Knowledge, creativity and leadership are the building blocks of societies and economies. Knowledge and creativity drive entrepreneurship, while entrepreneurship is a function of the entrepreneur, that is, you! Without the key of knowledge, things will decay. Knowledge doesn’t by itself create, entrepreneurs use knowledge to transform the economy and modernize society by creating relevant, useful and necessary products and services. To know and not to act is not to know. Essentially, the entrepreneurial spirit is the spirit of creativity and risk-taking. Knowledge drives productivity, creativity ignites possibilities while the entrepreneur drives implementation. Ideas don’t rule the world, implementation does. Knowledge may fail and become obsolete but creativity will always yield and stand the test of time. “Creativity is the only sustainable asset that any individual, organization, or nation will ever again have. All other traditional assets are more vulnerable than ever: capital is under attack by cryptocurrency or is susceptible to radical changes in the business environment; labor is being redefined and is morphing along with technology; technology is changing so fast – A.I., in particular – that today’s tech is tomorrow’s trash; leadership and management can crumble under the weight of their own inertia; and natural resources are subject to depletion. Only creativity can keep itself in a state of perpetual life. It is, by nature, sustainable. Therefore, we must work to keep our creativity edge.”
KNOWLEDGE ECONOMY
Knowledge is a product of research or research outcomes on a product. Research is the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions). The knowledge economy is a system of production that is based on intellectual capital and fueled by knowledge-intensive activities. In particular, it refers to the ability to capitalize on scientific discoveries and applied research. Knowledge and creativity drive entrepreneurship while entrepreneurship drives economic growth. Knowledge is a proof and product of research while creativity is a process and practice of entrepreneurship. Both research and creativity lead to discoveries and the world is advanced by them. Entrepreneurship is about undertaking responsibilities through creativity and also overtaking possibilities through investment in R&D. Research is systematic (methodical) while creativity is ‘spiritmatic’ (mechanical).
“Creativity is inventing, experimenting, growing, taking risks, breaking rules, making mistakes and having fun”. ― Mary Lou Cook
ENTREPRENEURIAL ECONOMY
The entrepreneurial economy is interplay of knowledge and creativity. Entrepreneurship is the ability to turn intellectual capital into economic goods. Creativity is the bedrock of entrepreneurship. It is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement. It is continuous learning, questioning, and thinking outside of prescribed formulas. It is a quality and a process; innovation is what creativity looks like when it is applied. Creativity is potential; innovation is the result. Innovation is the ability to apply creative solutions to problems or opportunities to enhance or to enrich people’s lives; doing new things. Entrepreneurship is the result of a disciplined, systematic process of applying creativity and innovation to the needs and opportunities in the marketplace. It involves applying focused strategies to new ideas and new insights to create a product or a service that satisfies customers’ needs and solves their problems. Entrepreneurship is neither a science nor an art. It is a practice. It has a knowledge base, but as in all practices, medicine, for instance, or engineering, knowledge in entrepreneurship is a means to an end. Indeed, what constitutes knowledge in a practice is largely defined by the ends, that is, by the practice. Entrepreneurship is essentially about the practice of problem-solving, innovation, value-creation, opportunity-finding and technology application (PIVOT).
‘YOU’ ECONOMY
Entrepreneurship is a spirit; those who practice it must engage in ‘spirit’ and in truth. The entrepreneurial spirit is characterized by creativity, leadership, originality, character and knowledge (CLOCK). What vision is to leadership is what innovation is to entrepreneurship. The journey of an entrepreneur does not begin with many, neither does it begin with money; it begins with a meaning. Decisions decide destiny. Possibilities are responsibilities. The ability to envision possibilities and undertake responsibilities is what makes you and me achievers. Every opportunity comes with a responsibility. People miss opportunities because they are unable to take responsibilities. It is a fact that without the “You” factor, nothing works. Entrepreneurship is a function of the entrepreneur. E = f (e). The response ability of an entrepreneur determines the outcomes of his undertakings. Leadership is the soul of entrepreneurship. It is the ability to set goals and achieve them. It is the capacity to move from zero to one (start), and from one to ten (grow). It is the discipline to keep a reputation and maintain a value system.
The ‘You’ economy has been bastardized. Nowadays, many young folks have an awkward orientation about success. Their entrepreneurial goals and values are being compromised as they now use their ‘CLOCK’ to carry out fraudulent activities. Unfortunately, the ‘Yahoo-Yahoo’ economy is a phenomenon in Nigeria formally known as cyber fraud in Nigeria’s cybercrime law. The Nigerian youths who are supposed to be leaders and entrepreneurs in their own right are being labeled ‘Yahoo-Yahoo’ (boys and girls). Everyone wants to be rich and successful overnight. Youths no longer want to hone their skill(s) and develop their careers; they want to kill to own the latest cars. The ‘Yahoo-Yahoo’ business is not only a bad enterprise; it is a dangerous trend in any society.
“The Seven Social Sins are:
Wealth without work.
Pleasure without conscience.
Knowledge without character.
Commerce without morality.
Science without humanity.
Worship without sacrifice.
Politics without principle.”
― Frederick Lewis Donaldson
I celebrate greatness won with honest toil. Investors are looking for business opportunities not ideas. You can make anyone invest in ‘YOU’ by turning a creative idea into a lucrative opportunity. Entrepreneurial success lies in the power of ‘ONE’ (opportunity, necessity and entrepreneurship) and FOCUS means: Follow One Course until Successful.
YOUR GIFT IS YOUR LIFT; STAY LIFTED.
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