On the backdrop of a high entrepreneurial ratings of nigerian women, a leading female entrepreneur in nigeria, mrs. In nigeria before the advent of colonial government, unemployment was a rare phenomenon because the people were highly entrepreneurial and productively engaged. The role of entrepreneurship in transforming the nigerian economy. Problems and prospects of entrepreneurship in nigeria. Entrepreneurial interventionism and challenges of youth unemployment in nigeria by dr. Other common problems of entrepreneurship in nigeria. Challenges facing entrepreneurs in nigeria okeke, martin ifeanyi department of political science, nnamdi azikiwe university awka eme okechukwu i. This entrepreneurial engagement is prevalent in yorubaland of western nigeria, hausaland of the northern nigeria, and among the igbo people of eastern nigeria. Challenges of entrepreneurial education in nigerian. Entrepreneurs face many challenges in todays ultracompetitive business world. Difficulty in securing loans from financial institutions. Entrepreneurship of smes performance in knowledge based economy. Challenges are not the same for all individuals in society. The purpose of this paper is to describe the issues and challenges of entrepreneurship education among youths especially students of tertiary education in nigeria.
You will agree with me that it is very difficult to secure loans from banks as an entrepreneur, because some of these banks sees. The study adopted survey design using primary source of data with questionnaire as instrument of data collection. Sep 04, 2018 problems of entrepreneurship in nigeria economy diversification major challenges of this country called nigeria is a government over time has failed to consider a form of economic diversification as a form of the way out of the national income. In so doing, it addresses a gap in the literature on. Challenges facing entrepreneurs in nigeria introduction. The challenges of entrepreneurship in dynamic society 1 1 3445 m. The scope of this study covers the challenges entrepreneurship development in nigeria is facing. Many economists and politicians now have an intuition that there is a positive impact of entrepreneurship on the growth of gdp and employment. The role of cultural values in understanding the challenges faced by female entrepreneurs in nigeria abstract purpose. Given entrepreneurships potential to support economic growth, it is the policy goal of many governments to develop a culture of entrepreneurial thinking. Pdf challenges facing entrepreneurs in nigeria researchgate.
Introduction citizens economic empowerment is a major goal of most developing countries such as nigeria. Prospects and challenges of women entrepreneurs in nigeria. The section also sought to identify women entrepreneurs. This paper examines the challenges female entrepreneurs face in the development of their business in the context of nigeria. Entrepreneurial interventionism and challenges of youth. On the one hand, the gallup poll findings show that nigerians are confident in the availability of a qualified workforce, the protection of property rights, and the likelihood of. The need for entrepreneurship development in nigeria has never been so high in the history of the country.
Africa is a foremost example in this regard as its entrepreneurs have to contend with some of the toughest conditions as compared to the rest of the world. Pdf the challenges of youth entrepreneurs in zimbabwe. Entrepreneurship and economic development in nigeria. This paper looks at the challenges facing entrepreneurship in nigeria and recommend solutions to creating a better entrepreneurial society. Also, attention has been given to the role of entrepreneurship in economic development, i. Entrepreneurship, sociology, social entrepreneurship, socioeconomic environment, development introduction in recent time, the subject matter of entrepreneurship has generated and is still generating increased interest in nigeria. Determine what motivates youth entrepreneurship in zimbabwe. Challenges to the entrepreneur in nigeria the challenges faced by entrepreneurs in developing countries are monumental and quite similar. The role of entrepreneurship as a bedrock to achieve sustainable growth and development in nigeria is paramount, therefore, this paper critically examines the challenges of female entrepreneurship so as to proffer plausible solutions to further encourage female entrepreneurship. This paper underscores the importance of policy formulation in entrepreneurship development in nigeria as well as the importance of entrepreneurship in reducing the evergrowing rate of unemployment in nigeria. Challenges of entrepreneurship education in nigeria. However, despite the increased call for entrepreneurship, it still requires much improvement. Delta state university asaba, nigeria abstracts although policy makers and practitioners are aware of the importance of entrepreneurship in reducing unemployment among the nigerian youths they have failed to give it the deserved attention.
Challenges and prospects for quality of life the paper examined women entrepreneurship in nigeria. Finally section 5 indicates the conclusion and recommendation of the study. According to harper 2003 entrepreneurship is the main mechanism that creates wealth, explanations of economic growth and development. Pdf entrepreneurship development in nigeria, prospects and.
Problems, issues and challenges of smes in nigeria. Challenges faced by entrepreneurs and the performance of. To stimulate entrepreneurship it is imperative to understand the challenges that affect entrepreneurs in order to overcome the challenges and promote new policies and measures to create new business ventures. Women entrepreneurship according to the global entrepreneurship monitor, reynolds et al. Entrepreneurship challenges in developing economies. A qualitative study on the challenges faced by entrepreneurs. Some of the challenges faced by entrepreneurs in nigeria. Issues and challenges in the development of entrepreneurship. Entrepreneurship and functional vocational education. The high population growth rate in nigeria in the last decades estimated at 4. The reality on the ground points to a sector packed with worries or barriers.
The challenges of entrepreneurship development in nigeria and way forward. Challenges of women entrepreneurship by ruff n tumble boss. Assessing the prospects and problems of entrepreneurship. Nigerias total workforce and innovative ways of building the capacity, creating job opportunities, thus helping nigeria realized its quantity advantage 2. Contemporary challenges of entrepreneurship development in nigeria another prospect is the concept of incubator that nurture entrepreneurial activities so as to provide startups with necessary services and support until they mature and are ready to enter. Identify the problems that militate against sustainable entrepreneurship development in nigeria. Department of public administration and local government studies university of nigeria, nsukka it is axiomatic to posit that entrepreneurship is a major contributing factor to economic growth and. Pdf challenges facing women entrepreneurs in nigeria. The impact of entrepreneurship growth in the development. The study investigated the challenges faced by zimbabwean youth entrepreneurs in the multicurrency era. The article discusses issues, challenges, and problems of small and medium scale enterprises smes in nigeria. An increase in the number of entrepreneurs leads to an increase increased in economic growth, because entrepreneurship is increase. Smes look to be the only savior for the nigerian economy, therefore people are beginning to look into owning their own businesses than just sitting idle or waiting for whitecollar jobs.
Moreover, our findings still reveal that the infrastructural constraints financial problems which are key challenges confronting entrepreneur. Challenges facing african entrepreneurs there are numerous barriers to entrepreneurship in developing countries. Entrepreneurial education, implementation challenges, repositioning 1. By choosing this class of entrepreneurs, the study will be able to ascertain the challenges entrepreneurial development is facing in nigeria. Moreover, entrepreneurship development in nigeria concentrates more on growth potential and innovation. The top 10 challenges faced by entrepreneurs today deluxe. I wonder what some of the challenges are that you face in encouraging entrepreneurship in nigeria.
This study therefore seeks to fulfill this research gap. Potential nigeria entrepreneurs go through many hardships when trying to access credit for their businesses. To ascertain the challenges of entrepreneurship development in nigeria. Challenges of entrepreneurship education in nigeria kulo. The role of entrepreneurship in transforming the nigerian. Challenges facing entrepreneurship in nigeria semantic scholar. The role of entrepreneurship in transforming the nigerian economy 1. The study focuses on assessing the prospects and problems of entrepreneurship development in nigeria. Pdf challenges facing entrepreneurship in nigeria researchgate. Essentially this means the acquisition of skills that will. The challenges of entrepreneurship development in nigeria abstract the study examined the critically the challenges entrepreneurship development is facing in nigeria using elens consult as a study. Sulaiman, 2010 highlighted the following as the major challenges facing entrepreneurship development in.
Both the primary and secondary source of data were used. The reason for this is the huge number of the challenges that entrepreneurship development in nigeria is facing today. Pdf it is axiomatic to posit that entrepreneurship is a major contributing factor to economic growth and development in any polity. There are thousands of nigerians with wonderful ideas. Examine critically the sources of these challenges. Journal of business and organization development, vol. Sep 18, 2014 pdf entrepreneurship is critical to the development of societies. Prospects and challenges conference paper pdf available may 2014 with 31,598 reads how we measure reads. Challenges and prospects of entrepreneurship in nigeria.
Entrepreneurship is a key factor for the survival of small. Our source of data was from qualitatitaive method of data collection. The paper opines that entrepreneurship is lacking in nigeria due to certain challenges such as epileptic power supply, lack of genuine support for those intending to start up a business. Objectives of the study the study has the following specific objectives 1.
Entrepreneurship plays a vital role in the growth and development of our dear nation, and as a result of the consistent rise in the level of unemployment and the upward increase in the level of poverty in nigeria, it has become crucial for nigerians to quit searching for white collar jobs that are not available and start creating employment for themselves. The study will take into consideration all micro, small and medium business owners within the elens consult. In this article, i will help you identify some of these challenges to prepare you as you embark on your journey into the world of entrepreneurship. Challenges in entrepreneurship education the importance of entrepreneurship education in nigeria cannot be over emphasized. Adenike ogunlesi, has outlined some of the challenges of. The reason for this is the huge number of the challenges that entrepreneurship development in. The challenges of entrepreneurs development in nigeria and way forward, journal of business and organizational development, vol.
In nigeria, studies have been carried out on the effect of entrepreneurship development on the problem of high unemployment rate, high level of poverty and slow economic growth rate adejumo, 2001. Problems such as infrastructural inadequacies, regulatory challenges and corruption were found to be some of the obstacle for entrepreneurship performance in lagos, nigeria. This article is necessary because of the increasing rate of unemployment in the nigerian society and the inability of smes in the country to generate employment. Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. Challenges of female entrepreneurship in nigeria munich.
There are both opportunities and obstacles to entrepreneurship in nigerias business climate, which could influence a citizens decision whether to start a business. Learn the 6 finance essentials every business needs to succeed in our free ebook, finance fundamentals. Several studies have examined entrepreneurship using smes from different jurisdictions using different techniques. The role of cultural values in understanding the challenges.
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