Entrepreneurs see opportunities where most people see difficult situations. On a visit to Nigeria a few years ago, I saw a lot of banana stems rotting away on farms after harvest, this was my opportunity to convert the stems and use them in the production of crafts, shoes and even textiles. See the banana fibre project on my blog www.enterprisedoctors.com.
Later, with the help of Enterprise Development Centre in Lagos, I surveyed over 2000 entrepreneurs covering all the states in Nigeria. As a result of that research, I developed a selection process that will use eight criteria with different weighting to help determine entrepreneurs whose projects are likely to succeed.
On the 28th May 2019, over 10 Associate and full Professors from 3 universities in Poland unanimously agreed with my selection process called Entrepreneurship Selection Process (ESP) and awarded me a PhD in Economics and Finance.
The topic of the research is “The role of entrepreneurship in the economic development of Nigeria”.
The ESP is a simple mathematical calculation that can form one of the selection processes for those interested in investing in new projects anywhere in the world. The next stage is to develop an application to automatically work out the scores.
I did not set out to be an academic, I was just curious about the role that individuals can play in the economic development of countries, this will increase the living standards of people in developing countries and help to reduce poverty and starvation. I believe entrepreneurs can help in this regard whilst governments provide the right environment for entrepreneurs to succeed.
Despite the fact that there are many sources of funding and grants available to entrepreneurs in developing countries, access to finance is still one of the biggest stumbling blocks to innovation and economic development. The current system of selection is not transparent enough for some of the most innovative ideas. In a competitive market when the people who shouted the loudest get most of the funding, good entrepreneurs are discouraged from even applying for loans because the processes are long and cumbersome.
Please check out my blogs on entrepreneurship related blogs and my journey.