Cover of Forbes Africa featuring diverse entrepreneurs driving economic development in Africa.
The prospect of going it alone and battling the odds may seem daunting for some, but studies, such as the 2021 report by MBO Partners, estimate that there are about 41 million solopreneurs in the United States alone. Furthermore, 82% of them are satisfied with keeping their businesses small and 56% want to work alone. For Africa, collectively, this data is much more difficult to gather, however, reports indicate that the numbers are noteworthy. In the continent’s economic hub South Africa, in particular, the township economy can be considered one of the biggest drivers of solopreneurship. Africa boasts the world’s highest rates of entrepreneurship, with more than one-in-five working- age Africans engaged in starting a new business. In addition, more than three-quarters of the youth are planning to start one within five years. Statista reports that the number of startups in Nigeria is estimated to have exceeded 3,360 in 2022, the highest number in Africa, followed by Kenya and South Africa.