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Is Entrepreneurship Over-rated? - Business - Nairaland

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Is Entrepreneurship Over-rated? by JARUSHUB: 11:59am On Apr 13
By Uchechi Moses

During the past years, there has been a rise in the entrepreneurial fever – where everyone desires to become one. There is nothing wrong with entrepreneurship as it spurs investment, create jobs and wealth. The top firms in Nigeria and globally were founded by entrepreneurs. However, when one hears/reads statements such as “create a job”, “don’t be a slave”, “a salary received extends your prison term”, “you cannot be rich as an employee”, “you are wasting time enriching another individual”, “your salary is a bribe given to you to forget about your dreams”, “people who receive salaries are slaves” and the one I consider the most ridiculous – “I don’t want to work for someone”. There are many of such thoughts - which are flawed – parading our cyber space about entrepreneurship.

Firstly, entrepreneurship goes beyond “buying and selling or opening of a shop”. It requires developing new ideas, problem solving, tenacity, innovative spirit etc. At most we have more business wo(men) than entrepreneurs in Nigeria. Delving into entrepreneurship requires managerial knowledge, raising of capital, and most importantly, possessing the idea. Yes, you might have the idea, but managing an enterprise goes beyond just having it in your head or on paper.

Secondly, the statement that you cannot be rich as an employee is false. This is because being “rich” is subjective. To Dangote, Mark Zuckerberg is richer than him, to Zuck, Bezos is richer. Our flawed entrepreneurs forget that not everyone desires to be rich. Yes! As odd as it sounds, there are persons who are satisfied with receiving a salary at a stipulated time and don’t want to be rich. They need the environment to realise their dreams (yes, they have dreams too), and become successful. On its own, being successful is relative. For some, it simply means a having a regular 9 – 5 job that offers the comfort of a home, car(s), money to sponsor their kids to good schools and a retirement fund. Living their life ‘one step at a time”. They should not be criticised for this choice – which is their prerogative. Also, not everyone can be rich as it’d be Zimbabwean – economically. It is unnatural. One can live a comfortable life as a salaried employee, yes, you not might be rich as billionaires on Forbes. However, not everyone can. The CEO Accenture Nigeria, Niyi Yusuf, is a salaried employee, but lives a comfortable life by all ramifications. Same can be said about the Kemi Onabanjo of McKinsey & Co. Or are these individuals unsuccessful? There are many, salaried and successful. Their dreams are being realised at where they work.



Furthermore, there is a striking thing about these flawed entrepreneurs’ thoughts. This is because with the way they sing, talk, write and blog about their fellow citizens running towards corporate jobs. One would believe there is a country where entrepreneurs are more than employees. There is no country where entrepreneurs outnumber employees. Think about it. Is there any country where we have more “job creators” than “job seekers”? No. In developed societies, people discuss more about gaining employment than becoming entrepreneurs. You see data of employment figures being released monthly, quarterly, biannual or annually. Countries nay politicians are proud when the unemployment rate drops. Also, renowned MBA programs have the rates of being employed after graduation as one of their selling points. Yes, MBA students are taught modules of entrepreneurship by top class professors and invited to symposiums on entrepreneurship. Yet, the vast majority of MBA grads get back into paid employment than entrepreneurship. Which reiterates my point about no place, globally, are there more entrepreneurs than employees. Yes, entrepreneurship creates jobs, but not the way it is talked about in Nigeria. As if people won’t eventually manage the enterprise.

Fresh graduates in Nigeria are being told to “create jobs’ immediately they leave school. Is there anything wrong with this statement? No, emphatically. However, when that becomes the only line being drummed into their ears, it becomes a problem. Inasmuch as there are folks who desire being entrepreneurs, there is a sub-set that will delve into it (entrepreneurship) after working with a firm/individual for a period of time. Not graduating today, and becoming an entrepreneur tomorrow. Just like that? And you expect everyone to jump into it? This is because everyone is the same, right? Check out the statistics of top entrepreneurs in Nigeria, we have more successful entrepreneurs who worked for a while in different firms and positions before creating their enterprise. And you know one fascinating thing about these entrepreneurs? They did and do not denigrate paid employment. Neither did they vow never to work for someone. Why denigrate something you will have in your firm? Or are you aspiring to employ slaves? It shows the difference between flawed and authentic entrepreneurial thoughts.

On the other hand, this writer has managed his family hospitality business, and I witnessed how it is to run one in Nigeria. The attempts by employees to pilfer to clients not understanding why prices are increased to fuel prices being increased arbitrarily to generator maintenance. Sometimes you begin to wonder, why not just work, and earn money steadily? Why stress yourself? With the experience gained, I find it difficult to start an enterprise in Nigeria. No doubt, the benefits are there – a huge market. However, it gives me sleepless nights. A factor our flawed entrepreneurs don’t understand is the country they are in. Nigeria is one of the difficult places to run a business globally. From employees versed in pilfering to highly punitive taxes to poor infrastructure (especially the Internet), and most obvious - non availability of electricity (2 – 5 hours daily supply of electricity is not electricity to me).

Entrepreneurship goes beyond “not being a slave”. Folks recommend entrepreneurship as the quick pill to our high unemployment rate. However, I posit that availability of 24/7 electricity will reduce unemployment to its barest minimum. Then again, even in countries with constant electricity, there is still unemployment – which is not unique to Nigeria.

Finally, peoples’ decisions should not be distorted by mere trite songs about entrepreneurship. Question is: If everyone decides to own a business, who will work in these firms? Slaves? If you desire to be an entrepreneur, fine and good. It is commendable. Whether you desire to be self-employed or being in paid employment is totally your prerogative. Do not denigrate others’ duties because they don’t fall in line with yours. People should be given the support to pursue their dreams as long as they don’t commit a crime. We are different and this makes us unique.

http://www.jarushub.com/is-entrepreneurship-overrated/

49 Likes 3 Shares

Re: Is Entrepreneurship Over-rated? by eezeribe(m): 12:03pm On Apr 13
It is not overrated but over flogged in Nigeria.In fact,the concept of entrepreneurship in Nigeria has been misunderstood and thereby misinterpreted.what we practice is copy-copy.
In advanced economies like China,USA and UAE,entrepreneurship is the first resort,not the last resort as in the case of Nigeria.
People are supposed to go into entrepreneurship to solve problems,find newer ways of doing things and create value;not a get rich quick scheme.
Entrepreneurship is supposed to create wealth,not multiply poverty as obtainable in Nigeria.

33 Likes 3 Shares

Re: Is Entrepreneurship Over-rated? by scholarsarena: 1:23pm On Apr 13
Interesting!

1 Like 1 Share

Re: Is Entrepreneurship Over-rated? by hotproforum: 1:27pm On Apr 13
cool info OP grin grin grin

1 Like

Re: Is Entrepreneurship Over-rated? by oyetunder(m): 5:41pm On Apr 15
all these observations while uneducated old women are busy making millions in idumota and balogun markets. free us joor

14 Likes

Re: Is Entrepreneurship Over-rated? by wwwtortoise(m): 5:42pm On Apr 15
Entrepreneurship is not for everyone.

Nature designed us to excel in different fields; find yours and shine.

28 Likes

Re: Is Entrepreneurship Over-rated? by Jinyjagz(m): 5:43pm On Apr 15
ON point. nice piece.
Re: Is Entrepreneurship Over-rated? by hamid6249: 5:45pm On Apr 15
before you criticize entrepreneurship ...remember you can never be as rich or richer than ur employer ....so pick up a skill, nurture it and capitalize on it to bring out maximum returns
my 1kb advice

12 Likes 1 Share

Re: Is Entrepreneurship Over-rated? by Aderewah: 5:45pm On Apr 15
For me, the biggest advantage of entrepreneurship I'd freedom. Freedom from rules, insecurities, deadlines, compulsory punctuality, dress codes, routines, boredom, restrictions, bullying, code of outfit and lack of choice over your salary no matter how much your efforts make for the company

15 Likes

Re: Is Entrepreneurship Over-rated? by kalvoken: 5:48pm On Apr 15
Useless post

Tell me that very person who do not wish to be rich.

Don't just make urself an example 'cause am going to Laugh hard.

Nonsense! Entrepreneurship is the real deal.

4 Likes

Re: Is Entrepreneurship Over-rated? by oluwamitomisin: 5:49pm On Apr 15
Great write up!

I blame out government for this....

"Fresh graduates in Nigeria are being told to “create jobs’ immediately they leave school. Is there anything wrong with this statement? No, emphatically. However, when that becomes the only line being drummed into their ears, it becomes a problem....."

7 Likes

Re: Is Entrepreneurship Over-rated? by oluwamitomisin: 5:50pm On Apr 15
hamid6249:
before you criticize entrepreneurship ...remember you can never be as rich or richer than ur employer ....so pick up a skill, nurture it and capitalize on it to bring out maximum returns
my 1kb advice


Riches are relative. And that's the point the OP is driving at.

4 Likes

Re: Is Entrepreneurship Over-rated? by streamsofjoy(f): 5:50pm On Apr 15
Wow! This is beautifully captured. It has actually been my position since the term 'entrepreneurs' became popular. And like the first person to comment said, it is over flogged.

5 Likes

Re: Is Entrepreneurship Over-rated? by DrayZee: 5:50pm On Apr 15
hamid6249:
before you criticize entrepreneurship ...remember you can never be as rich or richer than ur employer ....so pick up a skill, nurture it and capitalize on it to bring out maximum returns
my 1kb advice
So what's your own skill?
And are you advising people with good paying jobs to leave them and go "nurture a skill', just with the hope that they can become as rich as another person?
Entrepreneurship is done to solve a visible need in society, and mostly with the hope of gaining profit from it. If your skill isn't worth anything to anyone, then which "returns" do you want to make from it?
I don't think you fully understand what you're saying. Life is not about being richer than your employer. Don't go and mislead people. The education you have gotten is part of your "skill" and you can nurture and capitalize on it with a well paying job. Entrepreneurship isn't a get rich quick scheme.

22 Likes 2 Shares

Re: Is Entrepreneurship Over-rated? by Krafty006: 5:52pm On Apr 15
Become a ceo , Sell foot wear , invest in shoe biz, learn shoe making https://www.nairaland.com/4405075/new-designs
Re: Is Entrepreneurship Over-rated? by Yusfunoble(m): 6:03pm On Apr 15
Nice one, God bless you for this piece.

The truth is not everyone wants to be very rich, I just need a consistent source of income. That's enough, as long as I'm not poor. I'm contented.

9 Likes

Re: Is Entrepreneurship Over-rated? by majekdom2: 6:05pm On Apr 15
what is the essence of shouting entrepreneurship when the support, policy and infrastructure aren't available.Yes, Entrepreneurship is overrated in Nigeria and by extension Africa. Whats the essence of shouting entrepreneurship when the only thing a good team with a brilliant Idea and good market opportunity need is mentorship and finance but yet cannot have easy access to it. How many of our so called billionaires are open venture capitalist/ Angel Investors? I mean individuals that will sign cheques like its done in silicon valley. No, The rich in Africa don't ever want others to be rich!

7 Likes

Re: Is Entrepreneurship Over-rated? by thoollz: 6:14pm On Apr 15
Just as blessing, prosperity, success, long life and good life isn't for everyone. So is d opposite of d aforementioned above isn't for everybody.

My people pick what u want, it's up to you.

1 Like

Re: Is Entrepreneurship Over-rated? by dermmy: 6:14pm On Apr 15
eezeribe:
It is not overrated but over flogged in Nigeria.In fact,the concept of entrepreneurship in Nigeria has been misunderstood and thereby misinterpreted.what we practice is copy-copy.
In advanced economies like China,USA and UAE,entrepreneurship is the first resort,not the last resort as in the case of Nigeria.
People are supposed to go into entrepreneurship to solve problems,find newer ways of doing things and create value;not a get rich quick scheme.
Entrepreneurship is supposed to create wealth,not multiply poverty as obtainable in Nigeria.

Wow i love this

1 Like

Re: Is Entrepreneurship Over-rated? by hamid6249: 6:17pm On Apr 15
DrayZee:

So what's your own skill?
And are you advising people with good paying jobs to leave them and go "nurture a skill', just with the hope that they can become as rich as another person?
Entrepreneurship is done to solve a visible need in society, and mostly with the hope of gaining profit from it. If your skill isn't worth anything to anyone, then which "returns" do you want to make from it?
I don't think you fully understand what you're saying. Life is not about being richer than your employer. Don't go and mislead people. The education you have gotten is part of your "skill" and you can nurture and capitalize on it with a well paying job. Entrepreneurship isn't a get rich quick scheme.
Oga understand my words before splitting out rubbish..you've commuted a great fallacy by given a lateral rule to my comment
firstly where have I mentioned that you quit ur paying job?
show me the lines where I misled people .. ....
and lastly who says you can't be an entrepreneur under the employment of another employee
so bro be calm and understand people's view before you add unnecessary comment

1 Like

Re: Is Entrepreneurship Over-rated? by missterious(f): 6:24pm On Apr 15
hamid6249:
before you criticize entrepreneurship ...remember you can never be as rich or richer than ur employer ....so pick up a skill, nurture it and capitalize on it to bring out maximum returns
my 1kb advice


You can also never be as rich as Sheryl Sandberg, an employee in Google. What's your point?

8 Likes

Re: Is Entrepreneurship Over-rated? by nedu2000(m): 6:24pm On Apr 15
I would rather work as an employee for NNPC,than be an enterpreneur owning a carpenter workshop at boundary

13 Likes

Re: Is Entrepreneurship Over-rated? by gotnel: 6:24pm On Apr 15
Good write up. We are all unique as individuals, just make sure you are relevant to the society.
Re: Is Entrepreneurship Over-rated? by hamid6249: 6:26pm On Apr 15
missterious:



You can also never be as rich as Sheryl Sandberg, an employee in Google. What's your point?
so u mean Sheryl solely relies on his salary earned from google
Re: Is Entrepreneurship Over-rated? by chukzyfcbb: 6:26pm On Apr 15
What exactly do they even know is entrepreneurship?

- Sell human hair
- Sell laptops
- Sell under wears
- Sell shoes
- Sell wristwatches.
etc

Bull sh.it!!!!

Since time immemorial we have been doing this, so its not like its something new. where has it gotten us. We don't create anything that solves a need in the society and you call those shits entrepreneurship, because you Import and resell?

Ogbeni koshi lo.


Commot for road make I see better people wey be entrepreneur, no be to import pants or singlets from China come resell for under bridge go make u feel like say u be Master Entrepreneur.

15 Likes 2 Shares

Re: Is Entrepreneurship Over-rated? by tensazangetsu20(m): 6:31pm On Apr 15
missterious:



You can also never be as rich as Sheryl Sandberg, an employee in Google. What's your point?
It's Facebook actually. She was smart enough to invest in the company before it went public. Talk about being at the right place at the right time with the right people.

2 Likes

Re: Is Entrepreneurship Over-rated? by KillerBeauty(f): 6:35pm On Apr 15
Aderewah:
For me, the biggest advantage of entrepreneurship I'd freedom. Freedom from rules, insecurities, deadlines, compulsory punctuality, dress codes, routines, boredom, restrictions, bullying, code of outfit and lack of choice over your salary no matter how much your efforts make for the company
You think entrepreneurship gives you freedom think again. Entrepreneurs do not clock out. They work 247. My former boss wakes up everyday around 2am ton make business calls to Australia. Entrepreneur gets controlled by their clients. They attend business meetings to meet clients and they have to be punctual all the time. They have a dress code. Mark Zuckerberg has a dress code(jeans and tees). Entrepreneurs get scared about the future of their businesses. Infact, their fear is greater cos the livelihoods of their employees rest in their hands. You wouldn't want to risk people's lives cos of your mistake. Entrepreneurs do not have it easy. In My former office I close and leave my boss at the office most times. She's always working late. To me entrepreneurs do not have much time and freedom. Staff go on leave and detach themselves from office work but a business owner will still be working and keeping up with his office during holidays

27 Likes

Re: Is Entrepreneurship Over-rated? by Royce20: 6:36pm On Apr 15
Entrepreneur or employee or worker or whatever.... The goal is to be comfortable. As long as it caters for your bill, you are good to go... Only what I don't like is seeing people well dressed in suit but end up collecting less than $100 a month. Chai, there is God o. cry Meanwhile do what you want to do. No follow another man path. Just be yourself....

1 Like

Re: Is Entrepreneurship Over-rated? by opedaydydx9(m): 6:41pm On Apr 15
It's a 50/50 chance, is there any business thriving in Nigeria aside fraud, blood money and political benefits...... Current government in Nigeria have made entrepreneurship easy for the rich and less favorable to the common man. But we will survive nevertheless

3 Likes

Re: Is Entrepreneurship Over-rated? by KEVIND: 6:42pm On Apr 15
JARUSHUB:
By Uchechi Moses

During the past years, there has been a rise in the entrepreneurial fever – where everyone desires to become one. There is nothing wrong with entrepreneurship as it spurs investment, create jobs and wealth. The top firms in Nigeria and globally were founded by entrepreneurs. However, when one hears/reads statements such as “create a job”, “don’t be a slave”, “a salary received extends your prison term”, “you cannot be rich as an employee”, “you are wasting time enriching another individual”, “your salary is a bribe given to you to forget about your dreams”, “people who receive salaries are slaves” and the one I consider the most ridiculous – “I don’t want to work for someone”. There are many of such thoughts - which are flawed – parading our cyber space about entrepreneurship.

Firstly, entrepreneurship goes beyond “buying and selling or opening of a shop”. It requires developing new ideas, problem solving, tenacity, innovative spirit etc. At most we have more business wo(men) than entrepreneurs in Nigeria. Delving into entrepreneurship requires managerial knowledge, raising of capital, and most importantly, possessing the idea. Yes, you might have the idea, but managing an enterprise goes beyond just having it in your head or on paper.

Secondly, the statement that you cannot be rich as an employee is false. This is because being “rich” is subjective. To Dangote, Mark Zuckerberg is richer than him, to Zuck, Bezos is richer. Our flawed entrepreneurs forget that not everyone desires to be rich. Yes! As odd as it sounds, there are persons who are satisfied with receiving a salary at a stipulated time and don’t want to be rich. They need the environment to realise their dreams (yes, they have dreams too), and become successful. On its own, being successful is relative. For some, it simply means a having a regular 9 – 5 job that offers the comfort of a home, car(s), money to sponsor their kids to good schools and a retirement fund. Living their life ‘one step at a time”. They should not be criticised for this choice – which is their prerogative. Also, not everyone can be rich as it’d be Zimbabwean – economically. It is unnatural. One can live a comfortable life as a salaried employee, yes, you not might be rich as billionaires on Forbes. However, not everyone can. The CEO Accenture Nigeria, Niyi Yusuf, is a salaried employee, but lives a comfortable life by all ramifications. Same can be said about the Kemi Onabanjo of McKinsey & Co. Or are these individuals unsuccessful? There are many, salaried and successful. Their dreams are being realised at where they work.



Furthermore, there is a striking thing about these flawed entrepreneurs’ thoughts. This is because with the way they sing, talk, write and blog about their fellow citizens running towards corporate jobs. One would believe there is a country where entrepreneurs are more than employees. There is no country where entrepreneurs outnumber employees. Think about it. Is there any country where we have more “job creators” than “job seekers”? No. In developed societies, people discuss more about gaining employment than becoming entrepreneurs. You see data of employment figures being released monthly, quarterly, biannual or annually. Countries nay politicians are proud when the unemployment rate drops. Also, renowned MBA programs have the rates of being employed after graduation as one of their selling points. Yes, MBA students are taught modules of entrepreneurship by top class professors and invited to symposiums on entrepreneurship. Yet, the vast majority of MBA grads get back into paid employment than entrepreneurship. Which reiterates my point about no place, globally, are there more entrepreneurs than employees. Yes, entrepreneurship creates jobs, but not the way it is talked about in Nigeria. As if people won’t eventually manage the enterprise.

Fresh graduates in Nigeria are being told to “create jobs’ immediately they leave school. Is there anything wrong with this statement? No, emphatically. However, when that becomes the only line being drummed into their ears, it becomes a problem. Inasmuch as there are folks who desire being entrepreneurs, there is a sub-set that will delve into it (entrepreneurship) after working with a firm/individual for a period of time. Not graduating today, and becoming an entrepreneur tomorrow. Just like that? And you expect everyone to jump into it? This is because everyone is the same, right? Check out the statistics of top entrepreneurs in Nigeria, we have more successful entrepreneurs who worked for a while in different firms and positions before creating their enterprise. And you know one fascinating thing about these entrepreneurs? They did and do not denigrate paid employment. Neither did they vow never to work for someone. Why denigrate something you will have in your firm? Or are you aspiring to employ slaves? It shows the difference between flawed and authentic entrepreneurial thoughts.

On the other hand, this writer has managed his family hospitality business, and I witnessed how it is to run one in Nigeria. The attempts by employees to pilfer to clients not understanding why prices are increased to fuel prices being increased arbitrarily to generator maintenance. Sometimes you begin to wonder, why not just work, and earn money steadily? Why stress yourself? With the experience gained, I find it difficult to start an enterprise in Nigeria. No doubt, the benefits are there – a huge market. However, it gives me sleepless nights. A factor our flawed entrepreneurs don’t understand is the country they are in. Nigeria is one of the difficult places to run a business globally. From employees versed in pilfering to highly punitive taxes to poor infrastructure (especially the Internet), and most obvious - non availability of electricity (2 – 5 hours daily supply of electricity is not electricity to me).

Entrepreneurship goes beyond “not being a slave”. Folks recommend entrepreneurship as the quick pill to our high unemployment rate. However, I posit that availability of 24/7 electricity will reduce unemployment to its barest minimum. Then again, even in countries with constant electricity, there is still unemployment – which is not unique to Nigeria.

Finally, peoples’ decisions should not be distorted by mere trite songs about entrepreneurship. Question is: If everyone decides to own a business, who will work in these firms? Slaves? If you desire to be an entrepreneur, fine and good. It is commendable. Whether you desire to be self-employed or being in paid employment is totally your prerogative. Do not denigrate others’ duties because they don’t fall in line with yours. People should be given the support to pursue their dreams as long as they don’t commit a crime. We are different and this makes us unique.

http://www.jarushub.com/is-entrepreneurship-overrated/


The best write up I've read in recent times. Honestly, Entrepreneurship is a term misapplied in Nigeria by those in positions of authority and the government to shift the blame of their inability to provide jobs for her citizens especially for young graduates and create the enabling environment for business to strive.
They make it seems as if the principle of social contract is not binding on them.

17 Likes 1 Share

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