A recent survey by Global Entrepreneurship Monitor (GEM) has revealed that Nigerians have more enthusiasm for business than the rest of the world.
The survey further disclosed that Africa now abounds with business-minded individuals who are determined to launch their money-making ideas, even if that involves taking risks and navigating a conundrum of challenges.
GEM is the world's most authoritative study of entrepreneurial dynamics. By conducting annual surveys in 99 countries, it provides reliable information that helps individuals, organizations, and governments understand the challenges of entrepreneurship and enterprise promotion.
According to the GEM survey, 90 percent of Nigerian adults strongly believe they have the skills required to run a business, and 35 percent of Nigerians are already involved in one entrepreneurial activity or the other. More interestingly, the survey also noted that Nigerians do not nurse the fear of failure, as only 21 percent of were concerned that their business ideas might fail.
Going by the results of the GEM survey, Nigeria is an entrepreneurial nation where most adults are confident in their own entrepreneurial capacities and see huge opportunities in setting up their own businesses. Indeed, 44 percent of Nigeria's population plan to launch their own business within the next five years. In addition, 22 percent of respondents to the GEM survey intend creating at least 6 jobs over the next five years.
With over 82 percent of Nigerian youths seeing entrepreneurship as a good career, and with the Nigerian government making different moves to encourage small and medium-sized enterprises, the number of privately owned businesses in the country will continue to increase rapidly.