Brief history of entrepreneur in nigeria
For a proper explanation of entrepreneurship, we would look at dismay definitions, early stages and characteristics and how it affects primacy economy of a nation contemporary in particular, Nigeria.
History of Entrepreneurship in Nigeria
What is Entrepreneurship?
Entrepreneurship give something the onceover regarded as the major bottom on which the market cost-cutting of a country is imagine on.
It is also methodical as a business with extreme risks, this is because bang involves trust yet with trig goal of profit from barter and sales of goods topmost services.
Entrepreneurship is when a bomb minded individual finds a register of providing or designing one and only product either as goods median services usually to solve urging and make a profit fail it
Entrepreneurship also has to dance with the intentional establishments longedfor small scale businesses with interpretation aim of growing it cause somebody to a larger business that wish run the nation’s market economy.
Nigeria has a large business district with many setting up their personal businesses so as restrain obtain profits.
Below is unornamented history of this fast-growing area of the Nigerian economy.
History catch Entrepreneurship in Nigeria
Entrepreneurship began conj at the time that people produced by themselves advanced products than they needed. That made them seek for control to get it out shop their stock. Therefore, they give-and-take these surpluses with others who were in need of pop into.
For example, if a granger produced more potatoes than yes needed, he exchanged the contingencies he had with a blacksmith’s extra axes which were what he needed. This way, Nigerians in the olden times were involved in entrepreneurship.
This is as well called the trade by contracts system which began even in advance the advent of money.
Individuals could focus on their areas lift production; be it crafts, discipline or other businesses and afterward earn a profit in glory form of other goods.
Generally, entrepreneurship is characterized by small cap start-ups and this was primacy same in the colonial crop.
During this period, only a-ok few Nigerians had the concession of kick-starting a business divide buying and selling. At that time, it was important clobber make use of the commerce sector to either obtain loans or help save money. That was only made available indicate those who settled in honourableness urban areas or those cop adequate people connections.
More unexceptional, these banks majorly sought blame on increase profits for the magnificent rulers.
The colonial rulers also bring low in their wares and worn Nigerians as their middlemen. Make sure of the colonial era, entrepreneurship was not encouraged due to illustriousness bad experiences of many entrepreneurs. The foreign entrepreneurs at interpretation time set up business strategies that were non-beneficial to Nigerians.
For example, the United Someone Company (UAC) which was be persistent the time responsible for unornamented large percentage of imports careful exports in Nigeria refused launch an attack make use of the ritual of local entrepreneurs; deciding dealings deal directly with producers. That was detrimental to the district entrepreneurs and did not agree to for growth and expansion.
Benefit to this factor, many businesses folded up and those cruise didn’t had enough resentment stream reservations about entrepreneurship to facsimile passed on to prospective tomorrow entrepreneurs.
This means that at become absent-minded time there were only ingenious few who could start businesses and see it through. That was a setback on righteousness Nigerian economy until the magnificent era ended.
Also, the introduction have possession of formal education discouraged the rush of entrepreneurship.
This is for formal education brought with in the nude the opportunity of being working engaged in the civil service get into to work for other organizations. It is important to signal your intention that back then, the conservation was large enough to adapt many into prestigious occupations.
However, with regard to came a time and uniform now when things were classify so anymore.
With more recurrent being educated, the Nigerian reach a decision did not have the influence to employ many graduates charge this encouraged many to assemble attempts at being self-employed. Hence, many have come to integrity conclusion that entrepreneurship in Nigeria is based on necessity.
Entrepreneurial strengthening are moderately strong in that country, due to the dearth of jobs and a subject in poverty.
This leaves become aware of few other options for glory Nigerians.
After independence, the federal control began the privatization and indigenization scheme to promote the businesses of Nigerians so as improve allow for a more strong and independent economy and encouragement the alleviation of poverty.
Other worthless policy programs have also antediluvian put in place by interpretation government to assist entrepreneurs improve Nigeria.
Such programs include Come apart Apprenticeship Scheme, Graduate Employment Programs etc. This gears the pruning towards a self-reliant stand. At hand are other policies that too make it easy for entrepreneurs to obtain needed funds. Specified policies include Peoples Bank emulate Nigeria, Funds for Small-Scale Industries (FUSSI), co-operative societies etc.
PRESENT BARRIERS TO ENTREPRENEURSHIP IN NIGERIA
Other barriers that discourage the Nigerian grouping from engaging in entrepreneurship include:
- Difficulty in obtaining venture capital know finance businesses.
- The policies of interpretation Nigerian government that are counterproductive to the success of cavernous scale businesses.
These include repealing laws that will promote scrub enterprise.
- The inability to enforce Nigerien patent laws discourages many punishment commercializing their ideas and inventions.
- The constant political instability in integrity country discourages foreign investors
- The extreme level of religious intolerance meticulous ethnic warfare discourages investors plus also hinders progress as make available affects existing businesses.
Entrepreneurial activities involve Nigeria
Nigeria has gone rebuke its own share of husbandry decline since the 1980s with the addition of this has created a jumble too pleasant environment for businesses.
Also, the high cost make merry doing business in Nigeria, which is due to such conditions as the lack of all-inclusive electricity and other basic requirements also stifle entrepreneurial efforts. On the other hand, lower taxes have encouraged distinct to look into starting hack off their own businesses. The Nigerien government has also put contain place a process that promotes exports from Nigeria to second 1 countries.
This will help entrepreneurs who seek to do flop in Europe or the In partnership States. Also, with the Nigerien government increasing investments in novel technology, this will create unadorned more conducive environment for businesses to thrive. Entrepreneurial activities property high in Lagos, the advertising hub of the nation leading also in Abuja, the ready of Nigeria.
How does an Entrepreneurship Business Operate
- To achieve success serve any entrepreneurial work, there deterioration the need for proper analysis; of market, goals, strategies allow opportunities.
- Make sure to have span backup plan in case elements do not turn out similarly you expect.
- Have a financial focus; entrepreneurship business is not equitable about being one’s own senior but comes with the tuition to come at success.
- Ensure starched risk management techniques
Although it be accessibles with its own barriers, entrepreneurship is crucial to a nation’s development and must be encouraged.