Entrepreneurship Involves a Quantum Leap in Value Creation – Prof. Pat Utomi

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ENTERPRISE54 – As the entrepreneurship bug spreads across Nigeria, more young people are taking chances, towing the path, and finding success, despite the gruelling challenges in Nigeria’s business environment.

From fashion to technology, hospitality, media and entertainment, some young Nigerians have set up thriving businesses with aim to scale up while others trade in commodities. The impact of these on the country’s performance is been felt. But in a country that has more traders (traditional entrepreneurial practice) than modern day entrepreneurs, how much value can this dynamic add to Nigeria’s economy?

According to renowned Professor of International Political Economy and Mara Mentor Pat Utomi, entrepreneurship involves a quantum leap in value creation. It is thus important for the micro economic activities of traders to be aligned with greater macroeconomic policies and growth strategies.

Prof Utomi implied that entrepreneurs should perhaps incorporate traders into their value chain, as it would be detrimental to the economy if traders continue to flood the Nigerian market with commodities imported from industrialised climes. This thought is also in line with calls for support for local production and small scale industries.

Speaking on the Mara Mentor Talk Show recently, he said although traders contribute to the growth and development of the economy, it is pertinent to distinguish between an entrepreneur, whose value creation has a direct impact on job creation and economic development, and a trader who is just an agent in a value chain, albeit equally important.

“Everybody has it in him/her to create value,” he said, adding that although there are a lot of entrepreneurial opportunities in Nigeria, it is thus the ability to create remarkable value that bridges the dissatisfaction gap and supports economic development.

Prof Utomi said it is important to embrace “deferred gratification as opposed to instant gratification” in their quest to build sustainable businesses, which would have a lasting impact on the country’s economic growth and development.

He also urged young Nigerians to get involved with mentorship programs to work with mentors, whom he said “are not necessarily demi-gods, but could be peers, subordinates, or anyone that can point you in the right direction.”

 

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Douglas Imaralu is a writer and international relations and diplomacy scholar, with significant experience in online journalism and content production. He was the former Online Editor at Ventures Africa and current Communications Manager at Mara Mentor, an initiative of Mara Foundation

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