ENTREPRENEURSHIP AND ITS RELEVANCE IN NIGERIA AND IN GLOBAL COUNTRIES
and in exchange satisfies his financial yearning which is the chief objective among other desires. Entrepreneurship is an inevitable and indispensable factor in bringing durable revolution in the economic system of any nation. It is the key pilot of the economy that it must take precedence and assume a dominant position to hamper economic recession which is a chronic disease that invades lives and properties.
In addition, entrepreneurship solves a broad spectrum of a society`s problems because it radically transmutes dreams into profitable fruition, fortifies the economy and accelerates vital researches thereby creating room for modernization, a pertinent agent of transformation. It is a factor of production and a microeconomic act whereby an individual undertakes innovation with financial resources and business to produce goods and services. It is also the willingness and ability to accept responsibility of a conception, organization and management of a productive enterprise with all the futuristic and prevalent risks while seeking profit as a reward. Therefore, an entrepreneur is a venturesome and undaunted individual who does not subjugate himself/herself to indolence and timidity and doesn`t confine to thralldom instead he develops an enthusiasm, capability and willingness to resolutely pursue opportunities. Entrepreneurs are like engine oil that lubricate the nation`s economy because they discover pragmatic approaches in confronting prevailing and impending plights which put the society`s total welfare in doubt of thriving. They possess anti-routine lifestyle and have innate and stanch mind to put their occupation and financial access an the line and take risks in the name of an idea, spending priceless time and huge capital on an unguaranteed venture.
For better comprehension of entrepreneurship, the following are the hallmarks/characteristics of an entrepreneur:-
Inclination to exercise their initiative power and innovative skills
Capable to turn ideas into visible commodities
Access opportunities where others cannot
Makes profit from inventing things
With these irrefutable qualities of an entrepreneur, it is conventional to say that entrepreneurship is an inexorable and paramount tool in wrestling poverty and misery. Frankly, a nation without a reliable and capable entrepreneurs only negotiates for economic meltdown and increase in poverty level. Entrepreneurship is like a pesticide that prevents the attack of cankerworms, locusts, weevils, etc. from blighting the economic growth thereby weeding penury at the greatest level. It makes a society to stay abreast to the fast pace of technological advancements, guarantees it the opportunity to conform to the whims and caprices of modernization, confers a crown of independence on the society, promotes money-spinning researches and makes the society to be in tune with globalization thus alleviating wanton poverty.
More so, to prove beyond reasonable doubt how entrepreneurship serves as an adroit tool for poverty assuagement, it needful to articulately explain the relevance of entrepreneurship and they include the following:-
Creation of huge employment opportunity:- Entrepreneurship helps to satisfy people`s hunger for job opportunities by making them employ their creative and initiative advantages in providing jobs for themselves and to the unemployed populace in the society thereby reducing the tendency of over-dependence on white-collar jobs and necessitating the reduction of poverty.
Creation and distribution of wealth:- It provides a fountain of wealth and ensures that it is squarely distributed. This is accomplished when an entrepreneur exploits raw materials and mines natural resources and expertly convert them into valuable products which yield financial gains hence increasing the nation`s funds and lessening poverty.
Promotion of capital formation:- It transforms the industries and builds the economy by dint of sensitizing and mobilizing the public to idly engage in savings hence promoting affluence and adding value to the economic system and irresistibly crushing poverty to an infinitesimal level.
Fosters equity in regional development:- It forestalls unequal treatment by encouraging an egalitarian system of government where growth and development penetrate to every nook and cranny of the society ensuring that Tom, Dick and Harry enormously enjoy its dividends.
Increases gross domestic product and per capita income:- When entrepreneurs discover opportunities which are changed into a beneficial business, it speeds up the creation of markets which help to boom the gross domestic product and per capita income and these are sure indices of combating poverty.
Decreases concentration on the economy:- It facilitates in shifting the parasitic focus of the citizens away from the economy. This is achieved when the citizens ascend to the throne of entrepreneurship which assists them to effectively confront issues instead of pestering the economic authority with its solutions. This boosts the peoples esteem and relevance, prevents the dwindling of the economy and authentically regulate poverty.
Improves the living standard:- Entrepreneurship adds beauty and promotes the quality of people`s lives because they receive their demands with ease and to their gratification. This causes health promotion, disease prevention and to crown it all, increases the life span of citizens and poverty is put in check.
Increases exportation power:- When raw materials are processed into useful goods and services that are in leaps and bounds and are treasurable to meet the yearnings of other nations, it fuels the flames of its exportation thereby generating revenue, promoting friendliness and mutual interaction and poverty is minimized drastically.
Builds social amenities:- Entrepreneurship serves as a barrier to infrastructural decay because in the process of converting raw resources into usable forms, infrastructural facilities like electricity, good roads, etc. cannot be cramped rather they will wax strong, then reducing financial restrictions, etc.
Yields gainful research:- Through entrepreneurship, profitable researches and new discoveries are made and these bring tremendous innovations, fans modernization, fuel technological growth and give room for civilization which upgrade the economy and automatically heal the wounds poverty has caused in the fabrics of people`s lives.
Encourages free market system:- When government`s policy creates a conducive atmosphere suitable to breed entrepreneurship, it spurs capitalism and enthrone competitive system of market where customers determine the costs of commodities. This prevents exorbitant prices of goods and services, improves the taste of goods and authentically decreases poverty.
Reduces crime rate:- When the minds of the citizens are engaged in the entrepreneurial activities which give satisfaction and money, they will have little or no time to think about indulging in social vices. Hence, entrepreneurship invariably solves the poverty of idleness of the mind by sharpening its creative skills.
Attracts foreign investments:- It creates an environment hospitable andsalubrious for exogenous citizens to invest their wealth. With these foreign investments, more discoveries are dug and fresh springs of development sprout thereby campaigning for the abdication poverty from the throne.
Facilitates overall transformation:- Entrepreneurship has a magnetic effect because it attracts series and chains of developments that do not antagonize its existence. So, entrepreneurs act as catalysts for rapid transformation. This denotes that the manifestation of entrepreneurship cannot help but bring all-round change which only does not lead to poverty alleviation but possibly its termination.
These validated and vindicated points above unquestionably show how entrepreneurship is an ineluctable and pivotal framework for poverty alleviation. Indeed, it is a pillar that holds the technological weights and sustains the stability of the economy. Therefore, it is crucially significant that if a nation must attain a super important milestone, the spirit of entrepreneurial mindset needs to be revitalized and made to occupy a leading position in the community of other societal plans and implementations by taking it beyond the theoretical standpoint which is skeletal and extricate compared to what entrepreneurship entails. Without disapproval, this is a clarion call for government to take proactive and fruitful measures in adopting and executing policies thatfavour entrepreneurship because it is a prudent and competent tool for bringing chain transformation and is cardinal for the socio-economic development of any nation or society and a secret of saying adieu to poverty.