
Whereas striving to become independently wealthy is the American dream, being self employed can be termed an American destiny. Almost 70% of all U.S. business revenue is accounted for by small business. They also account for half of the private workforce and national output. Small businesses fill niche markets, boast competition, provide market innovation, and offer an opportunity to create wealth.
Every day the opportunities for self employment grow but in most Africans economies, the primary source of employment is government first and business second. The idea of of running your own business although varied and enticing is often a challenge to many. For one thing, governments in Africa make it so difficult to set up a business. The bureaucracy and upfront taxes are a compounding nightmare. Despite these roadblocks, a few daring Africans venture into small business and eventually succeed. Ideally, if you want to run a business and become an entrepreneur, you must have a passion – passion for your product or service, passion for day to day rewards and challenges of being your own boss and dealing with a diverse and demanding clientele.

Quite often when one visits Africa and meets a relative or friend, the first thing they demand is money to start a business. The next question one tends to ask; what type of business and how much do you need. Without any serious thought, the casual response is - I just wish to start something and any amount will do. What this indicates is that the prospective entrepreneur does not have a business plan, and there is every indication the business will fail. Sometimes we meet friends or family who were in business and after a year, they tell stories of failure. On careful examination and analysis you later discover, they did not spend much time managing the business and hired relatives who instead helped to run it down. We are therefore left to ponder, why do some small businesses in Africa stumble so fast?

Lack of business planning is common amongst Africans wishing to get into business, having a business plan is critical in setting goals. Most start up entrepreneurs are so fast to get the business running and neglect to write down their business plan. In essence, your business plan should include a detail outline that evaluates the economic viability of your business. Since a business plan is the roadmap to chart the course of the business and eventual success, it must outline your business purpose, goals, profile and economic assessment.

Ultimately, everyone is drawn into business to create wealth and become wealthy. The reality is the African entrepreneur has a stepper hill to climb. African governments must realize as the U.S. did a long time ago that small businesses are the drivers of any striving economy. Small businesses hire more people than the government and if allowed to operate in a free market where competition reins, will contribute immensely to the national output. The success of any new business hinges on the owner. For any business that strives to succeed, failure is never an option. Armed with a determination and a positive outlook the successful African entrepreneur must view any setback as an opportunity to learn and grow. Some self made African millionaires have been known to possess average education and intelligence. However, what distinguishes them is their openness to new knowledge and willingness to learn what it takes to succeed even in a hostile environment where the tax man is overzealous and arbitrarily assess tax on income and inventory.
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