According to reports by CNBC, more than half of Gen-Z Americans have launched their own businesses or plan to do so. While there are no comparable studies conducted in Ethiopia, individuals who have innovative enterprises highlighted on our platform or elsewhere hint that youths in Ethiopia also have an entrepreneurial tendency. And the timing of this could not have been better because of the increase in technology use and the plethora of problems Ethiopia needs to solve. Due to this fact, young people have decided to use entrepreneurship to improve their lives and those of others.
Why be an Entrepreneur?
There are many challenges facing our world today. These difficulties pose a threat to both the advancement of humanity and the health of our environment. In emerging nations like Ethiopia, these issues frequently come in twos. For the entrepreneur, it presents an opportunity, for innovative businesses have been responsible for the growth and development of any country in the world. This still holds today as entrepreneurs are needed to provide solutions to the many obstacles we face.
Entrepreneurs are individuals who are concerned about their community or environment and have the initiative to advance it. Even if it greatly benefits others, entrepreneurship is not a career solely for the good of others. Entrepreneurs will also greatly benefit from the businesses they build, whether it be a monetary reward or spiritual fulfillment. They will also advance their knowledge as they have the chance to learn from their experiences and others they network with. Many entrepreneurs with minimal formal education have become sought-after experts in their fields. This is because entrepreneurs learn by doing, and no amount of formal education can be a substitute for that.
Living in the 21st century means opportunities for entrepreneurs are more available than ever. Governments, civil societies, international organizations, and even other entrepreneurs are now creating platforms to give mentorship and assistance to upcoming entrepreneurs. While this doesn’t make creating a business easy, it will provide a headstart to young entrepreneurs.
It’s wise to be sober
Although it is a desirable career choice and there seem to be many opportunities, some people think starting your own business is a way to get rich quickly. They frequently follow that path without having a plan, persuaded by cherry-picked success stories of others. People like this often wind up failing in their business ventures; thus, if one wants to start their own business, one must be ready to face numerous obstacles.
One of the main characteristics determining success in an entrepreneur is their attitude towards failure. In any business, failure comes in one way or another. As Pazion Cherinet, CEO of Orbit innovation hub and Orbit health has said, entrepreneurship is like a bee sting. Entrepreneurs must understand that such occurrences are inevitable and be open to learning from them. They should also be able to analyze and predict the future of their company in relation to their country’s economy. Ignorance when it comes to important matters like this is not something entrepreneurs can afford.
Self-awareness is also a crucial trait for an entrepreneur. Entrepreneurs must soberly assess themselves and be able to distinguish their strengths and weaknesses and work to improve themselves. To them, there should always be room for improvement. An unmatched work ethic is also required to see their business flourish. Starting a business consumes your energy, time, and money; therefore, an entrepreneur must be willing to make those sacrifices if they are to succeed.
A good entrepreneur must also work on particular skills necessary for developing and running a business. These skills include good communication, problem-solving, leadership, and flexibility. Entrepreneurs should dedicate their time and effort to advancing these skills as they are paramount in leveraging opportunities and overcoming obstacles. Entrepreneurs are growing in numbers, and the trend is not slowing down anytime soon. Despite being hard and, at times, overwhelming, the country’s youths are striving to solve their local problems and better their lives. By taking part in this competition, they are showing us their potential to contribute as change-makers. This should make us hopeful about the future. Because, in a few years, one can only imagine the kind of world our entrepreneurs will create.
Entrepreneurs are growing in numbers, and the trend is not slowing down anytime soon. Despite being hard and, at times, overwhelming, the country’s youths are striving to solve their local problems and better their lives. By taking part in this competition, they are showing us their potential to contribute as change-makers. This should make us hopeful about the future. Because, in a few years, one can only imagine the kind of world our entrepreneurs will create.