Entrepreneurship in Nigeria is one of the trending ideas all over since unemployment is taking over. To know how to overcome unemployment you need to know some things.
What is Entrepreneurship in Nigeria ?
Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.
However, as a basic entrepreneurship definition, it’s a bit limiting. The more modern entrepreneurship definition is also about transforming the world by solving big problems. Like initiating social change, creating an innovative product or presenting a new life-changing solution.
What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction of their own choice. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place, for everyone in it.
An entrepreneur is a person who sets up a business with the aim to make a profit.
This entrepreneur definition can be a bit vague but for good reason. An entrepreneur can be a person who sets up their first online store on the side or a freelancer just starting out.
The reason why they’re considered entrepreneurs, though some disagree, is because where you start out isn’t where you’ll end up. An entrepreneur is someone who starts a side hustle that can eventually create a full-time, sustainable business with employees. Same with the freelancer. If you’re focused on creating a profitable business, you fit the entrepreneur definition.
However, the entrepreneur meaning involves much more than being a business or job creator. Entrepreneurs are some of the world’s most powerful transformers. From Elon Musk sending people to Mars to Bill Gates and Steve Jobs making computers part of every household, entrepreneurs imagine the world differently.
And the entrepreneur definition rarely ever talks about the enormous impact entrepreneurs have on the world.
Entrepreneurs see possibilities and solutions where the average person only sees annoyances and problems.
Understanding what an entrepreneur is can help more people recognize the value they contribute to the world.
Who is an Entrepreneur?
Entrepreneurs are business people who can detect and sense the availability of business opportunities in any given scenario. They will then utilize these opportunities to create new products by employing new production methods in different markets. They will also function in different ways by using various resources who will give them profit.
It is important to note that although most entrepreneurial businesses start small, the owners of such businesses need not be small scale owners. They could in fact be big business owners, who first try and test the waters before investing big time in the business. Small business owners dread risk, but successful entrepreneurs are very innovative and know how to operate profitably in a business environment, even if the risk is very high.
In fact, innovation is the life blood of any kind of entrepreneurs; this is one of the tools that helps them gain an advantage over established players in the market. Entrepreneurs are, thus, defined as “individuals or groups of individuals who carry out entrepreneurship activities that are based on their innovative approaches to solving real-word problems”.
Non-motivational Factors that Influence Entrepreneurship
There are many non-motivational factors that also influence entrepreneurship. Some of the most prominent of them are as follows −
● Unsatisfactory work environment
● Unwanted career transition
● Positive pull influences
Apart from these, there are many other characteristics such as −
● Established family business
● Family environment
● Work history
Some of the most important factors behind entrepreneurship are −
● A desire for applying innovative thoughts
● A desire for independent functioning
● A desire for financial independence
● A desire to achieve personal goals
Risk-taking propensity is one of the most eminent features in the world of entrepreneurship. It is defined as the willingness to take moderate risks.
This motivational influence on entrepreneurship is the result of the need to have achievements as people with a high need of achievement are always willing to take moderate risks.
This is because activities with moderate risk are both challenging and achievable at the same time. This keeps people interested in the potential profitability of the venture, while also motivating them to take a calculated risk.