In Nigeria today everybody want to be an entrepreneur but only few understand what entrepreneurship actually is, an entrepreneur is someone who brings resources such as money, skills, materials and other assets into combination that makes their value greater than before.
While, an entrepreneurship is the act of launching, designing, and running a new business, taking on financial risks in the hope of profit.
An entrepreneur create wealth and generates employment for others, he reduces waste and makes the society to be happy.
Entrepreneur is a person who sees opportunities where others are unable to see, he is a problem solver, a visioner, a creative genius, an innovator, wealth generator (not money maker), and an inventor, one who produces jobs for others.
An entrepreneur does not think only about him/her self rather about what will benefit him and the people in the society.
Entrepreneurs rule the economies of their nations and those nations with the highest number of innovators at the point in history are the ones that control the world.
Absence of inventions and innovations, new products, services and processes for the market will dry off and the economy will collapse.
Entrepreneurs are risk taker, because they understands that life is about risks, if you play safe in life you are not going to have much of a life.
It takes courage to pursue your dream.
A wise man think of today and tomorrow when making decisions.
Characteristics of entrepreneurs
- Accepting risk and failure, as well as responsibilities.
- Ability to turn resources and situations to practical uses and account.
- Creative thinking and imagination.
- Penchant for demonstrating initiative.
- Ability to organize social and economic mechanisms.
- Seeing opportunities where others do not.
The risk in entrepreneurship is too high, most especially in some developing countries like; Nigeria. Where their is no good road, water, constant power supply, high charge on MTN, AIRTEL etc data subscription, lack of security etc.
These are things government supposed to do, to create an enabling environment for investors and innovators to come in.
Also, Read: High Income Skills In Nigeria Currently
Qualities Of An Entrepreneur
- Be open-minded
- Problem identifier and solver
- Confident and disciplined
- A constant flow of ideas
- Determination (Strong-willed)
An entrepreneur is someone who is courageous, bold, risk taking and a doer. He is a non-conformist, not conservative and anti-routine in life style. He is a radical thinker and performer, unassuming, humble and simpler and shuns officialdom.
He is a “hands on” get on with it type of person, who hates ceremonies. He create wealth and value for others and self, he make profits from creating things.
Factors to consider as an entrepreneur before start a business
These are some of the variables of possibility that contribute towards the creation of a new enterprise.
- Financial backing and funds availability.
- Government policies at all levels.
- Social infrastructure.
- Marketing possibilities for products.
- The knowledge background.
- Role models and monitoring.
The government must provide all the needs and infrastructure like; roads, communication system, transportation networks, utilities, power, political and economic stability, financial guarantees, and social security. Bank lending rates must be near zero, low tax.
Think and seek advice from different entrepreneurs before you start your entrepreneurship journey.
Some year’s ago I left my civil service job and start my new enterprise, the decision is not an easy one, to the extent that I find it difficult to eat one square meal perday.
Remember: you can’t start business today and except it to start giving you all you need today, I invest 70% of all my income into the business while I worked for about two years before I started seeing little profits.
Some people leave the University and find no jobs waiting for them. They have to create new companies or organizations. Others leave school determined not to work for any body or organization because they value independence.
In fact it takes a great deal of intellectual, spiritual, mental and psychological energy to create something new. Some leave careers in law, medicine, or engineering and jump into theatre arts, drama, music, or management consultancy.
The place of preparation is a critical factor for a successful journey.
The intended height of your building determines the expected depth of the foundation.
Some start business entrepreneur because of their previous work experience, a previous frustrating work history is an important motivator in entrepreneurship behaviour.
Such experience may be:
- Lack of challenge.
- Dissatisfaction with the job.
- Low promotion opportunities.
- Low initiative.
Obstacles to entrepreneurial practice are:
- Lack of family support of mentors
- Financial constraits
- Poor infrastructure in society
- Aggressive competition from foreign manufacturers of more superior products; especially in countries like Nigeria.
- Poor and negative business ethics; characterised of immorality and corruption.
- Low threshold base on Education, Training, and Development.
- Poor culture of social and business responsibility.
They are many, but the point is that these obstacles should be minimized to the barest for entrepreneurship to grow in the society.
Also, Read: Side Hustles To Start In Nigeria
Top 12 Entrepreneurs
According to Forbes, here is a list of great Entrepreneurs of our time;
- Bill Gates – Microsoft
- Larry Page and Sergey Brin – Google
- Mark Zuckerberg – Facebook
- Michael Bloomberg – Bloomberg
- Masayoshi Son – SoftBank
- Elon Musk – SpaceX
- Terry Gou – Hon Hai Precision Industry
- Larry Elison – Oracle
- Robin Li – Baidu
- Aliko Dangote – Dangote Group
- Reid Hoffman – Venture Capitalist
- Mo Ibrahim – Mo Ibrahim Foundation.