History of entrepreneurship in Nigeria
Let's discuss today some facts about the economy in Nigeria. You will learn some useful information about the history of entrepreneurship in Nigeria.
What is entrepreneurship?
Entrepreneurship is the most important aspect of the market economy. It permeates all its institutions. It is a risky economic activity aimed at a systematic receipt of profits from the production and sale of goods, services or jobs. There can come in form of property, intangible assets, a labor of both the entrepreneur himself and those involved from the outside.
There is no guarantee that the invested funds will pay off. There is no absolute certainty that the goods will be sold at a profit. This involves the risk of loss for all or part of the money invested,
Let's find out more about who an entrepreneur is.
Who is an entrepreneur?
In simple words, we can say an entrepreneur is a person who owns an enterprise or firm. He or she is an important part of the economic or financial industry.
There are different types of entrepreneurship:
- Financial and credit;
The entrepreneurship model has its own history in Nigeria. Let's delve into the details of its formation and development.
Entrepreneurship development. The early phase
For the first time, entrepreneurship in Nigeria was formed when the number of products made by people increased. And they needed to do something with the surplus. Nigerian people exchanged these surplus products for something else they needed. This concept is called trade by barter.
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For instance, Tayo produced far more hoes than he needed. He could exchange these hoes for the goods he needed. As this happens, producers began to understand that this was a profitable business. When they had extra goods which they could exchange profitably, they did so. And this was the beginning of the entrepreneural development in Nigeria.
A typical Nigerian entrepreneur is a determined person. He has the will to succeed. He also has no problem providing services for other. The Nigerian entrepreneur can help his friends or relatives with their business. The early history of entrepreneurship is characterized by manufacturing or production. At first, an entrepreneur begins with little or no capital.
The modern phase
The new age entrepreneurship in Nigeria began when the colonial masters came. They brought their goods. At this time, these people made Nigerians their middle man. It was the emergence of modern entrepreneurship.
Most of the modern manufacturers are engaged in individual entrepreneurship and retail trade. For many years, formal education had privileges in Nigeria. People could be in public service with a high economic development. It follows that system made by Nigerian people is dependent on the colonial masters.
The rival business strategy of foreign entrepreneurs was contrary to the moral standards which were created by the society. They did not stick to a lot of our morals. For example, the United African Company which dealt with the import and export of Nigeria refused to use the services of Nigerian entrepreneurs. Naturally, it led to the the impossibility of expanding and acquiring the necessary skills. This fact was also the reason for slowing down entrepreneurship in the country.
The huge plus of the revival of this activity was that people obtained higher education. The government created economic programmes that were aimed at encouraging people to become independent entrepreneurs.
Among these economic projects are:
1. Graduate Employment Programmes.
2. Open Apprenticeship Scheme.
Of course, there are a lot of different kinds of these programmes. But these are the most popular.
We can come to a conclusion that production is one of the most popular types of entrepreneurship in Nigeria. The importance of entrepreneurship is characterised by the importance of being independent. Every Nigerian person has something that is needed by another person. He can exchange what he has for money. That is how entrepreneurs interact with each other and their customers.
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