Entrepreneur Development

 A journey of a thousand steps starts with one single but definite step, yet only when we know what direction we are heading can we actually get there.

Entrepreneur Development is the new wave of this century; this is expected as we have long moved from the Industrial Age are now in the Information/ Service Age

  In a developing Economy like Ours: Nigeria, there is potential for many enterprises to spring up and they have generously. This can be attributed to the challenges of a large influx of educated and over qualified graduates, skilled individuals and people not having job satisfaction.

  Austrian-American economist Joseph A. Schumpeter stressed the role of the entrepreneur as an innovator, the person who develops a new product, a new market, or a new means of production. According to Encarta ‘An Entrepreneur is somebody who initiates or finances new commercial enterprises’

  Commercial Enterprises comprises of Small and Medium and large Enterprises.

 Small businesses/ enterprises can be classified as businesses like fish ponds, business centres and salons. Which is a brilliant way to combat unemployment but starting up a business has its ups and downs.

 Medium enterprises cost more to start up and might require collateral to gain access to the start up capital.

 Large enterprises have investors who generally are guaranteed a sizable return on investment within a certain period. 

  Small Medium Large enterprises need capital to start up and sustain growth; there are loan facilities available with stringent measures ensuring there has been thorough research and experience carried out. This reduces the risk of folding up but does not guarantee the success of the enterprise.

 As a business builder the start up is just the beginning taking the business to the next level by building or duplicating working systems is what makes it a big business. A business that can run without you physically been present for a year is truly on its way to becoming a Big Business.

  According to Forbes magazine a big business is one that has a minimum of five hundred employees. Grooming a business until it becomes a Big business takes time and a lot of lessons which many individuals are not patient enough to stand the test of time. Statistics show that most businesses that start up fail within five years

  Challenges are actually there to strengthen and help us recognize that we are armed and able to tackle these challenges with our God given gumption. Of course there are other attributes necessary to strengthen us and help us succeed

 Mind Set: Unless we develop a positive attitude, simple tasks would just overwhelm us and   

                 slow down the time it would normally take us to achieve our goals. Even speed

                 without direction can be as fatal as not tasking our self to solve the challenge

                 encountered.

Belief: We all say it with pride and it has become part of almost every speech and why not

            ‘YES WE CAN’ Belief is the bedrock and foundation of every individual who has

             succeeded and continues to succeed. We all know the Thomas Edison story he didn’t

             fail he only found out the many ways the light bulb could not work. Then Eureka, he

              found the one way it could.

Think: Emerson said ‘nothing is but thinking makes it so’. Thinking wraps up the belief

           system and mindset of the individual. To think and be innovative changes everything.

           It is after all not just what is said but how its said and according to Mandela it is the

           extra in ordinary that makes the ordinary extra ordinary

Action: Action speaks louder than words, the simple test of showing a crowd of people your

             hand touching your chin and saying simultaneously touch your jaw. Proves that

             people do as you say and copy exactly what you do. After all, success is not a

             destination, it is a journey. A journey that requires bold massive action with SWOT

             (Strengths, Weaknesses, Opportunity, Treats) analysis set against goals.

Knowledge: A problem identified is half solved, not having information is dangerous and

            having the wrong information is as deadly as having a map to Abuja and reading it as 

            map for Lagos. You will get nowhere with that information because it is entirely

            wrong. How can an individual get the right information? Research, higher experts,

            learn on the job, be curious, find out what others did to succeed.

Management: This can break or make the enterprise, good management will motivate and

           ensure that business runs smoothly while bad management would wreck n enterprise.

           With small and medium scale enterprise there is a tendency for it to be a one man

           show. This increases the risk and the best way to cushion this effect is to clone or 

           borrow the system organizations use to manage their business.

  These steps seem very basic right? It is, but it’s not a one off learning curve that dips when business succeeds. It’s an ongoing experience one develops as business grows.

 Creating small new enterprise that blossom and grow to big companies is a reflection of the growth and development of the nation.

 Years ago the Fashion industry was not as Big as it is now. Few capitalized on this opportunity and silently made money, now the Fashion industry is one where we have many Nigerian Designers home and abroad flying the Nigerian flag and making a fortune on the way like Frank Oshodi and Zizi. The movie industry has created a new wave of celebrities that enjoy red carpet treatment and endorsements; several of these artists have started their own production outfits producing movies home and abroad like Stephanie Okereke.

Entrepreneurship Development is one that fuels the growth of the nation and as Nigeria clocks fifty, we raise our glasses and salute every one that has contributed to the growth of our nation.

 xoxo Busola Elegbede  xoxo