For seven days, a week, I live in a jungle. Not the kind with towering trees and tangled vines, of course my jungle is made up of economic climate and political activities. Instead of monkeys and parrots, the ecosystem burst with aspiring leaders, innovators, entrepreneurs. These animals hoot and caw to each other comparing economic activities with political power. Government do not hesitate to implement economic policies that will favor few high ranking business men to reach the top of the food chain. When I look at this, I can’t help but wonder, how can we change this? The answer lies in the hands of the government of every nation!
Imagine a world where each individual is faced with a profit opportunity. Some individuals will see it, some will not. Of those that see it, seize the opportunity become entrepreneurs. Entrepreneurial opportunities tends to be higher in economic system that are deregulated, where market mechanism operate freely. But government policies and procedures affect the business opportunity and negatively influence an entrepreneurs propensity to enterprise.
For equal opportunities in entrepreneurship and other economic activities, government has to allow individual to make majority of decisions regarding economic activities and transaction to bring about economic growth. Entrepreneurship is the vitality of any economy, developed or developing. This is because entrepreneurs create new business, generating jobs for themselves and those they employ. In many cases, entrepreneurial activities increase technology and production. Small businesses broaden the base of individual participation in society, create jobs, decentralized economic power and give people a stake in the future.
The central ingredient in economic growth of every nation is innovation and this is achieved by entrepreneurial activities because entrepreneurs innovate!
In conclusion, Nigeria today is facing economic challenges because there are less trade and industrial activities and more people are unemployed. All of these problems can be remedied in a free-market economy!