What they most likely overlook is that they are making a decent attempt in nations that don’t give the empowering condition to them to thrive.
Concurring to a new report by the World Bank, the simplicity of working together in Africa is still on the low. While some African nations are thinking about methods for enhancing their economy and prosperity of the general population, others are as yet lingering behind, making it troublesome for business people in their nations to direct their organizations without issues and profit.
Below are the worst places to ever think of growing a business to become a billionaire:
It is the most challenging place to do business, according to World Bank’s Doing Business 2018 report, and this has been attributed to serious problems of political instability, economic collapse, and terrorism threats by militant group al-Shabaab. Its global ranking is 190, the last on the list. It will be difficult to set up businesses in such an environment, thus, to think of becoming a billionaire from Somalia at this moment would be a misnomer.
This is one of the world’s poorest nations. With an impoverished population, it would be difficult for business startups to have a sustainable financial base for growth. There are also challenges of infrastructure, foreign exchange reserves, internet penetration and red tape as government tightly controls people’s economic activity. Startups or businesses often find it difficult to grow within such an environment and these affect their growth and any profit they could make.
Africa’s youngest country is aiming at building a diverse economy following decades of war and poverty. Business people often described the country as a “war economy”, as they find it tough to keep running their businesses due to periods of conflict between government and rebel forces and the lack of access to foreign currency to pay suppliers. The government is putting in place measures to bring in investors but until then, the region becomes one of the worst places to do business, ranking 187 globally in the Doing Business report.
Central African Republic
Once famous for its diamonds, the country is now described as one of the poorest in the world, with more than half of the population living in rural areas. Fighting between the government and its opponents over the years has made it hard to do business in the country. The CAR also has to deal with issues of poor transportation systems, unskilled labour force and other business policies that make it hard for businessmen and entrepreneurs to make it big and produce the billions.