#Entrepreneurial Learning as a Catalyst For Wealth & Job Creation in Nigeria
It is apparent that learning is gaining acceptance as an integral element of entrepreneurial practice and study. The need to learn continually is presently seen as an aspect crucial to prolonged competitive success. However, Research has revealed that strategic development and change within small and medium size companies chiefly arise from a combination of knowledge and reactions to critical events. This article, builds upon and extends the line of inquiry by re-examining entrepreneurial learning through the lens of entrepreneurship jobs and wealth creation functions.
Data and information used in this article, were obtained from secondary sources and with a huge reference to mr ishola Timothy for bringing this concept to light and being an inspiration for me to write this;
As we all know, the future prosperity of any economy depends to a considerable extent on its success in promoting entrepreneurship and innovation with small firms and, in particular, those recently established, play a critical role in the development and growth of an economy. However, the absence or low levels of key skills like motivation, ability to gather resources, financial management, human resource management, marketing and technical skills, may lead to zero performance, while weakness in a particular element would decrease effectiveness in the overall performance of the venture.
In Nigeria, we all need to come to terms with the fact that entrepreneurial and business skills can be acquired through learning on the job or training just like it is in the developed countries.
One surprising aspect of globalization has been that large multinational corporations have not generated enough jobs to increase or expand development to expected and desired levels. The current context of global development is characterized by widening inequalities observed in many countries: growing youth unemployment, rising vulnerable employment, and the increasing concentration of the poor in middle-income countries and in fragile states, are all exacerbating social exclusion and undermining social cohesion.
Several dynamic forces, such as technological disruption, fluctuating economies or demographical changes, have brought new opportunities and threats for organizations, and transformed societies from all over the world. In order to cope with these shifting forces, governments, public and private organizations and the public are more and more aware of the significance of entrepreneurship. The role of entrepreneurship in the society has become prominent since the end of the last century. Entrepreneurship matters because it is, above all, a human characteristic.
A body of research is emerging that explores how entrepreneurs learn during the creation and management of entrepreneurial ventures. Entrepreneurship involves a learning process, an ability to cope with problems and to learn from those problems. Researchers believed that entrepreneurs can be created by way of training and nurturing. We need to know and make our selves aware that most what we hear about entrepreneurship is all wrong. It’s not magic, it’s not mysterious; and it has nothing to do with genes. It is apparent that learning is gaining acceptance as an integral element of entrepreneurial practice and study. Entrepreneurship is a process of learning, and a theory of entrepreneurship requires a theory of learning. Yet there is no clear understanding about how entrepreneurs learn. Still, it is highly accepted that there is a learning experience from merely establishing a new venture.
So now there is a need for re-focusing research away from emphasis on picking successful entrepreneurs or picking winners, to identifying key issues in the learning and developmental process of entrepreneurship. I have gone through some entrepreneurial processes to be able to say for a fact that critical events (crises, mistakes, and failures) have a transformative effect on learning. Abnormal events draw a higher level of attention, which compel to question taken for granted beliefs, causing adjustment of personal views. such events are a key requirement for attaining high-level learning. These surprises are necessary for unlearning routinized behaviors, in order to adapt to changing circumstances. With that being said the insights provided into the entrepreneurial learning process as a catalyst for wealth and job creations by this article, are expected to provide a significant contribution to understanding both the recognition and exploitation of opportunities.
CONCEPTUAL AND THEORETICAL MINING
Today, there is greater emphasis on learning and the application of what is learned as a primary objective, rather than training, to produce usable knowledge, skills and abilities. This emphasis on learning is appropriate because it reflects these tenets;
- Learning can occur in any setting
- High performing, knowledge-based organizations maintain organizational cultures of continuous learning.
Until very recently the concept of ‘learning’ has not really entered into this field of debate, as training and development were seen as things that happened in organizations whereas learning appeared to be more formal and was linked to education be it school, college or university.
“Training is characterized as an instructor-led, content-based intervention leading to desired changes in behavior”, in all simplicity, training is any activity or course, either formal or informal (e.g on-the-job) which has helped you to acquire the knowledge and skills to do your job effectively and produce even more.
In our various views of wealth creation as an outcome of entrepreneurship; we define entrepreneurship as a context specific social process through which individuals and teams create wealth by bringing together unique packages of resources to exploit marketplace opportunities. However to generate wealth first requires creating value. Entrepreneurs create value by leveraging innovation to exploit new opportunities and to create new product-market domains. More specifically, “value creation” is the act of obtaining rents(widely defined as financial, social, or personal) that exceed the total costs (which may or may not include average rates of return for a particular industry) associated with that acquisition therefore, generating wealth through value creation is entrepreneurship’s central function.
WEALTH & JOB CREATION
I can’t stress this enough economic wealth is neither created by oil and gas molecules in the ground, nor by an auto assembly plant. It isn’t created by tax credits or subsidies. I mean it isn’t even created by economic development programs. wealth starts with one thing and one thing only ; AN IDEA.
Understanding how wealth can be created and sustained requires a framework that shows the complex set of factors influencing the process and it’s outcome. The framework for wealth creation draws upon other frameworks and includes eight types of wealth– physical, financial, natural, human, intellectual, social, cultural, and political capital.
There is no mystery to how jobs and wealth are created. They take place through economic transformation. So it is important for me to make a distinction between economic growth and economic transformation. This is because you and i both know that transformation only occurs when the structure of the economy changes and exports of sophisticated goods increase not simply through higher value or volume of commodity exports. This is not what has happened in the last decade in Nigeria and most of the African countries explaining why rapid growth has not created commensurate jobs.
The history of nations indicates that all countries, including today’s richest, were once poor. African countries like our very own Nigeria however have an opportunity for a breakthrough in job creation for the following reasons;
- The natural resource boom
- favorable demographic dynamics
- rising wages in asia and
- Africa’s re-profiled risk.
These reasons should prompt leaders of developing countries to exercise the critical leadership skill of asking the right questions. How did the once-poor countries like Korea, china, brazil, south east asia emerge from poverty and transformed in 30years? see we need to tell ourselves the truth that through recent research evidence, suggests that in spite of variations between individual country experiences, a regular pattern emerges. To add then, first of all, job creation can only come about as a result of growth, trade and investment. Secondly, there are many ways of creation, whether it is in agriculture, or services. The right kind of education and training are needed; so are labour market policies required.
ENTREPRENEURIAL LEARNING NEEDS
In this age of global economic flux and uncertainty, entrepreneurship is nearly everything; i can say that because i was brought up with that perception and over the course of my lifetime i do know that it is where jobs are created, it is where wealth is created. Entrepreneurship is at the heart of sustainable, organic growth for most developed, as well as transitioning and developing economies.
Five broad areas requiring further exploration
- Learning about oneself – Learning issues include understanding one’s strengths and weaknesses; one’s changing role within the business; personal and family needs and objectives; areas for personal development; personal interests and motivations.
- Learning about the business – including strengths and weaknesses, opportunities and threats; internal business needs; requirements for growth; areas for development; understanding and facilitating one’s staff; future direction.
- Learning about the environment and entrepreneurial networks – learning about how to manage relationships with existing and potential customers.
- Learning about small business management – learning about how to run and control the business effectively.
- Learning about the nature and management of relationships – This regards to both the internal (to the firm) and the external relationships.
Entrepreneurial Learning as an Aspect of Job & Wealth Creation
On the need to answer the question whether learning can be justified as a relevant aspect of job and wealth creation? or to put it this way “why is learning important for job creation and wealth creation?
they are only four ways that appear here that gives an answer to this question these four ways are;
- REFLECTION AND
I do hope by now it is well-established that learning and development is an important catalyst for achieving all development goals. it has been recognized that, within the framework, there is “an interconnectedness of all development goals with key-inter linkages between education, health, poverty reduction, wealth and job creations, where improvement in one area has a positive effect on the other’s”. Indeed, higher levels of more relevant learning and development outcomes are thus both a condition for wealth and job creation.
As more youths and young professionals choose to become wealth and job creators, the challenge for Governments agencies, Human resources development practitioners and professional bodies is to reflect upon the possibility of developing training and/or educational programs that will prepare entrepreneurs specifically young individuals to become wealth and job creators through acceptance of enterprise culture. Yet again, entrepreneurs must recognize that learning accelerates change and that the right learning strategy can help speed time-to-competency and achieve greater business results.