by African youth.

Picture credit: African Development bank website

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Some duties of a business coach towards the business owner 

As a business coach, here are some of the essential responsibilities that I have towards a young entrepreneur with a small and medium size business.

1) Identifying improvement opportunities: A business coach can assist a small business owner in identifying improvement areas, such as marketing, sales, operations, and financial management.

2) Goal-setting: A business coach can assist a small business owner in identifying goals and developing an action plan to attain those goals.

3) Giving direction and assistance: A business coach can offer advice and assistance to a small business owner as they try to expand and enhance their company. This may involve delivering guidance on particular business difficulties or serving as a sounding board for ideas.

4. Accountability: A business coach can assist a small business owner in adhering to their goals and action plan by giving the inspiration and support necessary to stay on track.

5. Building leadership competencies: A business coach can assist a small business owner in developing their leadership abilities, which are crucial for building and leading a successful team. This involves assisting them in enhancing their communication, delegation, and decision-making skills.

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