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8 Questions and Answers on Entrepreneurship by Tony Elumelu

Learn, unlearn and re-learn is the order of a successful entrepreneur and anyone that wants to be successful on life.

African Business magnate Tony elumelu, who is the chairman of United Bank for Africa UBA, Transcorp, and founder of the Tony Elumelu Foundation shared his idea on entrepreneurship, his passion and hope for the future as well as advise to other entrepreneurs.

Here are the questions and answers by Tony elumelu


What does ‘entrepreneurship’ mean?
Entrepreneurship is both innate talent and a learned talent, it can be passion that flows naturally or a passion that is built from time time. Entrepreneurship has a far reach, it is something that that creates wealth for the entrepreneur, investors, stakeholders, the country and also the continent at large.
What is the role of entrepreneurs in an economy and society
This question can also means the role of the private sector in the economy. Entrepreneurship creates an avenue for you to impact lives. Entrepreneurs have the obligation to channel their acumen towards enhancing their communities, as much as their financial statements.
Entrepreneurs are a major driving force of development and economic stability in a nation and continent.
What are the characteristics of a great entrepreneur?
Great people have similar qualities, regardless of what field they are, they are Determination, discipline, zeal, competitiveness, succeed driven, boldness and a risk-taking behavior.

What are the key drivers for an entrepreneur?
Passion should be a driving force for all entrepreneurs, this single drive results to innovation, and determination to the course of entrepreneurship. Anyone who runs an organisation but do not have passion for it, the willingness and devotion to that organisation would be limited.

What are the characteristics of successful invention and innovation?
Being categorized as a wealthy entrepreneur or a successful innovator is a blessing and responsibility. Not everyone who goes on the entrepreneurial journey becomes successful or wealthy. creating wealth is a blessing but you have the responsibility to share the wealth and also impact the knowledge to other, serving as a mentor to them.

What is the role of government and policy in entrepreneurship?
Governments have the responsibility to create the enabling environment for businesses to thrive while in turn businesses through innovation and hard work create job opportunity and economic development. the ideal situation should be that government and the private sector work together to move the nations forward and in-turn ensure prosperity in the continent.
What would be your message to future entrepreneurs?
Young entrepreneurs should ensure they create companies that would create value to their stakeholders and serve a purpose in the society over a long term. The social impact of an entrepreneur helps the business gain acceptance in communities.

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