“Carry on any enterprise as if all future success depended on it”.
- Cardinal Richelieu
According to the Stellenbosch Business School in South Africa, Enterprise Development is defined as “the act of investing time and capital in helping people establish, expand, and improve businesses”. It’s a way of assisting or accelerating the development of businesses – especially micro, small, and medium sized enterprises – so that they can grow, become more sustainable, and most of all, anchor the creation of jobs in society.
It’s a way of helping individuals earn a living within a business; and for a country like Nigeria lacking in this regard, that in turn, would lead to long-term economic growth for thereof, their families and their communities. Because the kind of output generated from the MSME sector alone, would not only provide stability for the current generation of entrepreneurs, but would also guarantee that the next one are also secure as well.
It’s even to this fact that the Central Bank of Nigeria has been heavily investing in our MSME sector – as seen by the Micro, Small, and Medium Enterprise Development Fund (MSMEDF), that they started a few years ago. The broad objective of the fund is to basically enhance access by MSMEs to financial services, increase productivity and output of microenterprises, and increase employment and create wealth.
For more on the impact of MSME’s towards the growth of the Nigerian economy, tune in below to a clip of the Director (Dr. Dikko Radda) of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
At Cognity Advisory
Enterprise Development at Cognity Advisory is about growing micro, small, and medium enterprises at regional and national levels through enterprise ecosystem mapping, entrepreneurship education programmes, etc.