Abstract
The strategic role of the entrepreneur as an agent of economic transformation in society is visible in employment and wealth generation, stimulation of indigenous entrepreneurship or promotion of entrepreneurial culture. The Nigerian government has accordingly created the enabling environment to nurture entrepreneurial development, through the establishment of various agencies to provide financial resources to small and medium scale enterprise operators or entrepreneurs. Despite the provision of financial resources to these entrepreneurs, there is still a high rate of entrepreneurial failure. The paper advocated a shift in paradigm in re-thinking entrepreneurial failure in the country. The missing links to successful entrepreneurship were identified to be entrepreneurial competencies, defined as the cluster of related knowledge, attitudes, and skills which an entrepreneur must acquire or possess to enable him produce outstanding performance and maximize profit in the business. These entrepreneurial competencies were the critical success factors to entrepreneurship, and they deserve serious consideration in entrepreneurial discourse and not to be neglected.
Highlights
Nigerian Agricultural and Rural Development BankThis development finance bank houses the former Peoples Bank, which is being restructured to provide small scale funding and guarantees in the rural setting
The strategic role of the entrepreneur as an agent of economic transformation in society is visible in employment and wealth generation, stimulation of indigenous entrepreneurship or promotion of entrepreneurial culture
Based on statistics sourced from Central Bank of Nigeria (CBN) publications of various years, Aruwa (2006) finds in 2003, small and medium enterprises in Nigeria contribute 90 percent to total number of industrial establishment; 70 percent to total industrial employment and 10-15 percent to total industrial production
Summary
This development finance bank houses the former Peoples Bank, which is being restructured to provide small scale funding and guarantees in the rural setting. It is to provide funds for rural agricultural entrepreneurship. 1.5 Small and Medium Enterprises Agency of Nigeria (SMEDAN) This is a Federal government funded agency established in 2003 that overseas the affairs of small and medium enterprises in Nigeria. While SMEDAN does not provide funds to business operators, it does assist them in preparing good business plans and to gain easy access to funding.
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