Building Sustainable Future for Nigeria through Entrepreneurship

Abstract

This main purpose of this study is to investigate the role of entrepreneurship in building a future for Nigeria. This study examines existing literatures on the model of entrepreneurial action that takes its point of departure in entrepreneurs’ experiences of risk-taking, opportunity identification and the role of self. By focusing on what entrepreneurs experience as relevant aspects of their life worlds, the goal is to attain a better understanding of the drivers and motivations of venture creation and development. The study adopts a descriptive survey, that is, questionnaire based technique to sample opinion and derive answers to the problem identified in the literature review section. The data employed for the study was primary data and secondary data. The primary data were responses gathered from employees through the administration of questionnaires while the secondary data includes the information gathered from journals, textbooks, articles and internet sources. Business owners (i.e. both small and medium enterprises) currently operating within Lagos metropolis were randomly selected to participate in the study. The research instruments used for this study were standardized questionnaire derived from journals that are related to the topic of study and they were formulated based on the variables available in the research topic. The data collected were analyzed using percentages, graphical representations, and pie charts. The findings from this study revealed that there is significant relationship between entrepreneurship development and unemployment reduction in Nigeria. In addition, there is a significant relationship between commercial banks giving preferential treatment to small and medium sized firm’s proprietorship.