1st and 3rd Generational Entrepreneurs in Cameroon

Cameron’s first generational Entrepreneurs were very successful in their day to day operations, they were sometimes able to singlehandedly control certain industries or sectors with major streets sometimes named after them. Their family or business names were common household names and you could easily use them to give direction or locate places.

Though they were this successful, making huge profits with their brands standing out, they had one major setback or limitation- Successive Leadership. Such first Generational Entrepreneurs failed to properly thing about their successors or business sustainability after they were gone or retired. During their day to day operations, such Entrepreneurs basically control and micromanaged every aspect of their businesses from finance to marketing, to HR. They most often were the sole experts doing the technical work while at the same time recruiting their children or family members who most often where inexperienced or untrained to work hand in hand with them.

Upon their departure, their successors; the Second generation Entrepreneurs took over and immediately their lapses in leadership became glaring. They had inherited such businesses at the time when competition was becoming more intense, customers becoming more conscious, society demanding more in terms of CSR and most importantly, technology and the need for modern ways of management had taken the central stage of business operations in the country.

As a result of the unprepared nature of such second generation Entrepreneurs, such businesses became vulnerable and exposed, leading to their continous decline with most of them completely wiped out or barely surviving today. Some of them depend solely on their past glories or brand loyalty of their first clients.
The 3rd generation Entrepreneurs have now come to breach thie gap. Coming with much training, experience and exposure, this generation of entrepreneurs have the Potentials and right skills set to train successful successor, develop effective business strategies and not depend on a single individual for the survival of their businesses. They are coming in at a time when the business world is brutal in terms of competition, customer satisfaction, employees expectations and societal norms, rules and policies. But with continous research and knowledge acquisition, they have the right tools to internationalise, acquire wider markets, diversify and maximize profits.

The mistake such 3rd Generational Entrepreneurs must never make is to micromanaged and make their business centered or dependent only on their availability. They must from the first day start training leaders who will handle different aspects, departments and succeed the businesses; that way, such businesses will survive for generations.

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