What Is Entrepreneurship – Business Failure In Nigeria
We have discussed and shared ideas on the subject of business failure in Nigeria and the possible methods you could adopt for a business success. We even stressed on the key to succeeding in your business venture and also the opposite which is failing in your business venture which largely depends on some factors which has been listed on several of our business plan articles, a glance on any of the business plan articles will reveal more of these factors you should consider while setting up a business.
However, the purpose of this articles is to expatiate, elaborate as well as outline in a clearer terms some of the factors associated with business failures. Another reason for this article is to assist entrepreneurs by informing them about these factors that causes businesses to fail, their implications and dangers so that it can be prevented when possible, also we are to lay foundation for other articles that will be addressing business failure as it is a complex subject that only an article will not enough to address.
Entrepreneurship Concept
Entrepreneurship also called or known as free enterprise or private enterprise is organising a commercial enterprise that involves financial risk, this simply means there is always an initial investment which will be build a case for any risk available. Other definitions from various experts revolve around the above stated definition.
Some other people that can as well be identified as experts stated that entrepreneurship process is a process of innovating or developing or building/creating new products, or new ways of production or new markets or still adding any new values. Still some other experts defined entrepreneurship as all the ventures that involve financial risk.
The individual who take this financial risk can as well be referred to as the Entrepreneurs who must have the mindset, attitude, desire, commitment and skill set required. These attributes are catalysts for innovating ideas for a business success start up enterprise, expand it locally or internationally. These are what successful entrepreneurs including the famous known entrepreneurs such as Microsoft Wizard Bill Gate, British born and renowned entrepreneurs Sir Richard Charles Nicholas Brandson and Nigeria’s Aliko Dangote, Dr. Mike Adenuga and Mr. Cosmos Maduka to mention a few succeeded in doing.
Definition Of Entrepreneurship
My own definition of the term entrepreneurship comes from the stand point which is that entrepreneurs are normal people with who have desire coupled with an extraordinary mind that see what other individuals in the same environment will never see or will fail to comprehend and another factor working for them is that they have a fearless spirit that propels them to venture into it without minding risk involved.
These days, many entrepreneurs have stepped into business ventures with great vision, ideas, proper attitude, determination, courage, detailed business plans and perseverance necessary to achieve success but later ended up in failures in the said ventures. This is a common occurrence world over especially with small business enterprises that has a small capital start up.
Studies of business growth have been reported that the first five years operation of any business is very critical because most business usually collapse within the period. The reasons for business failure has been identified by many as multi-factorial.