In 2020, the unemployment rate in Nigeria was 9.01%, which was higher than the 8.53% in 2019. According to data collated by the World Bank in 2019, 15.3% of Nigerians with advanced education were unemployed (Ijeoma Ukazu, 2021).
Young people, regardless of their education, are facing high rates of unemployment in Nigeria. This highlights the need for young people to take control of their lives and careers by learning entrepreneurial skills to help them succeed in today’s world.
Entrepreneurial skills are more important now than ever before because they give you an advantage as you strive to better yourself and become knowledgeable enough to offer solutions for profit. This profit can take many forms. The focus of an entrepreneurial mindset is solving problems. And it is essential to bring this mindset into any space, whether it be business or career.
The World Economic Forum prioritizes 25 skills that are relevant for every young person, including Critical Thinking and Innovation, Leadership and Social Influence, Analytical Skills, Problem-Solving Skills, and Communication or Selling Skills.
Critical Thinking & Innovation
As we become more aware of our environment and seek to find or create solutions to the problems that affect our existence, it is essential to develop the ability to think critically about these problems and focus on finding workable and sustainable solutions.
Critical thinking is the process of identifying a problem and offering possible solutions. To find solutions, we must first understand the problem by gathering relevant information, examining the various aspects of the issue, and determining what is relevant to the approach we want to take.
This skill is critical in solving problems for profit. Some people refer to critical thinking as design thinking, which involves similar processes in turning a problem into an opportunity for profit.
Once we have progressed from critical thinking and are able to understand the problems and challenges that society faces, we can create innovative ways to solve these problems.
Innovation involves bringing something new to the table or adapting an existing idea or solution to other spaces. This skill is crucial for young people today as we position ourselves as solution providers and future leaders.
Networking & Collaboration
As we venture into the world to start a business or create solutions that improve people’s lives, we realize that we are limited when working alone. That’s why it is essential to collaborate with others and pool resources to become more efficient in solving problems.
Networking helps us build mutually beneficial relationships with others as we work towards meeting our business and career goals. If you lack a particular skill or resource, it is wise to connect with someone who has that skill or access to the resources that can help you succeed.
Networking is how we leverage the strengths of others to improve our areas of weakness. On the other hand, collaboration helps us pool resources to achieve specific goals. These skills are important as we work towards being solution providers in the world.
Leadership & Social Influence
Leadership requires taking initiative and inspiring a group of people to implement solutions for the betterment of society. Anyone who takes initiative and finds solutions to problems is a leader.
If you have identified a problem and want to solve it, now is the time to develop your leadership skills. Share your idea with a group of people who are willing to work together to solve the problem. This is the essence of leadership.
Employers are always on the lookout for self-motivated individuals who can innovate and come up with ideas, take
Analytical Skills
Analytical skills are the ability to gather, process, and interpret data in a systematic manner. As young entrepreneurs, it is important to have a strong analytical mindset to be able to identify trends and patterns in data, and then use the information gathered to make informed business decisions.
Good analytical skills help young entrepreneurs identify new business opportunities and predict market trends, which can lead to better business planning and decision-making. Analytical skills also allow young entrepreneurs to measure the success of their business and make adjustments as needed.
In today’s fast-paced business world, it is essential for young entrepreneurs to have the ability to analyze data in a quick and efficient manner. The ability to make quick decisions based on data analysis is key to success in the business world.
Problem-Solving Skills
Problem-solving skills are the ability to identify a problem and then find an effective solution. As young entrepreneurs, it is important to have the ability to identify problems and find solutions quickly. This skill is essential to the success of any business, as the ability to quickly identify and solve problems can lead to greater efficiency and effectiveness in the workplace.
Good problem-solving skills involve critical thinking, innovation, and analytical skills. A young entrepreneur who has strong problem-solving skills is better equipped to find solutions to problems that may arise in their business and make decisions that will benefit their business in the long run.
Selling Or Communication
Selling or communication skills are the ability to effectively communicate with others, including clients and customers. As young entrepreneurs, it is important to have strong selling or communication skills, as these skills help to build trust and credibility with clients and customers.
Good selling or communication skills involve being able to effectively present ideas and products, and persuade others to take action. Young entrepreneurs who have strong selling or communication skills are better equipped to market their products and services, and build a successful business.
In conclusion, these five entrepreneurial skills are critical for young people who are looking to build a successful business or career. By developing these skills, young entrepreneurs will be able to thrive in today’s fast-paced business world and build a successful future for themselves.