A country like Nigeria is ranked among the poor countries according to the Human Poverty Index, even though we have a large oil production base. Since wealth does not trickle down to the common man, we must put measures in place to ensure other sources of wealth are obtained. Added to this, up to 60% of those who have graduated from higher education institutions do not obtain formal employment, hence the need for alternative sources of income. Currently there are very few institutions that have made it their mission to spread the gospel of entrepreneurship to the population as a sustainable method of eradicating poverty. Our Institutions must be capable of educating the population on issues related to entrepreneurship.
Entrepreneurship vs. self-employment
Our citizens must learn the difference between self-employment and entrepreneurship. The two seem to be the same thing to many Nigerian businessmen, however they have a distinct difference. An entrepreneur is a business owner who conducts business with ease and maintains growth while getting satisfaction from all business activities. The entrepreneurial mindset is that of a strategist and a visionary. On the other hand, a self-employed businessperson is one who simply seeks to tap into a financial niche without much regard for objective planning. This type of business person does not necessarily enjoy what he does. While an entrepreneur focuses on growth and expansion, the self-employed business owner may be happy with current income levels, so he sees no need for new strategies. Many Nigerians are self-employed, but their current state of life does not reflect much prosperity and it is only when entrepreneurship is instituted that things can change. Since the unemployment rate is around 6% according to statistics, it is vital for Nigeria to consider entrepreneurship as a solution to create jobs for the unemployed.
Innovative Entrepreneurship
The layman needs to know that being an entrepreneur requires a considerable amount of sales and marketing skills. This can put some people off because they don’t consider themselves to be business people. However, no business can thrive without an aggressive sales strategy. We also need to know that entrepreneurship is dynamic and that a lot of thinking must be done to find new innovations to improve business. It is obvious that the needs of consumers change from time to time, so it is necessary to implement new strategies and revise old methods for our business sector to be successful and effective.
creating the mindset
Nigerian businessmen need to be good strategists who are not afraid to take calculated risks after making a careful assessment of situations. The moment an entrepreneurial mindset is instilled, any type of business, large or small, can achieve significant growth. Entrepreneurs in most cases also have prosperous personal lives because they can align their business vision with their life goals. This combination will ensure that all aspects are taken care of because there is no use having a thriving company at the expense of a fulfilling personal life. Entrepreneurship can aptly be described as an entrepreneurial lifestyle in contrast to regular business self-employment which is simply an activity. Achieving an entrepreneurial mindset is capable of turning any business around to greater heights.
Role of the population
We need to adapt a focused mind and emotional state as entrepreneurs. Self-examination is important to help us discover our strengths and weaknesses. In order to be successful in business, there are several questions that all Nigerian businessmen need to think about in order to make any project successful.
or Am I an entrepreneur? In business it is not possible for things to just happen. As a business owner, it is your responsibility to initiate all business practices that encourage sales. The owner’s vision is the driving force of any business venture.
or do I think positive? Every time a person becomes a business owner, he has an optimistic outlook on his activities that will be reflected in the progress made. Any employee or fellow entrepreneur will notice this optimism and will likely feed off of this energy.
o Do you have discipline? Compared to formal employment that has fixed hours and limited motivation, a startup is an ongoing commitment that requires dedication beyond standard business hours, and close attention to detail must be paid to ensure the business is sustained. Our entrepreneurs require the will to resist any distractions and temptations that prevent them from achieving their goals.
o What are your goals? Expected goals and objectives should be set in advance and our entrepreneurs should always keep them in mind when conducting business.
following his example
Africa can learn a lot from developed nations about business activities and their impact on the lives of citizens. The European Union (EU), for example, has placed great emphasis on the promotion of small and medium-sized enterprises, which has resulted in the creation of more than 75 million jobs. In fact, many of these jobs in the EU are held by Africans who have fled their countries to earn a better life elsewhere. With the right economic mechanisms, these immigrants would not have to go to distant countries to seek a decent life.
role of governments
Currently, most sub-Saharan countries use less than 2% of their gross domestic product (GDP) on infrastructure that will help increase trade. This is considered very little and for business practices to greatly boost the Nigerian economy, about 10% of our GDP would need to go towards investment capacity building. Only when this happens can there be a change in the mentality of our people that leads to a more productive and self-sufficient nation.