We are fairly aware that Labor is not hiring itself. Goods and services do not self-deliver, factories do not build themselves; innovative ideas do not come by themselves; Money doesn’t invest itself; Profits are not made by yourself and the risk is not taken by yourself. When these activities and behaviors are embedded in a business environment, entrepreneurship takes place
Entrepreneurship is often a rather vague abstraction that is interpreted differently. Entrepreneurship comes from the word “entrepreneur”. What is an entrepreneur? Webster Comprehensive Dictionary defines an entrepreneur as an entrepreneur who is committed to starting and running a business, taking full control and risk. Dr. Ogbeidi defines entrepreneurship as a business that one participates in, starts and runs a business to create wealth and benefit. Entrepreneurship can therefore be understood as the process of taking over and running companies or businesses that take full control and risk in order to make a profit or work for free. It is the organization of productive factors to produce goods or provide services for social welfare or financial reward. This includes planning, organizing, and coordinating activities and resources required to run a business, as well as taking some financial risk. In addition, an entrepreneur assumes responsibility and risk for a business with the expectation of making a profit. The entrepreneur usually decides on the product, acquires the facilities and brings together labor, capital and production materials. When the business is successful, the entrepreneur gets the reward for the profit; If it fails, he or she takes loss.
There has been a misconception that entrepreneurship is geared towards making only profit. This status seems wrong. Some companies were created to make an impact and help society move forward. For example, the Civil Liberty Organization (CLO) and the Center for the Defense of Human Rights (CDHR) are advocacy groups in Nigeria dedicated to combating human rights abuses and serving as a good example for social entrepreneurs. There are also other non-governmental organizations that are mainly concerned with social social services.
Thus, in this regard, an entrepreneur is a person, organization, or government that sets up a business for a purpose that may be for profit or social welfare. For the purposes of this paper, however, I will stick to the popular view of looking at an entrepreneur from a commercial point of view. With all of the above, an entrepreneur can be any person who makes money starting and running a business, especially if it involves financial risks. From an economic point of view, it is this production factor that organizes and coordinates other productive factors in order to produce goods and services at a profit. So an entrepreneur is an entrepreneur, an innovator, investor and manager of a company. Basically, the word entrepreneur has been associated with different meanings over the years. It’s worth noting that an entrepreneur was associated with adventure from the 16th to the 18th centuries. But today, and as mentioned earlier, it is associated with owning or managing businesses.
It must be noted that entrepreneurship has become very important to the development of an economy today, especially because it provides employment opportunities, contributes to gross domestic product (GDP) and creates new investment opportunities, etc. No wonder governments around the world have introduced business development as a cardinal program and also as a means of achieving economic growth and development.
Dr. Oramalugo is the main grading unit of Nigerian Customs at Murtala Muhammed International Airport in Ikeja, Lagos.