Small
businesses are often called the backbone of the economy. Policies that
encourage the growth of small businesses and the role of entrepreneurship in
the market are considered to be healthy for the economy at large.
Entrepreneurship
is a veritable source of employment and wealth creation for Nigerians who
desire to create wealth for themselves by starting a business of their own and
nurturing it to maturity. A business empire can be created by starting small
and working hard enough to maintain the business and making it grow through
various stages. Many big companies in Nigeria today started small many years
ago and their founders were committed in their pursuit and persevered until the
businesses grew into world class brands.
Despite the
challenges, Nigeria is a beautiful place to do business that any
entrepreneurial minded person can succeed in business if they are willing to
start something no matter how difficult it may seem at first.
The most
difficult aspect is in starting the business. As soon as you start, however
turbulent it may be, you will begin to learn the ropes as you continue to
nurture your business and sooner or later, the business will begin to make
headway as long as you persevere.
To grow the
Nigerian economy to a level that it would begin to compete with world class
economies such as that of the US, Britain, China, Japan and other economically
developed nations, entrepreneurship and job creation must be given top priority
by all stakeholders. While the government holds the ace in this regard as it is
expected to continuously formulate policies that will create a favourable
atmosphere for businesses to thrive, it is pertinent to state that the Nigerian
youths who form the bulk of the active population should be reorientated from
the mentality of job hunting to job creation.
NURSING
ENTREPRENEURIAL MINDSET
A human
rights activists based in Lagos, Mr. Tayo Demola, said if every Nigerian
graduate can create at least one job opportunity for himself and is able to
make a living out of this, then the problem of unemployment will be drastically
reduced to the barest minimum and this will greatly reduce dependence on
government to create jobs as well as reduce insecurity, armed banditry,
kidnapping and other violent crimes in the country.
For Nigerians
to create jobs for themselves as well as for others, he said, there has to be
that entrepreneurial spirit in them that will propel every person to think
about what he or she can do for the nation and not what the nation can do for
them.
According to
him, it is possible for Nigeria to get to that level where every citizen will
have that entrepreneurially creative spirit to create jobs and make wealth for
themselves for the betterment of the nation.
But to do
this, he suggested an enabling policy from government to drive that
consciousness into the people from cradle, meaning that, it is not enough to
have entrepreneurship introduced as a course in the tertiary institutions in
Nigeria, it must also a matter of necessity be introduced to pupils right from
the primary schools so that students can learn how to be enterprising right
from childhood.
“By so doing,
we would inevitably instill entrepreneurship skills into our future generation
by catching them young and directing their mentality towards a worthy cause
that would eventually create wealth for the nation and propel Nigeria into
economic and political greatness in the comity of nations,” he pointed out.
The officer
in charge, United Nations Industrial Development Organisation (UNIDO) Regional
Office, Nigeria, Dr. Chuma Ezedinma, stressed that entrepreneurship and industrialisation
are two important ingredients for stimulating economic growth, job creation and
poverty reduction in both developed economies and economies in transition
including Nigeria.
Ezedinma, who
spoke at a workshop in Abuja, also said increased support for SMEs could help
tame the unemployment monster.
Successful
SMEs, he stressed, are the primary engines for job creation, income growth, and
poverty reduction, as they broaden the base of participation in society, create
jobs, decentralise economic power, and give people a stake in the future.
Government,
he said, could encourage entrepreneurship and small businesses through its tax
policy, which could be; corporate tax rate reductions, tax credits for
investment and tax holidays.
Other
solutions he suggested are; simpler regulatory processes and reducing the cost
of compliance with government regulations, access to capital and the legal
protection of property rights.
The
director-general, Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda
Yusuf, said increased support for SMEs and business start-ups through capacity
building and funding would help reduce unemployment in the country.
He identified
lack of finance, inadequate infrastructural facilities, shortage of skilled
manpower, poor entrepreneurial skills and lack of enabling operating
environment, among others, as some of the challenges confronting SMEs.
SMEs, he
stressed, boast huge potential for employment generation and wealth creation,
if adequately encouraged, adding that, by creating more jobs, SMEs are reducing
unemployment and its associated high crime rate.
The Minister
of Labour and Employment, Chris Ngige, noted that there is the urgent need for
collaboration to tackle youth unemployment crisis in Nigeria. “Insecurity
challenges are symptoms of the dire state of unemployment and frustration of
the Nigerian youth. The urgency to support job creation in Nigeria must be
accompanied with the right synergies, as these problems cannot be solved in
silos. The Ministry has committed to working with partners across the private,
social and public sectors to create jobs for young Nigerians,” Ngige added.
The
director-general, Small and Medium Enterprises Development Agency of
Nigeria(SMEDAN), Dr Umaru Radda, said, only one out of 100 Nigerian graduates
were employable, attributing the situation to poor skills and lack of
entrepreneurial competence.
Radda, who
stted this at a forum in Anambra State, said the population of young people
between the ages of 15 and 24 around the world was rapidly on the increase,
adding that, the vast majority of them lived in the poor and emerging
economies.
Radda, who
was represented by the Director, Policy, Advocacy and Coordination SMEDAN, Mr.
Monday Ewans, said: “One of the major causes of unemployment is skill shortage
occasioned by dearth of skilled personnel and entrepreneurial competence,
inadequate capacity of vocational skill centres and the non-orientation of the
educational system to the production of vocational skills that are aligned to
industry requirements.”
THE FUTURE OF
ENTREPRENEURSHIP
The head, PR
and Communications at Jumia, Mr. Olukayode Kolawole, said: “Unknown to upcoming
entrepreneurs, being an entrepreneur does not mean you must have a brick and
mortar store. You can run your entire business online – thanks to internet
penetration.
“Jumia has
proven that direct and indirect jobs can be created via ecommerce. It has
empowered thousands of Nigerians to run their businesses through various
initiatives like the Jumia J Force Sales Consultancy, Jumia Vendor Hub, Jumia
University and many others.”
He however
called on government to take advantage of the skills inherent in Nigerian
entrepreneurs, by creating the enabling environment that would enable them to
further develop that skills in them into meaningful knowledge through capacity
building.
“So when it
comes to job creation, you do not need to wait for the government. The
government only needs to create an enabling environment while the private
sector and entrepreneurs will provide the much-required employment. And being
an entrepreneur is a reliable tool for closing the unemployment gap,” Kolawole
said.
According to
an Entrepreneur and Business Consultant, Mrs. Margarita Hakobyan, as small
business becomes big, it faces additional challenges from other small, startup
companies that are able to innovate more quickly and disrupt more intensely.
This, she said, can be seen with Apple; while Apple remains a lifestyle brand
that many people happily pay a premium for, they have not been considered the
top of the tech field for some time.
In the field
of manufacturing, she said, much has been made about how robotics has disrupted
and continues to disrupt traditional manufacturing jobs. As these line jobs
have been reduced, however, she noted that, other fields have opened up to
respond to alerts, programme systems, and repair and maintain systems as they
are used, calling on people to utilise the potentials therein to create
employment opportunities.
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