Segment: 80% of Small Businesses Fail - Stop Glamorizing Entrepreneurship

Summary

Konnected Minds Podcast with Derrick Abaitey
Episode Segment: “80% of Small Businesses Fail - Stop Glamorizing Entrepreneurship”
Date: July 15, 2026

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Episode Overview

This segment of the Konnected Minds Podcast, hosted by Derrick Abaitey, critically examines the often glamorized narrative of entrepreneurship, particularly in Africa. The discussion centers on the sobering reality that entrepreneurship is a path riddled with risk and failure, and that traditional employment (the "9 to 5") remains a highly viable and often underappreciated route to both success and wealth. The guest, Olusola, shares statistics, real-world observations, and personal reflections to offer a much-needed balance in the ongoing conversation about ambition, fulfillment, and the meaning of success.

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Key Discussion Points & Insights

1. The Myth of Entrepreneurial Success ([00:30]–[01:20])

• Startling Failure Rates:
  Olusola reveals research that “80% of small businesses fail within the first five years. In the first 10 years, only 4% remain standing.”

  “Out of the ones that make it out, extremely few ever make it to the pinnacle.”
  — Olusola [00:30]

• Survivorship Bias:
  Most aspiring entrepreneurs focus on rare success stories and ignore the overwhelming odds against them.

  “Many have nebulous hopes and aspirations to be like the extremely tiny number, one in a million, of those who ever reach a pinnacle.”
  — Olusola [00:54]

2. Misconceptions About Entrepreneurship ([01:21]–[03:40])

• Risk Taking vs. Failure Aversion:
  Olusola highlights the paradox:

  “It’s like an oxymoron to hate failure but love entrepreneurship.”
  — Olusola [01:29]

• Self-Employment vs. True Entrepreneurship:
  Many who call themselves entrepreneurs are actually self-employed—often out of necessity, not vision:

  “80% of West Africans… who become ‘entrepreneurs’... aren’t even entrepreneurs. They’re self-employed.”
  — Olusola [01:41]

• The Survival Motive:

  “For many, they saw it as the only means for survival. No job… okay, let me start something. Which by the way, I absolutely commend.”
  — Olusola [01:58]

3. The Value of Traditional Employment ([03:40]–[07:50])

• Wealth Building as an Employee:
  Corporate professionals make up a significant portion of society’s wealthiest members:

  “About 60 to 70%—maybe not reaching 80%—of the top five wealthiest people in every society are actually nine-to-fivers.”
  — Olusola [03:47]

• Why 9-to-5 Shouldn’t Be Looked Down Upon:

  “We need to now... give entrepreneurship its kudos when due. But brother, I’m not going to stand here and watch you talk down on 9-to-5 hours (sic) corporate professionals.”
  — Olusola [02:16]

• Security and Continuity:

  “Having a corporate job offers you the level of security he does offer you. And people aren’t talking about this.”
  — Olusola [05:37]

4. The Interdependence of Entrepreneurs and Professionals ([07:51]–[10:45])

• Innovation Happens Inside Companies:
  Great inventions often come from employees within structures entrepreneurs create:

  “PlayStation wasn’t the founders of Sony… PDF was an innovation of an employee. The same with Gmail.”
  — Olusola [08:55]

• Corporate Professionals Power Entrepreneurship:

  “Entrepreneurship is powered by… being a corporate professional. It is not necessarily about how you get the money, it’s about what you do with the money.”
  — Olusola [09:42]

• Remarkable Salaries for Corporate Leaders:

  “The CEO of MTN Kiola is an employee. And he’s wealthier than 99.9999% of entrepreneurs Africa wide.”
  — Olusola [10:26]

5. The Conundrum of Time ([10:46]–[12:31])

• Balancing Urgency and Patience:
  Olusola reflects on the “conundrum of time,” especially for young people:

  “As an individual, there is time and there is no time… On one hand, we tell ourselves we’re running out of time… but on the other hand, there is still time.”
  — Olusola [10:57]

• From Ideation to Execution:

  “Clarity does not come before movement. Clarity comes because of movement.”
  — Olusola [12:10]

• Living with Intention:

  “The moment you realize that you can die tomorrow, it must remind you that all of the giftings on my inside need to be manifested as soon as possible.”
  — Olusola [11:45]

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Notable Quotes & Memorable Moments

• “It’s like an oxymoron to hate failure but love entrepreneurship.”
  — Olusola [01:29]

• “If everybody was an entrepreneur, who would work for you?”
  — Olusola [07:02]

• “The world doesn’t reward the greatest of ideas. The world only rewards ideas in motion.”
  — Olusola [12:02]

• “Clarity does not come before movement. Clarity comes because of movement.”
  — Olusola [12:10]

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Engaging Takeaways

• The mass glorification of entrepreneurship overlooks its high failure rate and the value of traditional employment.
• Many succeed by working within organizations—wealth is not exclusive to entrepreneurship.
• Rather than idolizing the journey or results of a select few, listeners are encouraged to critically assess their own paths, consider risk realistically, and respect all forms of value-creation.
• Success is determined not solely by occupation, but by what individuals do with the opportunities and resources at their disposal.

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Timestamps for Key Segments

• 00:30 – 01:20: Entrepreneurship failure rates & survivor bias
• 01:21 – 03:40: Risk, entrepreneurship misconceptions in West Africa
• 03:40 – 07:50: The case for 9-to-5: statistics, security, and wealth
• 07:51 – 10:45: Innovation within companies; interdependence of roles
• 10:46 – 12:31: The conundrum of time and advice for young professionals

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Final Thoughts

This episode delivers a candid, statistics-backed reality check about entrepreneurship while highlighting the dignity and potential found in traditional employment. With vivid anecdotes, credible data, and motivational undertones, Derrick Abaitey and Olusola urge listeners—especially in Africa—to challenge cultural narratives and build their own, well-informed definitions of success.

Transcript

[A]

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[B]

What's crazy is that people have found a way to glamorize the results that they've seen, not knowing that the number of entrepreneurs who ever make it out, first of all, are just about 3% compared to the ones that got in. Now, out of the ones that make it out, extremely few ever make it to the pinnacle. So what happens is that many have nebulous hopes and aspirations to be like the extremely tiny number one in a million of those who ever reach a pinnacle. Think of Africa. How many unicorns are in Africa? Well, I mean, look, I have a paper here. It says 80% of small businesses fail within the first five years. Five years, first five years. And this, this actually research. And in the first 10 years, only 4% remain standing.

[A]

There you go.

[B]

I can continue going on with the statistics. I can read it off the top of my head. And I'm going to tell you why this is crazy. Because I think first and foremost, let me put a balance to this. Entrepreneurship, right, is synonymous for risk taking. And where there's high risk, there's a higher tendency for failure. So what I see most times are people who hate failure but love entrepreneurship. Ha ha, ha ha ha. How paradoxical. In fact, it's like an oxymoron to hate failure but love entrepreneurship. That's number one. So what happens is they don't love entrepreneurship, they love the proceeds of entrepreneurship that they have seen from a very few of the entire populace. And so this is very interesting. We must engage this and tread very carefully. So they don't love entrepreneurship, they don't like risk taking, they don't want to climb the stairs, they just like the view. They like what the world feels like from the mountaintop, but they're not ready to hike. Let's be honest, brother, brother to brother, West African to West African, right? Because me and you are broadest. We're brothers. 80% of West Africans I'll start with that will become quote unquote entrepreneurs, first and foremost, aren't even entrepreneurs. They're self employed. If I'm going with Robot Kiyosaki's cash flow Quadrant Yeah, because the difference between self employed and being an entrepreneur, however most of people will claim to be entrepreneurs stumbled on it. That's number one for many they saw it as the only means for survival. No job, no job. No job. No job, no job. Okay, let me start something. Which by the way, I absolutely commend, but I think we need to now this is important, give entrepreneurship is kudos when due. But brother, I'm not going to stand here and watch you Talk down on 9 to 5 hours corporate professionals. I want to give you statistics that could be very gut wrenching. Yeah, I Dare say that 80% of the top five wealthy people in every society, or let me rephrase this now I dare say that about 60 to 70% maybe not reaching 80% of the top five wealthiest people in every society are actually nine to fivers. By nine to five, as I'm talking about people who are corporate professionals, quote unquote, work for somebody, at least at the base level. I'm not saying that the only thing they do is to work for someone, but they are masked, at least at the core, foundationally money. Because they worked for someone, they offered value to someone and in exchange of it they got money. So here's what happens. We forget that yes, out of the top 5% that I said, I said that out of the top 5%, 60 to 70% of them are people who work for others. But what happens is this. Many of us don't see that and we only focus on the 30% of people in that area who those people work for. But those 30% are extremely few, extremely few. And you need to embrace the fact that it is okay to become wealthy off the back of working for other people. So what happens is that people who understand the corporate world so well are those who now look and say how can I give value in terms of labor and get money in place? So what I do with that money is what then determines the trajectory of my life. And so foundationally, at least you have to work for someone or at least give value one way or another. And let me tell you one other thing also, I think many times we forget the balance and continuity that having a corporate job offers you the level of security he does offer you. And people aren't talking about this. I, I dare say, and I'm saying this also, please, I need to be very real with people. I'm privileged to maybe be on a top 1 to 5% echelon right on the socioeconomic strata, at least as an entrepreneur in my society. And I can tell you 100 how much firefighting got me here, how much feeling on the way got me here, how much hustles got me here. But in the same vein, what if I told you that there are corporate professionals in their thousands who can have the life that I have, quote unquote, right? At least monetarily, by actually building a career and finding fulfillment while at it. Why do we keep making people feel like being a corporate professional and having a job is second fiddle to entrepreneurship? If everybody was an entrepreneur who work for you? Brother, entrepreneurship is powered by entrepreneurship. We need to talk about this because nobody talks about this as much. Most of the greatest discoveries the world now enjoys and appreciates were actually not proceeds of the direct thinking of the entrepreneurs. Instead were brainchilds of the entrepreneurs. An entrepreneur creates a habitable structure in which innovation can thrive. And this is very important. And so innovation is going to thrive. Yes, but it's only with the structure the entrepreneur has created. But the entrepreneur starts the job, the entrepreneur finishes it. And what this means is that we need more entrepreneurs. PlayStation is a discovery attributed to Sony. Yes or yes. But you see, it actually wasn't the founders of Sony who started PlayStation in and of itself. PlayStation was actually an innovation that was recommended by an employee in Sony PDF, Adobe PDF. The PDF idea itself was actually an innovation of an employee. The same thing with the Gmail. I don't think Mark Zuckerberg himself has been the person responsible for 90% of the products and experiences and innovations that you see meta launch. And so we need to create a balanced society Entrepreneur, my brother, we, we said this, but the average oil and gas worker not have this conversation with you. I see the average tech bro who is making a million dollars a year by being a senior programs leader. Something somewhere will not have this conversation with you. Wealth, I repeat, can be built not only from entrepreneurship, but in fact more so from entrepreneurship and from being a corporate professional. It is not necessarily about how you get the money, it's about what you do with the money. This is important, right? What if I told you that in fact entrepreneurship is powered by corporate professionals in the sense that most of the companies that IPO get to initial public offering level. Most of the companies that are on stock market, every single one of them has their stocks being bought by who? By who is the vast majority, in fact most all companies and most organizations globally will tell you that the employees, people working in the system should actually be some of the people who own principal number of the shares. Do you, do you know what the Highest paid African is right now or West African. The CEO of Seat. I see he earns about 400 million naira per month. The CEO of MTN Kiola is an employee employee. And he's wealthier than 99.9999% of entrepreneurs Africa wide. This is hot stuff, but I think it has to be said. So, Olusola, is there anything we could have discussed that we have? Not a million and one things, but I think we have discussed sufficiently for this conversation. But if I would have any parting words to anyone, and that's because I've seen you direct some questions and some statements towards people who just want to do better. I'd like to talk about something that I've called the conundrum of time. For lack of a better way of putting is this. As an individual, there is time and there is no time. On one hand we tell ourselves we're running out of time, which means that what you need to do, do it immediately, do it fast, do it early. But on the other hand, there is still time. And I want to bring balance to this because this particular thought was further strengthened when one of my mentees asked a very important question. He said, hi Olusola, what would you say is one of the greatest blind spots for 20 something year olds? I thought deeply, I sighed and I responded. I said, it is what I call the conundrum of time and a lack of balance of this phenomenon. On one hand, there is no time, which means that the best time to plant a tree was 20 years ago. The next best time is now, which means that you need to learn to move your ideas from the arena of the mind where they are magnificent and become a doer and an executor. You need to be somebody who tells yourself that, hey, I don't have all the time in the world. The Latins have a phrase, momento moro. It means remember your mortality, which means you don't have all the time in the world. The moment you realize that you can die tomorrow, it must remind you that all of the giftings on my inside need to be manifested as soon as possible. I need to make kinetic all the potential on my inside. This does a lot to you and it lets you also understand that the world doesn't reward the greatest of ideas. The world only rewards ideas in motion. And I always tell people this is the first side of it, that clarity does not come before movement. Clarity comes because of movement. It's only when you move that the path becomes clearer on the way. So we need to build a breed of executors, people who are able to shorten the time between ideation and execution.

[A]

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