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| Youths and Coping with the Challenges of Entrepreneurship in Nigeria |
 PRINTABLE VERSION |
There is no doubt that youths play a significant role in economic activities in developing countries. From the development scene in these countries, it is obvious that there is still a long way to go. In the Nigerian context, a lot still needs to be put in place to achieve the desired and required growth.
With a population of over 120 million people, Nigeria is the most populated black African nation in the world. Estimates show that youth constitutes over a half of the total population. Despite this pool of active human resources, much has not been achieved in channeling this useful resource to contributing to the expected overall economic development. The unemployment rate is still very high; this is because Nigerian youths go after white-collar jobs, which are hardly available. This trend needs to be given attention to, and reversed if possible.
Some of the problems that serve as a deterrent to youths venturing into the entrepreneurship world in Nigeria include:
Motivation – most youths are not motivated to start and manage businesses because of the supposed harsh environment that affect business growth in Nigeria.
Lack of finances – even when there is little motivation it is usually frustrated by the lack of funds or inability to access start–up capital or seed grants.
Basic management skills – most youths do not have the basic skills to manage small businesses. There are a good number of young Nigerian graduates who desire to own and manage their businesses. In most cases the choice of business is usually different from their area of academic specialization. Since the skills for being a successful entrepreneur differ, youths need to learn more techniques of managing a business in other to achieve set goals.
Infrastructure – the infrastructure that directly or indirectly affect businesses are not adequately provided for in Nigeria. Such amenities include electricity supply, drivable roads, portable water and effective transportation amongst others.
Information – vital information about the availability of raw materials, required technology, effective business management, access to capital and other capacity building initiatives are lacking.
Mentoring/Coaching – recent studies have revealed the importance of having someone more experienced than one, to look up to, in whatever endeavour one is involved in. The outcome of mentoring and coaching programs has been tremendous because it provides the protégée/mentor with the opportunity to share one's problems and challenges with a more experienced person who can guide and offer necessary assistance when needed.
Government Policies – for a budding enterprise to blossom it needs the required habitat to grow. The role of the government in making this come to pass, by consciously formulating and implementing policies that will make this possible, cannot be over emphasized.
Despite the above constraints a lot can still be achieved through:
Vision – it guides the potential entrepreneur and makes him aspire towards greatness. Having a vision is like having a road map: it is a morale booster. It also provides an avenue for self-assessment. Nigerian youths should have both personal and national visions that can guide them on their way to the top.
Self Motivation – a notable motivational speaker once said that, “it is your attitude not your aptitude that determines your altitude". Nigerian youths need to have a positive attitude towards having an alternative means of livelihood other than the white-collar jobs. They should seek to deal with the ‘entrepreneurship-phobia’. If this can be handled, then the race into greatness through entrepreneurship would be a much easier one to run. Most, if not all successful persons that we refer to today, were first self-motivated, and determined to face all odds, before they climbed to the top.
Finance – there is no doubt that capital is one of the crucial factors that affects business. In the Nigerian scenario, both the government and the organized private sector (OPS) should be involved in making funds available to budding and existing entrepreneurs. The contribution from the OPS which is a form of Corporate Social Responsibility (CSR) will go a long way in helping youths achieve more, rather than being idle.
However, in the absence of these forms of support, youths can explore alternative sources of funds like loans from friends and family amongst others. If a business idea is well communicated and people can explicitly see the value derivable from it, it is likely that those sources would assist.
Failure – failing in a particular venture or endeavour does not infer that the person is automatically a failure. Failure is part of growth and youths should view it from a positive perspective. There is no crime in failing. The crime is not learning from the lessons posed by such failures. We can learn from John Maxwell by learning to “fail forward”. Failure would only make youths learn a better way of doing things.
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Writer Profile
'Yemisi
Hello there! I'm Yemisi, a Nigerian female with a passion for developmental initiatives.
I love writing because it's a way of adding value to other people's lives, i.e. sharing. We all are who we are today just because sometime in our lives we had opportunities to read what someone else had written.
I like advocating for the voiceless, especially the less-privileged ones. I love programs that focus on children, teens, youths and women. I also believe that we all can live lives worthy of emulation (by generations yet unborn) if we contribute positively - by putting in our best in whatever we are involved in.
My first degree is in Economics and I also have a Masters in Humanitarian & Refugee Studies. I'm currently in University of Jyväskylä, Finland studying for a Masters in Development and International Cooperation.
I'm interested in issues relating to children, youth and women empowerment, especially in developing countries like Nigeria.
I have authored 3 books titled - "Child Development: Whose Role", "Let's Help Nigeria", and "Charisma and Character".
I am a facilitator, trainer, business advisor/consultant and a motivational speaker. My goal is to contribute to socio-political and economic development through skills transfer, knowledge sharing, networking and policy advocacy.
Thanks to TIG for giving me a unique platform to share with and meet new friends!
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Comments
good vincent adeolu adesida | Nov 8th, 2004
you are a good writer
good chile ezinwanyi nkechinyere | Nov 16th, 2004
your writing is lovely and inspiring.keep it up
Not bad at all Joshua Adedeji Ajayi | Nov 30th, 2004
I appreciate your sense of utmost caring and your undilluted passion for others. Your compassion is greately appauling. Keep it up
u are one greta asset wew need down here classic | Jan 4th, 2008
just wish i could meet you. your article is just good for nation hood and economy growth
u are one greta asset wew need down here classic | Jan 4th, 2008
just wish i could meet you. your article is just good for nation hood and economy growth
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