Your Entrepreneurial Dream

Pros:
This model can be a fast track to achieving your dream. It requires basic education + a Great salable Idea. No work experience required.

Cons:
This requires a lot of support. The risk of failure is extremely high.
Most African countries do not have proper mechanisms to support this model.
Launching out business ventures with no experience and sufficient funds has proven disastrous for many in Africa.

c) Family Support 
This model is very common with spouses in some families. Instead of sitting idle at home, they engage in trade that generates additional income for the family.

Pros:
Low risk. Highly subsidized. Costs such as rents, transport, etc. are usually taken for granted. Even if it doesn’t work out, it doesn’t usually have a lot of impact on the well being of the family.

Cons:
Subsidized businesses have ways of sucking life out of families – Beware!
It is usually not meant to grow so much. Subsidy mechanisms must be in place for it to work.  A change in family situation that takes away the subsidy usually collapses the business.

d) Apprenticeship
This is very common among unskilled craftsmen and traders. A young person understudies an experienced one for a number of years. Once he proves himself capable, he sets up his own shop. This is very common among a very resourceful tribe in Nigeria, the Ibos, who are among the leading merchants in Africa.
 
Pros:
Formal education is not required. Have a higher success rate than “Great Idea” Model.
 
Cons:
Usually informal. Growth potential is limited. Leverage such as bank loans are usually absent.
 
e) Career First
This is very similar to Apprenticeship, but requires formal education. One works in a formal career setting and gains useful experience. At appropriate time when she feels she has learned enough, she quits her job and sets up her company.

Pros:
The previous job provides ideas, relationships, exposure and experience to launch out with a very good chance of success. Gain credibility easily from institutions such as banks and investors.
Works even in an African setting. It can actually scale up big time.
 
Cons:
It takes more time than any of the other models discussed above.
One must find the right environment to work to gain relevant experience. Figuring out the right time to launch out can be very tricky.
More over, quitting a well paying job to the stormy waters of entrepreneurship requires tremendous courage. It is similar to apostle Peter stepping out of the boat to walk on water to meet Jesus. Only a tiny minority is able to summon that kind of courage!