With the general elections of 2023 nearing, The great Nigerian electoral wind is gathering momentum and is blowing with full force. Both large and small-scale businesses can profit from the campaign, logistics, and other elements that are part of democracy that require the purchase of services and goods. Every election is an ideal time to expand existing companies and new ones to begin and get lots of money moving around. Many may suggest that holding more frequent elections, for instance, bi-annually instead of every four years, is more beneficial economically. It’s an interesting test to make all products and services purchased exclusively from new businesses at each election. Then, whichever politician prevails, create governments to ensure that these businesses endure and flourish beyond an election season.
I agree with the idea that entrepreneurship is the process of creating the business that existed before it. The business must be profitable, boost the wealth of its owners, and have a positive impact on individuals and the entire world. We must first understand the concept behind the business that is new. For something to be considered unique, it must be unique or not exist in its exact form or in the same way before. Entrepreneurship is creating something completely new, whether it’s an item or service, and then selling the new product worth their time to consumers. It typically begins with the idea of a business idea and recognizing an opportunity. They are distinguished by their tenacious attitude, ingenuity, appetite for calculated risk, and discipline. These qualities are especially beneficial because bringing something new into the world requires talent and discipline.
However, the business world is not solely about the founders or their thoughts. The business must be successful and grow, which can only be achieved through revenues. These are just a few essential elements that help businesses to attain their goal because, without food, the company will not succeed or grow. Many researchers in entrepreneurship refer to paying customers or viable markets as the crucial element for business success. I agree with this statement and believe that every business should provide value to their customers and receive some benefit from the offer. But, this isn’t to be misinterpreted as profit-making at customers’ expense. Entrepreneurs and their businesses should be anchored in the belief that they can provide something of intrinsic value and significance and also make a profit.
Furthermore, when a company introduces something that was not there before and then prospers and expands, it eventually creates wealth. This is the essence of entrepreneurship, as demonstrated by most corporations that have been successful globally, whether both old or new. Every successful business is governed by this spirit of entrepreneurship throughout the world.
To become a successful entrepreneur, one has to have a successful company that is innovative in products or services. There hasn’t been a huge amount of research in research into entrepreneurship at the university level in the present time since it’s still a relatively new area of study, and many institutions are still beginning to study the subject in depth.
We generally view entrepreneurialism in the context of small companies. But, recent and significant research has exposed the duality of entrepreneurship around the globe in which the majority of people view it as a Small and Medium Enterprises based business. In contrast, the others look at the issue from an Innovation-Driven entrepreneurial perspective. Small and medium-sized enterprises are usually started by one person and can serve local markets. The owners of SMEs tend to be family-owned and profit greatly from the cash flow generated by the company and the autonomy of their businesses. SMEs’ jobs are not as plentiful, but they can be very quick.
Consequently, they do not require much capital and can transform money into jobs and growth. Examples of this include restaurants, corner stores as well as kiosks. They also include laundries stores, hair salons, and similar.
However, Innovation Driven Enterprises or IDEs are a completely different kind of entrepreneurship that is more risky and ambitious. The aim of IDEs goes not limited to the local or regional market. The IDE businessperson is looking at the global market. They do not care about independence and control, but they’re focused on creating wealth, which allows them to get the massive capital needed to run their business. IDEs are not as aggressive as SMEs, but they are more likely to expand exponentially when they gain momentum. Companies such as Google or Apple provide typical instances that are Innovation Driven enterprises.
The most successful entrepreneurs imagine leading their businesses as global driven by Innovation because of the wealth-creation and profitability potential of entrepreneurship driven by Innovation and its potential to create more jobs and a lasting legacy. So, I believe that entrepreneurship and particularly successful entrepreneurialism is about creating new businesses and those that seek to improve wealth and positively affect people’s lives and ways of living.
I’m mentioning impact because every business must and should be driven by a reason beyond wealth accumulation. It is a “raison d’etre,” which is “the most important reason or purpose for someone or something’s existence.” It is a fact that businesses with a purpose have more stability and are financially successful over the long haul. The COVID-19 crisis brought an explosion of profit-oriented companies focused on the suffering of people and institutions. The public is smashing many of these businesses built solely on profit.
Additionally, when it comes to attracting the long-term, creative people of the future, entrepreneurs need to appeal to our natural need to help others and change the world as people would like to work for businesses that contribute to making the world more sustainable. It is inevitable that there will be a crisis in the world, whether it’s a health-related one, such as is the case with the COVID-19, or a political one as many elections become. If you’re thinking of starting your own business, it is important to consider is the purpose behind the business’s creation.