Entrepreneurship is “at the heart of national advantage on economic development”.
Entrepreneurship stimulates economic growth. In today’s world, a good number of active entrepreneurs are critical to determining good corporate health of a country.
The level of entrepreneurship in an economy depends largely on the phase of its economic development. Todaro and Smith (2006) prominently explained this phase.
At the early stages of economic development, the primary sector (majorly agriculture and mining) controls employment and output and later, the shift to the secondary (which is industrial) sector and finally the tertiary (services) sector which became the largest in the global economy and source of employment. The Global Enterprise Management of storage GEM (2018) highlighted three phases of economics. The factor-driven, efficiency-driven and innovative driven.
The factor driven economics are countries with low levels economic development (AFRICA especially NIGERIA) that rules on the primary sector, that is Agriculture and later extractive industries such as mining, oil and gas emerge and growth commences but the cravings for jobs in those sector leads to oversupply of labour. Opportunities arise as people started self-employment.
Various institutions and infrastructures, micro-economic stability is put in place, which led to the secondary sector the industrialization and the growth of manufacturing and commerce. This is the efficiency driven economics (Asian-tiger) China, Japan, USA) which opened up supply chains and available opportunities for entrepreneurial new venture and small businesses, where there is market efficiency, technological trajectory and trainings. The third is the tertiary sector that is services (general professional), ICT, technology) that accommodates the knowledge based economy. This is the innovation-driven economics, this environment for genuine innovation promotes entrepreneurs search for opportunities to compete with key-players in the economy.
Unlike Africa (especially Nigeria), the Asian continent has recognized entrepreneurship as one of the key driving force of sustained economic development and is accordingly making many efforts to encourage and facilitate entrepreneurial activities. These past three decades have witnessed remarkable entrepreneurship development in China.
Many conditions have created inequality of opportunities and abilities amongst Africa as a whole when it comes to entrepreneurship to foster economic development. The market system as we have in Africa and especially Nigeria does not reward entrepreneurs yet as it should in anyway comparable as it rewards other sectors who haven’t even figured out the value of business in economic growth.
As we strive in the 21st century, Standtall Africa Initiative with her partners see the need to re-envision African entrepreneurs’ premises towards the original notion of economic development that will put Africa on the map of global market, through innovative and enriching entrepreneurship programmes and training.
Click on our programmes under the entrepreneurship to know more about the trainings and other services we offer.