The entrepreneur is a business leader who looks
for ideas and puts them into effect in fostering economic growth and
development. Entrepreneurship is one of the most important inputs in the
economic development of a country. The entrepreneur acts as a trigger head to
give spark to economic activities by his entrepreneurial decisions. He plays a
pivotal role not only in the development of industrial sector of a country but
also in the development of farm and service sector.
To be successful, an entrepreneur needs
fearlessness, passion, insight and organization. An entrepreneur often starts
out with a seemingly “crazy” idea, something that hasn’t been done
before or hasn’t been done in a particular way. Ideas get shot down by loved
ones and business-types alike. The entrepreneur can’t be afraid to swim against
the current and pursue his or her dream. It’s also about being fearless when promoting
a new business or idea.
fearlessness, passion, insight and organization. An entrepreneur often starts
out with a seemingly “crazy” idea, something that hasn’t been done
before or hasn’t been done in a particular way. Ideas get shot down by loved
ones and business-types alike. The entrepreneur can’t be afraid to swim against
the current and pursue his or her dream. It’s also about being fearless when promoting
a new business or idea.
Fearlessness is not about making excuses for lack
of experience or tenure. Fearlessness and passion go hand in hand. Focus on the
excitement of your new business and what it will do for others. The successful
entrepreneur can’t be afraid to be a tactful bulldog in promoting her ideas and
the value she brings to the table. People are drawn to passion. Fearlessness is
also about commitment. You’re either all in or all out. Straddling the fence
does not work for the successful entrepreneur.
of experience or tenure. Fearlessness and passion go hand in hand. Focus on the
excitement of your new business and what it will do for others. The successful
entrepreneur can’t be afraid to be a tactful bulldog in promoting her ideas and
the value she brings to the table. People are drawn to passion. Fearlessness is
also about commitment. You’re either all in or all out. Straddling the fence
does not work for the successful entrepreneur.
The true entrepreneurs were fearless and believed
in themselves when others wouldn’t. They weathered the rollercoaster of the
startup phase because they believed in themselves. An entrepreneur also has to
have insight. The ability to pick up on what customers and clients need and
desire. A successful entrepreneur also has insight into her area of expertise
and current market conditions. She gains insight by asking questions and
listening. A successful entrepreneur will ask good questions and listen to what
others have to say.
in themselves when others wouldn’t. They weathered the rollercoaster of the
startup phase because they believed in themselves. An entrepreneur also has to
have insight. The ability to pick up on what customers and clients need and
desire. A successful entrepreneur also has insight into her area of expertise
and current market conditions. She gains insight by asking questions and
listening. A successful entrepreneur will ask good questions and listen to what
others have to say.
Organization is also a necessity for success. An
entrepreneur usually starts out running her business solo, and often on a
shoestring budget. That means having to wear many hats, from developing the
product/idea, marketing it, building a database of contacts, selling her wares,
paying the bills, setting up computer systems, and the list goes on. The
ability to prioritize is critical for success. Entrepreneurs get pulled in all
directions and they can’t let it disintegrate into chaos. Learning how to
prioritize, bartering for services, determining when to spend money on
outsourcing, etc, are all areas that fall under organization and lead to
ultimate success.
entrepreneur usually starts out running her business solo, and often on a
shoestring budget. That means having to wear many hats, from developing the
product/idea, marketing it, building a database of contacts, selling her wares,
paying the bills, setting up computer systems, and the list goes on. The
ability to prioritize is critical for success. Entrepreneurs get pulled in all
directions and they can’t let it disintegrate into chaos. Learning how to
prioritize, bartering for services, determining when to spend money on
outsourcing, etc, are all areas that fall under organization and lead to
ultimate success.
Entrepreneurship
is the act of being an entrepreneur or “one who undertakes innovations,
finance and business acumen in an effort to transform innovations into economic
goods”. This may result in new organizations or may be part of
revitalizing mature organizations in response to a perceived opportunity. The
most obvious form of entrepreneurship is that of starting new businesses
(referred as Startup Company); however, in recent years, the term has been
extended to include social and political forms of entrepreneurial activity.
is the act of being an entrepreneur or “one who undertakes innovations,
finance and business acumen in an effort to transform innovations into economic
goods”. This may result in new organizations or may be part of
revitalizing mature organizations in response to a perceived opportunity. The
most obvious form of entrepreneurship is that of starting new businesses
(referred as Startup Company); however, in recent years, the term has been
extended to include social and political forms of entrepreneurial activity.
The major roles played by an entrepreneur in the economic development of
an economy are discussed in a systematic and orderly manner as follows:
an economy are discussed in a systematic and orderly manner as follows:
(1) Promotes Capital Formation:
Entrepreneurs promote capital formation by
mobilising the idle savings of public. They employ their own as well as
borrowed resources for setting up their enterprises. Such type of
entrepreneurial activities leads to value addition and creation of wealth,
which is very essential for the industrial and economic development of the
country.
mobilising the idle savings of public. They employ their own as well as
borrowed resources for setting up their enterprises. Such type of
entrepreneurial activities leads to value addition and creation of wealth,
which is very essential for the industrial and economic development of the
country.
(2) Creates Large-Scale Employment
Opportunities:
Opportunities:
Entrepreneurs provide immediate large-scale
employment to the unemployed which is a chronic problem of underdeveloped
nations. With the setting up of more and more units by entrepreneurs, both on
small and large-scale numerous job opportunities are created for others. As
time passes, these enterprises grow, providing direct and indirect employment
opportunities to many more. In this way, entrepreneurs play an effective role
in reducing the problem of unemployment in the country which in turn clears the
path towards economic development of the nation.
employment to the unemployed which is a chronic problem of underdeveloped
nations. With the setting up of more and more units by entrepreneurs, both on
small and large-scale numerous job opportunities are created for others. As
time passes, these enterprises grow, providing direct and indirect employment
opportunities to many more. In this way, entrepreneurs play an effective role
in reducing the problem of unemployment in the country which in turn clears the
path towards economic development of the nation.
(3) Promotes Balanced Regional Development:
Entrepreneurs help to remove regional
disparities through setting up of industries in less developed and backward
areas. The growth of industries and business in these areas lead to a large
number of public benefits like road transport, health, education,
entertainment, etc. Setting up of more industries leads to more development of
backward regions and thereby promotes balanced regional development.
disparities through setting up of industries in less developed and backward
areas. The growth of industries and business in these areas lead to a large
number of public benefits like road transport, health, education,
entertainment, etc. Setting up of more industries leads to more development of
backward regions and thereby promotes balanced regional development.
(4) Reduces Concentration of Economic Power:
Economic power is the natural outcome of
industrial and business activity. Industrial development normally leads to
concentration of economic power in the hands of a few individuals which results
in the growth of monopolies. In order to redress this problem a large number of
entrepreneurs need to be developed, which will help reduce the concentration of
economic power amongst the population.
industrial and business activity. Industrial development normally leads to
concentration of economic power in the hands of a few individuals which results
in the growth of monopolies. In order to redress this problem a large number of
entrepreneurs need to be developed, which will help reduce the concentration of
economic power amongst the population.
(5) Wealth Creation and Distribution:
It stimulates equitable redistribution of wealth
and income in the interest of the country to more people and geographic areas,
thus giving benefit to larger sections of the society. Entrepreneurial
activities also generate more activities and give a multiplier effect in the
economy.
and income in the interest of the country to more people and geographic areas,
thus giving benefit to larger sections of the society. Entrepreneurial
activities also generate more activities and give a multiplier effect in the
economy.
(6) Increasing Gross National Product and Per
Capita Income:
Capita Income:
Entrepreneurs are always on the look out for
opportunities. They explore and exploit opportunities, encourage effective
resource mobilisation of capital and skill, bring in new products and services
and develops markets for growth of the economy. In this way, they help
increasing gross national product as well as per capita income of the people in
a country. Increase in gross national product and per capita income of the
people in a country, is a sign of economic growth.
opportunities. They explore and exploit opportunities, encourage effective
resource mobilisation of capital and skill, bring in new products and services
and develops markets for growth of the economy. In this way, they help
increasing gross national product as well as per capita income of the people in
a country. Increase in gross national product and per capita income of the
people in a country, is a sign of economic growth.
(6) Improvement in the Standard of Living:
Increase in the standard of living of the people
is a characteristic feature of economic development of the country.
Entrepreneurs play a key role in increasing the standard of living of the
people by adopting latest innovations in the production of wide variety of
goods and services in large scale that too at a lower cost. This enables the
people to avail better quality goods at lower prices which results in the
improvement of their standard of living.
is a characteristic feature of economic development of the country.
Entrepreneurs play a key role in increasing the standard of living of the
people by adopting latest innovations in the production of wide variety of
goods and services in large scale that too at a lower cost. This enables the
people to avail better quality goods at lower prices which results in the
improvement of their standard of living.
(7) Promotes Country’s Export Trade:
Entrepreneurs help in promoting a country’s
export-trade, which is an important ingredient of economic development. They
produce goods and services in large scale for the purpose earning huge amount
of foreign exchange from export in order to combat the import dues requirement.
Hence import substitution and export promotion ensure economic independence and
development.
export-trade, which is an important ingredient of economic development. They
produce goods and services in large scale for the purpose earning huge amount
of foreign exchange from export in order to combat the import dues requirement.
Hence import substitution and export promotion ensure economic independence and
development.
(8) Induces Backward and Forward Linkages:
Entrepreneurs like to work in an environment of
change and try to maximise profits by innovation. When an enterprise is
established in accordance with the changing technology, it induces backward and
forward linkages which stimulate the process of economic development in the
country.
change and try to maximise profits by innovation. When an enterprise is
established in accordance with the changing technology, it induces backward and
forward linkages which stimulate the process of economic development in the
country.
(9) Facilitates Overall Development:
Entrepreneurs act as catalytic agent for change
which results in chain reaction. Once an enterprise is established, the process
of industrialisation is set in motion. This unit will generate demand for
various types of units required by it and there will be so many other units
which require the output of this unit. This leads to overall development of an
area due to increase in demand and setting up of more and more units. In this
way, the entrepreneurs multiply their entrepreneurial activities, thus creating
an environment of enthusiasm and conveying an impetus for overall development
of the area.
which results in chain reaction. Once an enterprise is established, the process
of industrialisation is set in motion. This unit will generate demand for
various types of units required by it and there will be so many other units
which require the output of this unit. This leads to overall development of an
area due to increase in demand and setting up of more and more units. In this
way, the entrepreneurs multiply their entrepreneurial activities, thus creating
an environment of enthusiasm and conveying an impetus for overall development
of the area.
Addendum:
Entrepreneurship and its Relevance to the Nigerian
Economy
Economy
Entrepreneurship is an
important factor in the development of any nation. Entrepreneurs are
responsible for taking calculated risks that open up doors to progressively
higher levels of economic growth. If it weren’t for them, the world would never
have knows such marvels as the wheel, electricity or the Internet, to name just
a few.
important factor in the development of any nation. Entrepreneurs are
responsible for taking calculated risks that open up doors to progressively
higher levels of economic growth. If it weren’t for them, the world would never
have knows such marvels as the wheel, electricity or the Internet, to name just
a few.
Entrepreneurs are the
veritable backbone on which the world and modern ideas continue to develop. The
magnitude and reach of their contributions, however, extend much beyond the
world of business and economy, and to them goes irrefutable credit for the
growth and evolution of societies at large. Developed nations across the world
owe their current prosperity to the collective effort of intrepid
entrepreneurs, on whose innovation also rests the future prosperity of much of
the developing world.
veritable backbone on which the world and modern ideas continue to develop. The
magnitude and reach of their contributions, however, extend much beyond the
world of business and economy, and to them goes irrefutable credit for the
growth and evolution of societies at large. Developed nations across the world
owe their current prosperity to the collective effort of intrepid
entrepreneurs, on whose innovation also rests the future prosperity of much of
the developing world.
The larger rewards of risk taking,
starting an enterprise and developing it into a successful business venture
extend well past its immediate beneficiaries. The scope of financial freedom
and flexibility that entrepreneurialism allows is a means to simultaneous
individual and national prosperity. If this holds true for economies around the
world, it has especially relevance for Nigeria, which is at the cusp of a new
era of progress.
starting an enterprise and developing it into a successful business venture
extend well past its immediate beneficiaries. The scope of financial freedom
and flexibility that entrepreneurialism allows is a means to simultaneous
individual and national prosperity. If this holds true for economies around the
world, it has especially relevance for Nigeria, which is at the cusp of a new
era of progress.
Entrepreneurship is the
foundations of any developed nation. For Nigeria to reap the full benefits of a
dynamic and evolving economy however requires the overcoming of entrenched
social, financial and political hurdles. Informed government policy, education
and international participation are crucial for Nigeria to shake off its third
world heritage and achieve the full breadth of its economic potential.
foundations of any developed nation. For Nigeria to reap the full benefits of a
dynamic and evolving economy however requires the overcoming of entrenched
social, financial and political hurdles. Informed government policy, education
and international participation are crucial for Nigeria to shake off its third
world heritage and achieve the full breadth of its economic potential.
Capital and output growth
in an economy depends significantly on the entrepreneur. The quality of
performance of the entrepreneur determines whether capital would grow rapidly
or slowly and whether the growth involves innovation where new products and
production techniques are developed. The difference in economic growth rates of
countries of the world is largely due to the quality of entrepreneurs in those
countries.
in an economy depends significantly on the entrepreneur. The quality of
performance of the entrepreneur determines whether capital would grow rapidly
or slowly and whether the growth involves innovation where new products and
production techniques are developed. The difference in economic growth rates of
countries of the world is largely due to the quality of entrepreneurs in those
countries.
Production factors of land,
labour and capital are said to be dormant or indolent without the entrepreneur
who organizes them for productive ventures. The entrepreneur is therefore an important
agent of innovation growth and technical progress. The development and
utilization of their technical and commercial skills create growth potential in
micro, small and medium-scale enterprises. The present day global economy is
knowledge-driven operating on the pragmatic and innovative thoughts of the
entrepreneur. Business set ups have become informal and oriented towards
survival and self employment.
labour and capital are said to be dormant or indolent without the entrepreneur
who organizes them for productive ventures. The entrepreneur is therefore an important
agent of innovation growth and technical progress. The development and
utilization of their technical and commercial skills create growth potential in
micro, small and medium-scale enterprises. The present day global economy is
knowledge-driven operating on the pragmatic and innovative thoughts of the
entrepreneur. Business set ups have become informal and oriented towards
survival and self employment.
Technical progress
essentially results in increases in production, employment of labour,
stimulation of export and overall growth of GDP. The contribution of entrepreneurship
to the growth and development of Asian countries (China, Malaysia and
Singapore) and African countries (South Africa and Nigeria) cannot be over
emphasized. In Nigeria entrepreneurship development and innovations have been
manifested in all aspects of the economy via; micro business, micro finance,
small and medium industries, information/telecom services, personal services in
food vending/restaurant, garments making, embroidering, agricultural produce,
music and film production.
essentially results in increases in production, employment of labour,
stimulation of export and overall growth of GDP. The contribution of entrepreneurship
to the growth and development of Asian countries (China, Malaysia and
Singapore) and African countries (South Africa and Nigeria) cannot be over
emphasized. In Nigeria entrepreneurship development and innovations have been
manifested in all aspects of the economy via; micro business, micro finance,
small and medium industries, information/telecom services, personal services in
food vending/restaurant, garments making, embroidering, agricultural produce,
music and film production.
