…a critical analysis and need for reconsideration
The recent selection of Nigeria’s most successful entrepreneurs and academics to help tackle the economic challenges faced by the nation has received praise in many quarters. However, I would suggest a reconsideration by Mr President. I firmly believe that this team is not suitable for the current objectives of the president at this time. These are highly respected and successful entrepreneurs, but they are all round pegs put into square holes. For that reason, I predict they will fail to meet the objectives outlined by the president.
These entrepreneurs are experts in recognising and seizing opportunities to achieve great success. While this is commendable, Nigeria does not need entrepreneurs for opportunities. What Nigeria really needs are entrepreneurs of innovation. Entrepreneurs of innovation are problem solvers.
The individuals selected are entrepreneurs of opportunity, skilled at identifying opportunities in the market and leveraging them for profit. However, they are not the right people to solve our immediate economic crisis. They are better suited to help Nigeria capitalise on global opportunities and turn the country into an economic powerhouse. They can only do this after we solve the core economic challenges.
“They will creatively solve our problems and take Nigeria to a stable place without excessive need for capitalisation.”
Entrepreneurs of innovation are particularly predisposed to problem-solving, and we have them in abundance, large and small. They are the entrepreneurs who build mountains out of mole houses and make lemonade from lemons without resources. Their strength lies in solving problems to make money, unlike those who make money from opportunities they see. Entrepreneurs of opportunity succeed best in a crisis environment because it suits their money-making goals. They start businesses and build organisations to take advantage of weaknesses in an economy and opportunities they see in the market. Those opportunities must already exist for them to thrive.
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While some may be confused about the differences between the two types of entrepreneurs, innovators create opportunities out of problems. Opportunists see the money in the opportunities that exist. There are two different types of entrepreneurs. Nigeria needs the former.
We have many entrepreneurs of innovation, such as HM. Bosun Tijani, the founders of Flutterwave, PayStack, the young lady who turns bad tyres into pavements, and the list goes on. These are some of the unrecognised problem solvers scattered around our great nations. They are the entrepreneurs of innovation that the president ought to engage at this stage of our economic repair. They will creatively solve our problems and take Nigeria to a stable place without excessive need for capitalisation.
In conclusion, Nigeria is facing a multitude of problems that overshadow the opportunities present in the country. Therefore, it is essential to engage entrepreneurs of innovation who possess the skills and mindset to tackle these challenges, expose them, and create opportunities for all Nigerians. Entrepreneurs of opportunity will have their time, but it is not now.
Entrepreneurs of opportunities rely more on capital to operate, much more than entrepreneurs of innovation, who are more cerebral in crafting solutions to problems. Money is something Nigeria does not have and should be considered in our choices on how to solve the challenges we are faced with. Entrepreneurs of innovation are natural problem solvers. They are adept at finding solutions where the impossible exists. They find ways to get things done for nothing. Entrepreneurs of innovation are more similar to people like Bill Gates, Steve Jobs, and Elon Musk and are more cerebral than calculating entrepreneurs of opportunities.
If Nigeria wants to solve its problems, it needs to pull together its talents as bootstrappers and problem solvers. Our entrepreneurs of opportunity have a role to play; they are our secret weapon for regional economic dominance and industrialisation. Their time is coming, but it is not now.
Mr President I can see your heart is in the right place and your movement is in the right direction, but this is not the right team to deliver on your wishes.
Mr President, I respectfully submit.
Kayode Aladesuyi, CEO: MYai Robotics. Atlanta, Lagos, Abuja, PH
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