Entrepreneurs and SMEs in Nigeria are now seen as the backbone of the economy. Already there are policies on the ground that encourage the growth of small businesses, and entrepreneurship plays a very vital role that's considered to be healthy for the economy at large.

So what's this link between entrepreneurship and job creation?

Here's a fact, for a capitalist economy to thrive, there has to be innovation, competition, and growth. Successful entrepreneurs tend to be competitive in nature, think outside of the box type, and this has enabled them to find easy answers to difficult tasks in their businesses.

When President Obama said in 2014, for example, that small businesses had created 64% of the new jobs in the previous decades, this is how they got it done.

Startup businesses Challenge Existing Market
When a startup business enters a local or global market, they stir things up. Very few businesses open and try to be the exact replica of a competitor. Even if they have a similar mission statement and value propositions, they still create a new pattern that will showcase their brand differently. New businesses may start by bringing an existing product to a new market segment, by first, drawing customers away from other business. While older companies are either forced to make changes or lose their market share.
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