Entrepreneurship offers our government the opportunity to create more employment opportunities for its citizens. There are many challenges that face an entrepreneur in our country but with the right strategies at hand, we can overcome the challenges. The alleviation of such problems will create an ample environment for the thriving of entrepreneurship. The availability of capital is one of the reasons that limit the entrepreneurs from starting their businesses. The access to finances for capital in Nigeria through many financial institutions might be deemed as a daunting task to many but there is a wide range of funders ready to offer support to young Nigerian Entrepreneurs. However, to get funding, a number of requirements must be met.
The problem of lack of funders has been partly solved through the emergence of Nigerian angel investors and venture capitalists that invest and ask for returns on investment on the venture and at the same time are involved in the management of the venture partly. This is advantageous since the entrepreneur may acquire additional skills from the investors. The returns that are required can be rates of up to 30% on the capital employed. Other organizations such as NGOs and the Nigerian Investing Commission also encourage entrepreneurs to venture into this line of business.
Nigeria is bracing itself up to shape the future beyond oil manufacturing and this is in fact part of the national agenda. This makes now the best time to invest in entrepreneurship. The oil industry has been dominating the economy by contributing way over 80 per cent earnings on export not forgetting its 50 percent contribution to the Gross Domestic Product of our country. Given that majority of Nigerians are unemployed and considering the current economic realities, we as a country have a great need of constant job creation. Our commercial and industrial sectors have to be diversified as well.
In comparison to other West African countries such as Benin, Ghana, Mauritania, Mali, Nigeria, Sierra Leone, Burkina Faso, Liberia, Niger and Senegal, Nigeria is the most efficient in the implementation of adopted reforms aiming at improving the business environment for entrepreneurs. A research carried by Gallup in the year 1998 showed that 67% of Nigerians were considering opening and running businesses. This presents the highest rates in these West African counties. In contrast to other countries in West Africa, the awareness of entrepreneurship among the populous is higher in Nigeria placed at 44%. This means that entrepreneurship is more easily taken up by our country as opposed to the other countries in the western Africa region.
The assurance of our entrepreneurs in the accessibility of a competent work force is another reason why more citizens should consider entrepreneurship as an excellent business idea. Venturing into the entrepreneurs hip business in the country assures our entrepreneurs have a skilled labor force to carry out their work. As many as 75% of the Nigerians feel that they can find qualified wok force that can perform different tasks and that can enable ventures to run successfully when given the chance to.
In comparison to other countries, the copyright laws are not keenly respected by many and this denies many entrepreneurs their hard earned money. This may discourage entrepreneurs when they are investing for fear of diminished returns due to piracy. According to a study conducted by Gallup, 60% of the residents of Nigeria believe that the government has the capacity to protect the intellectual rights of the entrepreneurs together with the property that our entrepreneurs might encompass during their business lifeline. With our government bracing itself to protect the intellectual rights of our people, now is the best time to come up with new business ideas and engage in successful entrepreneurship.
The promise for higher returns is eminent in our country. This coupled with the assurance of financial success should act as a stimulant to the uptake of entrepreneurship instead of staying unemployed. Moreover, 50% of the Nigerians have confidence that our government will allow the entrepreneur to include as much wealth as they can in their ventures. This is based on the research conducted by Gallup in the year 1998. This gives the entrepreneur the incentive to venture into business and enjoy the returns. Steph Korey
Many West African countries have high unemployment rates of up to 70 to 80 percent. This has been further affected by the current world crisis that is causing massive job loses through out the world. The statistics released by the Nigerian education ministry show that over 60% of the graduates do not get employment immediately after school. They posses the skills but do not have the employment opportunity to put their skills into productive use. This gives the reason why most of our graduates should venture into entrepreneurship and become self employed instead of relying on other corporations for employment. This also offers our entrepreneurs the chance of being their own bosses resulting in the suppleness of the staff employed and in return creating job satisfaction. The economic growth of our country is uplifted as more employment activities are created and the level of unemployment is drastically reduced. The Nigerian investing commission has brought up programmes to help many obtain the required skills to achieve successful entrepreneurship.
Transformation of the different sectors by the Nigerian government resulted in the liberalization of the economy allowing for entrepreneurs to endeavor into various ventures. These opportunities present our entrepreneurs with the opportunity to access enhanced services. The sectors affected by this include the telecommunication sector which has led to the improvement in the information flow between businesses thus spiraling growth of many businesses. Further infrastructural development should provide our entrepreneurs with the necessary infrastructure for conducting business without any difficulties.
Our government’s introduction of a program that aims at encouraging the exports and reduction of imports has lead to the proliferation of the opportunities that are available for our entrepreneurs. The Nigerian government has also established close ties with other western countries such as the United States and Europe to necessitate such trade. This export program offers a wide market for goods and services that an entrepreneur produces and offers for sale. This guarantees the production of high quality for both the export market and the local internal Nigerian market.
Nigerian entrepreneurs can enjoy the benefit of lower taxes that is offered by the government through tax incentives that include lower taxes, tax exemptions and enhanced price ceilings. This allows our entrepreneurs to enjoy the returns on the capital they employ on the investments that they undertake.