Abstract
The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) DOI: 10.5901/ajis.2013.v2n5p25
Highlights
A nation's ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities
Nigeria's Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents
In Nigeria for instance, Small Scale Businesses (SSB) Constitutes 85% of all firms operating in the economy, and like in most other developing countries they employed the largest number of workers
Summary
A nation's ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities. Schumpeter introduced the concept of innovation and power He believes that entrepreneurs bring about change through the introduction of new technological processes or products. Schumpeter argues that only certain extraordinary people have the ability to be entrepreneurs and they bring about extraordinary events He disagrees with Weber and other theorists of entrepreneurship that entrepreneurship is a function of social, cultural or religious factors; rather, he believes that individuals are motivated by Atavistic will to achieve power. Entrepreneur in Nigeria Entrepreneurial forces are relatively strong in this country It has become paramount in a “specially tottering economy” like Nigeria’s, that her citizens, young and old alike unemployed, under-employed and even the employed take on enterprising and risk-taking characteristics in order to sustain family and self above the poverty line. Other obstacles faced by our entrepreneurs include severe collateral conditions set by banks and other lending institutions
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