Expert disagrees with Senate over bill to establish chartered institute of entrepreneurs …calls for a more friendly entrepreneurial ecosystem

The President of Africa's Young Entrepreneurs, Mr. Summy Smart Francis has disagreed with the Senate over the passing of a bill that will establish the Chartered Institute of Entrepreneurs which would regulate the practice of entrepreneurs in Nigeria.


The bill which was sponsored by Senator Ganiyu Solomon seeks to “advance the study, training and practice of entrepreneurship and determine the standards of knowledge for persons seeking to become entrepreneurs.”


In a release exclusively obtained by BRANDINFO, Francis said entrepreneurs in the country does not need such bill, adding that what entrepreneurs need is for the government to create a more friendly entrepreneurial ecosystem by forming policies that could aid business growth.


According to him, having a “Chartered Institute of Entrepreneurs” will mean one day, we could have a “Chartered Institute of Smart People” or better still a Chartered Institute of Pure water sellers.

He noted that entrepreneurship most times is solely built on passion and perseverance to dare to tread where others have not, saying that in developed countries it is even considered as a behavioral characteristics of a person who desires to make profit from what he/she loves doing but due to the high level of unemployment in many African countries, it has become an alternative for job creation.

“Entrepreneurship is the process of designing, launching and running a business, offering a product, process or service for sale or hire. It is the capacity and willingness to develop, organize and manage a business venture along with its attendant risks in order to make a profit. An entrepreneur is any individual who identifies opportunities, new possibilities, unmet market needs, evaluate them as viable, decide to exploit them (where others do not) and in turn, create wealth.”

“Chartered status on the other hand, is a form of accreditation and a mark of professional competency. Many chartered statuses require initial academic preparation, normally to bachelor’s level but sometimes to master’s level (or equivalent experience). From the woman selling groceries on the roadside to the CEO of a multi-million conglomerate, the young boy who sells sweets to his friends during lunch break in school to the old farmer who supplies milk to his community are all entrepreneurs. Who then are we regulating?” Francis stated.