INTRODUCTION

Essentially, entrepreneurship is the process of developing, organizing, and running a new

business to generate profit while taking on financial risk. In a broader sense,
entrepreneurship is the process of transforming the status quo by solving the most
pressing problems and pain points in our society, often by introducing an innovative
product or service or creating new markets.
MAIN BODY
An entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards. The process of setting up a business is known as
entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new
ideas, goods, services, and business/or procedures.
ENTREPRENEUR CONTROL
Entrepreneurs tend to have a strong internal locus of control. Locus of control is a
concept defining whether a person believes he/she is in control of his/her future or
someone else is in control of it. For example, we all know people who believe they have
no control over their lives.
PRINCIPLE OF CREATIVE AND DESTRUCTION IN ENTREPRENEURSHIP
Creative destruction is a process through which something new brings about the demise
of whatever existed before it. The term is used in a variety of areas including economics,
corporate governance, product development, technology and marketing.
Creative-destruction, which is associated with entrepreneurship, surprisingly demystifies
the complex net work of entrepreneurial activities. Schumpeter (1934) as quoted in Lado
and Vozikis (2010) had described entrepreneurship (Innovative entrepreneurship) as the
engine of “creative-destruction”, because it often involves the introduction of something
new and or unique- a new product, a new service package, a new process and, destruction
because it also involves the complete abandonment or downgrading of something
currently in use. In the words of Okafor, F.O (2010), the innovative entrepreneurship is
cast in the mould of a rebel or a change agent; he aspires to develop something new, a
new product, a new service package or a new production process which often renders the
existing products or services less functional or even obsolete. From the foregoing, the
entrepreneurship is contextually viewed from its creativity and effectiveness in bringing
out new products in the society through researches and other empirical studies. It has
features of chasing away products with built-in obsolescence, that is to say, tries to bring
out a new innovation which is superior to what is in existence.
Creative destruction can be defined as the decay of long-standing practices, procedures,
products or services followed by more innovative, disruptive ones. It is based on the
principle that old assumptions need to be broken so that new innovations can benefit from
existing resources and energy.
Schumpeter’s theory of creative destruction links closely with his view of the importance
of economic dynamism. Most economic analyses are performed in the static sense,
where the economist looks at the world in its current state to estimate the effect of, say,
the introduction of a new policy. While this snapshot analysis can frequently be useful, it
also risks obscuring an important issue – the effect of a policy on the initial steam turbine
may have effects (positive and/or negative) that are unforeseen at the time of the policy
on future generations of innovations in the world of electric power generation.
Creative Destruction Examples
 Photography companies whose business was greatly replaced by smartphone
incorporated companies;
 Traditional watches increasingly becoming replaced by smartwatches;
 Tablets and kindles replacing conventional printed books;
 Music streaming services (spotify, apple…) replacing digital shopping of music
songs or albums;
 Video streaming services replacing DVDs.
CONCLUSION
Self-control is the ability to regulate and subdue one's behavior, emotions, and thoughts
when faced with impulses and temptations. And, that ability to control one's behavior is
what leads to getting things done and starting a business.
REFERENCES
Daniel Uche (2013): Micro Enterprise Development in Nigeria, „Focus on Fast Growing
Micro Businesses‟‟ Nigeria, Limited Elftonclick.
Ezenyilimba E. et al (2010): Entrepreneurial marketing oriented curriculum and
Nigeria‟s Economic Development, Awka, Faculty of Management Sciences, 2011
conference proceedings.
Egbesola, Femi (2014): President of Small Business of Nigeria, encouraging youths in
the county to embrace entrepreneurship.
Ibenta, S.N. (2005): Investment Analysis and Financial Management Strategy, Enugu,
Institute of Development Studies, University of Nigeria, Enugu Campus.
Lado and Vozikis (2010): Transfer of Technology to promote entrepreneurship in
developing countries, an integration and proposed model, http/ www. questia.
com/googlescholar. gst:jsessionid.
Maduegbuna, A.N. (2010) Entrepreneurial studies: New thinking in wealth creation,
Journal of economics, India, http//www.Krepulishers.com.
Schumpeter, J.A. (1934): the theory of economic development, London. Oxford
University press.