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Entrepreneurship Defined

In the 21st century, entrepreneurship has been trumpeted so loud that one cannot get enough of this revolution. Are we not witnesses to its significance that almost whatever the average person today clamours for is engineered by the process of entrepreneurship.

The latest modes of communication and food consumption, advanced means of transportation and learning and lots more are by the ingenuity of individuals motivated to make life easier than before.

First thing to note is that entrepreneurship is individualistic. The individual is at the centre of attraction when considering this field and what makes him or her stands out is the extra ordinary ability to effect change positively where it seems unimaginable.  Consider all the top Change Makers you have ever heard of and quiz yourself if by ease one could just have attained the heights reached by them. For this reason there continues the debate of whether entrepreneurship is in-born or anybody can be trained.

It originated from the French word “entreprendre” meaning to “undertake.” Evidently all entrepreneurs are enterprisers who conceive ideas  (which are not all the time superb) and mould them into spectacular products and services whose processes are not easily comprehensible on the face value. Entrepreneurs carry the WOW! factor with them. The power of entrepreneurship improves lives and makes its adopters some “superhumans” whose success principles are “laws” followed by many who aspire to attain such acmes.

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Entrepreneurship was defined by a Harvard prof. Howard Stephenson as the “pursuit of opportunity without regard to resources currently controlled.” Here the definition points out the identification of an opportunity, pursuing it without necessarily considering whether you possess both human and material capitals to take advantage of it. This is what distinguishes an entrepreneur from a business manager.

If you are animated to pursue entrepreneurship, these are certain fundamental questions you should ask yourself daily:

1. Are you cut for this experience?
2. Have you got self belief?
3. Can you deal with repeated failures?
4. Got the expertise needed for the business, if not, ready to learn?
These are just a few to muse.

Ultimately, entrepreneurship is about identifying an opportunity, making a business sense out of it by starting up, succeeding in it and having a positive impact in the life of a fellow human being. So take a step and pave the way for others to follow your footprints. It’s pleasant seeing the number of Africans taking the bold decision into entrepreneurship.

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Source Beauty is pushing the boundaries of Egyptian e-commerce

Egyptian e-commerce

Egyptian e-commerce: the county’s digital drive has not yet gotten to the growth typically seen in European countries and North America. However, as businesses have started shifting online, customers are now following suit, resulting in the gradual development of the digital eco-system.

Innovation, such as digital marketing, is reinventing the consumers’ path to purchase. The Egyptian e-commerce market is expected to grow at a rate of 33% annually to approximately $3bn by 2022, according to Oxford Business Group.

Source Beauty and disruption

The increase in e-commerce comes from rising internet penetration rates, driven by connected and digitally savvy millennials. Several platforms, both locally and internationally, such as the direct-to-consumer beauty platform Source Beauty, have disrupted the beauty industry in the region to drive their growth by truly connecting with their customers.

By being aware of the changing consumer behaviour trends in the e-commerce landscape, service providers like Source Beauty are continually fostering customer engagement with a community they have created. The customer service team, along with the editorial and marketing teams, respond to each comment and direct message, making customers feel listened to.

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Lydia Schoonderbeek, the founder and CEO of Source Beauty, said:

Egypt has traditionally been a price-driven market. After devaluation and high inflation rates, people have become much more price sensitive. People are consuming less and are shifting away from imported products due to price, accessibility and inconsistency in supply. As a result, they’re looking for local alternatives.”

Egyptian e-commerce
Founder of Source Beauty, Lydia Schoonderbeek

In line with its digital transformation and financial inclusion agenda, the Egyptian government has set in place directives to raise the limit for electronic payments for individuals via mobile phones to EGP30,000 (USD1,905) per day, and EGP100,000 (USD6,350) per month, since March 2020. Traditionally, 70% of online purchases were cash on delivery, which has proven to be a major challenge to e-commerce growth throughout the region. This preference has changed to credit card payments, increasing to 30% from 16% due to the spread of Covid-19, but it remains to be seen whether purchasing behaviors will be affected in the long term.

The CEO of Source Beauty further added that, the company had seen substantial growth thanks to the COVID-19 global pandemic, with existing and new customers wanting to limit in-person beauty services and adhering to social distancing and mask-wearing requirements. Beauty customers, she says were changing spending habits, moving towards products that allow them to recreate the salon experience in their homes and protect them from the potential impact of an increasingly digital lifestyle. Finally, she believes they have seen customers prioritising skincare and haircare purchases over makeup.

SEE ALSO |  PR Specialist, Faith Senam Ocloo, Guides Companies on How to Choose A Brand Ambassador

The question is, ‘Is anyone in Egypt going to buy beauty products online?’. Who thought people would buy books on the internet from a website called Amazon! Well, the answer seems to be YES. Consumer spending in Egypt on non-essential goods has reached EGP 3.90bn in 2020 and is set to reach 8.81bn in 2021, according to FitchSolution’s 2021 Report.

According to the Egyptian e-commerce beauty company, Source Beauty, it believes that the world is in an era where consumers are looking to associate with brands and not products, to make their beauty purchasing decisions and this is where homegrown brands like theirs will doubtlessly lead to economic growth in Egypt.

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