My son is now an ‘entrepreneur’

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Today, there is so much noise and misunderstanding about whom and what makes an entrepreneur. To some, it can be anybody ranging from artisan, students, business operators, etc while others see an entrepreneur as any one that has been rejected in the labor market that is anyone without a white collar job

 

When the word, entrepreneur is mentioned, people often build myths around it. According to Kuratko and Hodgetts, some of these myths include

  1. A doer, not a thinker
  2. Born, not made
  3. An academic and social misfit
  4. An inventor

 

Who is an entrepreneur­?

Adams Smith in his book, Wealth of Nations 1776, gave a compelling definition of who an entrepreneur is. He aptly describes an entrepreneur as an individual who undertakes the formation of an organization for commercial purpose. He reacts to economic change, thereby becoming the agent of economic change who transforms demand into supply.

 

Also, Jean Baptiste Say in his book, ‘A TREATISE ON POLITICAL ECONOMY’, avers that the entrepreneur is one who possesses certain arts and skills of creating new economic enterprises, yet has an exceptional insight into society’s needs and fulfilling them. The Encyclopedia of Small Business puts the entrepreneur as one who undertakes to do something even as the word is an anglicized French word.

 

Being an entrepreneur has to do with the foresight for identification of opportunities when they come and a passion for fulfilling that purpose. It would be noted that the entrepreneur  is a never say ever man who embarks on formation of ideas, adding value  to them and taking calculated risks to see these ideas transformed into concrete plans and success.

 

The Entrepreneurial mindset

 

Senora Roy was once quoted as saying; widening our perspective on a situation can reduce the possibility of misunderstanding. In getting to know who an entrepreneur is, there is need to understand or rather have a deep rooted understanding of the remote that controls the mind of an entrepreneur.

 

Joseph Schumpeter, noted that for the entrepreneur, the capabilities of innovating, initiating, introducing new technologies, increasing efficiency and productivity or services, are characteristic qualities of an entrepreneurs.

 

The entrepreneur is motivated, not by lack of job but a desire to fill a societal vacuum. Nwoye 2011, calls some positive drive of the entrepreneur ‘pull effect’. The entrepreneur is bent on exploiting opportunities which he sees as essential to becoming independent.

 

Furthermore, to succeed as an entrepreneur, unlike other business, operators, risk taking, albeit calculated risk, is very pivotal. The entrepreneur sees the opportunities around, and plans towards them by taking risks. He works on the principle of­, ‘cast your bread upon the waters for after many days you will find it again’ as contained in the Holy Bible.

 

Deacon Eghobamien, the owner of Plymouth Bakery, in Benin City, Edo state Nigeria, began his entrepreneurial drive with the ’40 pounds bread’ philosophy. Then, he would wake up early; around 3 am and pedal his bicycle to the nooks and crannies of the ancient kingdom. He knew that people will take tea before going to work and saw himself as being capable of filling such void. He took the risk of waking so early and moving out before sunlight despite the dangers on the road.  Today, his Plymouth Bread is on of the best and biggest in the state. This is a typical example of the entrepreneurial mind; seeing opportunities and taking worthy risks to fulfill it.

 

Kurakto and Hodgetts 2011, said that contrary to believe, entrepreneurs are not acedmic or social misfit. Most people have erroneously believed that anybody who calls himself an entrepreneur, are just those who cannot get a job. But that is not what an entrepreneur is. They are just people who want to add value to their society, create employment, have an internal locus of control, and believe that education is an added impetus to the entrepreneurial mind rather then the contrary.

 

Examples abound of renowned entrepreneurs who in addition to their entrepreneurial skills, and education. Ted Turner is one of such people.

 

Similarly, succeeding as an entrepreneur demands a lot of planning; long term and short term, inclusive. An entrepreneur could be likened to a goldsmith who passes through a lot to purify the gold and other precious materials. If an individual does not have the ability to plan ahead, he cannot make a good entrepreneur; certainly not someone without a job who is only bent on satisfying his ‘tommy’ at the moment.

 

In setting up any entrepreneurial business, the various stages that must be passed before the business is launched, like identification of opportunities, selection of opportunities, planning, sourcing of resources, selecting of legal framework and launching, might not give someone who just wants ends to meet the patience to go through.

 

Conclusion:

Although anyone and anybody can be called an entrepreneur due to society’s jaundiced view on whom and what makes an entrepreneur.

The entrepreneur is never one without a job but one who sees opportunities and plans with calculated risks, to fill such void and help the society. He is an economic agent who plans with a foresight of what is going to happen in the future and as such sees education as pivotal to the actualization of that vision; he is no social misfit nor a jobless individual.

 

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33 Comments

  1. Greg Osas says:

    Well-thought out article, tanks for enlightening me.

  2. Odiwe Jude says:

    This work is an eye opener to the misconceived idea of entrepreneurship. Nice work, brother!

  3. Osemene Success says:

    If you look at this work from the economics view, entrepreneur means manager, not someone who has no job. I stated that in all organisations in the world, be it profit making or non-profit making organisation, a manager is nidful.Thank You Jesus for the life of this young Man!

  4. Acha Nduka says:

    This work is a great one in the school of Economics

  5. sunny says:

    This is a detailed and well thought out write up,I salute your style brother, you shall go places for good, just keep working hard and trusting God.

  6. Chris Johnson says:

    This a wonderful write up, all the best brother.

  7. What a beautiful piece. Weldone Emmanuel

  8. Gideon says:

    Good article, hope to see u win the prize.

  9. Philip Nduka says:

    I advice that whoever reads this should take the lessons. This is inded a well-researched work, thanks and keep it up!

  10. Amaechi says:

    This is an interesting article on the much confused term, entrepreneur. Kudos to the writer, the prize is yours by God’s grace.

  11. Joshcomp says:

    Nice job. Inspiring words

  12. Vinson says:

    You will surely win the prize, by the Grace of God.

  13. Vinson says:

    What more can I say, thank you. Great inspirational work.

  14. Solo frank says:

    You have reveal the secret of a true entrepreneur, thank you

  15. Frank says:

    This is no doubt inspiring,great article

  16. Franca Onwordi says:

    Wonderful write-up for the entrepreneur. I love it!

  17. Ekene Odiwe says:

    This is an awesome piece of work on the much-misunderstood concept called entrepreneurship. It is like the clog covering my understanding of the concept, has been removed. Weldone, great writer, God bless you!

  18. Rita elikwu says:

    A great writer you are, my dear

  19. Rita elikwu says:

    Great job man thanks

  20. Augusta says:

    This piece of art is Inspiring. Good job and Weldone.

  21. Pharm Diego says:

    Thanks for educating me

  22. Pharm Diego says:

    Emmanuel, the gaint of modern letters has left the authentic imprint of a modern entreprenuer across the globe, well done.

  23. Osasobo Winifred says:

    Wow!nice one,This is a guidline for every entrepreneurs and revelant for future purpose.

  24. Pharm Diego says:

    Nice one

  25. FRANK ACHA says:

    This is the best article I have read about entrepreneurship for almost a decade, it is educative and very motivating, I love your work keep it up.

  26. Charles Mordi says:

    Nice work Bro

  27. Charles says:

    Nice work Bro

  28. Solomon says:

    Amazing stuff

  29. Paul says:

    ‘Some see an entrepreneur as any one that has been rejected in the labor market…’ But they end up becoming employers of labour.

  30. aliogo ugochukwu says:

    nice write-up

  31. Asehon Treasure says:

    This is a beautiful piece for every enterpreneur and to- be enterpreneurs. For the latter it will teach you what you are about to go into and for the former it will help you restructure the motives for your business. Weldone

  32. Egobiambu Emmanuel says:

    Thank God I made it to the first stage. I know He will see me through!

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