Be ready to take risks, Economist urges Nigerian entrepreneurs

A University of Abuja Professor of Economics, Sarah Anyanwu, has said that entrepreneurs must be courageous and ready to take risks to achieve their set goals.

Speaking at the institution’s 13th inaugural lecture, Mrs. Anyanwu told PREMIUM TIMES that the inaugural lecture was very important for the development of the institution and the nation at large.

“It is good for the image of the university, it shows that the university is growing in terms of academic manpower and that the nation is having enough people to manage various sectors of its economy,” Mrs. Anyanwu said.

She encouraged the younger generation, women inclusive, never to give up, urging them to be determined and courageous as nothing is impossible.

“Entrepreneurship involves determination, perseverance, action oriented, creativity and innovation. And at times you need to take risks; you just must be courageous,” she said.

Mrs. Anyanwu, 59, is the head of the department of Economics at the University of Abuja.

She said success of businesses in any country depends on the nature of the business environment of that country.

Mrs. Anyanwu noted that entrepreneurial successes in Nigeria can be determined by credibility, competence of management, fairness and equitability, value and respect among others.

She also listed education, hard work, flexibility and adequate skills as success indicators for entrepreneurship.

In her work, she said entrepreneurship contributes towards the economic development of a country in various sectors.

She said involving women to participate in Small and Medium Entrepreneurs development process enables them to raise funds to take care of themselves and their families, while sports and recreational activities are very useful engagements for both in-school and out-of-school youth.

Mrs. Anyanwu said lessons should be taken from countries like India, Taiwan, South Korea, United Kingdom and United States of America to provide supportive measures that could nurture the sustenance and future growth of all levels of entrepreneurship.

This, she said this could be achieved through infrastructural and skill development, establishment of institutes for entrepreneurial and skill development, reservation of items for their exclusive manufacture.

The Vice Chancellor, University of Abuja, Michael Adikwu, said the lecture by Mrs. Anyanwu was the first by a woman in the institution.

“I think she’s breaking the jinx and I hope that very soon, more women will follow her footsteps because this is an essential aspect of our existence which introduces you to our community of professors,” he said.