Who Is an Entrepreneur? The Role of an Entrepreneur, and Entrepreneur Examples

The person selling thrift clothes on WhatsApp and the CEO of ShopRite may seem different, but they are both entrepreneurs.

Often, we think of entrepreneurs as people who wear suits, sit in well-decorated buildings, deliver speeches, and make millions. However, that young lady selling lip glosses on Instagram as you scroll through, the man launching his noodle spot, and even that UNILAG student selling an affordable wig are all entrepreneurs in powerful ways. In your everyday life, you have seen entrepreneurs in one way or another.

In Nigeria today, entrepreneurship has gone beyond being just a lifestyle—it is a means of survival for the youth. With the rising unemployment rate, young people have ventured into entrepreneurship to solve problems and create value for their society and themselves.

But Who is an entrepreneur? This article will break down what makes an entrepreneur and the important roles of an entrepreneur. It will share examples from Nigeria and beyond, expanding your knowledge of where you fit.

Key Insights

1. Entrepreneurship is about seeing a problem and creating solutions to it.
2. Entrepreneurs are not just CEOs—they are market sellers, online vendors, and students.
3. The roles of an entrepreneur include innovation, risk-taking, economic growth, and job creation.
4. Using real-life examples like Aliko Dangote, you will understand what entrepreneurship looks like in Nigeria.

Who Is An Entrepreneur?

An entrepreneur is anyone who sees a problem or an issue and decides to create a solution—often through business.

Example: A UNILAG student noticed that there are no shops around that sell umbrellas in her hostel during the rainy season. She takes the initiative to start selling umbrellas, thereby providing solutions for her hostel mates.

It doesn’t matter how the business came about. What matters is that a problem is solved and money is being made. Entrepreneurs are problem solvers.

Characteristics of an Entrepreneur

You might be wondering what makes an entrepreneur. What qualities make someone an entrepreneur? Below are 7 characteristics that entrepreneurs embody:

• Vision: Entrepreneurs usually see potential when others can’t.
• Creativity: They know how to find new ways to solve old problems.
• Resilience: They have the never-give-up attitude, always bouncing back.
• Problem-solving: Entrepreneurs look for easy ways to solve problems, even when they have limited resources.
• Self-discipline: Even when the crowd isn’t showing up to clap, they still put in the work.
• Risk-taking: They bet on themselves, even when nobody believes in them.
• Adaptability: They can easily adapt to situations, especially when things suddenly change.

Bola, a jewelry vendor who decides to revise her prices because of the rise in the dollar, is the same as a web developer building tools. Both are adapting to their circumstances.

Is an Entrepreneur Always a CEO?

The big question is: “Is an entrepreneur always a CEO?” The answer is no.

Entrepreneurs are creators. CEOs (Chief Executive Officers) are managers.

If Hannah starts a zobo business from her hostel, she’s an entrepreneur (and also the CEO if she runs the business herself). But if Hannah hires someone else to manage her zobo business, that person is the CEO—not the entrepreneur.

In short: All entrepreneurs can be CEOs, but not all CEOs are entrepreneurs.

Look at the late Lee Byung-chul. He founded Samsung as a grocery trading store on March 1, 1938 (entrepreneur), and today, someone else serves as CEO. The current CEO of the Central Bank of Nigeria is not the one who founded CBN—he is good at managing it.

In Nigeria, people use the “CEO” title a lot, but what matters is: Did you create a solution?

The Role of an Entrepreneur

Entrepreneurs do many things, and in doing so, they contribute to the growth of their immediate society. Here are 6 major roles that we expect an entrepreneur to fulfill:

1. Innovation

Entrepreneurs are creative when solving problems. When Piggyvest launched, online savings in Nigeria became simpler and easier.

Bola started selling packaged garri, groundnut, and sugar in one nylon in a professional manner—that was innovation too.

Innovation means being valuable.

2. Risk-Taking

Starting a business in Nigeria involves many “what-ifs.” Everything is unpredictable: the dollar prices, electricity, and even data subscriptions. Still, people launch new businesses every day. That takes boldness and real courage.

Example: Tara Fela-Durotoye built a beauty brand that people considered unsuccessful and a big waste of time then. But today, she has trained women, built a large network, and has changed the narrative for women.

3. Identifying Opportunities

Entrepreneurs see an opportunity when others think it’s just another problem. They create opportunities for people.

Example: Mummy Temi started doing POS services in a rural area where banks are far from the people.

4. Job Creation

Entrepreneurs employ people in one way or another, thereby filling the job gap that formal employment can’t fill.

Think of this: Femi Aluko, Olumide Ojo, and Lanre Yusuf co-founded Chowdeck (a food delivery hub), and they needed to hire delivery riders to deliver food to different locations. Through this, they have solved a percentage of youth unemployment in Nigeria.

5. Economic Growth

Entrepreneurs contribute to the growth of the economy. Through their businesses, they add to Nigeria’s Gross Domestic Product (GDP). They pay their taxes and increase the rate of productivity in Nigeria.

That meat seller in Ibadan is also adding to Nigeria’s growth, even if we fail to admit it.

6. Social Impact

The government can’t reach everyone to solve problems, but entrepreneurs solve local and internal problems around them.

Example: Mr. Chika took the initiative to start giving out pads to secondary school girls and educating them on their menstrual cycles. Mr. Chika has solved a local problem in his environment.

Types of Entrepreneurs

Different entrepreneurs operate in different ways based on their goals and circumstances:

• Necessity Entrepreneurs: Those who start businesses out of need (like many Nigerian youths facing unemployment)
• Opportunity Entrepreneurs: Those who spot market gaps and create solutions
• Social Entrepreneurs: Those focused on solving social problems (like Mr. Chika in our example)
• Serial Entrepreneurs: Those who start multiple businesses over time

Examples of Entrepreneurs

Some people have seen real problems and provided real solutions to them. These are the doers who have made millions from providing solutions.

Global Entrepreneurs

Elon Musk (Tesla, SpaceX, X): Elon Musk has taken risks and pushed beyond the boundaries of innovation.

Steve Jobs (Apple): He combined technology and design to create the iPhone, MacBook, and iPad. He saw the vision and went with it.

Bill Gates (Microsoft): He started coding at a young age, dropped out of Harvard, and created a software company that has changed and shaped the modern PC today.

Nigerian Entrepreneurs

Adeola Chizoba Adeyemi (Beauty by AD): She went from having a passion for makeup to building a solid brand that has created thousands of makeup products for women. Today, she has one of the fastest-growing makeup brands in Nigeria.

Aliko Dangote (Dangote Cement, Oil, Sugar, and more): Aliko Dangote started with basic trading. Today, he owns one of Africa’s largest industrial enterprises in sugar, cement, and oil.

Mike Adenuga (Globacom and Conoil plc): He started selling lace and distributing soft drinks, where he made millions. Then, he ventured into oil exploration and expanded into telecommunications. Today, he is one of the richest men in Nigeria.

These people didn’t just become billionaires overnight. They showed up every time, even when things didn’t seem to go right. They put in the work that is still making millions for them today.

How to Become an Entrepreneur: Getting Started

If you’re thinking about becoming an entrepreneur, here’s how to start:

1. Identify a problem around you that needs solving
2. Think of a simple solution you can provide
3. Start small with what you have
4. Test your idea with a few people first
5. Learn as you go and improve your offering
6. Scale gradually as you gain experience

Remember: You don’t need millions to start. You need to start to make millions.

Why Entrepreneurs Matter In Our World Today

In Nigeria today, where our salaries don’t meet our needs and inflation happens every day, the cost of living is high for the basic citizen. Entrepreneurship is still one of the ways people can afford their needs and take control of their finances.

For some people, it is a side business or income, and for others, it is a full-time job. But regardless of what type of entrepreneur you are, entrepreneurs still reduce unemployment.

Entrepreneurship is not just a thing—it is needed in Nigeria.

FAQs on Who Is An Entrepreneur

Do I need to register my business before starting? No, you can start where you are. You need to register when you want to scale your business to the next level, but it is not mandatory to register immediately. When you decide to register your business, you can do so with the Corporate Affairs Commission (CAC).

What if I don’t know how to start? Or what if I fail? The important thing is to start first. Failure is a stepping stone to success because now you know what you did wrong that made it fail. So next time you are afraid, do it afraid.

Do I need to have a degree in business before I become an entrepreneur?  Having knowledge about what you are doing is good, but entrepreneurs learn by doing. The things you need apart from a degree are: to start, to fail, and to succeed.

How much money do I need to start a business? You can start with as little as ₦5,000 or even less, depending on your business idea. Many successful Nigerian entrepreneurs started with very little money. The key is to start with what you have and grow from there.

Read Also

The Complete Guide to Entrepreneurship: From Idea to Success

4 Concepts Every Entrepreneur Must Master To Build A Successful Business

Why is Entrepreneurship Important?

How to Use ChatGPT Effectively for Business (+Free Prompt Examples)

Conclusion

As long as you are building something that solves problems in your immediate environment and society, you are on your entrepreneurial journey. It doesn’t matter if you are just making pap and akara in your room every Saturday for people—you are already part of Nigeria’s most important citizens because you are needed.

Planning for years and doing nothing? That shouldn’t be you. Still plan, but start now.