History of Enterpreneurship in Nigeria

Name: TASIM BELLO TIJJANI

Reg: 10/84347

Dept: ND1 Accountancy "A"

Course: Introduction to entrepreneurship

HISTORY OF ENTERPRENEURSHIP IN NIGERIA

INTRODUCTION

Entrepreneurship is the carrying out of a fresh organization or restructuring an organization, which has already been into existence. It is often a complicated enterprise so consequently numerous enterprises find loads of difficulties in survival. This is an entirely different field involving unique personality traits on the part of the entrepreneur, such as good communication skills, patience, foresightedness, and many more traits, which heads his personality to a brighter side. Entrepreneurship has various forms such as sole trading, partnership, etc. The funding of these firms is now easily done by government agencies, science parks, and NGOs. Entrepreneurship firms are now getting enough funds to establish themselves but earlier it was not so. These firms faced a number of difficulties in establishing themselves. Now let us peep into the history of entrepreneurship and the scenario which was prevalent then to understand it better.

History of Entrepreneurship

Nigerian history of entrepreneurship: Entrepreneurship originated in Nigeria when the production exceeded the consumption levels, which resulted in barter system or double coincidence of wants. This is what made producers realize that if they have surplus, the people will not have to wait for double coincident of wants. Now the exchange of products and services was done freely in the Nigerian market. Lately, total commercialization of the act was done

Hirsch, Peter and Shepherd revealed that first entrepreneur definition took Marco Polo as an example of an upcoming entrepreneur who made the greatest attempt of establishing the trade routes. The strategy he followed was that he made a contract with a good and dependable venture capitalist on a 25% - 75% basis to get his ventures financed.

This was it! From here entrepreneurship got its origin. According to Hirsch, Peter and Shepherd, any person running huge production projects without any kind of threat, but with the aid of economic funds usually, provided by the government was known as an entrepreneur. In other words their work was clerical in nature, as neither did they own the enterprise nor did they finance. The risk factor was attached to the entrepreneurs in the 17th century as the government financed the activities and made it a fixed source of its revenue. The process was like the franchise business, whether the firm goes in profit or loss the fixed percentage of the government was compulsory to pay. In the 17th century itself, it was the well known author and economist Cotillion, who in his theory regarded entrepreneur as