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Being an Entrepreneur in Nigeria ; Problems and Prospects

In: Business and Management

Submitted By azubakareo
Words 916
Pages 4
Being entrepreneurial means combining personal characteristics, financial means and the resources available within your environment. Geoffrey G. Meredith et al (1991). As an initiator of the business, the entrepreneur relies on his inherent nature of task-result oriented, risk taking, innovative, creative and above all, futuristic to spot opportunities and take advantage. Thus, why Geoffrey G. Meredith et al (1991) defined the entrepreneur(s) as “people who have the ability to see and evaluate business opportunities, to gather the necessary resources to take advantage of them and to initiate appropriate action to ensure success”.
The driving force for entrepreneurship is usually an active interest to satisfy a yearning need and it involves people who are knowledgeable about a specific problem and spurred by this knowledge to solve the problem. It involves turning a passion into business, hence, it could be said, that most entrepreneurs ventured into business essentially to fill up an existing gap or service area, out of their individual drive or passion. In the process, they may finally end up building business empires, which they were not set out to do originally. From the foregoing, we can add that monetary gains though important are not in most cases paramount, but the overriding interest to fill a gap and create sustainable solutions influences entrepreneurship ventures.
In Nigeria, being an entrepreneur conjures different perceptions; to most, he is a hustler, a get- rich- quick skimmer. To a certain degree one may not entirely fault holders of these warped views because most entrepreneurs in Nigeria venture into entrepreneurship for the wrong reasons and through the wrong approach. The high rate of unemployment in the country has in no small measures contributed to this incidence of gate crashing. The irresistible lure for quick money is another…...

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