The article examines the widespread belief that indigenous entrepreneurship is less well represented in African countries than in other parts of the developing world. The evidence shows no dearth of ability among Africans to identify business opportunities and to act upon them—the two quintessential characteristics of entrepreneurship. But the management problems these businesses have sometimes encountered suggest that there may be a continuing role for expatriates, provided the industries are fundamentally sound. Small businesses appear to have a better chance of success and are more viable than some of the heavily protected and subsidized transnational enterprises. The article finds that successful industrial entrepreneurs have come from a variety of religious, cultural, and educational origins. It casts doubt on the efficacy of training programs to teach entrepreneurial skill and argues instead that a liberal economic regime is more likely to encourage entrepreneurship. Equally important is a well-grounded and widely dispersed growth of income, especially among small-scale cultivators, which leads to a growth of demand for what small businesses produce.