November 18, 2017

Entrepreneurship development and business plan

Entrepreneurship development and business plan... NAIJA INVEST

It is widely recognised that a thriving small and medium-sized business sector led by entrepreneurs is essential for economic growth in developing countries. In most developed economies, such as those of the US and Europe, small businesses are the engines of economic growth, driving innovation and productivity while continually generating new jobs. The absence of such “developed small- and medium-sized enterprises sector” in developing economies continues to thwart the development of a vibrant private sector.

All over the world, entrepreneurs share some common characteristics:  they are confident, alert to new opportunities and unlikely to be stopped by fear of failure. These notwithstanding, entrepreneurs in developing economies, Nigeria for instance, face greater obstacles, especially accessing capital, including finding adequate business support which has continued to militate against entrepreneurship development in the country.

A highly successful component in entrepreneurship development efforts is the Business Plan Competition, an incentivised business development programme to help entrepreneurs turn their business ideas into fundable and implementable business plans. The approach catalyses the creation and expansion of profitable and competitive small- and medium-scale (SME) enterprises – a vital engine of growth, jobs and income in the developing world.

Entrepreneurship development and business plan... NAIJA INVEST

Entrepreneurship development and business plan… NAIJA INVEST

Business Plan Competitions are highly effective, high return approach to SMEs skill building. They also create a vehicle for local financial institutions to provide access to capital, and build momentum for SME development. Recognising the Business Plan Competition as an effective programme to build entrepreneurship skill and kick start Small Medium Enterprise (SME) development, the President Goodluck Jonathan on October 11, 2011, launched the Youth Enterprise with Innovation in Nigeria (YouWiN) programme in Abuja, a Business Plan Competition for Nigerian Youths, in line with the Federal Government’s drive to create more jobs for Nigerians.

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IMAGE: www.entrepreneur.com

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