Two indisputable facts have been established from statistics established over the years. First, only fifty percent of new businesses established for a period survive the first five years of their coming into existence (Small Business Administration – SBA). Second, the major economic driver and agent of job creation in any economy are the small scale business enterprises. For instance, in America, it is well established that a high percentage of the workforce are employed and sustained by the small enterprise (entrepreneur) business owners.
BY TONY OSOKPOR
- The Skill Factor: skills are not static. What is a skill today may turn out very ordinary tomorrow! There is need for not just only having the skill, but continuous improvement on that particular skill-set. The renowned author Dr. Stephen Covey wrote extensively about the skill-set and the mind-set in business, finance and life. When the computer first made its advent into society and business operations, it was somewhat a rarity. Today, computers are a must for every business environment that intends to meet the demands of speed, standard and quality. Then, the advent of the internet and business enhancers came – show me a community or a business establishment that does not require the internet as a platform to enhance their operations if at all, their goal is for global coverage? The skill-set is well understood to be as important as the mind-set for a particular vocation to excel.
- Infrastructure Provision: We are at that point where every stakeholder can see the need for basic infrastructure that is geared at driving economic growth, development and explosion. How are we bridging this infrastructural gap? For Nigeria, it is surely the issue of power provision! Energy to support businesses and homes for sustainable development. This makes all the difference between nations that are considered developed and those described as developing nations, or third world nations. We must strive to get the challenge of adequate power supply right; we must ensure social amenities like good roads, water supply, vocational training centers, skills acquisition centers, training facilities, machinery, office and factory spaces are habitable, and legal issues surrounding property ownership, usage and cost are gotten correctly and moderately priced to support good business initiatives. Infrastructures that support businesses are surely the sole prerogative of governments all over the world – the individual entrepreneur can do little or nothing, towards meeting this broad-based requirement for business environmental sustenance. The emphasis today, is the effort all governments put in to make sure they provide a conducive environment for both business and social life to thrive – it must be a deliberate public policy item. Talk about the provision of industrial estates; export processing zones, storage facilities, accessibility to raw materials sites, processing facilities, and all other forms of support to aid the growth and development of indigenous business men. A very good example can be found in the transformational story of a former third world nation, Singapore. it is well established in history, the singular vision of a very daring Leader who ruled that nation from 1965 – 2000, Lee Kuan Yew (From Third World To First World, 2000); as the Prime Minister of Singapore, who first and foremost saw and bridged the infrastructural deficit of the nation, this was ostensibly done to attract more foreign investors from advanced economies, who are identified, correctly, as the major drivers of modernization of the local efforts towards industrialization and economic development – after the initial policy of trade protectionism though. What is the standard taste of foreign would-be investors? What is their common past time? What are the social amenities, facilities, infrastructure they desire, and enjoy in their advanced societies, that will play a great role in attracting them and their expertise into your country? The world is presently a global village, and to play a benefiting role in that global village, standards and trends must be followed and sustained.
In his own words, Lee was able to espouse his believe in the importance and essence of strategic infrastructure in the development of any nation, both economically and otherwise. Strategic infrastructures is the corner stone, and often sign-post the potential for growth and the attraction of foreign investors into a country – airports, major entry roads, world standard hotels and accommodation, guest houses, verdant lawns and palatial gulf courses, decent and safe night clubs, amenities for recreation and relaxation, etc. in addition, it is most imperative now for the Nigerian State to embark on massive construction of cargo airports, as a main strategic infrastructure to boost the air-lifting of fresh agriculture produce for export to other countries where they are urgently needed to invariably spur a massive turnaround of our local farm produce market and internationalize our farmers efforts. We must look towards agro-allied based industrialization with more than a ‘quaint eye’ right now.