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.
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ENTREPRENEURSHIP IS THE SOLUTION TO JOB CREATION AND BOOSTING ECONOMY IN NIGERIA
Entrepreneurship, simply put, is taking the risk of running your own business. In the case of Nigeria, young Nigerians have to brave quite a myriad of challenges before they can actually float their businesses.
This, however, has discouraged aspiring Nigerians to shelf their entrepreneurship dreams.
Unknown to them, being an entrepreneur does not mean you must have a brick and mortar store. You can run your entire business online – thanks to Internet penetration.
Jumia has proven that direct and indirect jobs can be created via e-Commerce.
It has empowered thousands of Nigerians to run their businesses through various initiatives like the Jumia J Force Sales Consultancy, Jumia Vendor Hub, Jumia University, and many others.
So, when it comes to job creation, you do not need to wait for the government. The government only needs to create an enabling environment, while the private sector and entrepreneurs will provide the much-required employment.
Moreover, being an entrepreneur is a reliable tool for closing the unemployment gap.
As developing countries continue to struggle with the limited capacity to create jobs and absorb new entrants into the labour market, the attractiveness of including entrepreneurship in job creation toolkits has grown. Presently, entrepreneurs and Small- and Medium-sized Enterprises are widely considered vital to national economies, particularly because they create a higher share of total jobs than other employers do.
While entrepreneurial activities create some new jobs in the short term, more interestingly, the competition created by new firms can replace inefficient companies.
The loss of jobs from those companies and from failing start-ups is offset by job creation in the first year of a firm’s life, providing a net increase in jobs for the overall economy in the long term.
Challenges facing entrepreneurs in Nigeria
Promoting an ecosystem that nurtures entrepreneurs should be an important policy priority for governments looking to develop their economies. However, despite an increased policy focus on the value of entrepreneurship and SMEs, there are still many challenges facing entrepreneurship in a country like Nigeria. They include but not limited to (1.) lack of capital, (2.) difficulty in securing loans, (3.) lack of infrastructure, (4.) poor entrepreneurship knowledge.
Despite these challenges, countless companies in the country that are performing and employing Nigerians. In fact, capital is no longer an excuse when it comes to floating a business. There are financial technology companies out there that are willing and ready to grant business loans within 24 hours, as long as you meet their requirements. On Jumia’s part, it offers business loans to vendors who have met the terms and conditions. This has boosted their businesses and helped them employ more hands. The reason why these types of loans are attractive to would-be entrepreneurs is that of their flexible repayment plans.
Improving the ecosystem for entrepreneurship
The entrepreneurship ecosystem in Nigeria is growing at a geometric pace. Today, there are incubation hubs, accelerators and innovation centres training and grooming the next set entrepreneurs. They will not only get training, but they will also get funding which can sometimes be equity free. However, there is more to be done to ensure that the efforts are not just window dressing.
There must be a strong and solid collaboration between government and SMEs, e-Commerce companies and innovation centres.
These will help ensure that the efforts are well coordinated.
Some of the other ways to improve the entrepreneurship ecosystem include regulatory reform, socio-cultural change and education and access to credit and financing.
Clearly, entrepreneurs across the country would benefit significantly from having easy access to neighbouring markets for finance, consumers, and input goods and services. Harmonizing supply chains for entrepreneurs would go a long way in improving their market position.
The economic urgency of providing jobs has become clear following the high unemployment rates.
While surely not a panacea for all of Nigeria’s unemployment woes, programs that spur entrepreneurship and support SMEs can help Nigeria provide jobs and promote inclusive growth.
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 …
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…
We were just about to start our meeting on what next to post when one of our colleague came in with Forefront magazine and showed us this very inspiring story about overcoming problems in life. Here is the content of the story.
As hard as it may be, more problems might actually mean a
closer window of opportunity. There is a saying that every single thing happens
for a reason and whatever does not kill us makes us stronger. A story by Alijo Sylvester.
The story goes like this: A young woman went to meet her mom to tell her about her life
and how things are so hard for her. She was about giving up and had no idea how
she was going to make it. She was fed up of fighting and struggling. She complained
of how after a problem, straight comes another one. Her mom called her to the kitchen. She filled three pots with
water and put them on fire. The first pot, she placed carrot, the second she
placed egg and the third she placed ground coffee bean. She let them boil without saying a word. In abou…