In our current world, we all have the choice that we can either hope that our jobs and our companies are safe when we know that is actually a risky proposition, or we can take some risks, implore creativity and become ENTREPRENEURS.

In my journey of entrepreneurship, I have come to realize that entrepreneurship is a fancy word sort of for saying “I AM A DOER, START PLANNING AND GET GOING”.  

In spite of the growing prominence of entrepreneurship on the continent of Africa, media coverage frequently emphasizes the most unusual success, creating misconceptions about the nature and evolution of these success stories.

Entrepreneurship is not about having a building or an office complex, having a lot of fixed assets, nor having a huge capital base to start off with.

There are some myths and misconceptions about entrepreneurship I will debunk in this article:

1. The Risk-Taking Myth: “Most successful entrepreneurs take wild, uncalculated risks in starting their companies’’

Risk is an intrinsic part of any business venture. The cost of the uncertainty that comes with starting a company or business can be overwhelming. Successful entrepreneurs are effective in taking tactic decisions and spreading risk around. Imbedded in all the grand ambition, organizational and managerial ability is the discipline and determination to take careful risks to safeguard the sustainability of the business.

2. The Expert Myth: “Most successful entrepreneurs have a strong track record and years of experience in their industries”

It is your personality, adaptability, and willingness to provide specialized products, services and solutions that wins the day. You may not necessarily need to have “years in the industry”, but you know what you are doing.

3. The Funding Myth: ‘’Most successful entrepreneurs start their businesses with millions of funding”

The other thing that always strikes me when I share my entrepreneurial journey with people is how they believe you must have inherited some store of wealth to have done this. In essence, there is this “pot of gold” belief that implies that you need to have a lot of money to get going.  The truth is most entrepreneurial companies start with limited means or no sunk-in capital at all.

In my article “Unleash the Entrepreneur Within You”, I made mention of how I started my entrepreneurial journey whilst still in full employment, with little capital and a busload of passion to make a difference. I was able to make a mark because I started with a singular purpose — to solve problems and to make money out of that.

4. The Massive Growth Myth: “Most successful entrepreneurs experience massive growth at the infantile stage of their business”

From the word go, massive growth may not be the foremost goal of most entrepreneurs. Some successful entrepreneurs have had a distinctive period of growth over time, because the growth plan was part of the initial vision for the business. On the other hand, others experience this growth much later in the journey or even out of the blue.

My business ventures are still young, have grown over the past few years and are still in the growth phase.

Fundamentals of a Sustainable Entrepreneurial Journey

Knowledge of How to Do It –  this is the legacy of every successful entrepreneur. The important thing is to create long-term value from your business without exhausting the finite resources at your disposal

Knowing it can be done –  you are going to become a part of many business ecosystems. In some, you might be a significant player and in others, you might be a small player. But in the end, it’s all about the contributions you are making in each of those ecosystems. So, don’t try to be a big player in every ecosystem, rather look at how things work and know something can be done.

Networking and Association – Develop relationships and networking in your industry that are critical for growing a successful business.