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ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA

THE ROLE OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIAN ECONOMY

Entrepreneurship plays a great impact in the development of Nigerian economy as it is a business created by an individual or groups of individuals by innovating or taking risks with the aim of making profits or money. We must see vital roles plays by entrepreneurs and how their immense business knowledge has helped the cripple economy of the nation. ( The Role Of Entrepreneurship Development In Nigeria Economy ).

WHAT IS ENTREPRENEURSHIP AND WHO IS AN ENTREPRENEUR?

A person who runs a business, a firm is called an entrepreneur, person who manages the business, who create and new things, relevant things in the society and the country at large.

ROLES OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA

The role of entrepreneurship development is played by an entrepreneur, someone who has reasons to set up a business, who has goals and work hard to achieve the goals. He or she has the idea, concept of new production to render to people in the country. An entrepreneur is also an ambitious person who has the ability to control and manage whatever things he possesses, and there must exist a passion burning concerning the particular business. Hence, without the impactful knowledge of entrepreneur, entrepreneurship might not thrive well especially in this part of the country, it will only end up as a roadside business and dies after every effort that was put in in the business.

Entrepreneurship is 99% communication, it is one of the ways people interact, communicate interfere and even discover new things in and around them. It is necessary and compulsory for entrepreneurs to create the habit of communicating. Basically, communication is an act that as to be imbibed by entrepreneurs because the beginning of any entrepreneurship solving must be problem discovering, and to discover any problem there must be a communication.

Entrepreneurship Development In Nigeria

The Role Of Entrepreneurship Development In Nigeria Or Nigerian Economy

The success of any entrepreneur or any business depends on the value either the value the producers played on their products or the values the customers see in the products. First and foremost, an entrepreneur must value his or her products before anyone else can value them. So, therefore, the value position of any business boosts the business and earned the business great achievement, and of course for entrepreneurs to value the products they must have had more knowledge and understanding about the business likewise the customers.

In addition, entrepreneurs are risk takers, they do not restrict themselves of taking risks, they are bold men and women that take the good steps to success in achieving their goals. Yes, entrepreneurs overcome challenges faced in the process of starting a business or the process of making money.

Role of Entrepreneurship development in Nigeria or in the Nigerian economy

As we all know that the economic situation Nigeria needs is still in a work especially in the aspect of getting white collar jobs, this has therefore led people to entrepreneurship both young and adults and even the government workers start their own business and run it alongside their job and thereby contribute to their income which invariably improves their social economic status which has a great roles to play in the economic system of the country. Entrepreneurship has really increased the development of Nigerian economy in that it makes many independent, boss of their own and even makes them more creative. Some of the roles played by entrepreneurship development in Nigeria are listed below

  • 1. ENTREPRENEURSHIP CREATES JOB OPPORTUNITIES

Entrepreneurship as it has been defined earlier create jobs and makes work available for job seekers, and entrepreneur are job creators work to create work themselves and even employ people in need of work and there is no more need for seeking and searching for job here and there. Entrepreneurship, therefore, makes entrepreneurs employers and therefore reduces the rate of unemployment in Nigeria. As they will be the master of the business and people or better still employee learn, gain from them and also become employers as well.

  • 2. ENTREPRENEURSHIP CREATES WEALTH

Wealth is power associated with a great deal of money. Entrepreneurship, therefore, provide people money and even makes Nigerian wealthy. The money or wealth is created in the form of goods and services, and as they are produced, they are at the same time rendered to customers. The products produced are expanded and distributed to the number of buyers or customers increases and they are definitely exchanged for money. As an entrepreneur, he or she decided on the profit they will be making even with affordable price and this makes the business grow, expand and brings more wealth to the employer.

  • 3. ENTREPRENEURSHIP IMPROVE OR INCREASE THE STANDARD OF LIVING

The capital income of any man determines his standard of living. Entrepreneurship has contributed to the income of lower class and average class person’s that have engaged themselves in creativity and therefore making money on their own which has eventually increased their standard of living. The more you earn money, the more you will desire to live a life of standard and not a stranded life. And entrepreneurship through the development of both small and medium enterprises creates employment to seekers of job and increases the average income received by any entrepreneur and also improve their standard of living.

  • 4. ESTABLISHMENT AND DEVELOPMENT OF SMALL OR MEDIUM-SIZED ENTERPRISES IN NIGERIA

Entrepreneurship leads to the establishment of new companies, organization, business and also the development of the enterprises. As stated in the last statement of the third point, we see that it promotes enterprises because there are creation and innovations of new things.

  • 5. ENTREPRENEURSHIP ENHANCE GOOD RELATIONSHIP BETWEEN CITIZENS OF NIGERIA

As it was mentioned earlier that entrepreneurship is 99% communication, it enhances good relationship between the people and allow them to love, care for one another and even know more about themselves, and the areas where they distributed to, and definitely, for any employer to gain more customers or more audience in their business, he or she has to be friendly, caring and have good concern about them and through this they got themselves good channels to where and when they are needed the most. This also enlightens people more on what they can do and be willing to do.

  • 6.ENTREPRENEURSHIP OPEN THE EYES OF MANY TO THE NATURAL RESOURCES PRESENT IN NIGERIA THAT CAN EARN OR GENERATE MONEY FOR THEM AND THAT CAN ADD VALUE TO THEM

In conclusion, Entrepreneurship plays a vital role in the economy of a nation, in that it makes the country more relevant among all other neighboring countries in the world because they have creative citizens who are ready to take risks and achieve their goals. Therefore, the role of entrepreneurship cannot be overemphasized but rather appreciated and valued.

 

CONCLUSION ON THE ROLE OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIAN ECONOMY

Roles and cogent part entrepreneurship development has played in Nigeria economy, our minds have been open to how increase in income of every citizen in the country has a serious effect on the economy of the nation either positively or the other way round, it is therefore of a paramount and core value to promote Entrepreneurship and give grants to aid every individual to be self-dependent in other continue to improve the economy of the  nation. That’s all about The Role Of Entrepreneurship Development In Nigerian Economy.

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Tags: The Role Of Entrepreneurship Development In Nigeria Economy, Development Of Entrepreneurship In Nigeria

Updated: April 30, 2018 — 3:31 pm

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