A Relationship between Social Media Platforms and the Financial Success of Modern African Entrepreneurs

Abstract

Globalisation, technological developments, and corporate mergers and acquisitions have brought fundamental changes to the modern entrepreneurial landscape. Reduced data bundle rates, the expansion of telecommunications, and the increased use of the Internet in Africa are the main driving forces. In recent times, African entrepreneurship has been in a constant state of development and flux. This paper reports the findings of an online survey conducted in Africa in 2013, investigating the experiences of entrepreneurs on the continent in adapting and incorporating online social network platforms and digital tools in both the formal and informal sectors. In recent times, African entrepreneurs have realised that the empowered, sophisticated, critical and well-informed society living on the continent in the present day is different from that of the previous post-colonial era. The Internet (and more recently social media enabled through Web2.0) has enabled the business community at large to control information and have power over the marketing process, with concomitant dilemmas and challenges for African entrepreneurs. This paper explains what role the new face of the Internet, widely referred to as Web2.0 or social media has played in unlocking this vast potential in terms of enabling the economic survival and success of modern African entrepreneur. Embracing social media platforms and tools facilitates entrepreneurship through the creation of competitive advantages that build prosperity in the modern global economy. Social-media platforms are therefore important strategic marketing tools for entrepreneurs.

DOI: 10.5901/mjss.2014.v5n4p479