July 11, 2018

Ibru tasks undergraduates on creating wealth through entrepreneurship

By Dayo Adesulu

Undergraduates in tertiary institutions have been told that the most potent tool to fight poverty is entrepreneurship, creatively used in conjunction with substantial public and private sector investment in education, healthcare, skills development and significant investment in infrastructure development.

This was the position of Goodie Ibrahim during his lecture on “Wealth Creation: A Practical Experience,” which he delivered at Caleb University, Imota, Lagos.

Ibru who was the former President of the Nigerian Stock Exchange, defined entrepreneurship as the capacity or ability to identify a need that needs to be met; and to meet that need by organizing and effectively and efficiently combining factors of production to produce or provide the required good or services and receiving a reward or making gain at the end of the entire process.”

Stating how entrepreneurship can promote institutions, as a businessman, he used himself as a case study. He said: “I have been privileged to associate with some organizations or institutions, the common thread among which is a commitment to the development of enterprise and entrepreneurship and the growth and development of the Nigerian economy.”

According to him, wealth creation is such a hugely significant skills which requires an uncommon ability to see a business proposition from inception through to its successful and profitable conclusion.

He said: “When wealth is created, gain is made. The participants in the wealth creation process make financial gain and experience an increase in their net-worth. “Sometimes, the most critical input in the wealth creation process is an insightful, uncommon, or powerful idea which is creatively translated with the support of other business partners into a service or a product that is in high demand.”

He maintained that the vehicle that delivers wealth creation is entrepreneurship.

He, however noted that entrepreneurship involves risk taking, adding that it entails decision-making under conditions of uncertainty.

He urged the Federal Government to provide an enabling environment that minimizes the levels of uncertainty that enables entrepreneurship and the inherent risk-taking to thrive.