NIGERIA YOUTHS; THE KEY TO ECONOMIC GROWTH (II)
The components that make up “THE KEY” have been shared in the previous post. This second part seek where the key lies, which is why the sub-topic of the theme in this segment is, ‘THE ENTREPRENEUR’.
In the world today, the population growth is rapid, as discovered and agreed at the UN council in 2012. The 2017 world demographic data also shows not only the population growth rate as it relates to birth, death and migration, but also the population rate as it relates to the labor market, and of course, the unemployed people. In the economics terms, an unemployed person is an able bodied man who involuntarily has no work to do, nor any means of livelihood. The UN council and world leaders have seen unemployment as a challenge that needs to be tackled and cumbered, which perhaps is the ideology behind the youth empowerment, and the youth involvement in politics and government. However, Nigeria needs a system which is different from the usual to be able to properly deal with the problem of unemployment, perhaps not wipe it out entirely but reduce it from its alarming late, since artificial intelligence also increases the unemployment rate. This system which could tentatively be called a solution to the already mentioned problem is ENTREPRENEURSHIP.
Entrepreneurship is derived from the word entrepreneur which has its root words to be French. The word “entrependre” which means to “to undertake” or “to do something”. According to Richard Cantillon, an entrepreneur is someone who undertakes a business venture with no guarantee of profits.
At this juncture, I beg to via this medium share a subjective view on the sub-topic of this work. The economists do not have a general definition of economics, but they do agree that human wants are unlimited whereas the resources are scarce and limited. Therefore, an entrepreneur is one who is able to create utility by putting all the factors of labor which include: land, labor, capital and entrepreneur to good use.
By implication, the economic problem of Nigeria need be solved by entrepreneurs. More often than not, it is the entrepreneurs that bring about the economic growth and development of any nation. The government no doubt has a role to play especially as it relates to business policies, but in a place where the effect of the government’s role is yet to be felt, the young citizens cannot sit waiting for the coming messiah. With all the strength, problems and creative mind box pacing around the nook and cranny of Nigeria, the love and hate of the economic situation should push the mind to work, understand the problem systematically begin to meet the needs of the society. This is specifically why and how the Nigerian youths are the KEY to economic growth
Category of entrepreneurs;
1. The Educated Entrepreneur
2. The Entertaining Entrepreneur
3. The Enterprising Entrepreneur
The Educated Entrepreneur:
The adage “knowledge is power” is a reality every educated person experiences as knowledge is a positive driving force in creating utility. A proper test of education (formal or informal education), is the ability to put to good use what has been stored in the knowledge bank of the mind; only when this has been accomplished has one acquired a skill. This does not suffice the rest of the challenges an entrepreneur encounters, but this is a solution to the major challenges because when one is educated, the mind is enlightened and illuminated and when such mind is filtered and directed to filling needs continually, an educated entrepreneur emerges the society changes and problems grow cold feet in the face of the appropriate solution.
The Entertaining Entrepreneur:
While the entrepreneur needs education, the entrepreneur must find an invaluable attraction and derive pleasure in the desired field, this is why the entrepreneur will be able to master the art of the acquired knowledge or skill, for a guided pleasure is a tool that creates passion. The crux of this idea is that an entrepreneur should not venture into a field of business because the field is favorable to other business owners, it should rather be because the entrepreneur derives pleasure and understands purpose in meeting a particular need, for business automatically begins when needs are being met. The solution to an existing problem may change but the existing problem never changes until the appropriate solution evicts it from the scene.
The Enterprising Entrepreneur:
Invariably, while an entrepreneur needs to be educated in the choice of entertaining field, the entrepreneur must be energetic, ready to be independent and take responsibility of every action and inaction, trying to find and attain purpose with a great zest. Aware of the risk of no profit guarantee explained by Richard Cantillon in his definition of an ‘entrepreneur’; the entrepreneur (NIGERIA YOUTH) should still be able to find solution to problems, thereby adding significant value which will certainly usher in profit. This one quality usually drives an entrepreneur from the place of little or no capital and liability to the place of huge investments and assets.
A lot has to be known about the entrepreneur, but it is important to know that a Passion driven Pursuit leads to Preparation which stumbles on opportunity to create Profit and success which is the end goal of any entrepreneur.