Entrepreneurship generally refers to the practice of instituting new business enterprises or revitalizing already established ventures. Most entrepreneurs are driven by existence of an opportunity that once ventured into will result in profits. Entrepreneurship is over and over again an obscure enterprise, as numerous novel ventures end up failing.
Entrepreneurship encompasses various multifaceted tasks and can be undertaken by a small group of persons to a large group that involves a large capital outlay. Nigeria is known to be endowed with various minerals that form part of the countries economy but the job opportunities are less compared to the number of graduates that are entering the job market. This has led to unemployment of very many young people.
Entrepreneurship offers our government the opportunity to create more employment opportunities for its citizens. There are many challenges that face an entrepreneur in our country but with the right strategies at hand, we can overcome the challenges. The alleviation of such problems will create an ample environment for the thriving of entrepreneurship.
The availability of capital is one of the reasons that limit the entrepreneurs from starting their businesses. The access to finances for capital in Nigeria through many financial institutions might be deemed as a daunting task to many but there is a wide range of funders ready to offer support to young Nigerian Entrepreneurs.
However, to get funding, a number of requirements must be met.
The problem of lack of funders has been partly solved through the emergence of Nigerian angel investors and venture capitalists that invest and ask for returns on investment on the venture and at the same time are involved in the management of the venture partly.
This is advantageous since the entrepreneur may acquire additional skills from the investors. The returns that are required can be rates of up to 30% on the capital employed. Other organizations such as NGOs and the Nigerian Investing Commission also encourage entrepreneurs to venture into this line of business.
Nigeria is bracing itself up to shape the future beyond oil manufacturing and this is in fact part of the national agenda. This makes now the best time to invest in entrepreneurship. The oil industry has been dominating the economy by contributing way over 80 per cent earnings on export not forgetting its 50 percent contribution to the Gross Domestic Product of our country. Given that majority of Nigerians are unemployed and considering the current economic realities, we as a country have a great need of constant job creation. Our commercial and industrial sectors have to be diversified as well.
In comparison to other West African countries such as Benin, Ghana, Mauritania, Mali, Nigeria, Sierra Leone, Burkina Faso, Liberia, Niger and Senegal, Nigeria is the most efficient in the implementation of adopted reforms aiming at improving the business environment for entrepreneurs. A research carried by Gallup in the year 1998 showed that 67% of Nigerians were considering opening and running businesses. This presents the highest rates in these West African counties.
In contrast to other countries in West Africa, the awareness of entrepreneurship among the populous is higher in Nigeria placed at 44%. This means that entrepreneurship is more easily taken up by our country as opposed to the other countries in the western Africa region. The assurance of our entrepreneurs in the accessibility of a competent work force is another reason why more citizens should consider entrepreneurship as an excellent business idea.
Venturing into the entrepreneurs hip business in the country assures our entrepreneurs have a skilled labor force to carry out their work. As many as 75% of the Nigerians feel that they can find qualified work force that can perform different tasks and that can enable ventures to run successfully when given the chance to.