The best way to become an Entrepreneur, create new brands or boost the Entrepreneurial status of a society is to simply look inward. That is your own Skills and Knowledge or Local crafts and ways of Life that are in the mainstream of the society. They should be market-oriented Practices that are usually taken for granted. You should now be asking, "what exactly should that be?" That, you should find out soon!
Economic importance of Entrepreneurs
• Entrepreneurs create jobs through the formation of new businesses, especially small and medium-scale enterprise.
• Facilitate the transfer of technology.
• Harness resources that might otherwise remain dormant.
• Raise productivity through various forms of innovations.
• Reinvigorate large Enterprise and encourage to adjust successfully in a rapidly changing global Economy.
• Encourage and sustain economic dynamism that enables the economy to adjust successfully.
Video: Youth Entrepreneurship Development
Here is a great Business Idea
Tertiary Institutions and Entrepreneurship Challenges in Africa
(1) Lack of teaching Materials - Teaching Materials should be made available. Schools should develop internal solutions to cater for this. That should be in the form of research, practical Workshops that should employ students.
(2) Orientation of Students - Here, the Mind-set is to complete your Education and start searching for Job. Nursing an Ambition on Creating a private Enterprise should also be a part of the learning Process.
(3) Orientation of Tertiary Institution Administrator - Students should be made to know that they can be successful by creating Wealth and gaining fianancial Freedom. The 'Univeristy of Benin' of Nigeria was able to recognise this by introducing a compulsory one semester course on Business Administration.
Here are some great Books to develop Entrepreneurship
Fertile Ground for Entrepreneurs
Ironically, what is known to repel foreign Investors should be important Investment Opportunity. Even Crimes and all the negative Factors associated with places that are categorised as having 'low investment Climate' are a reserve of Wealth Creation.
African Countries like Nigeria and Ghana falls within the Ambit of developing countries with Low Per Capital Income. But you should be able to translate all that is wrong to Money-making Enterprise as should be portrayed in the case of Nigeria.
(a) Vast Oil, Gas and Solid Minerals - The Monetary Returns on Natural Resources can be used to drive Investment in other sectors in the form of Loans to Small Businesses rather than concentrating on building Infrastructures. The present practice of selling Natural endowment and using the proceed to sponsor the Budget of a State is unsustainable.
(b) Fertile Land waiting to be Cultvated - Agriculture is limited to some conventional Crops that are not produced to meet the total Demand. The Cultivation of other Crops should also be initiated with an improvement on popular Crops. Inspite of very high Demand for Water melon in Nigeria, it is at a very low production rate even though the country has one of the best Climate for its Cultivation.
(c) Low Per Capital Income - This presents an opportunity for cheap labour to create a solid foundation for a new Business.
(d) A large and growing Population - Here, the market strength is enormous. With a population of over 150 Million, Nigeria should be Investors' Haven.
(e) Decay Infrastructure, Education, Health, Road and Electricity - Building of Infrastructure should create innovative means that represents small private sector Solutions rather than the Mega multi-billion Naira Contractual Bid we have today.
(f) Crime and Restlessness - Emphasis on Fines for Crimes will enrich the 'Internal Revenue Generation Potential'.
Various Strategies and Methods were employed by the Government to boost the Economy and improve the 'Standard of living' This includes the introduction of 'Structural Adjustment Programme' (SAP) and the introduction of 'National Economics Empowerment and Development' (NEED). But they were not effective.