There is this feeling of satisfaction that comes with creating your own business. Aside the profit that comes with it if such venture is well managed, it gives such entrepreneurs freedom to plan their daily routine and decide which future they wants for themselves.
Entrepreneurship is the quality of being an entrepreneur. It is the art or science of innovation and risk-taking for profit in business. It is a series of events through which an entrepreneur is always on the lookout for new opportunities and ideas that he/she can carve into gainful ventures while braving the risks and uncertainties involved in such.
Arguably, small businesses make up a large chunk of the private industry in Nigeria and contribute to more than 50 per cent of employment in the country.
An entrepreneur and business management expert, Dr Timi Olubiyi says, the number of small businesses keeps growing in the formal and informal sectors of the Nigerian economy, due to the role of small businesses as the live-wire of any economy and the backbone of major developed economies the world over.
According to him, though Nigeria relies majorly on oil revenue, from context observation, the economy is largely supported by small businesses covering almost all spheres of activities within the country, ranging from Nano, kiosk to micro businesses.
“A visible reference usually includes the vulcanizers, corner shop owners, single retail marketers, repairers, painters, business center operators, restaurants, market women, and men in the various open markets, among others; as well as the formal operations such as the law firms, accounting firms, consulting firms, fintechs, and real estate companies, and so on, in the country,” he says.
Olubiyi stated that without doubts, this form of business is easy to establish and enjoys little to no serious regulatory requirements, unlike large enterprises, “in fact, it can require less than N50,000 initial capital to operate.”
Advantages of Becoming An Entrepreneur
Making the decision to become an entrepreneur is never easy. When you eventually do, there are so many things you will gain.
Rewarding career:
For most successful entrepreneurs, it is all about the mindset and paving their own way, navigating out of a corporate world that does not always align with their values.
Work-life autonomy:
Work-life balance and having the ability to set your own boundaries cannot be overstated as an essential part of working for yourself.
Leadership experience:
The entrepreneurial process involves a lot of entrepreneurial growth. The leadership lessons you learn from running your own business stay with you forever, helpfully extending into multiple facets of your life.
Flexible schedule:
Setting your own schedule enables you to burst out of the traditional trappings of 7am to 5pm job routine so that you can accommodate your personal life, family, needs of your clients, and even your mental health.
