No one ever said it was easy being an entrepreneur. Whether you're in the early stages of your statrup, just secured funding for your startup or you are ready for product launch, there will always be those three components when you ask yourself if this whole entrepreneur thing is worth it. Instead of giving up and throwing-in the proverbial white towel, this forum will help in giving you all the motivation you need to achieve your result.
Subscribe to this blog
Follow by Email
BALANCE GROWTH AND RISING ENTREPRENEURIAL DEVELOPMENT IN NIGERIA
One of the great things happening across Nigeria today is the renewed drive for entrepreneurship, which is spreading like wild fire. Discussions, training and seminars on entrepreneurship are going on almost everywhere. The love for private enterprise has always been a Nigerian thing and many Nigerians have demonstrated that we are endowed with the capacity to think and act in such a way as to create wealth, sustain and multiply it. Nigerian enterprise was already on the world stage prior to the country’s independence in 1960. Apart from the centres for the trade in slaves, many cities across Nigeria were centres of commerce with major trade routes crisscrossing the country long before colonization.
Indeed, the British colonialists may be said to have enjoyed some of the fruits of Nigerian enterprise. When Her Majesty the Queen, Elizabeth the 1, visited Nigeria in 1952, it was recorded that she rode in the private car of a Nigerian entrepreneur. The story is that the best car around in the whole of Nigeria at the time and fit for the Queen to ride, was the private Rolls Royce convertible owned by Sir Louis Ojukwu, Nigeria’s foremost entrepreneur, who made millions doing business across Africa and Europe. So Nigerians are not new to the desire to be self-employed and employers of labour. There has however been a heightened emphasis on self-employment and by extension, the development of relevant skills, especially outside formal education. This new emphasis on entrepreneurship is the result of several factors, including high unemployment caused by the stagnancy of the formal economy; a seeming disconnect between the supply and demand of skills in the labour market and a population growth rate that has cast the country in the mould of a primitive society unable to control its population.
For want of a fall guy or scapegoat, the Nigerian educational system has come under heavy fire for allegedly producing unemployable graduates.This argument has been used successfully to fend off criticism, which should rightly fall on government for its inability to expand the economy and provide jobs for the youth. In the process, several reviews of the curricula have been done, which produced even worse outcomes than we probably had. Granted that our educational curriculum, like that of any other country, must be responsive to the realities of the time, no amount of technical competence among graduates can compensate for an economy that makes no effort to implement its own plans and thereby prepare for growth. Availability of high skills will not cure unemployment in an economy that is at best stagnant, with rapid population growth. It could actually worsen the situation as highly trained people look for non-existent jobs and begin to settle for menial ones.
The Nigerian economy is still in decline, growing at snail speed, despite the consistency of growth over the past few post-recession quarters. This poor growth is due largely to a large population with unreasonably high growth rate of about 3 per cent with the GDP trailing behind at much lower rate. The magnitude of what Nigeria is facing and the calamity ahead becomes more vivid when we reckon that there were only 45million Nigerians as against Britain’s 52 millionin 1960, and today we are about 200 million people against Britain’s 66 million. This probably explains why, out of a labour force of 85 million, of whom 25 million have no education and 34 million are either unemployed or underemployed.
The Nigerian economy is at moment stagnating at best. When an economy records prolonged periods of slow economic growth with high unemployment rate as Nigeria currently has, and as happened to the American economy after the Great Depression of the 1930s, economists say it has gone into economic stagnation. We are experiencing that state of affairs. When economies stagnate, many things happen; and most of them are usually very bad things like social discontent and unrest. Of course we have signs of recovery in commodity prices, especially oil, inflation has looked south consistently over the past few months, reserves are rising but investment opportunities are still few and narrowing. The investment in infrastructure by the present administration may be massive but the results may take a little more time to fully crystalize in improved power supply, adequate transportation facilities and security of lives and property. Without these social overhead capital, those budding entrepreneurs, whom we have encouraged to retrain, readapt and innovate, may face a future bigger in frustration than they previously knew, as their preparation meets no opportunities to germinate. This is unhealthy for entrepreneurship and the consequences are probably less contemplable than those of graduate unemployment. We don’t want to come to a situation where the new rising fervour of private enterprise among the youth,and the enthusiasm of the many foundations and institutions supporting it, will be destroyed by a different kind of unemployment – entrepreneur unemployment.
As the Estonian International Economist, Ragnar Nurkse, proposed in his Theory of Balanced Development, it is important that developing economies do not make massive investment in only one sector of the economy. Doing so will rob them of the synergy, market enlargement and the much needed incentive for the private sector to invest. The budding entrepreneurs we are grooming and releasing to the economy need to be reassured through the resumption of concrete economic growth, that there is a market for the innovations they are training so hard to pioneer in different sectors of the economy.
A situation in which April draws to an end without an operational national budget may seem normal but it’s the height of disservice to a nation. This is more so when it is realized that much of the so called appropriated funds will go back to feed the unsustainable lifestyles of leaders. Nigeria is a poor country both in terms of population/natural resources ratio and other indices. It’s a joke on us that as we beg countries and individual philanthropists from abroad to pay our debts and treat our women and children, a few of our leaders live like emperors for doing a job that hardly deserves more than occasional appearance. Balanced investmentis the tonic for our entrepreneurial drive will gain traction only when we release the resources currently misallocated to service profligacy and apply them to make optimal investment in critical sectorsto create the needed investment opportunities for the growing new generation of investors and risk-takers.
Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest.
However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business.
A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …
Being a young entrepreneur is difficult, no matter where
you are from. But in Africa, the challenges are often far more emphasised.
Resources, financing, mentorship and supporting services are even scarcer. Yet
despite this, the continent’s youth unemployment is higher than elsewhere,
and for many young Africans, entrepreneurship is less of a choice, and more of
a requisite for survival.
year the Anzisha Prize, Africa’s premier award for entrepreneurs between the
ages of 15-22, identified a handful of young entrepreneurs who are
making it in Africa. Here are some of their tips for success. 1. The most important step is the first one
Nteff Alain is the winner of the 2014 Anzisha Prize and is the entrepreneur
behind GiftedMom, an e-content platform for pregnant women.
says having an idea is easy, but turning it into reality is a whole different
story. The wall of challenges an entrepreneur faces can quickly de-motivate
someone from following through on their vision. …
Mark Elliot Zuckerberg is an American computer
programmer and Internet entrepreneur. He is a co-founder of Facebook, and is currently its chairman and chief
executive officer. Zuckerberg
launched Facebook from his Harvard
University dormitory room on February 4, 2004 with college
roommates and fellow Harvard students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. The group then introduced Facebook to other college
campuses. Facebook expanded rapidly, reaching one billion users by 2012. During
this time, Zuckerberg became involved in various legal disputes brought by his
friends and cofounders, who claimed they were due a share of the company based
upon their involvement during its development phase. Early
Life Mark Elliot Zuckerberg was born on May 14, 1984, and
grew up in the suburbs of New York, Dobbs Ferry. He was the second of four
children and the only son in the educated family. Mark’s father, Edward
Zuckerberg, is a dentist and mother, Karen Zuckerberg, is …
Étienne Arnault was born on the 5th of March 1949. He is a
French business magnate, an investor, and an art collector. Arnault is
the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest
luxury-goods company. He is the richest person in France and the fourth richest
person in the world according to Forbes magazine,
with a net worth of $75.5 billion, as of March 2018. EARLY LIFE After graduation, Arnault joined his father's company,
in 1971. In 1976, he convinced his father to liquidate the construction
division of the company for 40 million French francs and to change the focus of the company to real estate.
Using the name Férinel, the new company developed a specialty in holiday
accommodation. Named the Director of Company Development in 1974, he
became the CEO in 1977. In 1979, he succeeded his father as president of the
company. CAREER In 1984, with the help of Antoine Bernheim, a senior
partner of Lazard Frères, Arnault acquired the Financière A…
Gates is an American business magnate, who co-founded Microsoft, the world’s
largest personal computer software company. He consistently rank in the top
list of the world wealthiest people, he is one of the world best known
entrepreneur of the personal computer revolution. He is also the world most
generous philanthropist, who has donated over $28 billion to charity. Here are
his top 10 rules for success. 1.Have
you are going to start a company you need so much energy that you use to
overcome your feeling of risk. At the beginning it’s going to look so scary
especially given that you don’t have any experience as in the case for most
startups, you are going to make a lot of mistakes but if you have so much
energy rushing through you, you will be able to overcome your mistakes and that
of your team, you will also be able to guide your team into achieving the
desired result because energy is contagious. 2. Have
a Bad Experience: Bill
Gates is a college dropout who d…