‘Entrepreneur’ is arguably the only relevant word in
the dictionaries of Nigerians, specifically youths. it is one everyone is willing to
be associated with… ‘self-made’ ‘self-employed’. The need and necessity of being
an entrepreneur is relatively sturdy in African countries specifically Nigeria.
It is probably due to the lack of jobs, low standard of living and uncertain
wage/income policy.
So who is an entrepreneur?An entrepreneur is someone who
actually searches for change, responds to it and exploit change as an opportunity.
One who is willing to bear the risk of a new venture if there is a chance for
significant profit. An entrepreneur is someone who explores, innovates, and
manages a venture. Most simply defined, an entrepreneur is a person who
identifies a need and starts a business to fill that void. But this basic
definition provides little insight into the specific character traits and
attributes that make a person thrive as an entrepreneur. In the words of Amanda
Austin…
"Being an entrepreneur is like heading
out into uncharted territory. It's rarely obvious what to do next, and you have
to rely on yourself a lot when you run into problems. There are many days when
you feel like things will never work out and you're operating at a loss for
endless months. You have to be able to stomach the roller coaster of emotions
that comes with striking out on your own."
– Amanda Austin, founder and president of Little Shop of Miniatures
Nigeria as a country arguably stands for ‘hostile’ when
it comes to the welfare of its citizens specifically its youths. Although there have been many policies,
foundations aspiring to or already supporting entrepreneurs in the country, there
are still many gaps to be filled. As entrepreneurship activity in Nigeria is
primarily based on necessity so therefore there really isn’t a lot of training
that goes to prepare aspiring business owner for the challenges ahead. Furthermore
no thanks to the influx of social media, these aspiring youths are led to
believe in a false hype that being an entrepreneur is glamorous when in fact it
is anything but.. And before you know it, the business is closed.
For millennial looking to explore, innovate and
perhaps venture into this journey of been an entrepreneur, these are some of
the challenges of entrepreneurship in Nigeria
i.
The
Nigerian economy isn’t a favourable place for the successful grooming of a business.
ii.
Places
like Lagos, Abuja and Portharcout seem like the only viable places for
business.
iii.
High
competition
iv.
The
high cost of doing business in Nigeria, such as the lack of adequate
electricity and basic needs by a large amount of the population limits
entrepreneurial effectiveness and is a barrier the success of business.
v.
Capital,
Capital, Capital!!!! Capital to finance your venture in Nigeria is very very difficult
because of the economic instability.
vi.
No
incentive by the government to help business owners.
vii.
No
free knowledge on how to …
Although there are a lot of barriers, entrepreneurship
in Nigeria is a major key for our country to become a developed nation. A
developed nation that can boost among its pair and here at Millenniallies we
believe that youth are the drivers of that journey.
True!
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