Errors of entrepreneur in Nigeria: the blue ocean strategy as panacea

Abstract

Nigeria’s harsh economy has posed business planning challenges to many small and medium scale entrepreneurs. In a bid to thrive, some of these business entrepreneurs often commit errors along the path of entrepreneurship. While most errors are helpful to the business, others are harmful. The blue ocean strategy (BOS) is an up-to-the-minute approach of thoughts; a bold, recent path to winning the future. This study conceptualizes with empirical data the common errors of a number of the entrepreneur in Nigeria and highlights the BOS as a panacea. The paper identified two objectives; to determine the effect of planning error on entrepreneurs’ success in Nigeria and the effect of Blue Ocean Strategy on the Success of Entrepreneurs in Nigeria. Statistically, two research questions and hypotheses were formulated. The descriptive statistics of simple frequency count and simple percentage were used for description and analysis.