Introduction 

Building a business in an emerging market is an act of courage, creativity, and commitment. Markets like Nigeria offer immense opportunities—buoyant demographics, expanding digital infrastructure, and increasing demand for localized solutions. However, they are also marked by instability, ranging from regulatory uncertainty and inflation to infrastructure deficits and limited access to finance. 

Over the past decade, I have worked at the intersection of business transformation, community development, and inclusive innovation. My working spans consulting for start-ups, growth-stage enterprises, leading economic empowerment programs, and building tech-enabled platforms that respond to real market needs. Drawing from these experiences and from observing high-impact ventures across the continent, this article presents practical strategies for fostering resilience in businesses operating within emerging markets. 

Build from a Clear Problem–Solution Fit 

At its core, a business exists to solve a real problem or meet a clearly defined need within society. In emerging markets where resources are constrained and market conditions are volatile; this foundational principle becomes even more critical. Entrepreneurs must move beyond the allure of business ownership as a status symbol or financial aspiration and instead view enterprise as a vehicle for value creation. 

Building resilience begins with a rigorous understanding of the customer—what they value, the pain points they experience, and how they currently navigate those challenges. It requires entrepreneurs to identify unmet needs that are urgent, underserved, or inefficiently addressed, and then design solutions that offer measurable, context-appropriate value. 

This mindset encourages a business model that is deeply customer-centric and impact-driven from the outset. Rather than rushing to market with an untested idea, resilient founders ask: Is this solving a problem that truly matters? Is the solution aligned with the way customers live, think, and spend? 

Ultimately, “resilience is not just a trait developed over time—it is embedded from the moment a business is formed, by anchoring it in relevance, usefulness, and problem solving clarity.” 

Establish Robust Internal Governance Early 

One of the most overlooked pillars of business resilience in emerging markets is internal governance. Many micro, small, and even growing businesses operate informally, lacking structured systems to track operations, finances, or personnel. While informality may offer short-term flexibility, it significantly limits growth, investor attractiveness, sustainability, and accountability. 

A resilient business must be treated as a separate legal and financial entity from its owner. Unfortunately, many entrepreneurs in emerging economies—especially within the informal sector—fail to draw this distinction. Business revenues are often used to fund personal expenses, with no separation between personal and business finances. This erodes capital, weakens financial planning, and makes it difficult to scale or attract funding.

Foundational internal governance practices include: 

• Formal business registration and compliance with local laws and tax regulations 
• Opening a dedicated business bank account to separate personal and business finances 
• Implementing a clear salary structure for founders and staff to ensure income discipline 
• Developing a basic but effective business plan that outlines goals, target market, pricing, marketing, and operations 
• Creating and maintaining financial records—including profit and loss statements, balance sheets, and cash flow forecasts
• Understanding the breakeven point, cost structures, and pricing strategies necessary to sustain profitability 
• Establishing written policies for roles, responsibilities, procurement, and customer management. 

Strong internal governance builds operational clarity, improves trust with stakeholders, and enhances decision-making. It also ensures that founders are not making reactive or emotion-driven choices but are guided by data, accountability, and long-term strategy. 

Ultimately, formalising internal processes early positions a business not just for survival but for sustained growth, scalability, and institutional credibility. 

Adopt a Customer-Driven and Feedback-Responsive Approach 

Launching a business requires more than an idea; it demands a continuous process of validation, iteration, and, when necessary, pivoting. Entrepreneurs must create mechanisms that keep them attuned to evolving customer expectations and market signals. 

Key principles include: 

• Defining a compelling value proposition based on real user insights 
• Prototyping quickly and testing assumptions in the market 
• Using structured feedback loops—surveys, interviews, analytics—to adapt the solution 
• Remaining agile enough to pivot when the initial model fails to achieve traction 

Businesses that thrive in uncertain environments are those that evolve with their users—not apart from them. Feedback is not a one-time phase but a continuous strategy. 

Identify, Penetrate, and Expand Your Market Strategically 

Understanding your target market and knowing how to reach it is a non-negotiable component of business success in emerging economies. Market identification, penetration, and expansion require strategic clarity and tactical tools.

Key steps and tools include: 

• Market Research & Segmentation: Use surveys, focus groups, and data tools (e.g., Google Trends, Statista, locally available data, chat groups, interviews) to define customer demographics, spending habits, and unmet needs. 
• Digital Presence & SEO: Establish visibility through digital channels— websites, social media, and local SEO—ensuring your brand appears where your target customers are searching. 
• Community Channels: In markets like Nigeria, community-based outreach, referrals, trade associations, and word-of-mouth remain powerful customer acquisition tools.
• Partnerships & Aggregator Platforms: Collaborate with platforms, delivery networks, or agents that already have customer access. 
• Customer Relationship Management (CRM): Tools like HubSpot, Zoho, or Salesforce (scaled for MSMEs) help track, convert, and retain customers across channels. 

For expansion, businesses must assess cross-border readiness, adapt offerings to new local contexts, and build supply chains that support scale. Regulatory understanding, logistics partners, and regional market studies are essential for scaling sustainably. 

Leverage the AfCFTA for Regional Growth 

The African Continental Free Trade Area (AfCFTA) creates new possibilities for expansion by reducing tariff barriers and simplifying cross-border trade. Businesses can begin positioning themselves for regional relevance through: 

• Product standardisation across countries 
• Understanding compliance requirements in neighbouring markets 
• Building digital platforms that support multilingual and cross-currency operations 
• Joining trade networks that ease entry into new African markets 

AfCFTA is a tool for economic resilience through regional diversification and increased scale.

Prioritise Agile and Adaptive Business Models 

Rigid business plans often collapse under the unpredictable conditions of emerging markets. Agile business models allow for quicker decision-making, product iterations, and course corrections. Embedding experimentation and responsiveness into the business culture enhances resilience. 

Leverage Ecosystem Collaboration 

Creating resilience includes building ecosystems—cooperating with suppliers, development partners, community leaders, government initiatives, and international NGOs. Shared infrastructure, knowledge, and networks create efficiencies and unlock growth opportunities. 

Build for Financial Independence Before Seeking Capital 

While access to finance is a persistent challenge, overreliance on external funding can destabilise early-stage businesses. Resilient companies start lean, focus on building consistent revenue, and use financial discipline to extend their runway. Funding becomes a growth enabler—not a lifeline. 

Conclusion

Resilience in emerging markets is a function of mindset, market mastery, and mission clarity. It requires navigating complexity with creativity, staying grounded in customer needs, and leveraging partnerships and policies like the AfCFTA to unlock new possibilities. 

Ultimately, businesses that remain close to their communities, responsive to their markets, and disciplined in their operations will not only survive but shape the next wave of inclusive growth across Africa.