Balancing Passion and Reality: What No One Tells You About Starting a Business

Abstract

Economic development depends largely on a vibrant and growing business sector. Statistics show that SMEs in Africa represent up to 90% of all businesses and contribute around 40% of gross domestic product (GDP) in Sub-Saharan Africa, all riding on the proliferation of entrepreneurship. Yet entrepreneurship is not as easy as it is portrayed to be. Failure rates are reported as high as 80% for start-ups in the first five years of business. This statistic is not lost on the fact that entrepreneurs are usually passionate people with visions of success. This study aims to engage entrepreneurs to interrogate the gap between the passion of entrepreneurship and the reality of sustaining a business for the long term. Using qualitative research methods, the study engages 28 entrepreneurs around a variety of businesses to collect data on their experiences in their businesses. A sample of 28 entrepreneurs completed an online questionnaires that collected data for analysis using the grounded theory method of coding, categorising and analysing data. The key findings highlighted the following: Competencies of the business owner are critical for businesses to survive and thrive, and therefore a need for continuous skills development in changing environments that businesses thrive in. The need for competent teams and systems that deliver to purpose. Businesses that grow to scale can only do so on the backs of efficient human resource and robust systems that are often lacking. Entrepreneurship thrives where there is adequate support structures, networks and Alliances. Entrepreneurs need to build the capacity to find and engage with this level of support. This calls for intentional building of networks and alliances. This study contributes to practice by highlighting that the passion which fuels entrepreneurship is not adequate on its own. The reality of business sustainability and growth calls for continuous skills development for the entrepreneur and their teams to navigate the numerous challenges they will face as they develop the business.

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