About this episode

This episode discusses the harsh realities of entrepreneurship, including the high failure rates of small businesses and the glamorization of entrepreneurship that misleads many aspiring business owners.

"There is time and there is no time. The best time to plant a tree was 20 years ago. The next best time is now." In this deeply transformative episode of Konnected Minds, we dive into one of the most controversial and misunderstood truths about entrepreneurship: that 80% of small businesses fail within the first five years, that only 4% remain standing after 10 years, and why the glamorization of entrepreneurship is setting up an entire generation for disappointment, failure, and broken dreams they never signed up for. We unpack the uncomfortable reality that people have found a way to glamorize the results they've seen without understanding that the number of entrepreneurs who will ever make it out is just about 3% compared to the ones that got in, why all of the ones that make it out see extremely few ever make it to the pinnacle, and why many have nebulous hopes and aspirations to be like the extremely tiny number, one in a million, of those who ever reach a pinnacle. We break down why entrepreneurship is synonymous with risk taking, why where there's high risk there's a higher tendency for failure, and the paradox of people who hate failure but love entrepreneurship, which is…

People in this episode

Host: Derrick Abaitey

Topics covered

• entrepreneurship
• small business failure
• risk taking
• self-employment
• West Africa
• disappointment
• glamorization

Keywords

• small business
• failure rates
• entrepreneurship
• self-employment
• West Africa
• risk
• disappointment
• glamorization

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