History Of Entrepreneurship In Nigeria (2024)

For the effective explanation of the history of Entrepreneurship in Nigeria, it is therefore unavoidable that the term itself is defined and explained in the simplest ways possible. The topic of Entrepreneurship cannot be over-discussed as it is the foundation on which a country is built on.

A country cannot survive on its own if there are no people called ‘entrepreneurs’ attached to the economy. Many people would have to be jobless and stay home doing nothing for the rest of their lives if entrepreneurship was not a part of the country.

History Of Entrepreneurship In Nigeria

Since the history of entrepreneurship in Nigeria is the motive for this article, it is, therefore, reasonable that the term ‘Entrepreneurship’ is discussed in relation to how it affects and how its effects on Nigeria has been so far since it came into existence.

Entrepreneurship is the business of people called entrepreneurs who can be found in different part of the society in Nigeria doing one thing or the other to change and make the best of the economy.

What is Entrepreneurship?

This is regarded solely as the foundation on which the market economy of a country is built on, and it is known also as a highly risky business that involves the use of trust gained and the goal is always profit, no matter what is being dealt with, an entrepreneur that does not see the goal of profit AHS not done anything yet with his or her hands.

Entrepreneurship simply means when an individual who is business minded, seeks to provide or design or bring into existence an uncommon or a common but very unique product into the market economy in other to sell and make a profit off it. Entrepreneurship also has to do with the deliberate launching of a small scale business with the interest to grow it up and make it a larger scale business that would one day run the economy of the market.

Entrepreneurship is a willing act that involves the capabilities to manage and construct a business plan that will not only yield a profit but be beneficial to a targeted capacity of people who are to use the product.

However, entrepreneurship is not without its shortcomings and since the business is on a hundred percent risk basis, most entrepreneurs fall out by the wayside because they are unable to cope with risks and failures in the market economy. Entrepreneurship is all about taking risks and someone who cannot take daring risks cannot be termed as an entrepreneur.

He Ruth about the entrepreneurship business is that no one really knows the outcome and no one knows if the business will come crashing down any moment, but you are willing to look past that negativity and put all your best into your products and make sure that it is unique in every way and can serve the purpose of both the private and public sectors of the country.

There are various entrepreneurs in Nigeria and so many more are getting started every day, but when you do not have a proper orientation about how to go about your private business and built it up, then it becomes a problem along the wayside for you and for everyone who has put in all their time, money and interest to see the growth of the business.

Entrepreneurship can also be defined according to the paths of economics which is a business language for all business minded people.

Entrepreneurship is defined as the ability of an entrepreneur to act on a hunch, or on an idea that was neither stolen nor borrowed, but thought of by him or her, and enacted into business immediately. It is also an opportunity given to people to come out of their shells and holes and walk a path of greatness which they have never walked before.

Later on in this article, it will be discussed, the various expected potentials of an entrepreneur and how an entrepreneur should think or act when it comes to his or her business.

Nigeria is a large business sector in which there are a lot of competitions and more rising every day, hut that has not stopped anyone from putting into place their own personal business in order to make profit. The truth is that in the entrepreneurship business, there is room for everyone, it only depends on if yours will sell better and faster than mine.

History Of Entrepreneurship In Nigeria

Entrepreneurship in Nigeria came into being when a formidable group of people brought about a product in increased numbers that could be beneficial to the public. However, something needed to be done about the products that were manufactured in very large quantities, and a system was introduced into the country’s economy which was termed as ‘barter system’

Nigerians had to exchange these products that they needed with something that they had, and this went on for a long time—as long as you needed the product, you could come exchange it for something you have less value for.

The producers at this point in time saw this as a great business opportunity and exploited more on it, and Nigerians continued with the ‘barter system’ for a while. This was how entrepreneurial trade found its stand in the Nigerian economy.

During the time of the colonial rulers, a handful of Nigerians had the capacity or ability to kick-start a business in buying and selling and in trade generally. In this period, it was paramount to make use of banking sectors either to borrow money or save money from your business, and this opportunity was only given to some people who settled in urban areas in Nigeria at that time. In other words, there was a great limitation to the number of people that could start a business and see it through. The banks were mostly used to satisfy the interests of the colonial masters, however, a Nigerian who did not have a large sum of money, or did not know someone on government was not given loans to start any kind of business.

Nigerians HD suffered for so long, and after a while, when the colonial rule ended abruptly, Nigerians were granted the opportunity to reshape the country to soothe their personal interests, especially when it came to the business sector which birth the entrepreneurship business.

The federal government at that time, made a declaration that indigenization and privately owned enterprise should be the order of the day, to liberate people from poverty and help to build a stable and balanced economy.

The modern type of entrepreneurship, therefore started while the colonial masters were still ruling, and the concept was given birth to from that moment onward.

Who is an entrepreneur?

An entrepreneur plays a very vital role in the entrepreneurship business And in the growth of the country’s economy. An entrepreneur is like a middleman between the public and his products, he is given the assignment to make sure that his product is not only safe for the public to use or consume it is also effective in the things that it says it is. An entrepreneur is clever, but can never be a dishonest person as this could go to great lengths to put the public at risk.

Aside from being high-risk takers, these sets of people seek action in place of being gullible, they are sent on a mission to liberate the public from foreign influence, with the types of products they bring into the economy, and they are creative in their mindset and are able to predict when a situation pertaining to the economy would not be favorable in any way.

Entrepreneurs are able to set a goal for themselves and make sure that such goal is leaded towards profit at the end of the day. Like I said, entrepreneurs re selfless human beings who devote their lives to the public economy of the country and seek the best for people who would be using their products.

How does an entrepreneurship business operate

First of all, there is the need to sit down and analyze goals, opportunities, and strategies to move the business forward.
The target has to be in place; know the people you are reaching out to and find out the general or the most sought out for the taste that could be beneficial to you.
Have a backup plan no matter what you are involved in, some things don’t always work the way we want them to, and this is not a bad thing but a rule of life.
Have a focus; entrepreneurship business is all about how focused you are willing to be despite ally he distractions around you.
Be responsible for everything you put your hands into and stay away from blaming others for your shortcomings.
Stay away from risks in the best possible way, but when they come, think logically and do not make rash decisions no matter what.
Make provision for yourselves to think back and read up on some things that could promote business positively.

CONCLUSION

Concept of entrepreneur and entrepreneurship has been vividly discussed, also how it started and how it has affect the country and country men has also been looked into, entrepreneurship is a center focus of most developed countries, set an enabling environment for their citizen to strife well. Take time to read through lines and paragraph of the topic to understand the history of entrepreneurship. That’s all for the history of entrepreneurship in Nigeria.

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