Grow Our Economy –
EXPLORING ENTREPRENEURSHIP CONCEPTS: By Dr. Sunny Oby Maduka.
Welcome back to this corner, where we tend to expose our vibrant and innovative youths to how to create wealth through their innate ingenuities and creative minds.
We are created by God Almighty, and in His infinite benevolence, God has allowed us to utilize His same DNA in His creative nature.
No person is born as a DOT of singularity when creativity is activated. We are all multifaceted individuals, and the difference between creativity and redundancy is all about VISION and BLINDNESS.
Vision is all about seeing the picture of the destination from the process of believing that you are on course, focused, and in the right direction.
It’s all about believing that every vision is the architectural design of our thinking faculties. It’s focusing on the glorious outcome than the challenges on the pathway.
It’s all about POSSIBILITIES in IMPOSSIBILITIES.
No person is born to be a failure because the vast atmospheric spheres can accommodate our peculiarities and our diversity.
BLINDNESS is the ability to remain negative even when you have been shown things that will make humanity a new normal. Blindness is not about the physical sight, but more about a lack of sensitivity and discerning spirit to see issues beyond your comfort zone. Nothing matters to you if it’s not physically touched.
Having read and comprehend the above psychological ideologies of how to navigate through the world of today, let us now ask a question: WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is not an emotional idea, but a well-coordinated approach to engineering a new way of thinking, learning, and doing things.
On the other hand, it could be to update or upgrade a formerly known business program to suit the current situation and expectations.
Today, let us start with three known concepts of business engagements at a startup stage.
1. Entrepreneurship,
2. Intrapreneurship
3. Hybridpreneuship.
1. Entrepreneurship from the concept has to do with the external influence of our innovations or creative attributes. In this vein, we can describe an Entrepreneur as a person who has decided to venture into a business engagement with certain rudimentary ideas of how to manage and organize an enterprise, having a feasibility study of the benefits and risks of such a business enterprise. It means that the promoter must have an idea of what kind of business he or she has to engage in. There are factors to examine, and such factors are mainly external.
You must understand the tax laws, business regulations, culture, community, competitors, financial compliance, suppliers, customers, partnerships, and business impact assessment to the public.
The most common is that an Entrepreneur must be dynamic in a world of uncertainty. A single decision-making process could jeopardize an organization, and hence, every Entrepreneur must consciously have a holistic perspective of the feasibility study of the business venture that is about to be engaged.
Entrepreneurs must, especially, where shared knowledge and information concerning or her business engagement are not as variables disclosed, engage experts or consultants before fund disbursements to the business. I will elaborate on these scenarios when discussing the characteristics or factors that must be diligently considered before jump-starting any business venture in Nigeria. I will try to make the elaboration as clear as possible, because, that will be the foundation of the essence of this column.
Next digest, we will be going deeper into the major characteristics or factors of Entrepreneurship, and then explore other concepts (INTRAPRENEURSHIP AND HYBRIDPRENEUSHIP.
