4 Common Myths About Entrepreneurship In Kenya
If you ask 90% of the working population of their future dreams, they will say that they want to venture into entrepreneurship. Dig deeper and you will understand that there are very many misconceptions on the same. According to a report prepared by the United Nations, the unemployment rate in Kenya stands at around 39.1%. Kenya is the biggest economy in East Africa but still among those with highest unemployment rates in the region.
When you are seeking to start a new venture, the information out there can be quite confusing. Different entrepreneurs will give you varying advice which may place you at crossroads. The following are some of the most common myths about entrepreneurship in Kenya.
Entrepreneurship will give you all the freedom you require
The rant about being your own boss is just one side of the story. Start a business and note that it requires more of your effort when compared to formal employment. The freedom might just be a fallacy as you may find yourself working in the late hours of the night. It even gets frustrating when you do not have departments to run various tasks. You will be over the place and may not even get time to socialize.
Financial freedom is another thing that people tend to misunderstand. There are some people in the corporate world who will be making more money than you even if you are self-employed. Do not lie to yourself that are your financial problems will be over once you start your dream business. Financial freedom depends on a lot of things and being able to pay bills on time is just a fraction of it. Your business will take time before it breaks even and you start earning some profit. Remember that you also need to pay yourself for the efforts and treat the business as a separate entity.
Entrepreneurs are college dropouts
There is a certain article that features Top 10 College Dropouts and some notable names include Bill Gates, Mark Zuckerberg and Steve Jobs. It is true that these guys never completed their college education but founded some of the most notable companies in the world.
However, this is not supposed to demean college education. These guys hired some of the best brains to create the brands and empires we see. Back home, we have some notable guys such Dr. James Mwangi who is the CEO of the Equity Group who illustrates that graduates can as well succeed in entrepreneurship. Formal education is important as it directs one on how to deal with customers and solve issues in a professional manner.
A good product is all you need to succeed
Humans are very innovative and they always come up with products that solve problems. You may have realized a gap in the market and came up with a solution. The sad news is that it is not that easy. There was a time that Yahoo was the leading email provider and everyone had a Yahoo email. Back home, the modern day Airtel was the biggest telecommunication country in Kenya back in the days.
The big question is why these companies do not command big market shares as they did sometimes back. Some of these companies lay in the comfort zone thinking that all will be well. You have to keep up with the trends for you to remain relevant. Network with like-minded individuals and watch out what market leaders are doing. Learn from big companies such as Safaricom and Coca-Cola who still market their products even though they command big market shares.
You need thousands of money to start a business
Many people have shelved the idea of starting a business because they feel that they do not have enough capital. You should know that there will never be an opportune time to start a business. Some of the big businesses you see today had humble beginnings. Steve Jobs operated from his mother’s garage when he confounded Apple with a friend.
The amount of money required to start a business will vary from one industry to the other. However, you can pitch your idea to various investors if you do not have the capital. A good example is the Lions Den which is the Kenyan version of the famous Shark Tank. You can as well join various entrepreneurial hubs in Kenya that can support you financially and mentor you through the startup stage.
Some of these myths have made people shun away from starting the entrepreneurial journey. Others have become frustrated when their ventures failed to give them the freedom they were looking for. Ensure that you research widely before venturing into this space because it comes with its fair share of frustrations.
