Entrepreneurship is the ability or capacity, willingness, high derives, or innate ability found in somebody to start, develop. Manage and grow a business to make a profit irrespective of the negative circumstances that surround the business. Based on all the above, mentioned personality traits, that is embedded in an entrepreneur, they always prefer to be self-employed. That is, they like to be as free as air in terms of business by working for themselves only and never to be under anyone. Entrepreneurship is an important aspect of production. An entrepreneur is a person who organizes and operates a business venture to make a profit. He/she assumes much of the risk associated with such a business. Not only this, an entrepreneur excises his or her initiative to start and run a business irrespective of difficulties around the business. He or she usually brings together and coordinates other factors of production such as labor, land, and capital to make sure the business is successful. An entrepreneur is a person of higher initiative. He or she must be creative and endowed with some personality traits. An entrepreneur must possess self-confidence, self-motivation, determination, decision-making, sound health, hard work, dynamic, fully focused on the target, and administrative or managerial strategies.
Importance of Entrepreneurship
Having known who an entrepreneur is previously as someone who is standing on his or her own, we want to consider how useful they are both to the economy and to society as a whole.
- Builders of home industries: For the fact that some people have decided to stand on their own and use some of the raw materials produced by home industries around, it has been a source of encouragement to home industries. For example, those who engaged in quarrying, agricultural, and construction work have been a source of encouragement to the manufacturing and construction industries.
- Employment opportunity: Since an entrepreneur is starting, running, and growing his or her business alone, he or she will surely need the assistance of other people (workers) who will receive wages or salaries. By doing this, such an entrepreneur has helped to create a job for others and bring improvement to the economy of the country as well.
- Research center/consultancy services: As a result of hard work and long years of experience in the business, the majority of entrepreneurs have become a consultant in their field while their companies as well have turned to research centers for people of the same vision. For, example, Zartech at Ibadan in Oyo State grows livestock such as cows, fish, hens, etc. Has been a research center for people of the same vision.
- Economic growth: As a result of the doggedness (saying no to failure) of entrepreneurs in the field of business. They have contributed significantly to the development of our economy. The majority of them refused to quit or fail irrespective of whatever happens. So, our economy is what it is today.
- Creativity: Another reason why entrepreneur is essential is because of their nature of creativity. The majority of them are naturally creative. They have a particular ability, gift, or burning interest in something which they love or enjoy doing. Most times, they develop and build on such background to become a renowned or popular businessman or woman.
- Managerial ability: One of the importance of an entrepreneur is that he or she has the good managerial ability to know what to do, at what time, how, and who to make use of at a particular time in the business. Hence, the whole business would have been a mess if this ability is absent from him.
- Risk-bearing ability: For fact that an entrepreneur made a solid plan and provision against future risk in business, he or she can withstand hard times when it comes. So, the business is indirectly preserved for the populace to enjoy the benefits therein.
- Good human relationship: Entrepreneur always has a good human relationship with their customers. At times, they give after-sales service and entertainment to their customers just to make them comfortable during the period of the transaction.
Names of successful entrepreneurs in Africa and their products
The following are African entrepreneurs and their products.
Alhaji Dangote Aliko Manufacturers, construction, oil, and gas, etc
Mike Adenuga Oil and gas, banking, and telecommunication
Otedola Femi Oil and gas Forte Oil
Orji Uzor Kalu Publishing and shipping
Alhaji Dantata Construction, MRS Oil and Gas
Jimoh Ibrahim Transportation and Insurance
Prince Adedoyin Samuel Pharmaceuticals and manufacturing
Fajemirokun Dele Insurance, food retailing, and technology
Chief Molade Thomas Okoya CFAO Automobies
Adeola Fola Banking (GTB)
Ezenna Tony Oil and gas and pharmaceutical
Chief Ibeto Cletus Trading, Oil and Gas
Umaru Mutallab Banking (First Bank)
Jim Ovia Telecommunication and Banking
Obadeko Manufacturing, oil and gas
Folorunsho Alakija Oil and gas
Chief Ade Ojo Auto Retailing
Ifeanyi Ubah Oil and gas
Chief Eze Arthur Oil and gas
Vincent Amaechi Transportation and hotels
Names of International Successful entrepreneurs and their products
Bill Gate Microsoft Corporation
Jeff Bezos Amazon E-commerce
Andrew Carnegie Steel Industries
Henry Ford Auto mobile company (Ford vehicles)
Stephen Covey Publishing
Albert Esteem Electricity (bulb)
Getty J. P. Petroleum
Evan Spiegel Art and design
Brain Traucy Publishing
Mak Zuckerberg Facebook
Bre Pettis Printing
Mary Kay Cosmetics
An entrepreneur must be able to relate well with their customers so as not to lose them which can affect the company negatively later. A successful entrepreneur must be good at advertising without feeling ashamed. If the advertisement is not thoroughly done, it may hurt how the customers will patronize them. This may in turn affect their profit margin later. Entrepreneurs must not be too rigid in their administrative protocol, rules, and regulations as far as what they are producing is concerned, most especially when customers are complaining or giving them advice on their products. They must learn to adjust to the taste of their customers. Hence, the company may run down later if they are too rigid to rules and regulations guiding the company.