Problems And Prospects Of Entrepreneurship in Nigeria
The need for entrepreneurship development in Nigeria has never been so high in the history of the country. However, despite the increased call for entrepreneurship, it still requires much improvement. The reason for this is the huge number of the challenges that entrepreneurship development in Nigeria is facing today. This article has highlighted some of the major problems and how we can overcome most of them.
What is entrepreneurship?
Entrepreneurship is the process of designing, launching and running a new business,it is usually a small business. The people who run these businesses are called entrepreneurs.
Who is an entrepreneur?
An Entrepreneur is one that has the ability to find and act upon opportunities to change raw materials into goods and services. An Entrepreneur is often noted with the ability of creativity and innovation. While creativity is the ability to think new things, innovation is the ability to do new things.
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Problems of entrepreneurship
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Lack of capital
This problem is one of the reasons why entrepreneurship in Nigeria hasn’t developed much over the years. A lot of beginners fail because of the lack of investment. Most Entrepreneurs do not even want to take risk while risk taking is one of the things an entrepreneur must do. That’s why thousands of incredible ideas cannot be a reality.
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Poor infrastructure
The poor infrastructural facilities is a serious problem affecting the improvement of businesses in Nigeria. The state of infrastructure in Nigeria is destitute. The infrastructure challenge is faced by all the entrepreneurs, especially those who work in the agricultural or industrial sectors. The unstable power supply and poor transportation system have forced a lot of businesses to close down. To run the business, most entrepreneurs need to use generators and spend a lot of money on buying the fueling generators and on fuel to run them.
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Erratic nature of Nigerian economy and politics
The state of the Nigerian economy and politics is another serious challenge for entrepreneurs. The state of the country plays an essential role in any country’s development. All the socio-economic problems and political instability don’t help in the successful development of businesses. Moreover, any economic or political instability kills businesses.
4. Little knowledge on how to run a business
Sometimes the success of the business depends not on the government politics, economic problems or insufficient capital but on the lack of the entrepreneur’s experience and knowledge on how to be a successful businessman. While some people have a chance to take entrepreneurship courses, many start a new business from scratch with no economic background.
Prospect of Entrepreneurship
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Entrepreneurship will promote Nigeria’s economic development
The role entrepreneurship development has to play in the economic development of Nigeria cannot be overemphasized. Even though there are a lot of barriers limiting entrepreneurship in Nigeria, it is still needed for the country to develop.
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2. Development of entrepreneurship will also improve the standard of living of Nigerians
3. Entrepreneurship will create employment opportunities and help to reduce the level of unemployment in the country
4. Entrepreneurship creates new opportunities of employment for many Nigerians.
More programmes are being laid out to encourage and facilitate Small and Medium-sized businesses (SME’s) in Nigeria. In most developed countries, the existence of SME’s has provided more jobs for their citizens. And so, if entrepreneurship continues to develop in Nigeria, more SME’s will arise and in turn reduce unemployment in Nigeria.
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