Like in most other parts of the globe, Kenyan entrepreneurship is riddled with certain myths that can otherwise bamboozle and demoralise any aspiring businessman.
In a nutshell, here’s a look at some of the myths relating to business start-ups and operations in Kenya that you should stop believing.
First, the fate of the entrepreneur.
Related to this is the notion that these attributes are inherent qualities of an entrepreneur that can’t be taught.
Consequently, this myth deters many from becoming entrepreneurs. Learning and establishing entrepreneurship skills through formal education, training, or experience is possible.
There are so many programs and workshops in Kenya that are being conducted to develop the skills that are related to entrepreneurship, and this shows that anybody who has the heart to work and anybody ready to learn can become an entrepreneur
Second, failure is Final.
Pride becomes a human being’s biggest enemy when it comes to creating a business since the feeling of failure becomes overwhelming.
Nonetheless, it is essential to distinguish that every entrepreneur faces failures and this can be useful in the long run.
All successful businessmen and women in Kenya have, at one point or the other, failed in their businesses.
It is worth being persistent and being able to correct errors for even greater success in the following attempts.
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Third, you need a unique or innovative idea.
The other is that there is a need to have a revolutionary product or service idea to be an entrepreneur.
Indeed, it is possible to create many successful businesses based on the enhancement of existing products and services.
So, here the primary strategy is to find a demand in the market and fulfill it, even if it means copying an existing product slightly.
Small progressive steps to change and high implementation standards can translate into large success.
Fourth, many people also believe that entrepreneurship is only for the rich.
One of the most significant misconceptions is the idea that to become an entrepreneur, one has to make a large initial investment, and thus, it is available only to the well-off population.
Though getting initial capital would be nice, many successful Kenyan entrepreneurs begin with almost nothing.
Self-employment opportunities have been realised through micro-financing, government grants, and the use of the Internet through social funding platforms.
Fifth, entrepreneurship guarantees quick wealth
Many people believe that starting a business will quickly make them wealthy. While some businesses may achieve rapid success, most require time, effort, and perseverance to become profitable.
Entrepreneurship involves long hours, hard work, and often a slow build-up to financial stability.
Lastly, only young people can be entrepreneurs
There is a misconception that entrepreneurship is a young person’s game. However, individuals of all ages can start successful businesses.
Older entrepreneurs often bring valuable experience, networks, and insights that can be crucial for business success.
To sum up this, entrepreneurship in Kenya is a viable path to economic independence and innovation.
By debunking these myths, more aspiring entrepreneurs can confidently pursue their business dreams, equipped with a realistic understanding of what it takes to succeed.
With the right mindset, resources, and perseverance, anyone can turn their entrepreneurial aspirations into reality.
Mr. Dennis Wanyonyi is a Business Analyst at WYLDE International. You may connect with Dennis via email: [email protected]