”Entrepreneurship Involves a Quantum Leap in Value Creation” – Prof. Pat Utomi

Many young Nigerians are finding a path to success as entrepreneurs despite the tough business environment they face in Nigeria. Many are active in various creative industries like fashion, technology, media, entertainment, hospitality, etc, while others trade in commodities. For Professor Pat Utomi, the impact of entrepreneurship involves a quantum leap in value creation, but in a country that has more traders (traditional entrepreneurial practice) than modern day entrepreneurs, how much value can this dynamism add to Nigeria’s economy? This is why it is important that the micro economic activities of traders be aligned with greater macroeconomic policies and growth strategies, implying that entrepreneurs should rather incorporate traders into their value chain, as it would be detrimental to the economy if traders continue to flood the Nigerian market with commodities imported from industrialised nations. This act in return also raises support for local production and small scale industries. Speaking on the Mara Mentor Talk Show recently, he said although traders contribute to the growth and development of the economy, it is pertinent to distinguish between an entrepreneur, whose value creation has a direct impact on job creation and economic development, and a trader who is just an agent in a value chain, albeit equally important. He said everybody has it in him/her to create value, adding that although there are a lot of entrepreneurial opportunities in Nigeria; it is thus the ability to create remarkable value that bridges the dissatisfaction gap and supports economic development. He encouraged young Nigerians to get involved with mentorship programs and work with mentors, who are not necessarily demi-gods, but are peers, subordinates, or anyone that can point one in the right direction.