Show notes
"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 like an oxymoron because you cannot hate failure and love entrepreneurship at the same time.
But we also confront the dangerous narrative that's been pushed across West Africa and beyond: why 80% of West Africans who claim to be entrepreneurs are actually self-employed according to Robert Kiyosaki's cash flow quadrant, why most people who claim to be entrepreneurs stumbled on it because they saw it as the only means for survival after no job, no job, no job, and why we need to give entrepreneurship its kudos when due but stop talking down on 9 to 5 hours and corporate professionals who are actually building wealth, security, and fulfillment.
We expose the gut wrenching statistic that 60 to 70% of the top five wealthiest people in every society are actually 9 to 5 workers, corporate professionals who work for somebody at least at the base level, and why we forget that yes out of the top 5% wealthy people, the vast majority got their money because they worked for someone, offered value to someone, and in exchange got money. We discuss why the CEO of Seplat earns about 400 million naira per month, why the CEO of MTN Carl Toriola is an employee and is wealthier than 99.99999% of entrepreneurs Africa wide, and why it is okay to become wealthy off the back of working for other people instead of chasing the 30% of people at the top who own companies when those 30% are extremely few.
We also get into why entrepreneurship is powered by intrapreneurship, why most of the greatest discoveries the world now enjoys and appreciates were actually not proceeds of the direct thinking of the entrepreneurs but were brainchilds of the intrapreneurs, and why PlayStation, Adobe PDF, Gmail, and most of Meta's innovations were actually discoveries of employees, not the founders themselves. We break down why we need to create a balanced society, why the average oil and gas worker and the average tech bro making a million dollars a year will not have this conversation with you, and why wealth can be built not only from entrepreneurship but in fact more so from intrapreneurship and from being a corporate professional because it is not necessarily about how you get the money but about what you do with the money.
We close with the conundrum of time, the greatest blind spot for 20 something year olds, and why you must embrace both sides of this truth: on one hand there is no time, which means the best time to plant a tree was 20 years ago and the next best time is now, which means you need to move your ideas from the arena of the mind where they are magnificent and become a doer and an executor. We unpack the Latin phrase momento moro which means remember your mortality, why the moment you realize you can die tomorrow it must remind you that all of the giftings on your inside need to be manifested as soon as possible, and why the world doesn't reward the greatest of ideas but only rewards ideas in motion. But we also confront the other side: that there is still time, which means clarity does not come before movement but comes because of movement, and why you need to shorten the time between ideation and execution while also giving yourself grace to learn, fail, and grow along the way.
If you've been told that entrepreneurship is the only path to wealth, if you're tired of the toxic narratives that make corporate professionals feel like second fiddle, or if you're ready to embrace the balance between urgency and patience that will elevate your life, this conversation will challenge everything you've been taught and give you the clarity to build wealth on your own terms.
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🎙️ ABOUT THE HOST
Derrick Abaitey is a Ghanaian entrepreneur, podcast host, and personal development advocate.
IG: https://www.instagram.com/derrick.abaitey