-WEF

Government at all levels cannot promote entrepreneurship with a “cookie-cutter’ approach. This observation was jointly made by Drexler Michael, Director Head of Investor Industries, World Economic Forum and Mike Herrington, Executive Director Global Entrepreneurship Research Association Graduate School of Business, University of Cape Town, South Africa while reacting to the WEF’s 2015 Leveraging Entrepreneurial Ambition and Innovation: A Global Perspective on Entrepreneurship, Competitiveness and Development Report released recently. According to the duo, the governments need to understand specific conditions of entrepreneurs in their economies, to develop successful strategies that would support them.

For effective policymaking, the experts noted that concerned authorities both in developing and developed economies must consider “the type of entrepreneurial economy in which the entrepreneurship policy is being conducted, the specific entrepreneurial outcome to be achieved, and the levers available to achieve a specific outcome.”

According to the report, early-stage entrepreneurial activity is higher in economies that are less competitive and lower in highly competitive economies, while the proportion of ambitious and innovative entrepreneurs is more frequently high in more competitive economies. “Importantly, we find that in many highly competitive economies with low rates of business starts, entrepreneurial drive manifests itself through more formalized structures; in what we call “entrepreneurial employee activity”, which should caution anyone from jumping to quick conclusions about the quality of entrepreneurial ecosystems based on entrepreneurship rates alone,” To the experts, these were thought-provoking findings of the latest edition of the report, aimed at measuring the extent to which ecosystems in various economies give entrepreneurs global competitiveness.

Businesses with the annual turnover of N500 million and less are classified as micro, small and medium enterprises (MSMEs) in Nigeria. The country has 37.67 million MSMEs, according to the 2013 National Bureau of Statistics (NBS) report. The sector impacts 95 per- cent of businesses in the country and creates 75 percent of national employment. Lack of adequate finance, infrastructure and market access remained critical factors affecting many entrepreneurs over the years.

During his recent outing, the Director-General of the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Alhaji Bature Umar Masari said the agency has been engaging on match-making programmes to form links with various MSME operators in the country. His words: “The agency has been working with the United Nations International Development Organisation (UNIDO) in upgrading capacity to ensure proper business support for the operators in the country. We would also ensure, through UNIDO collaboration, that they have a global outlook through international exhibitions.”