Why You Should Key Into The Entrepreneurship Trend In Nigeria

Why You Should Key Into The Entrepreneurship Trend In Nigeria – The current situation in the country should spring out your entrepreneurship side and when we say the current situation of the country, we mean the unemployment rate in the country.

READ ALSO: Why Do I Need A Competent Team In Establishing My Business?

Although entrepreneurship is not for everybody, anybody can become an entrepreneur provided you have what it takes to become one. You must have heard that to become an entrepreneur, you must be a risk taker well that is part of it but there is more to it.

In this article, you are going to be showing you why you should become an entrepreneur following the present situation of the country as it is no news to anyone living in Nigeria.

The government of the country is also doing all it can to encourage people to become entrepreneurs and you wouldn’t want to be left behind.

Table of content

  • Who is an entrepreneur?
  • Why you should key into the entrepreneurship trend in Nigeria
  • How entrepreneurship will impact the Nigerian economy
  • Entrepreneurship Programmes For Start-Up Businesses In Nigeria
  • Final note

Becoming an entrepreneur is going to be a wonderful path to take although it comes with a lot of challenges but in the end, it is worth the time and pain.

Without further ado, let’s look move to what we have for you.

Who Is An Entrepreneur?

A lot of people have their own opinion of who an entrepreneur is and they must have given their own views based on experiences. These definitions are related and even you reading this article have your own view about who an entrepreneur is.

Well, an entrepreneur is someone that sees a problem as a business opportunity and decides to set up a business to solve that problem, bearing the risk of the business in order to make profit. An entrepreneur goes through the process of raising funds to finance the business.

Also, an entrepreneur is someone that comes up with an idea to set up a business, goes ahead to raise funds to set up the business and in setting up the business, bears the risk of the business for a reward which is profit.

An entrepreneur is seen to be a creative and critical thinker that tries to solve problems or meet the needs of people. Where other people see problems, an entrepreneur sees a business opportunity. Some people will tell you that an entrepreneur is a problem solver and a risk taker.

Why You Should Key Into The Entrepreneurship Trend In Nigeria

If you haven’t been considering why you should become an entrepreneur or own a business in Nigeria, then this section of the article is for you as we are going to show you some reasons you should start considering that path as it comes with a lot of perks.

Being an employee is not bad but have you sat down and thought about how your life would turn out if you were your own boss and living your own dream and not someone else’s.

Let’s show you some reasons you should become an entrepreneur in Nigeria:

  1. You become your own boss

This is one of the sweet advantages of being an entrepreneur as you don’t answer to anyone but yourself. You have the chance to being in charge of your decisions and run your own business.

As an entrepreneur, you get to control how you work and who you work with as you control every part of your business and make every decision about the business.

You are not restricted to any rules except the ones you set for yourself to keep you in check and disciplined and you can also change anything in your business and take steps that will help improve and promote the business.

  • You become a problem solver

This is one of the major skills of an entrepreneur and with this; you will remain relevant in the market. For you to run a successful business outfit, it must be something that meets the needs of people.

From the definition we gave about who an entrepreneur is, we said that an entrepreneur is someone that sees problems as business opportunities and so if you become an entrepreneur, you are certainly going to become a problem solver.

You meet the needs of people, make them happy and make money from it and if you can take your time to look into the situation of the country, you will surely see a problem that needs a solution from which you can come up with a business idea and start making money from it.

So as an entrepreneur, you will become an expert at solving problems as you wont get tired and bored at identifying problems and making something out of them.

  • You become a job creator

As an entrepreneur, you don’t have to carry your CV and start moving about in search of jobs; you will become a job creator as you establish a business outfit that employs people.

In a country like Nigeria where there is a high unemployment rate, establishing a business will certainly help to take you and some other persons you employ out of the job market and help reduce the surplus labour in the labour market.

With your business, you get the opportunity to change the world you live in and impact the lives of people around you.

  • You get to benefit from the loan scheme available for entrepreneurs

The Nigerian government is not relenting in their effort of encouraging and helping entrepreneurs in the country to grow their businesses and if you want to establish a business venture or already have one, there are a number of loan schemes for you to help you with funds to put into your business.

The government in its bid to encourage entrepreneurship also gives subsidies to entrepreneurs in certain sectors like agriculture to help them purchase farm implements and machineries for their business.

So you will certainly enjoy these benefits if you key into the entrepreneur trend in the country.

  • You will never feel undervalued

Many employees feel undervalued at their place of work but the thing is you will always want more as we are all humans but you can only get this satisfaction if you are working for yourself or have a business outfit. Your hard work is being rewarded by the success and growth of your business and so you will feel fulfilled and satisfied by your achievement.

You will never feel undervalued because everything and anything you do is for the growth of your business so you will be motivated to do more and also enjoy doing more. You wouldn’t need anyone to appreciate you for your good works.

  • You create job opportunities for your family members

Entrepreneurs are job creators as you must have known and if you establish a business where you get to hire workers, you family members could get jobs if they are willing and ready to contribute to the growth of the business especially if it is a family business.

Members of your family will not have to look for job as they will get employed by you and work for you.

  • You choose the time you work

Since you are your own boss and you control your life and decisions, you will certainly have the freedom to choose the time you work and the number of hours you get to work.

As an entrepreneur, you won’t be compelled to work for 7 hours like the 9-5 jobs and so you can choose to start and stop work at any time that suits you. The number of hours you work depends on you and what you want.

But as an entrepreneur in Nigeria, you will have to work hard and smart because that is how you become a successful entrepreneur.

  • You contribute to the society and economy

The Nigerian government sees entrepreneurs as being pivotal in the growth and development of the country. They contribute greatly to the economy of the country as they produce goods and services that help to meet needs and solve problems in the country.

They also contribute to the society by creating employment opportunities for people and adding their quota to the Gross Domestic Product (GDP) of the country through taxes and fees.

Every entrepreneur contributes to the society they live in one way or the other.

  • You get to build your own team

No successful entrepreneur got to the top without a team; this team could be family, friends or workers but the entrepreneurship journey is not a lone walk. You will get the chance to choose the people you work with as your workforce will propel your business to success.

You also get to build a team and intimate them with the vision and mission of your company so that your legacy can go on even in your absence.

  1. No worries about being laid off

Being an entrepreneur means it’s your business or company and so you won’t get worried about being laid off work as your only fear would be being out of business. You will work hard to ensure that your business continues to grow and become successful.

  1. You earn a living doing what you love

Many successful businesses were established out of passion and the truth is that it is this passion that drives the business to become successful. As an entrepreneur, you are to be passionate about what you do and the joy of being an entrepreneur is that you get to earn from doing what you have passion for.

  1. You become better at taking risk

Entrepreneurs don’t just take any risk, they take calculated risk and this is what took them to where they are today. If you have always nurtured the belief that entrepreneurs take risk, you are not wrong but you should be precise by saying entrepreneurs take calculated risk. They critically look at the risk involved in establishing a particular business and try to understand why it is the best line of action.

You get to do this over and over again and over time, you become better at taking risk for the growth of your enterprise.

How Entrepreneurship Will Impact The Nigerian Economy

Like we have said earlier that entrepreneurs are pivotal in the growth and development of a country and its economy and so their importance on the economy of any country cannot be overemphasized.

The government has seen how entrepreneurship will help in the growth and development of the country and that is why it has designed various programmes to help entrepreneurs achieve their dreams.

Let’s look at some ways entrepreneurship has impacted the Nigerian economy:

  1. It will increase the national income

Entrepreneurs create wealth and jobs with their activities and this has helped the government generate revenue from taxes of both the entrepreneurs and employees of the entrepreneurs.

When the entrepreneurs establish companies, they pay corporate taxes and also their workers pay direct taxes and this adds to the national income of the country. The money can be used by the government to invest in other sectors of the economy thereby fostering economic growth and development.

  • It will control inflation through mass production

This is an obvious truth. Entrepreneurs help to control the rise in the prices of goods and services when they engage in mass production. For instance, a country that has many companies producing cars or phones, there will be a reduction in the prices of these products because the consumers or customers have different alternatives and also a mass production by these companies will definitely reduce the prices of these products as there would be a corresponding supply matching the demand.

The control of inflation will help to stabilize the currency value and prevent depreciation of country’s currency.

  • It will lead to industrialization

A country that has a lot of entrepreneurs will have industries. Entrepreneurship is the drive for industrialization and industrialization leads to economic growth and development. The industrial sector of a country greatly contributes to the economic growth of a country whether it is the manufacturing industry, processing industry, mining industry, construction industry, etc.

  • It will help to provide employment opportunities

Like we have said earlier, entrepreneurship makes you a job creator instead of a job seeker. An entrepreneur through establishing a business venture doesn’t only create job for himself or herself but also for others that are willing to be employed.

The creation of industries by entrepreneurs will help provide employment opportunities in a country thereby adding to the GDP and reducing crime rate.

  • It will foster international trade

The countries of the world leading in international trade are countries that have an increasing number of entrepreneurs. The establishment of industries will lead to the production of goods which a country can export to other countries so as to generate revenue and increase its balance of payment and trade.

  • It will spur diversification of the economy

Having many entrepreneurs in a Nigeria will help to diversify the economy and prevent the over-dependence on only one product. There will be provision of different variety of products and alternatives for the consumers to choose from.

In an economy that encourages entrepreneurship, individuals can engage in production of goods from different sectors of the economy such as agriculture, petroleum, mining, etc.

The country will not have to rely so much on one sector of the economy and this will help boost economic growth and development.

  • It will lead to technological development

Entrepreneurship is what drives innovation and most innovations in the world today are the creation of technologies. It is entrepreneurship that has driven the creation of technology all around the world and that technology is the reason you are reading this article.

Entrepreneurship has created room for different invention and innovations of which entrepreneurship is one of them and this has promoted the growth and development of many countries.

  • It will improved the standard of living of people in the country

No country of the world that has a large number of entrepreneurs suffers a low standard of living. This is because entrepreneurs help to create wealth and jobs by establishing firms and industries and this in turn leads to the production of goods and services that are cheap and affordable.

A country that enjoys economic development will have a high standard of living because the people in the country will be able afford the goods and services produced in the country.

  • It will lead to production of goods and services to meet needs

We all know that entrepreneurship is driven by the need to solve an existing problem in the society. Entrepreneurs establish businesses to provide the goods and services that the people need and this leads to production of new products or the modification of an existing product to better suit the need of the people.

Many entrepreneurs conduct a market research to know what to produce, how to produce, for whom they will produce and the best way to make their product reach their target consumers.

Therefore, the promotion of entrepreneurship will certainly lead to the production of goods and services to meet the needs of a teeming population and contribute to the growth and development of economy.

  1. It will bring about competition

The rising fame of entrepreneurship globally has led to an increase in competition in the market. The presence of competition leads to creativity and innovation. Every entrepreneur wants to produce a unique brand and always remain relevant in the market and so they try to come up with innovations that keep them ahead of competitors.

The freedom of individuals to control the means of production and distribution will create room for different individuals engaging in production of goods thereby promoting competition.

This competition will make entrepreneurs produce high standard products or services thereby improving the standard of living of the people in the country and influence economic growth and development.

  1. It will boost national integrity and pride

Let us take the United States for instance; the increasing number of entrepreneurs in the country has led to different innovations which has boosted their national image and pride. The technology invented by these entrepreneurs and also the establishment of businesses goes back to making them world figures for other countries to look up to.

Production of goods and services by entrepreneurs make a country self-reliant.

  1. It will foster community development

Entrepreneurship is about adding value to your society. Many entrepreneurs like have made it a habit of giving back to their communities. They help to fund education, build medical centres and establish other infrastructural facilities and this helps to raise the standard of living of the people.

They also establish firms in their communities so as to create employment opportunities and foster development.

Entrepreneurship Programmes For Start-Up Businesses In Nigeria

One thing about starting up a new business is start-up funds and many people have complained about lack of fund being the reason they didn’t proceed with their entrepreneurship dream.

We wouldn’t want lack of funds to be the reason you wouldn’t key into the entrepreneurship trend in Nigeria and so we have taken time to sort for some of the top entrepreneurship programmes that can help you with start-up funds for your business.

Most of these programmes offer grants and this grants are not like the regular loans as you are not expected to pay back or pay with interest; you just need to qualify for the programmes and you get your money.

Some of these programmes are:

  1. YouWin Connect Nigeria

This is a multimedia programme undertaken by the Federal Ministry of Finance with the aim of promoting entrepreneurship, job creation and also educating young Nigerians.

This programme is tailored towards different sectors in other to promote competition and transparency.

The first edition of the programme tagged YouWin!1 was designed to help sensitize the prospective young entrepreneurs on job creation b funding their business ideas and plans.

The second edition which was tagged the YouWin!2 was targeted towards a particular gender which was women and it was for women below the age of 45 years. This edition was used to encourage women to be entrepreneurs and make them know that entrepreneurship not tied to a single gender.

The third edition which was tagged the YouWin!3 was designed for both gender that is male and female and it was done to encourage entrepreneurship throughout the country.

For you to be eligible for the programme,

  • You must be a graduate from a higher institution
  • You must be a Nigerian or reside in Nigeria
  • You must be between 18 and 45 years of age
  • You must not be employed by the Nigerian Civil Service
  • Your business must be in Nigeria
  • You must be willing and ready to attend all training and monitoring exercise organized by the programme.
  • Bank Of Industry

There was a youth empowerment programme launched by the Bank Of Industry and it is for young and talented entrepreneurs that want to establish a business enterprise regardless of the industry or sector. The youth programme is called the Youth Entrepreneurship Support (YES) Programme and it is geared towards reducing the rate of unemployment among the Nigerian youths by helping them fund their business ideas and plans.

Through the programme, youths can be equipped with the requisite skills and knowledge to start up and manage their own businesses and become entrepreneurs.

To be eligible for the programme,

  • You must be a Nigerian
  • You must be between the ages of 18 and 35 years and show a proof of age and identity
  • You must possess a minimum educational qualification of Ordinary National Diploma (OND)
  • You must have a viable and feasible business idea
  • Tony Elumelu Entrepreneurship Programme (TEEP)

This is a private entrepreneurship programme and it is done every year by one of Nigeria’s business mogul Mr. Tony Elumelu through his foundation the Tony Elumelu Foundation (TEF).

The programme was launched in 2015 with the aim of providing over 10,000 USD seed funding for entrepreneurs across Africa and every year, the programme selects over a thousand entrepreneurs across Africa from a pool of over 50,000 applicants.

Each of the applicants is thoroughly reviewed by business experts in the industry and the winners are selected based on market feasibility, clear financial models and also workforce. Each program cycle starts with an application process opened from January 1st through to March 1st.

To be eligible,

  • You must be at least 18 years of age and a legal citizen or resident of an African country
  • Your business must be based in Africa
  • Your business must be for profit
  • Your business must be 3-years old
  • The Diamond Bank BET Programme

The Diamond Bank launched a programme called the Building Entrepreneurs Today (BET) and it was designed to support budding entrepreneurs and every year, about 50 entrepreneurs are selected from a pool of applicants and these entrepreneurs will undergo a 6 months intensive entrepreneurship and business training.

At the end of training period, the top 5 entrepreneurs will be awarded financial grants as seed capital to help them finance their businesses and take it to the next level.

The last edition of the programme saw the top 5 finalist being awarded 3 million naira (N3,000,000) to help them finance their businesses.

  • AYEEN Financial Grant

This program is for young entrepreneurs across Africa. The Africa’s Young Entrepreneurs (A.Y.E) is a programme that was designed to empower young entrepreneurs in Africa to establish their businesses and become self-employed.

The programme gives grants to finance small businesses in various sectors of the economy and this is usually awarded to the winners although the business owners and their businesses will be monitored for one year to see how the business thrives.

You must be a Nigerian and your business must be located in any of the 36 states in the country for you to be eligible for the programme.

Final Note

If you don’t think becoming an entrepreneur is a wonderful decision, then you will need to rethink this as it would be wonderful keying into the entrepreneurship trend in Nigeria. From all we have said so far, you must have seen that the door is widely open for anyone that wants to establish a business enterprise as the Nigerian government is also ready to offer you the necessary assistance you will need to establish your business.

Try to look at the best business to establish and you can do this by identifying a problem or pressing need and generating ideas to turn this problem into a business opportunity. You have a lot of benefits to enjoy in being an entrepreneur in Nigeria and you should start considering this path.

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