If you want to be rich and scale through the poverty line, you should consider working for yourself. Many entrepreneurs today are the nation’s driver toward wealth creation, and simply put; entrepreneurs are in the business of wealth creation in Nigeria.
Entrepreneurship is somewhat similar to skill acquisition or being self-employed, while for some other people, it is considered a way to solve problems and generate income from the problem solved. Indeed all the above-highlighted points are the features of entrepreneurship, and it is even wider than that.
An individual sometimes defined entrepreneurship as a way of solving problems in the community and implementing skills. So an entrepreneur would be considered an individual who solves problems and sees financial reward for himself and the investors.
It then means identifying challenges and allocating necessary resources that would aid the value creation for the problems solved, while buyers would pay for the solutions.
The lack of enterprises, businesses creating solutions in Nigeria
If you study any prosperous country closely, you would perfectly understand that the country creates value from the business activities and problems solved by the entrepreneur.
Yet many people do not understand the concept that for a country like Nigeria to rise above the poverty level; everyone must think like an entrepreneur and solve problems while making money from those solutions.
Unemployment is widespread in Nigeria majorly because there are limited enterprises to absorb university and college graduates. Based on economic data and research, countries with the least entrepreneurship spirit are among the poorest countries in the world.
Wealth creation is then solely dependent on how well the entrepreneurship spirit of a country is and what the country benefits from the businesses that are being run in its society.
Here are some roles of entrepreneurship in the nation’s wealth creation
Job creation: When various entrepreneurs solve different problems in the country, companies, and businesses are available for graduates to work in and demonstrate their skills. If a venture runs properly, it would eventually scale and bring in more income, creating more jobs.
Training and human resources development: knowledge transfer can easily occur when businesses run in society. For example, an entrepreneur who solves problems relating to health conditions would provide breakthrough answers to diseases while others would learn from the solutions created.
Innovative solution: As the entrepreneur runs his/her business, the vision and innovative solutions created can be transferred to other companies or entrepreneurs while the solutions would become very much available to others. Through research and continuous entrepreneurship, there would be financial rewards and the creation of trends in the market while the entrepreneurs would provide solutions of various degrees.
Wealth redistribution: When new solutions, products, and services are created, wealth redistribution would be to other classes of people. Just like when a new business is set up, the environment where the business is set up benefits the business immensely.
The same goes for entrepreneurship, as it creates an avenue for new wealth to be created for both workers and the society the entrepreneur operates. The employee, investors, business owner, and the other contributors to the business get their percentage of the wealth created.
