ENTREPRENEURSHIP: AN AGENT OF WEALTH CREATION

A university don has suggested to the federal government to copy the example of such developed countries as the United Kingdom, United State of American, Taiwan, China, South Korea and India where government policies had helped in promoting entrepreneurship development.

The University teacher, professor Sarah Olanrewaju Anyanwu, a professor of development economics university of Abuja, had in a paper stated that the numerous programs put in place by the federal government would have by now galvanized this sector for optimal benefits of the operators and the generality of Nigeria but the political will to drive those programs to their logical realization was missing.

She argued further that until a time the government fashions out clear cut national policy on entrepreneurship development the sector might not come out of the woods.

Professor Sarah who made these observations in a lecture she delivered during the university’s 13^th inaugural lecture series said even though entrepreneurial development programs in Nigeria must be the responsibility of government in all level, the organized sector and all well meaning Nigerians, the Federal Government as the big masquerade must take the lead.

In the paper titled Entrepreneurship; a veritable tool for fostering economic development in Nigeria, Prof Sarah took her audience on a mental journey through what the topic entrepreneurship is all about and why it is a catalyst for wealth creation and economic growth of a country with the right economic policies. She had thereafter defined entrepreneurship as a process through which individuals identify opportunities, allocate resources and create value. In a plainer language, she explained that an entrepreneur is a person who engages in business activities, generate employment and at the same time make profit for risk taken, thus contributing to the economic well being of his country.

While hammering on the roles, entrepreneurship play in a given developing society, the professor stated that apart from generating employment opportunities it also encourages and sustains the economic dynamism of a country, adding further that an entrepreneur should also be seen as a person who facilitates the transfer cum adaptation of technology for business results.

She however pointed out that small or medium enterprises being undertaken by some operators fail woefully because they lacked the right frame of mind to run them.

The lecturer had then posited that: for business venture to succeed the operators and their employees must have what she termed the positive human factor traits to drive the business. Human factor traits according to the lecturer encompassed such qualities as credibility, trust- worthiness and competence amongst others which must be applied for business success stories.

Citing from different authorities to back this stand point, she averred that most failed businesses were the products of poor management occasional by human factor decay. According to the lecturer, such positive human traits as commitment, honesty and accountability must be exhibited by the entrepreneur and his employees for success in business operation. She added that such other negative human factor characteristics as absenteeism to work and lack of integrity were ill winds that must be avoided as they could lead to the eventual collapse of a business on the long run.

Turning to factors that would help boost successful operation in small medium scale businesses, the lecturer maintained that the small business proprietors must also exhibit skills such as networking to get market and customer information. Others include the knowledge of finance management and strategic planning which are basic requisites for small business out fits to grow.

Success, the Professor pointed can only come the way of an entrepreneur who has some level of education that would help him to develop solid business plans, manage people effectively and financial resources.

Explaining further, she had submitted that even though it is true that all entrepreneur are business persons not all business person can lay claim to be successful entrepreneurs.

Her words “think of a woman who sits by the road side leading to your home and who has been selling different types of food stuff from the same table top over the years and may not be able to change her standard of living to any appreciable extent” such a woman according to the professor may be a business person but not an astute entrepreneur who aims at the sky as his business limit.

She therefore argued while using the above example as a reference point that a successful entrepreneur must therefore possess the right business acumen to move up profitably.

Entrepreneurship is therefore the willingness and ability of an individual to seek out investment opportunities and take advantage of scarce resources to exploit the opportunities profitably “the lecturer said.

Coming back home, the university don stated that entrepreneurial development programs in Nigeria had been intensified over the years by the federal government through various agencies such as the National Directorate of Employment (NDE) amongst others but frequent changes of government policies and lack of commitment on the part of the agencies to drive these policies had not helped matters.

Nigeria, she went on, must therefore copy from countries that are ahead in their entrepreneurship development activities.

India, the lecturer went on has one of the best micro, small and medium enterprises in place as their entrepreneurs enjoy huge financial and other business incentive from the government. According to her, ever since such policy as the micro, small and medium enterprise act was passed into law in India, that legislation had fast tracked entrepreneurship development in the country without looking back. Ditto such countries as Taiwan, China, and South Korea where equal vigor towards industrial developments has been the priority of the various governments.

Still on efforts being made by developed countries towards building their entrepreneurial capacity, she also mentioned the United States of America and the United Kingdom as other examples. In the United State of America, a government agency that goes by the name Small Business Administration (SBN) the lecturer disclosed provides support to entrepreneurs and small businesses to grow.

“The mission of the small business administration is to maintain and strengthen the nation’s economy through the entrepreneur “she added.

The United Kingdom also runs a well developed micro, small, medium enterprises sector all in the bid to encourage entrepreneurs to cope with business challenges. Quoting from available statistics, the lecturer said between 1983 to 1988, the British government had administered a whooping credit guarantee scheme of £750 million provided for business expansion and tax relief to entrepreneurs, in the UK, which had effectively enhanced their operations.

Drawing from the aforementioned examples the university Don posits that if such incentive were available to entrepreneurs back home in Nigeria, their contribution towards the economic wherewithal of the country would be great in the area of employment and wealth creation.

The professor however noted that most small medium enterprise in Nigeria die prematurely because some of the operators lack managerial skills while the absence of basic infrastructure to power their existence were also militating factors.

Entrepreneurship development in Nigeria according to the lecturer was being faced with numerous challenges saying unless these road blocks were removed by government the sector will not grow to acceptable best practices.

To get out of this doldrums she had advocated that government needs to urgently address all dilapidated infrastructural facilities starting with the power sector, water, roads, railways and provide adequate security for sustainable economic growth and promotion of entrepreneurship development in the country.

The government should also fight corruption with all her might, the lecturer pointed out that corruption is an ill wind that had retarded the economic development of the country and had so far prevented well intentioned programs of government from reaching the targeted beneficiaries. Corruption, she went on, had so eaten deep into the fabric of government officials that nothing works in the country. To ensure that government intervention to small business gets to the entrepreneurs, she advised there should be increased transparency accountability and good governance that would checkmate corrupt officials in the corridor of power

To the entrepreneurs, she advised that they should be prudent in managing their enterprises. most small scale entrepreneurs, according to her do not keep records of their operations particularly profit and loss balances sheets to the extents that most of them had derailed midway and closed up.

Rounding up, Professor Sarah said entrepreneurship is a core engine for rapid and sustained economic growth and development of any nation and which must not be neglected by the federal government. She had urged her audience in the capacity filled lecture hall to go out and spread the good news that entrepreneurship as a veritable tool for fostering economic development is possible in Nigeria.

The lecture session which ended on good note was graced by academics, students of the university and cream of professional and other personalities from within and outside the federal capital territory. The session was chaired by Professor Michael Adikwu, Vice Chancellor of the University.

In another development Professor Sarah while speaking to journalists at the venue of the lecture had also stressed that entrepreneurship should be seen globally as an agent of wealth creation.

She said “poverty reduction, wealth creation and others are core ingredients or out come of entrepreneurship”. The western world that is developed today is as a result of their imbibing entrepreneurship. You can see India, Taiwan, South Korea, United Kingdom and USA. They are ahead because of their support to entrepreneurship development” she added.

Professor Adikwu, the Vice Chancellor who also addressed journalists at the venue praised the lecturer for presenting a well researched paper, promising that the inaugural lecture sessions would be a regular event in the university.

His words “the culture of every normal university is that from time to time, lecturers would present their inaugural lecture to tell us what they did before they became professors. So it is the culture. We will continue to motivate them to give account of their academic prowess from time to time” he promised