AFRICAPITALISM: AN EXPOSITION ON ENTREPRENEURSHIP (3)

AFRICAPITALISM: AN EXPOSITION ON ENTREPRENEURSHIP (3)

© 2018                CHIBU NDUBUISI                     27/10/2018 WEEK 43

Peace be upon you.

As the 2018 TEF forum ends, this piece is the concluding part in three series exposition on Africapitalism, Entrepreneurship & Peace Building.

 WHO IS AN ENTREPRENEUR?

 The word entrepreneurship is derived from the French word “entreprende” meaning to undertake. Whoever is involved in the process of entrepreneurship is an entrepreneur. In the words of Schumpeter (1934)

“An entrepreneur is someone who undertakes the responsibility of making innovation in the economy , that is, either introducing new goods, new methods of production or a distribution, opening and developing new markets, developing a new source of supply of raw materials, carries out a new organization or enterprises of an industry.

HOW ENTREPRENEURS ARE MADE: NURTURE OR NATURE:

Ernst and young world entrepreneur of the year programme in 2011 surveyed 68 entrepreneurs in trying to explain whether nature or nurture brews entrepreneurship. These are the findings of their report. That most entrepreneurs start from an earlier age because there are no entrepreneurship genes. They see opportunity where others see disruption and that culture has strong influence on risk taking and tolerance for failure.(Ernst&yong 2011;7,14). Elumelu (2015) posited that entrepreneurship is a long term journey. Great entrepreneurs are not made over night, all should dare to dream, implement their dream and stay focused.

A good entrepreneur will show his or her personality not when the sun is shining, that is, when the business is moving well, but when it is raining, when in crisis. (Muller T, 2011;20), Gotteid E.. Ross JA (1997) . These traits are not inherent but are learnt in the process of doing.

     UNDERSTANDING NECESSITY AND OPPORTUNITY ENTREPRENEURS

Acs, Z J (2006) classified types of entrepreneurship as necessity entrepreneurs and opportunity entrepreneurs. To him necessity  entrepreneurs is a situation of having  to become an entrepreneur because you have no better option, while opportunity entrepreneur is an active choice to start a new business enterprise based on the perception that an unexploited or under exploited business exist.

My point here is not about necessity or opportunity entrepreneur it is about positive engagement of the population with jobs that contributes to productive living. Since most African economies are still factor driven economies and operate along that line. We must work towards moving to an efficient driven or innovation driven economy.

MODELS OF ENTREPRENEURS

Brackman & Jaffe (2008;145) classified entrepreneurs in three categories

(a). The Classic Entrepreneur: Has the sole aim to keep making more deals and profit in the business without giving back to the society.

(b). The Social Entrepreneur: who intends to make the world a better place with his resources and along the way make profit from such endevours. This is where Africapitalism hinges on creation of social wealth.

(c). The Spiritual Entrepreneur: who earmarks some percentage of his wealth for charity compulsorily and use it in helping those who are in need.

          

UNDERSTANDING THE RISK AND CONSTRAINTS ENTREPRENEURS FACE

Nwachukwu in Onyia (1990:52) highlighted the risk that the entrepreneur is exposed to on a daily basis to include.

·         Family Risk: the entrepreneur risks the smoothness of the day to day running of the family and parental unity of the children.

·         Financial Risk: The entrepreneur risk the hard earned capital which he got through austere savings or through loans

·         Emotional Risk: that is having stressful feeling when the enterprise is going through a trial period.   

                

While Adewumi (2004), list the following as constraints of entrepreneurship

·         Lack of and poor access to credit facilities,

·    Unstable and largely un-conducive macro-economic environment heavily beclouded by uncertainties in the political and policies intervention.

·         Poor infrastructure and lack of basic utilities, water, electricity, telecommunication etc. 

·         Near complete absence of advisory services.

·         Lack of information on markets

·         Lack of focused government policies to promote and drive the patronage of local products by the government and its agencies, business organization and citizens.              

The journey of entrepreneurship is never a rosy one. Africapitalism is a point, when we take ownership and responsibility to help in providing the fuel for the future. It is about how to stand on ones feet through wealth creation and its concomitant vehicle of achieving this is through entrepreneurship.

Africapitalism is about identity politics and socio-economic reawakening of Africans, strong in the moral sense of using its values to strengthen communities and reconnecting to a shared moral code, revitalizing shared responsibilities and sustaining a conversation that ultimately contributes to productive living. 

Peace be with you.