There has been widespread public agitation for us to holistically underscore the importance of entrepreneurship, especially as a pathway to reviving any economy battling with immense crisis or difficulty.
No doubt, it may interest the wider audience to know that the concept of entrepreneurship is as old as humanity. Its evolution dates back to creation, which is well over 2,000 years. Interestingly, the discussion on entrepreneurship cannot be totally separated from the much-talked-about small and medium enterprises (SMEs) that we are all familiar with.
Facts show that downturns in the economy over the years have provided golden opportunities for entrepreneurship to evolve and thrive. Reports further indicate that the big American organisations of today were established during periods of economic hardship and turbulence. Interestingly, when it comes to employment generation, the issue of entrepreneurship cannot be left unmentioned in the annals of the world’s business landscape, as it has contributed meaningfully and significantly.
Entrepreneurship examined:
The Federal Government of Nigeria (FGN), through the office of the National Directorate of Employment (NDE) (1992), defined entrepreneurship “as the process of perceiving business opportunities and taking advantage of scarce resources to use them profitably.” Owodolu (2011) believed that it goes far beyond starting a small or big business, as the case may be. He summarised by defining entrepreneurship as “a process through which individuals identify opportunities and allocate resources with a view to creating tremendous value for mankind.”
From the above definitions, it can be inferred that entrepreneurship essentially involves bringing something into existence from nothing, giving us a clearer picture of its direction and purpose. Many have thought that entrepreneurship only applies to the management of small businesses, but it also includes the management of large organisations.
It is important to state that the principle of entrepreneurship is centred primarily on the three Ps that drive its activities: patience, persistence, and passion.
Patience: This involves understanding that there is no overnight success anywhere in the world except in cases of fraud. In a nutshell, success takes ample time to be attained, and the same goes for entrepreneurship.
Persistence: This focuses on the act of making mistakes and learning from them. Entrepreneurship is all about making mistakes and learning from them to become a better version of oneself.
Passion: Passion centres on the drive an individual or entrepreneur has to succeed in whatever they do.
Intervention schemes:
Aside from the laudable initiatives embarked upon in the past by successive governments, especially in areas such as Youth Enterprise with Innovation in Nigeria (YOUWIN), Graduate Internship Scheme (GIS), Youth Employment in Agriculture Programme (YEAP), and the Subsidy Reinvestment & Empowerment Programme (SURE-P), it is also important to highlight that some notable corporate entities, foundations, and donor agencies have rendered tremendous financial assistance to entrepreneurs, greatly supporting the principle of entrepreneurship.
For instance, the Tony Elumelu Foundation annually grants $100 million to young entrepreneurs across the African continent, benefiting up to 1,000 individuals. This is a laudable project from one of Africa’s champions of entrepreneurship. No doubt, our youths are being encouraged to take full advantage of this golden opportunity, thereby making something meaningful and substantial out of their lives.
In addition, the Dangote Group of Companies has taken significant steps towards empowering Nigerian youths and graduates to become world-class entrepreneurs through the ownership of trucks. About 7,000 trucks were distributed to intelligent, hard-working, and committed young professionals (graduates) willing and able to manage and operate these trucks, or appoint their own drivers. The foundation further supported these successful youths through first-class maintenance support, fuelling, and other resources available at their facilities.
Read also: ARCON beams searchlight on entrepreneurship education among varsity students
It is in view of this that we are underscoring the potential benefits attached to the concept of entrepreneurship, especially during periods of economic downturn. Such benefits include the creation of jobs and employment opportunities, which in the long run will drastically reduce poverty. It serves as a veritable tool for community development, shapes the economy, and provides a robust business environment for all to compete favourably.
Entrepreneurship gives room for the emergence of new ideas to solve the problems of consumers and customers. It brings about healthy competition under an ideal, conducive business structure, ultimately benefiting consumers. Additionally, it provides new and improved goods and services that further advance economic growth and development within the country. It offers a solid foundation for economic independence, which raises the standard of living during economic meltdowns, as seen four to five years ago.
Entrepreneurship supports capital (savings and investment) formation, leading to the emergence of new businesses, thereby promoting economic growth. It enhances the export of goods and services, resulting in foreign earnings for the country. Furthermore, it affords the optimal use of scarce resources during periods of economic recession and increases Gross National Product (GNP) and per capita income in the long run.
Kingsley Ndubueze Ayozie FCTI, FCA – a Public Affairs Analyst cum Chartered Accountant, writes from Lagos
