There are different definitions of the concepts “entrepreneur/entrepreneurship.” According to Carl et al. (1984), an entrepreneur is: “an individual who establishes and manages a business for the principal purposes of profit and growth.” In the words of Herbert and Link (1989), an entrepreneur is “a person, not a team, committee or organization. He is a person with better information or a different perception of events or opportunities which give him some comparative advantage in decision- making.” Shane (2003) stated that entrepreneurship “is the act of being an entrepreneur or one who undertakes innovations, finance, and business acumen in an effort to transform innovations into economic goods.”
From the foregoing, the idea of entrepreneurship seems to be crucial to any economy (private or public). It may equally be argued that entrepreneurship is the driving force behind any viable and strong economy. For a country like Nigeria, where presently the starkness of economic recession is biting hard on the people, entrepreneurship may well be the way out of this ongoing economic meltdown. Entrepreneurial ideas and skills are applicable and relevant to every walk of life.
#1. Entrepreneurship Provides Solutions to Economic Recession
The poor economic situation and the upward increase in the level of poverty in the country today requires a string of income rather than the usual monolithic cash flow. Participation in entrepreneurship is a common activity among workers in developed economies of the world. A Gallup Poll conducted in Nigeria by Magali Rheault and Bob Tortora in 2008n shows that “67% of Nigerians have thought of starting a business.”
#2. Entrepreneurship Aids the Creation of Employment Opportunities
The bitter truth is that the white-collar Labour Market has become saturated. The National Institute for Social Research and the World Bank reports revealed that over 55% of Nigerians (of working age) are unemployed. A World Bank report also indicated that only one in every ten graduates get a Job. The opportunity for white-collar jobs is generally on the decline and the way pout is to start creating employment rather than seeking to be employed. Entrepreneurship at Small and Medium Enterprises (SME) level encourages the creation of employment opportunities and drastically reduces unemployment in our society. The existence of small businesses in the country has provided more jobs than the multinationals. Entrepreneurship is so vast that an entrepreneur can sit in the comfort of his home and make legitimate cash.
#3. Entrepreneurship Aids Economic Development
The Profits made by entrepreneurs flow as an increase in the national income and thereby increase the nation’s Gross Domestic Product (GDP). Small and Medium Enterprises Developing Agency of Nigeria (SMEDAN) report in 2009 that “SME made a contribution of 37% to national GDP. The vast human and natural endowments in Nigeria cannot be harnessed effectively by the government alone. There are almost inexhaustible opportunities in the area of agriculture, minerals resources, and human capital, which can be harnessed by entrepreneurs to boost the nation’s GDP from SMEs. Entrepreneurship will reduce the importation of raw materials, machinery, equipment, and the payment of foreign experts. In our world today, an entrepreneurial endeavor is a major driver of economic growth in the developed countries.
#4. Entrepreneurship Downplays Rural-urban Drift Syndrome
The Migration of people from the rural areas to the urban in search of white collar jobs has resulted in a high rate of crimes and congestion in cities like Lagos, Abuja and Port Harcourt. These problems could be reduced through the promotion of entrepreneurship in Nigeria.
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