We tend to believe that by being our own boss, we get all the profits from the businesses we run and therefore have this amazing lifestyle we see on the socials. Incorrect! Being an entrepreneur is very much the total opposite, at least in the beginning.
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a) That you’ll be free
No, not at all. In fact, an 8 to 5 becomes a 5 to 8 when you shift from employment to self-employement. As an entrepreneur, especially in your initial stages, you will have to wake up early and stay up late working on your industry. Also, day-offs and weekends and holidays are for the birds when you are self-employed.
b) That your business will succeed
It is not obvious that you will make it when you start a business. According to statistics, most businesses fail - approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first ten years. Only 25% of new businesses make it to fifteen years or more.
c) That you’ll start today and make profits tomorrow
Maybe in the ’wash-wash’ world, if you know what I mean - illegal businesses. It takes a lot of time, a standard estimation of three to four years, for a legitimate business to be profitable. Again, revise the statistics in b) above paying attention on the aspect of time. Patience for years as you stay consistent is the only way to make it in business.
d) That your will run your business as easily as so-and-so runs theirs
Because a friend or family or yours or someone you look up to runs a successful business effortlessly, peer pressure convinces you that you can do so too. Well, maybe you can. Most entrepreneurs, especially the established ones, make business look generally facile, but have you any idea how much they do or did behind the scenes?
e) That your success in business is guaranteed if you come from a particular community
In Kenya, you are automatically good in business if you come from the Gĩkũyũ or Indian or Somali ethnic groups. Well, inasmuch as a large percentange of the Kenyan business community are people from these tribes, coming from a particular community is not a quality or qualification that you must have in order to run a successful business.
About the Author
Caleb Mwema
I’m a beginner tech and biz enthusiast, and a blogger of stuff I find useful and interesting in my adventures as a Kenyan. Click on X (formerly Twitter), Instagram and TikTok to like and follow my pages on the mentioned socials.
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