An entrepreneurial economy does not just happen, it is strategically created
Whenever i want to say anything about an entrepreneurial economy, what comes to mind first is a dream i had – this dream is a pointer to the revolution Nigeria seeks.
If you follow this blog, you would have read this dream in an article i published first thing this year. I should share briefly in part a dream I have about my beloved country; Nigeria and Africa.
I have a dream that someday soon Nigeria will arise and live out its true potential – against all odds will find herself to the top and claim her seat with the princes of the world.
I have a dream that someday Nigeria and Africa will prove to the world that there is no such thing as a black brain; through the good use of our common sense.
I have a dream that very soon every Nigerian graduate will not leave school and wait on the government to give them jobs rather graduates will create jobs.
I have a dream today!
I have a dream that someday Nigeria and Africa will produce all that it needs in surplus and will not rely on her brother to help refine the petroleum in her disposal. Instead of consuming everything, we will produce everything.
I have a dream that politics will be put in its place, someday it will not be so lucrative as it is – rather power will be on the streets in the hands of you and I controlling the market forces.
I have a dream that someday every Nigerian will be an entrepreneur irrespective of our various field of discipline or sphere of influence. It is only a doctor who is an entrepreneur that can maintain and sustain adequately an hospital.
To read more about my dream, get the full article; click here
The reality of this dream I have has painted it clear that; all I seek is an entrepreneurial economy.
An entrepreneurial economy is only visible through the combination of the impact of government, industry, and higher institutions of learning. It is not an economy a singular man can build, rather a people.
This kind of economy is contrast to a “managed economy”. In a managed economy, large enterprises are the dominant form of business organization – these organizations are always a reflection of a stable social and economic policies.
An entrepreneurial economy is mostly fueled by globalization, these kind of economy is almost inevitable, it has links between flexibility, turbulence, diversity, novelty, innovation, linkages and clustering on one hand and economic growth on the other hand. This is no more a fairytale; thanks to the Asian Tigers, they have modeled this over the last two decades and we have seen it work.
You want to have a potent economy like China? Entrepreneurship is the bedrock of such an economy. Engaging this process of change is what I call an Economic Revolution – entrepreneurial economy.
The re-emergence of entrepreneurship flood in Europe and North America on the basis of globalization has led to a comparative advantage with increasing economic awareness and activities. The superior performance of areas like California’s Silicon Valley is attributed to high capacity for promoting entrepreneurship.
The challenge before Nigeria and Africa is to cultivate such an economy.
An entrepreneurial economy is unique in many respects, not only by its economic structure and its economic vigorousness, but also by the social vitality and the quality of life which it has to offer. A dynamic economy with extreme competition due to the rapid creation of new firms and the exit of ‘old’ stagnant and declining firms. It is usually populated with rapidly growing firms, gazelles as they are called in the literature of entrepreneurship. Gazelles are important to any economic development.
We need dynamic entrepreneurs to create this economy, entrepreneurs who mange and lead their companies not only to remain in the business but to expand it. They are desperate for growth, they do not stop at having a vision but ensuring it becomes a reality, they think and act globally and always ready to start locally – looking for every form of expansion, they seek professional advice or they work with professionals in their team, they challenge competitors instead of avoiding, and above all share risks in a way that leads to success.
This is what Nigeria and Africa needs!
Are you an entrepreneur? If you are not then you are left behind in the development of Nigeria and Africa
If you are an entrepreneur, do you see a bigger picture of an entrepreneurial economy and the development of a nation in your activities?
We cannot continue to consume and produce nothing and desire an entrepreneurial economy, we cannot fold our hands and expect the government to produce this economy – it is a collective effort. I salute Rwanda for the wonders of Kigali, Lagos is another miracle in Nigeria – showing us what an entrepreneurial economy should look like.
Like I have always said to people; why wait for that future that is not forth coming when you can create it?
Entrepreneurship is the only way.
We need an entrepreneurial economy and it can only be created by you and I.