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10 Ways To Reduce Unemployment In Nigeria / Wave Goodbye to Unemployment and Underemployment / Why Entrepreneurship Is Not The Solution To Unemployment In Nigeria (2) (3) (4)

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Why Entrepreneurship Is The Solution To Unemployment In Nigeria by odeexpress(m): 2:45pm On Jan 24, 2016
This is a reply to: Why Entrepreneurship Is Not the Solution to Unemployment in Nigeria by Charism. The link to the post can be found here: https://www.nairaland.com/2886526/why-entrepreneurship-not-solution-unemployment

According to Oren Peli, “there is so much misinformation out there. If you give people even a little bit, it gets blown out of proportion then you have to go put out fires. So it's much easier to say, 'No comment.'

While it is true that the rate of unemployment in Nigeria is escalating at an alarming rate with much emphasis on entrepreneurship by the press and the government, it is also true that the government alone cannot provide jobs for all the unemployed. Several examples demonstrate the potency of entrepreneurship to generate employment, highlighting its relevance and significance in the development of an economy. Take for instance the experiences of developed economies in relation to the roles played by entrepreneurship. Small firms in the UK account for 48% of employment and 33% of private sector turnover. Similarly, SMEs found by entrepreneurs account for 60 to 70 per cent of jobs in most Organisation for Economic Co-operation and Development (OECD) countries, with a particularly large share in Italy and Japan, and a relatively smaller share in the United States. This buttresses the fact that Entrepreneurship is the solution to unemployment in Nigeria. The emphasis on entrepreneurship is because entrepreneurial activities have been found to be capable of making positive impacts on the economy of a nation.

The post noted that entrepreneurs who make it are ‘lucky in the sense that they have opportunities that others never had’. The thrust of entrepreneurship is opportunity identification and maximisation, not luck. Like the popular quote attributed to Roman philosopher Seneca, Luck Is What Happens When Preparation Meets Opportunity". One of the qualities of entrepreneurship is the ability to discover an investment opportunity and to organize an enterprise to successfully meet those needs with new, creative and imaginative combinations of resources.

There are some who believe that entrepreneurs are born while others believe they are made. Whether entrepreneurs are born or made will still be a debate that will certainly last for several more years. In general, whether born or made, entrepreneurs are believed to share certain traits, such as creativity and a high tolerance for the uncertainty (risk-taking) that comes with developing new products. Due to unemployment, what most unemployed people have been doing lately is running their own businesses as a solution to their unemployment. There are a lot of pros and cons for doing that. Should one go into entrepreneurship out of desperation or should they do it out of passion? Such people may not withstand the pressures of running their own business. Becoming a successful entrepreneur is beyond access to capital. Four personality characteristics are particularly important for becoming a successful entrepreneur: willingness to bear risks, openness to experience, belief in an ability to control own future (internal locus of control), and extraversion.

Entrepreneurship can become a solution to unemployment in Nigeria but everyone who wants to take that route should make sure that they are fully equipped. In my opinion, a lot can be done through promoting entrepreneurship among the youth and unemployed. If the government can come up with an efficient system to provide initial capital and consultative support to interested individuals, a huge chunk of the unemployed youth would find a better alternative than being employed in the state or private sector.

cc: lalasticlala
Re: Why Entrepreneurship Is The Solution To Unemployment In Nigeria by theatom(m): 3:44pm On Jan 24, 2016
Re: Why Entrepreneurship Is The Solution To Unemployment In Nigeria by kingofchess(m): 3:47pm On Jan 24, 2016
lol....counter thread
Re: Why Entrepreneurship Is The Solution To Unemployment In Nigeria by Nobody: 5:43pm On Jan 24, 2016
Another counter thread. Men, nairaland is boring o.
Re: Why Entrepreneurship Is The Solution To Unemployment In Nigeria by siegfried99(m): 11:41pm On Jan 24, 2016


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