The idea of a traditional 9 to 5 is seemingly losing its appeal as more people are yearning for freedom to do what they want and when they want. This pursuit of happiness is leading many people along the path of entrepreneurship.
However, because ‘Entrepreneurship’ as a term encompasses many different personalities, businesses and viewpoints; there are quite a few misconceptions about what exactly it entails. So in this article, I will be highlighting and addressing six common misconceptions about entrepreneurship:
1). Entrepreneurs are born that way
One of the biggest misconceptions is that entrepreneurs are “born that way”, usually referring to certain skills they have or the innate need to start a company.
It is true that some people are born with traits that aid their entrepreneurship exploits like being good at public speaking or having a natural inclination for planning but in reality, these natural traits still need to be practiced and it’s possible to acquire the necessary skills to become a successful entrepreneur regardless of what you are born with.
Moreover, the deep-seated psychological need to build a business which people think entrepreneurs are born with, doesn’t necessarily arrive at birth. This drive could easily arise due to a developed passion or circumstances people face in their lives.
Entrepreneurs are not born, they are honed and groomed through determination and diligent work (whether that ‘work’ was initially intended for entrepreneurship or not). Great entrepreneurs are made through nurture, not through nature.
2). All you need is a Great Idea to be successful
Yes, a great idea is usually the foundation of a profitable and sustainable business. But, understand, even the best ideas can end up failing if they aren’t properly supported.
Great ideas are fantastic but execution is by far more important. Quite fascinating, mediocre ideas are profitable if executed properly. Please note that there are no million naira ideas, just million naira executions.
3). Entrepreneurship is an easy way to get rich
This usually goes hand in hand with the misconception that all you need is a great idea. Entrepreneurship can be seen as a wealth-building process, if the variables involved line up to aid success.
However, the money that stands to be made cannot be made the focus or seen as ‘easy’ because it usually takes a lot of dedicated time and effort before entrepreneurs reap the fruits of their labour.
Entrepreneurs who are solely driven by profit are a lot more likely to fail and entrepreneurs who do succeed are focused on adding value to the world. They want to make a difference in people’s lives by satisfying one or more of their innate needs.
4). Entrepreneurship means more personal time
It’s true that entrepreneurial success usually gives people the liberty to dictate their own hours and spend more time doing what they want i.e. more personal time. However, what a lot of entrepreneurs would refer to as ‘personal time’ is usually heavily related to their work.
If you listen carefully to entrepreneurs when they talk about themselves and what they do, you’ll realize their concept of ‘who they are’ is tightly intertwined with ‘what they do’. Their work becomes an obsession that they struggle to turn off for ‘personal time’.
Many of the world’s most successful entrepreneurs, artists and athletes have this ‘obsession’ and when countless hours of work stop feeling like hours of work, the distinction between work time and personal time becomes quite blurred.
5). Entrepreneurs are their own Boss
Technically, yes, an entrepreneur is his or her own boss. The problem with this understanding is that many usually misconstrue it to mean entrepreneurs don’t have people to answer to, which is a false notion.
For instance, entrepreneurs have to answer to investors if they get external funding and to some degree. They also have to answer to their employees because they need to be kept happy/satisfied for the sake of the company (this is especially true if the company is experiencing cash-flow problems).
Furthermore, ALL entrepreneurs have to answer to their customers. Customers are the most important asset of any business because the business needs them to stay afloat financially. Customers can be fickle and will continuously assess whether a business is satisfying their needs, it is then up to the entrepreneur to ensure that the customers are provided with the satisfaction they seek.
6). Anyone can be an entrepreneur
Theoretically speaking, yes anybody can pursue entrepreneurship, but quite honestly, not everyone should because not everyone can be a successful entrepreneur.
Becoming an entrepreneur has less to do with what you know or what your experiences are, and everything to do with the willingness to do the work required to succeed, the keyword here is willingness. The narrative that “anyone can be an entrepreneur” is inspirational but sometimes quite harmful due to societal pressure.
Although a lot of people have the skills to be entrepreneurs in their respective fields, a majority of them just aren’t cut out for the tedious and somewhat risky journey of entrepreneurship and there’s absolutely nothing wrong with that, as long as they apply themselves through other means. It is important to stick to whatever brings the best out of you.
BEWARE: This article was earlier published in 2017 and has purposefully been revamped for public education.
130 farmers to receive seed funding of N100,000 each
The target of the programme is to adopt farmers in 774 LGAs across the country.
The National Information Technology Development Agency has kick-started a job and wealth creation programme where 130 farmers will each receive seed funding of N100,000. The programme will be supervised by the Federal Ministry of Communication and Digital Economy.
According to a statement from the agency, the National Adopted Village for Smart Agriculture (NAVSA) programme is in line with the government’s drive to lift 100 million Nigerians out of poverty, and it will start with 130 farmers in Jigawa state.
In line with President @MBuhari's administration drive to lift 100m Nigerians out of poverty, @NITDANigeria, under the supervision of @FMoCDENigeria kick starts job and wealth creation programme by adopting 130 farmers on National Adopted Village for Smart Agriculture (NAVSA). pic.twitter.com/Z4cWdrlQgs
— NITDA Nigeria (@NITDANigeria) June 29, 2020
The target of the programme is to adopt farmers in 774 LGAs across the country, open the platform to all agriculture ecosystem players with access to information, facilitate and improve productivity, reduce the cost of production, and facilitate access to local and international markets.
With all of this in place, it is expected that the farmers will be able to build sustainable business models and digital business opportunities that will create not less than 6 million well-paying jobs in the next 10 years.
“NAVSA Platform is aimed at digitalising agriculture to drive Digital Economy, as part of President Buhari’s agenda to leverage on technology and innovation to revolutionise the agriculture value chain,” the statement read.
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Among other things, the farmers will be empowered with a digital platform, smart devices (tablets), connectivity for data and calls, Digital agripreneurship skills, and enrolment with telecom operators and the National Identity Management Commission (NIMC) for identification.
All of these will be given to them at the end of the programme, which will last from July 1 to July 13, 2020.
Business owners will now get CAC certificate with TIN
This will also allow them to easily request loans and credit facilities from financial institutions.
As part of the Ease Of Doing Business Initiative, the Corporate Affairs Commission (CAC) will now work with the Federal Inland Revenue Service (FIRS) to issue Tax Identification Numbers (TIN) along with the Certificate of Incorporation.
This will save companies and small business owners the troubles of applying separately to the FIRS for their Tax Identification Numbers.
This was contained in a statement signed by the Corporate Affairs Commission (CAC) on Monday, June 29, and seen by Nairametrics.
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The statement reads in part “Certificates of Incorporation of companies registered under part A of the CAMA will henceforth carry Tax Identification Numbers (TIN) issued by the FIRS”.
With this development, companies and business owners can now proceed to open a corporate account upon receiving their Certificate of Incorporation, rather than waiting another week or more for the issuance of Tax Identification Numbers.
This also allows them to easily request loans and credit facilities from financial institutions and dispenses the need to visit the FIRS office.
For the revenue collection agency, the development is set to improve the accuracy of its database of registered businesses operating in the country and can aid it to widen its revenue net.
How FG plans to support Women-owned MSMEs to recover from the pandemic
The impact of the on pandemic micro, small and medium enterprises has been quite massive.
The Federal Government of Nigeria is set to roll out palliatives to assist women-owned medium and small businesses (MSME’s) recover from the impact of the pandemic.
This was disclosed by the Minister of Women Affairs, Mrs Pauline Tallen, in Abuja during the virtual E-launch of the National Survey on the impact of COVID-19 on women-owned businesses in Nigeria, monitored by NAN.
According to Tallen, the survey captured trends and patterns of the losses caused by the pandemic on women-owned businesses, and will now guide the government’s move to revive the affected businesses.
The impact of the pandemic on micro, small and medium enterprises (MSMEs) has been quite massive, and resulted in unforeseen losses for business owners, she noted.
“We are all currently experiencing the effects, which have crippled the supply chain of businesses, with dire consequences on MSMEs, where the majority of women’s owned businesses are situated,” she said.
She noted that the government had commenced the implementation of the findings of the survey, through the ongoing UN Women Assisted Palliative Distribution Project, targeted at poor women in 17 states of the federation.
In addition, the ministry of women affairs is also set to scale-up some projects for women in National Empowerment Fund (NaWEF), Government Empowerment and Enterprise Programme (GEEP) and the Business Development Fund for Women (BUDFOW).
Other areas include the ECOWAS and Access Bank 50 Million Women Speak Platform Project (50MWSPP), the Trust Fund agreement with the United Nations Industrial Development Organization (UNIDO) to implement the HP-LIFE entrepreneurship and job creation project.
Tallen said further that the ministry would also engage with the Nigeria for Women Project (NFWP), and conduct a mapping of state-level interventions on COVID-19.
She also encouraged policymakers, development partners, and donor agencies to adopt the report’s recommendation for the immediate and post COVID-19 responses for women entrepreneurs.
“The Ministry is engaging with States, relevant government institutions, NGOs, business groups, PWDs cooperative societies, elderly cooperative groups, and women-focused groups to achieve this.
“I want to encourage our partners to not only stop here but let us together again look at the possibility of conducting a follow-up survey to track the progress of women entrepreneurs recovery.
The survey was conducted by NACCIMA and SME.NG, and it contained recommendations in retooling policies to address both immediate and post COVID-19 strategies as well as the way forward.