Wikipedia defines entrepreneurship as ‘the process of designing, launching and running a new business, which is often initially a small business.’ I prefer to refer to entrepreneurship as the act of turning a resource or idea into money making venture up to profitable level. A person engaged in such a practice is referred to as an entrepreneur. 

In the pre-colonial era, there appeared to be little or no information on the need to engage in entrepreneurship in Nigeria. The government did not see any economic need to stimulate entrepreneurship. There were the groundnut pyramids of the North, Cocoa of the West and palm oil of the East that sufficiently lubricated the economy of the country. The agrarian era paved way to the era of “oil boom” during which the country became more comfortable financially. In 1973, the then Head of State, Gen. Yakubu Gowon is said to have pronounced that “money was not a problem but how to spend it”.  

The feeling that all was well with the country was short lived as unemployment began to rise amidst the inability of the government to foot essential and social needs. Unemployment, retrenchment, social vices, political instability, high cost of running public enterprises etc. compelled government to realize the need for entrepreneurship and declared that government alone cannot provide jobs for all, so Nigerians should learn to be self-reliant, becoming job creators rather than job seekers. 

Today many Nigerians are self employed owning businesses generated through creative ideas, which is the hallmark of entrepreneurship. Government through its agencies such as, Bank of Industries (BOI), NEXIM Bank and other commercial banks is assisting entrepreneurs.

The modern concept of entrepreneurship is about initiating social change, creating an innovative product or presenting life changing solutions. It is about what people do to take their careers and dreams into their hands and lead it in the direction of their choice.

STARTING A BUSINESS

Before one thinks of starting a business, he/she must consider the following:

1. Source of funding:  You need to source for money to start your business. Such sources may be from friends, family members, personal savings, equipment loans and leasing (can be in the form of hire purchase through payment on pro-rata basis), loan from financial institutions such as commercial banks, microfinance banks. Traditional sources of finance may include “Bam, Adashi, Ma-Ruwa etc.
2. Get a good business idea: This involves seeking for problems in the society you want to solve and how you want to go about it bearing in mind people are looking for ways to make life easy for them. Such solutions must make life easier for your potential customers.
3. Develop a business plan (road map of the business): This must be detailed enough to contain your goals, policies and objectives. It also includes how you want your business to operate, office space, storage etc. It means you have to have an idea of how to convey your solution to the final destination of your customers.
4. Acquire the necessary skills. If you don’t personally have the required skills you should acquire it through training or recruiting relevant people. Such skills include; personnel management skills, sales and marketing, leadership skills etc.
5. Name your business: Adopt short names that can be noticed and easily remembered e.g.  Apple, LG, google etc. Adopt names that can widen the scope of the business. 
6. Get a good location: The location itself should be advertorial; it should be one that will market the product (i.e. it should be in the right place). The location should consider the geography, the culture of the people, demand and clientele.
7. Recruit wisely: Start with few relevant skilled and competent staff and increase number only when absolutely necessary. Avoid choking the new start up with friends and family members. Treat your staff well.
8. Manage and monitor your finances strictly: Keep good records (don’t dip into business profits at the first three months but re-invest it. 
9. Research: Research widely on your business. Make use of every knowledge available about the business. The individual who can integrate and use the greatest amount of information in any field soon rises to the top of the field. 
10.  Decide the structure of your business: This could be sole proprietorship, joint partnership and limited liability company etc.

EXPANDING YOUR BUSINESS

Entrepreneurs should learn to grow their businesses to become self sustaining. Don’t start expanding your business if you are not ready or you may end up wasting your resources.

The feeling that all was well with the country was short lived as unemployment began to rise amidst the inability of the government to foot essential and social needs. Unemployment, retrenchment, social vices, political instability, high cost of running public enterprises etc.

THINGS TO DO BEFORE EXPANDING YOUR BUSINESS

1. Simplify Your Business process: This is to facilitate replication for e.g.: Mr. Biggs (a fast food chain) simplify the process of making food by following a set of recipes in all its branches everywhere in the world. This ensures that the food always looks and tastes the same across many its stores. It ensures that Mr. Biggs does not rely on the expertise of any Chef. Their accounting and marketing systems are the same ensuring ease of training in a new franchise.
2. Learn to Delegate: Your business should be able to run efficiently even in your absence. You should develop operational and monitoring templates to assist you in running the business. Subordinate staff should be well trained to take over when need arises.
3. Stay Focused on your Product: Focus on the key strength of your business. Eliminate unprofitable product lines.
4. Know How to Run Your Business Well: Have a good business mind, good management skills that lead to a successful business. Knowing your profession is different from knowing how to run your business.
5. Brand: Branding highlights emotional attachments that customers may have to your products as opposed to any other. This translates into sustainable growth.