In the beginning was entrepreneurship; entrepreneurship was creativity and innovation; creativity was productivity and resourcefulness. There was nothing that was ever made or ventured into by humans that were accomplished without an entrepreneur. Entrepreneurs are goal-getters, achievers, and arrivers. No government or society can do or exist without entrepreneurs. Entrepreneurship was, is and will continue to be the way to go.
Every society that is
worth being mentioned in the comity of developed societies must be
entrepreneurship-oriented. This, perhaps, explains why Tony Blair, former
British Prime Minister enthused, “I want
Britain to be a nation of entrepreneurs, a nation where talent and ability
flourish.” (Business: The Ultimate Resource, 2008: 1745).
Entrepreneurship is now
a lifestyle of choice for anyone who is wise and desires not only for true
financial freedom but anyone who desires to make a mark in his/her world;
impact societies positively and become blessings (not just blessing but
blessings) to his generation and generations yet unborn.
The importance of
entrepreneurship does not lie principally in its benefits in terms of
job-creation but also in economic growth of individuals and societies.
Entrepreneurship defines directions for the next move of our world.
Entrepreneurs are at the helm of affairs. At the snap of their fingers people
listen and at the clearing of their throats, the world stands at attention.
Entrepreneurship will remain till the world is no more, the way of life, the
lifeblood and livewire of the progressives.
All over the world
everyone, society and nation that desires to be counted are tilting towards
entrepreneurship because it holds the key to self-fulfillment, human capacity
development and empowerment. Entrepreneurship is the in-thing, an idea whose
time has always been. Anyone who dares to be somebody is taking this honourable
and long-lasting route to quality life and self-fulfillment. It is the sure way
to economic freedom; the pathway to true financial independence.
Do you want to join the
Achievers’ Club? Do you want to be recognized as a solutions’ provider? Do you
want to call the shots and be respected among those who have arrived, and
contributing meaningfully to meeting myriads of human needs? Then, think
entrepreneurship! Entrepreneurship is not about job-seeking but about
job-creation; it is about value addition. It is about being creative and
innovative.
WHO
IS AN ENTREPRENEUR?
An entrepreneur is a
person who perceives market opportunity and then has the motivation, drive and
ability to mobilise resources to meet those needs. An entrepreneur is someone
who organizes a system to create a product or service in order to make
profit. Richard Cantillion, an Irish man
who lived in France in his work, Economics
published in early 18th century was the first to introduce the term,
“Entrepreneur” and his/her unique risk bearing functions. He describes an
entrepreneur as an agent who buys factors of production at certain prices in
order to combine them into a product with a view to selling it at uncertain
prices in future.
Shedding light on who
an entrepreneur is, Hope Eno (2005:31) observed: put an entrepreneur in a
desert, he will create water out of the sand dunes. Give him a mountain, he
will create a tunnel. Give him a forest, he will turn it into a city. Give him
a vast land, he will turn it into an estate. Give him a swamp, he will build a
sky scrapper. Give him a beach, he will turn it into a garden. Give him a
stone, he will carve it into a monument. Give him a dumping site, he will turn
it into a garden. Give him a bus, he will use it to buy ten more. Give him a
store, he will create a supermarket. Give him a computer, he will build a
cybercafé. Push him into a river, instead of drowning, he will come out with
fishes. Take him to a library, he will become a walking library.
Ideas, dreams and
aspirations in the hands of an entrepreneur can never die without being
fulfilled. Entrepreneurs do not desire to be the best authors until their
experiences become the best books ever read. Entrepreneurs never become the best
motivators until their motivation builds an industry of people.
Entrepreneurship is not just about ideas, if not, every dreamer would have been
an entrepreneur. Entrepreneurship is not all about going to school, if not,
professors would have had the largest enterprises on earth. In fact, the world’s richest entrepreneurs
are drop-outs.
Entrepreneurship is not
just all about having millions, if not, all those who won millions in promos
and lotteries would have had their names written on the pages of time as the
greatest entrepreneurs that ever lived. Entrepreneurship is not about being
forceful, if not generals would have commanded the greatest industries on
earth.
Who then are entrepreneurs? Entrepreneurs are those who bring ideas from the world of forms to the world of reality. Entrepreneurs are those who dream and never go back to sleep until their dreams become real. Entrepreneurs are those who start from little or nothing, to build something from nowhere. Entrepreneurs are people who give life to ideas and create wealth from nothing. Entrepreneurs are people who can put everything they have in order to get everything they desire. Entrepreneurs are those who can reproduce themselves and also make others reproduce themselves. Entrepreneurs are those who can easily discover the talent in others and harness it to the maximum. Entrepreneurs are those who employ the best heads, even when they did not even see the four walls of the university. They pay professors’ salaries and keep a lot of graduates on their payroll.
WHY
ENTREPRENEURSHIP?
Robert Kiyosaki and
Sharon Letcher in their book, Cash Flow
Quadrant: Rich Dad’s Guide to Financial Freedom affirm: “If you want to
remain poor, seek employment.” This is not to denigrate paid employment.
Employment is good if you can find one but what happens if you cannot find
any? Create one! Paid employment does
not guarantee wealth, nor does it even guarantee job security because one could
be thrown out any time into the cold weather of joblessness, sometimes at a
time when one may not find it easy locating another paid employment.
Paid employees are
people who serve others. Every paid
employee is a servant: it doesn’t matter if you are a public servant or a
private servant; civil servant or legal servant. A servant is a servant. Forget
about the title that an individual wears - a servant is a servant. As long as
someone pays your salary, you are his or her servant. Of course, “he who pays
the piper” the saying goes, “dictates the tune.” Refuse to go to work without any cogent
reason, you will be queried and if the master is not satisfied, you are shown
the door.
All servants live
routine lifestyles – from home to work place and work place back home; week
after week, month after month and year after year. When they retire, most
often, their entitlements are not paid (especially in
What do you want out of
life? Being a servant or being your own boss? Being your own boss does require
cultivating entrepreneurial spirit. Entrepreneurship is not an option; it is
the way out of joblessness, dependency and servitude. Nothing is more
exhilarating than being your own boss, calling the shots and being regarded as
the final authority. Successful people are entrepreneurs.
ENTREPRENEURSHIP
AND YOU
Someone had remarked:
“the way of being a boss is
for people who know that talent of entrepreneurship is not given to you at birth
but, rather, it is what you can develop by working hard and relentlessly.” There
are people who were born great; some other people achieve greatness while some
have greatness thrust upon them. For some people there are already-made jobs
waiting for them upon graduation, others have to job-hunt (whether existing or
non-existing) upon graduation while some create jobs for themselves. It is no
gainsaying the fact that one of the reasons people attend school is for them to
find a good job, have a fat, juicy pay-packet, retire and “live big.” This is a
wonderful dream, but like most dreams, it is just mere dream, living in the
world of fantasy as against living in the world of reality.
If in the societies
today most people become entrepreneurs, we will contend less with the problem
of people who have become more of liabilities than assets, thereby reversing
the trend that has subjugated our various communities for ages because of
“needy members of society,” compounded by the scourge of unemployment. We must
move away from the mentality of job seekers which has pervaded our landscape to
that of job and wealth creators. When this is done, and majority imbibe the
culture of entrepreneurship we will move to the next level of our growth. We
need more providers than dependents; more creators than recipients of creative
work; more entrepreneurs than employees.
If
you are job-hunting, do yourself a favour - take the path of entrepreneurship.
If you are a servant (public, private or civil), do yourself a favour: become
an entrepreneur! Nothing stops you from having multiple streams of income. You
need not have to leave your present job in other to have multiple streams of
income. You can actually combine them.
If
you are an employee, dissatisfied with your earning you can have multiple
streams of income, no matter the nature of the work you do. What it would cost
you is effective time management. You can earn income both ways without
compromising any. The need for multiple streams of income lies in the truth of this
adage: “when one door closes another opens”. An animal that depends on one
escape route dies sooner than expected. Entrepreneurship, however, ensures and
hedges you against this.
YOU CAN BECOME AN ENTERPRENEUR
Yes, you
can become an entrepreneur if you find any of the following applying to you:
1. You have an idea for a product or service and you want to build a new business.
2. You want to increase your success in responding to changing conditions.
3. You see an opportunity for a new venture in your community or place of residence.
4. You are unemployed and the prospects
for a new job are not good.
5. You see a need and has an idea of what it takes to fill that need.
WHAT
DOES ENTREPRENEURSHIP INVOLVE?
Professor
Prince Famous Izedonmi in his article Job-Seeker,
No Entrepreneur (Business Times,
Monday, July 14, 2008 page 34) outlined what entrepreneurship involves:
1.
Serious
thinking
Thinking
initiates us into the domain of ideas; successful entrepreneurship is at the
mercy of positive and productive thinking documentation and evaluation of same.
2.
Entrepreneurship
thrives on ideas
a.
Ideas
rule the world.
b.
Ideas
are seeds that guarantee a future fruitful entrepreneurial harvest.
c.
Creation
began with an idea and is sustained by great ideas.
d.
Money
flows in the direction of ideas.
e.
The
quality of ideas that flows through your mind determines the quality and beauty
of life you will enjoy.
f.
Productivity
is at the mercy of idea.
3. Entrepreneurship is Dream-Driven; Dreamers rule the world
The
bigger the dream the better for it. Behind successful entrepreneurship is the
dreamer world. Do you have any genuine dream? Then go after it!
4.
Entrepreneurship
involves action-taking
In
entrepreneurship, action is everything. Most successful entrepreneurs talk less
but really listen more. They think more and act more. They take steps to
actualize their dreams. You can do the same.
5.
Entrepreneurship
is opportunity-Driven, rather than resource-driven
Opportunities
exist but some are also created. Some entrepreneurs have moved from seeking for
opportunities to creating opportunities.
Sometimes
opportunities come to them. Some opportunities, to be sure, can create their
own resources. Opportunity comes first, then followed by resources.
6.
Entrepreneurship
involves risk-assuming
Every
business has associated risks. Entrepreneurship is not necessarily
risk-seeking, rather, it is risk assuming. Those who are risk-averse may not
succeed in business. In any case, it is even a greater risk not to take risk.
Why not take the risk all the same?
7.
Entrepreneurship
involves hard work, skills, knowledge and attitude
You
require knowledge, hard work, relevant skills acquisition and correct attitude
to achieve outstanding results and success in life. They also apply to
entrepreneurship.
WHAT
QUALIFIES FOR ENTREPRENEURSHIP?
University degrees do not equate
entrepreneurial spirit. Rather, entrepreneurship thrives on ideas. Robert
Kiyosaki and Sharon Letcher (1999:13) affirm that “college (university)
education is important for traditional professions, but not for how people
found great wealth. They developed their businesses….” They went on to write
that “many successful people had left school without a college degree, people
such as Thomas Edison, founder of
General Electric; Henry Ford, founder of Ford Motors Co.; Bill Gates, founder
of Microsoft; Ted Turner, founder of CNN; Steve Jobs, founder of Apple
computers; Michael Dell, founder of Dell Computers and Ralph Lauren, founder of
Polo.”
In Nigeria, household
names like Coscharis Group, Ekene Dili Chukwu, Ifesinachi Nig. Ltd., Chisco,
Ogbuawa, Louis Carter, Chikason Group, and etcetera were not all of them
university graduates. Some outstanding entrepreneurs in the likes of Zenith
Bank’s Chief Executive, Jim Ovia; UBA’s Chief Executive, Tony Elumelu; Oceanic
Bank’s Chief Executive, Mrs. Cecilia Ibru, Jimoh Ibrahim, Frank Nneji of ABC
Transport and RAPPIDO Group and etcetera were university graduates. This is not
to say that education is not important, NO, education is infinitely important.
It is one powerful means through which one can empower himself/herself.
Nevertheless, it is not to say that entrepreneurship is the exclusive reserve
of educated people. The truth is that anyone could become an entrepreneur;
whether he/she is a university graduate or not; whether he/she has seen the
four walls of a conventional school or not.
If you are educated, thank God for you but if you are not but can read
these words, I tell you something: do not feel inferior, invest in idea
generation and you could become the next celebrated entrepreneur. If you are a
university graduate you have a greater potential to become a successful
entrepreneur. If you are not a university graduate, entrepreneurship is still for
you going by the success stories of men and women all over the world who are
successful entrepreneurs but had not seen the four walls of any secondary
school or university.
What then qualifies for
entrepreneurship? Entrepreneurship
is about using your potential at 100% capacity. It is about building yourself.
Although it gives you much more opportunities than a regular job, it also has
its advantages and disadvantages. Anyone who takes a challenge becomes an
owner, a boss and a judge of his own life. Entrepreneurship requires:
1.
New
thinking.
2.
Ideas
that are relevant to society’s needs.
3.
Ideas
that are constructive and affective.
4.
Ideas
that are proactive.
To generate
entrepreneurial ideas a would-be entrepreneur must learn to come up with ideas
for a product or service. To generate the needed ideas, he/she should learn to
“think out of the box.” Thinking out of the box requires doing what people
would rarely do. Sometimes entrepreneurial ideas could come from unlikely
places, from unlikely people and from unlikely situations or circumstances. A
good entrepreneur immediately recognizes these ideas and seizes them.
WHY
BECOME AN ENTREPRENEUR?
Entrepreneurs as innovators make something new happen. Perhaps, if an entrepreneur had not started a new business, someone else might have. While each new enterprise usually starts as a small business and often remains small, entrepreneurship, on a national scale is a very large and important business. One United States online entrepreneurship website reports that “in a typical year, small independent businesses create 2.6 million jobs, while large corporations eliminated 1.6 million jobs.” Without entrepreneurs, national economies would decline.
People are motivated to become entrepreneurs because of their desire to:
·
Be their own bosses.
·
Become rich and famous.
·
Prove something to parents or to some other people.
·
Use their skills.
·
Enjoy a sense of achievement.
· Earn a living when jobs are not available.
In one way or two we can all identify with one or all of the above points.
Entrepreneurship
is potentially rewarding. I want to encourage you to follow the path of
entrepreneurship. If you know how to reduce the risks involved you can
increase the possible gains of entrepreneurship.
QUALITIES
OF SUCCESSFUL ENTREPRENEURS
According
to Professor Prince Famous Izedonmi in his article cited earlier in this
chapter outlined what the qualities of a successful entrepreneur should be. He
wrote amongst others that he/she:
·
Must
be self-confident with a high level of emotional stability.
·
Must
be willing to take risk.
·
Must
be task or result-oriented.
·
Should
exhibit high level of drive and energy, viz physical, mental and spiritual.
·
Must
be able to put in long hours of work and enjoy only few hours of sleep.
·
Must
have a long-term involvement with the business outfit.
·
Be
a leader, a thinker and self-motivated person; must be self-propelling with
lots of shock absorbers.
·
Be
a motivator, negotiator and marketer all rolled in one.
·
Should
possess originality, innovativeness and creativity. Be a reader/researcher.
·
Be
versatile, knowledgeable and mentally resourceful.
· Should actively seek and take initiatives.
CHARACTERISTICS
OF AN ENTREPRENEUR
Generally speaking, entrepreneurs are classified into four types: the innovator, the calculating inventor, the
ever-optimistic promoter, and the organization builder. These types are not
related to the personality but to the type of opportunity the entrepreneur
faces.
A number of traits characterize entrepreneurs. Principally, entrepreneurs
have enthusiasm, vision, and the driving force for setting up enterprises.
Other characteristics of entrepreneurs are:
• A spirit of adventure.
• A strong desire to achieve and seek personal accomplishment.
• Self-confidence and self-reliance.
• Goal-orientation.
• Innovativeness, creativity and versatility.
• Persistence.
• Hard-working and energetic.
• A positive mental attitude.
• A strong sense of personal awareness.
• Willingness to take initiative.
• A strong sense of commitment.
• High energy level.
• Ability to seek out and use feedback.
• Integrity and reliability.
• Patience.
• Ability to deal with failure.
• Leadership and ability to inspire.
One of the most important characteristic of an entrepreneur is team-building.
Entrepreneurs are mercurial, that is, they are prone to insights and
brainstorms on a regular basis; are ingeniousness and resourceful. They are
opportunists, creative, and unsentimental.
