Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire.It has been defined as the “…capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit.” While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of businesses have to close, due to a “…lack of funding, bad business decisions, an economic crisis — or a combination of all of these” or due to lack of market demand. In the 2000s, the definition of “entrepreneurship” has been expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them, whereas others do not,and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth.
Traditionally, an entrepreneur has been defined as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk”.Rather than working as an employee, an entrepreneur runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.”Entrepreneurs tend to be good at perceiving new business opportunities and they often exhibit positive biases in their perception (i.e., a bias towards finding new possibilities and seeing unmet market needs) and a pro-risk-taking attitude that makes them more likely to exploit the opportunity.”Entrepreneurial spirit is characterized by innovation and risk-taking.” While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary sector groups, charitable organizations and government. For example, in the 2000s, the field of social entrepreneurship has been identified, in which entrepreneurs combine business activities with humanitarian, environmental or community goals.
An entrepreneur is typically in control of a commercial undertaking, directing the factors of production–the human, financial and material resources–that are required to exploit a business opportunity. They act as the manager and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which an individual (or team) identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. The exploitation of entrepreneurial opportunities may include actions such as developing a business plan, hiring the human resources, acquiring financial and material resources, providing leadership, and being responsible for the venture’s success or failure. Economist Joseph Schumpeter (1883–1950) stated that the role of the entrepreneur in the economy is “creative destruction”–launching innovations that simultaneously destroy old industries while ushering in new industries and approaches. For Schumpeter, the changes and “dynamic disequilibrium brought on by the innovating entrepreneur … [are] the ‘norm’ of a healthy economy.”
It is commonly believed that entrepreneurs are risk-takers. However, the evidence suggests that they are risk-averse just like you and me. Successful entrepreneurs attempt to minimize their risk exposure whenever appropriate. They do this by carefully assessing the risk/reward relationship of their actions. Risk is assumed only when the opportunity for reward is sufficiently large enough to warrant the risk.
Sense of Limits
At a very early age, from our parents, friends and teachers, we begin developing a sense of limits. These are limits of what we can and cannot do and what we can and cannot accomplish. It is manifest in many ways such as “we’re not good enough, not smart enough, or not capable enough”. The sense of limits is based on emotional and attitudinal rather than logical.
The Trend of Entrepreneurship Development in Nigeria
Services and others
Nigeria as a country has numerous business and investment potentials due to the abundant,vibrant and dynamic human and natural resources it possesses. Tapping these resources require the ability to identify potentially useful and economically viable fields of endeavors.
Nigerians have made their marks in diverse fields such as science, technology, academics,
business and entertainment (Nkechi et.al, 2012).