TITLE:
Small and Medium Enterprises in Africa: What Kind of Management for Adequate Growth?
AUTHORS:
Touwindsida Aristide Zongo
KEYWORDS:
Small Businesses, Africa, Management
JOURNAL NAME:
Open Access Library Journal,
Vol.11 No.1,
January
19,
2024
ABSTRACT: This article focuses on the development issues faced by African enterprises, particularly in relation to the delay in development compared to other continents. Entrepreneurship plays a crucial role in providing assets for these enterprises. According to the World Bank, Small and Medium Enterprises (SMEs) account for a majority of businesses worldwide and contribute significantly to employment and global economic development. In emerging economies, formal SMEs can contribute up to 40% of national income. In the context of Burkina Faso, 90% of businesses are small, but the mortality rate is high at 16.37%. The article aims to propose concrete solutions to accelerate SME growth in Africa by utilizing research methodology. The significance of management for company sustainability is highlighted, particularly in a globalized and connected world. The choice of management style, such as authoritative, democratic, or transformational, and the decision-making processes for strategic choices are crucial. Africa has its own unique management styles and principles, which business owners must consider continuously for productivity and sustainability.