Challenges Facing Entrepreneurship in Nigeria

O Uche Ofili

doi:10.5539/ijbm.v9n12p258

Abstract

Entrepreneurship is critical to the development of societies. Entrepreneurs however, cannot work in isolation; they need the right environment to thrive. The judicial system, the educational system, the financial system and generalgovernment policies should be such that encourage and promote entrepreneurship. Basic infrastructures such aspower, water, and transport systems are necessary to boost entrepreneurship. This paper looks at the challenges facing entrepreneurship in Nigeria and recommend solutions to creating a better entrepreneurial society.

Highlights

An entrepreneur is a person, working within an existing organization or independently, who identifies a business opportunity within a given market and sets up an enterprise or subsidiary to take advantage of the opportunity (Gartner, 1988). He assumes the risks involved in pursuing the opportunity and takes credit for the reward that may accrue from taking such risk
This paper aims to examine the challenges facing entrepreneurs in Nigeria and the opportunities that are present in the market space despite these challenges
Skype interview market enterprise is right of ownership and limits and terms of engagement

Summary

Introduction

An entrepreneur is a person, working within an existing organization or independently, who identifies a business opportunity within a given market and sets up an enterprise or subsidiary to take advantage of the opportunity (Gartner, 1988). He assumes the risks involved in pursuing the opportunity and takes credit for the reward that may accrue from taking such risk. He ensures that the risk is well calculated before venturing (Timmons, 1978; Lynskey, 2002). Broekhaus (1980) opines that the individual or group of individuals should be the major owner of the business and not employed in another organization

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