By Luqman Abdr-Raheem
THE prosperity and progress of a nation depends on pace and quality of entrepreneurship. The developed countries of Europe and America have consistently led the world because of their early adoption of entrepreneurship. As Nigerians, we need to think about this phenomenon and take the bull by the horn to unleash our entrepreneurial initiatives.
Entrepreneurship is a dynamic process which involves constantly identifying economic opportunities and acting upon them within a given environment. The outcome of entrepreneurship is developing of identified ideas into goods and services which meet the needs of the society as well as yield profit to the entrepreneurs as the enterprise owners. In other words, entrepreneurship is the willingness by individuals to take risks and develop, organise and manage a business venture in a competitive global marketplace that is constantly evolving. This definition presumes that entrepreneurs are pioneers, innovators, leaders and inventors in the communities where they find themselves.
But, Ahmad and Seymour (2008:5) defined entrepreneurship as the readiness to take risks with new or innovative ideas to generate new products or services.
JOINING THE DEBATES, THE GLOBAL
Entrepreneurship Monitor (GEM) defines entrepreneurship as “any attempt at new business or new venture creation, such as self-employment, a new business organization, or the expansion of an existing business, by an individual, teams of individuals, or established businesses” (Gutterman, 2012:4).
WHAT ARE THE TYPOLOGIES OF ENTREPRENEUSHIP?
Entrepreneurship is like a river, while the entrepreneurship terminologies are like the wells nurtured by the river. An understanding of the various typologies of entrepreneurship gives the readers better understanding of entrepreneurship activities, nature and scope. Entrepreneurship typology refers to the classifications, methods, processes and other terminologies linked with entrepreneurship.
Social Entrepreneurship
Social Entrepreneurship is a form of entrepreneurship with a social purpose commonly found in developed countries where wealthy executives and investors support social wellbeing of the people with the ultimate objective of giving back to the society. Social entrepreneurship is rooted in philanthropy and charity giving. Individuals and corporations that adopt social entrepreneurship mindset are called social entrepreneurs. The social entrepreneurs have empathy for the society; they sacrifice private profits for public concerns and development of their communities. Notable corporations that have adopted the ideals of SE include Fate Foundation Nigeria, Community Foundation Silicon Valley; Bill Gates Foundation, Ford Foundation, Grameen Bank, Grameen Foundation; Ashoka, Google, Emirate Foundation, Kanu Heart Foundation, Project Impact. The core driving philosophy of all these neo-social entrepreneurs is social returns.
Corporate Entrepreneurship
The terms corporate entrepreneurship describes an entrepreneurial approach which emerged as a problem-solving concept adopted by big corporations as sustainable remedy to the slow growth of entrepreneurship in the society. It is seen as a deliberate attempt by individuals or corporations to foster entrepreneurship renewal through the development of new approaches, encouraging innovations with a view to creating new businesses to stimulate growth of the markets and the economy at large. Corporate entrepreneurs like Dangote Group, Ibru and Folawiyo group creates bigger wealth, employment and economic progress faster than individual entrepreneurship.
Globalized Entrepreneurship
Globalized Entrepreneurship refers to a competitive entrepreneurship thinking, which is driven by the influence of globalization or internationalization efforts of multinational corporations. It represents as an innovative philosophy, whose underlining goal is to embed value creation, long-term sustainability, sales of products, promotion of brands and growing of corporate entrepreneurship beyond national borders and boundaries. In other words, it is a business strategy for maintaining competitive advantage over rivals by growing the customer base beyond present territorial boundary. Microsoft Inc., Intel Inc., Google, Facebook, ExxonMobil et cetera have become dominant global entrepreneurs leveraging on the GE ideal.
Technology Entrepreneurship
Technology entrepreneurship is focused on the development and bringing to market radically innovative new products, breakthrough new methods and/or services. Technology entrepreneurship would be successful under two conditions: the proponent must ensure that the new innovative new products and/or technology developed work, and that they high-potential commercial viability/marketability (i.e. can be sold at a profit to those seeking such innovation).
International Entrepreneurship
International entrepreneurship is a distinct form of entrepreneurship driven by forces of globalization which takes products, services, technology, innovation, core values and risk-seeking behaviour across borders, thus breaking barriers and reaping the benefit of international competitive advantage. Specifically, it is a cross disciplinary field combining international business and entrepreneurship with emphasis on innovative, proactive and risk seeking behaviours of entrepreneurs across borders for the purpose of create future goods and services. Multinational corporations and Transnational Corporations such as Shell, Chevron, Exxon-Mobile, Nestle and Cadbury have international entrepreneurship mind-set and attitude.
New entrepreneurship
New entrepreneurship describes a novel entrepreneurial process which leads to the development new ideas or commercially-viable innovation within an existing firm despite unknown and unproven track records of performance from the individual or organisation behind the novel initiative.
Intrapreneurship or Internal Entrepreneurship
Intrapreneurship represents an ingenuity and outstanding initiative introduced by creative employees or employed entrepreneurs into the operations of an organization with a view to produce new product, provide better quality at reduced costs without being requested to do so by higher authorities. Intrapreneurship represents the implementation of innovative systems and practices within an organization, by members of staff for the purpose of improving the economic performance of the organization. Individuals with the mindset and traits to propel changes in hailing organisations are called Intrapreneurs.
The role played by entrepreneurship in the development of western countries as earlier mentioned has made the developing countries to at these nations as reference points. Faced with the hydra-monster poverty and endemic unemployment, Nigerians across the six geo-political zones have begun to realize economic prosperity lies not with lamentation, but taking up self-employment.
Dr. Raimi, L. MNIM,FAAE,FCEnt is the
Project Director, African Association of Entrepreneurs Nigeria (AAEN) Website:
