The 20th century is practically the most eventful of our time, characterised by globalisation, decolonisation and nationalism. It saw to the birth of intergovernmental organisations and ofcourse the proliferation of non-governmental organisations. It also witnessed a high increase in the standards of living, with unprecedented advances in science and technology. The industry that drove these themes are the regular 9-5 jobs, with young individuals produced by the best institutions around the world. A high paying job was every young man/ woman’s dream. The 21st century however has seen to the rise of a global economy, consumerism and an exponential growth of private enterprise. Notably, developing countries make up 97% of the world’s growth, and industrialisation is causing for the rapid growth of BRICS economies. This theme has made white collar jobs lose their enigma, and purpose and are fast becoming extinct and far between. The industry has become saturated and jobs have become far from being readily available. Innovation and technology along with cost cutting endeavors have also created the work from home scenario too, where most of these jobs can be performed from home.
In the 21st century, entrepreneurship has taken over and is driving the world economy, accounting for 97% of the world’s growth rate. It is defined as the creation or extraction of economic value in ways that entail more risk than traditional businesses, but brings in more values than economic ones. An entrepreneur is an innovator and a source of new ideas, goods, services and business procedures. To say the entrepreneurial market is huge is under-estimating its size, viability and productivity. It drives nation’s GDPs and provides employment for well over 70% of the population of any developed or developing country. The BRICS economies are riding on the success and profitability of entrepreneurial businesses around the world, challenging the US-dollar hegemony. In economics generally, the term entrepreneur is used for an entity that has the ability to translate inventions or technologies into products and services. Entrepreneurship covers all activities performed by new businesses that grow to become established ones, as well as the activities of established businesses. Entrepreneurship harnesses skills and sometimes innate gifts for the optimal productivity of its industry.
Professor Isa Ali Ibrahim Pantami, Nigeria’s former minister of communication and digital economy, published a book titled, ‘Skills Rather Than Just Degrees’, emphasising the growing importance of digital skills in the modern economy and encourages individuals to move beyond relying solely on academic degrees. He argues skills are now more valuable than ever, and individuals need to adapt to the changing job market. He provided insights in his book on how the application of digital skills can solve real world problems, including unemployment and under-employment. One can see how young tech startups, tech hubs and variations of digital skills have over the years, grown into established businesses that are making life easier for regular people. Today we have so many digital banks running our banking businesses with many angling for regular commercial banking licenses. When Professor Pantami wrote his book, he came under a lot of putride comments. But the truth and the reality expressed in his book is beyond attacks and rhetorics. The southern part of the country has long embraced his proposition and has been the better for it for decades now. This is what is available the world over.
Similarly, Governor of Katsina state, Dr. Dikko Radda, is under siege for also preaching entrepreneurship in his state. He has been urging the youths to take advantage of the entrepreneurship opportunities that abound in the northern economy. To this end, he set up KASEDA, which is the Katsina State Enterprises Development Agency, under the leadership of Hajiya Aisha Aminu Malumfashi. With this agency, Dr. Radda launched a N5 billion MSME, micro, small and medium enterprises growth fund, and Dikko Business Development Service, Dikko BDS, to enhance the economic landscape of the state by empowering the youths especially. Already, 10 MSMEs in each of the 34 local governments have been identified for funding and development. The N5 billion fund is in partnership with SMEDAN, Small and Medium Enterprises Development Agency of Nigeria. Some enterprises have been able to attract between N200,000 to N2 million to either setup or boost their businesses. Radda is tasking youths in his state to wake up to the reality of the paucity of 9-5 jobs. Having been the DG of SMEDAN, he can tell you more than anyone, the viability, profitability and accessibility of entrepreneurship. His sermons are not from a place of hate but from a place of love. The commitment of so much resources and the setting up of a structure in his state that will cater for the development of small and medium businesses shows the passion he has for youth development. But when he made a simple down to earth example with ‘maishayi’, there have been so many puerile comments towards it. Meanwhile: Textiles, shoes, food, bakery, event management, music, films, clothings, tailoring, wholesale and retail of goods and services, farming, animal husbandry, travelling services, security services, cleaning services, fumigation, pharmaceuticals (the entire value chain), transportation, imports and exports, car businesses, building industry value chain, IT and other online businesses etc are part of an endless list of entrepreneurship possibilities the youths can find industry in. All these are better than vandalising slabs and harvesting their iron rods for N1000. They are far better than begging, joining banditry and other similar societal ills.
This phenomenon is not just limited to Katsina state. The federal government employs just 1.5 million out of a population of 200 million. What do the others do? Entrepreneurship! That is why Dangote is the largest employer of labour in the country. He started with an entrepreneurship that has grown into a conglomerate. Most states do not employ up to 0.01% of their population directly under the civil service. Notwithstanding states are drowning in wages and salaries costs, with many struggling to pay the new minimum wage. The vacancies are not there, and the salaries earned do not sustain the workers and their growing families. A lot of them are redundant at work with little or nothing to do. Even those employed do businesses here and there. Therefore, entrepreneurship is key. The global economy thrives on it. Those in businesses are quietly earning a living and making it without noise. It is foolhardy to think everyone can be employed. The reality does not accommodate this perception. Determined and productive youths are involved in one business or the other. Our Dangotes, BUAs, AA Ranos, Mangals, Azmans, Sahads, etc all started out small. Ambition and true grit has driven them thus far. On the global scene we have the Zuckerbergs, Elons, Warren Buffetts, Bill Gates etc. All these started as small enterprises and became global phenomena. A degree is a source of good formal education but not a guaranteed source of employment. Most degrees earned are fast losing their marketability. Those days where a degree is a guarantee for employment are long gone. The new world order is entrepreneurship, where growth and development starts from small and medium businesses, to accomplished and global brands.
