ENTREPRENEURI

ALTHEORI
ES
Wr i
ters hav e come up wi t
h sev er
al theoret
ical f rameworks on
entrepreneurshipdev elopment.Thesetheori
esincl
udebutnotl imi
tedtothe
foll
owing,economi c,socio-
cultur
al,manager
ial
,educational,devel
opment al
,
experienti
al,innovati
on,net work,str
uct
uralandmul t
i-dimensionaltheori
es.
Eachoft heset heorieshadbeenusedi nt hestudyoft hepr ocessesof
entrepreneurship.Letusnowf ocusonsummar yofexistingentrepr
eneurship
theory.

1.
1 Ent
repr
eneur
ial
Theor
ies
Economi cTheory:Writer
slikeSchumpet er,(1934)andDr ucker,(
1985),see
entr
epreneurast hemanwhoper ceivesbusi nessoppor t
unit
iesandt akes
advantageofscar eresourcest o uset hem. Rel evant ,t
herefor
e,ar ethe
str
ucture ofeconomici ncenti
ves t hatar e avai
lableint he mar ket. The
patt
ernsofeconomi cincenti
veshav eactedasst i
mul ifortheemer genceof
entr
epreneurs.Theyhav ealsoinf
luencedt hepositiv
er esponsesint er
msof
behaviourandthei
rper
formance( Kilby,1965;andSi ngh,1985).
Politi
calTheor y: Thei nfl
uenceoft hepol i
ticalfactoront heemer gence,
behav iourandper formanceofent repreneurshadbeenr eportedbysev er al
wri
t ers. Schatz( 1962and1964)di scussedt wof ormsofassi stancet hat
werepr ovi
dedf orindigenousent repreneurbygov ernmenti nNi geri
a.These
were( 1)thef i
nancialsuppor tthrought hefeder alloansboar dand( 2)t he
establishment of t he Yaba I ndustri
al Est ate for use by i ndigenous
entrepreneurs. Ogundel e(2000)di scussed t hepr ovision oft rai
ning and
fi
nanci alassistance bygov ernmentt oi ndigenous ent repreneur sthrough
NationalDi rectorate of Empl oyment ( NDE). Gov ernment by way of
l
egislat i
onsandpr ovisionofi nfr
astructuresandot hersuppor tsy stemshav e
ai
dedt heentrepreneurialpr
ocesses.
Ecol
ogicalTheor y
: Thisappr oachi
sconcer nedwi t
ht hei nfl
uenceoft he
envi
ronmentonbusi nessstartup,wi
thouthavingtoobt aininfor
mationabout
thecharact
erist
icsandmot ivati
onoft heorganizat
ionf ounders(Left
,1979;
Marret1980,andPenning,1982).
Hist
ori
calTheor y:Thisapproachconsi der
edpasthi stor
icalant
ecedent sas
i
ndependentv ariabl
e on the emer gence,behaviourand per f
ormance of
entr
eperneeur
s.Tot hewrit
ersinthi
sgr oupbelong(Cole,1959;Akeredolu-
Ale,
1975;andRostow,1982) .AkeredoluAl e(1975)specifi
call
yemphasi zedthe
pre-
empt i
ngofpostwaroppor tunit
iesinexplaini
ngtheunder devel
opmentof
i
ndigenousentrepreneur
shi
pinNiger i
a.
Manager ialTheory: Thisper specti
vef ocusesont heper cept
ionofmar ket
oppor t
uniti
es.Itinaddi t
ionemphasi zest heoperationalskil
l
srequiredtor un
asuccessf ulenterpr
ise( Kil
by,1971;Mer edit
h,NelsonandNeck,1991,and
Osuagwu,2001) .Ki l
by( 1971)list
edt hi
rteenmanager i
alfuncti
ons,whicht he
entrepreneursmighthav etoper formf ort hesuccessf uloperat
ionoft heir
enterpri
ses. Car l
and,Hoy Boul t
on and Car l
and ( 1984) regarded t he
empl oyment of st rategic management pr act
ices as t he f unct
ion of
entrepreneurs.Thereforemanager i
alskil
lswi l
lhavedi r
ectpositi
veeffecton
theentr
epreneur
shi
pprocessesofemer gence,behaviourandperf
ormance.
Theenvir
onmentthatpr
ovidesoppor
tuni
ti
esf orr
elevantski
ll
sacqui
sit
ionwil
l
tendt
opr omoteent
repr
eneurshi
p.
Educat ionalTheor y:I ti sconcer nedwi thgener all ev elofeducat ioni nt he
soci ety.Itspr oponent scont endedt hateducat i
ont endt obr oadenpeopl es’
out l
ook.I tequi pspeopl ewi thneededski l
lst olookatt hewor ldaroundt hem
i
namor eorgani zedandcoor di
nat edf ashion.Thi swi l
lmaket hem t oper form
bet t
eri nent repr eneurialrole( Aluko,1983;Br owenandHi srich,1986and
Singh,1986) .Aker edolu-Al
e( 1975)f oundt hatmor eent repreneur shadl ower
l
ev elsoff ormaleducat i
ont hant heciv i
lser vants.Hecoul dnotest abl i
shany
directassoci ationbet weent hel eveloff ormaleducat ionofent r
epreneur sand
thedegr eeofsuccessachi ev ed.BowenandHi str
ich( 1986)r epor t
edt hatt he
gener alconcl usi ont heent r
epr eneur sar el esswel leducat edt hant hegener al
popul ationwasnotsuppor tedbyt heirst udy .Al soSi ngh( 1986)f oundt hat
ear l
iernot i
ont hatt hosel ackingeducat ionalqual if
icat i
onwer eusual l
yt he
oneswhowenti nf orbusinesswasnotbor neoutonhi sst udy.Ear li
eron
Aluko( 1983)r epor tedt hatnewbr eedsofhi ghlyeducat edent repreneur swer e
emer gi
ngi nNi ger i
a.Ogundel e( 2000)f oundt hatt heper formanceofsome
ent r
epr eneurinhi sst udiedgr oupswasai dedbybet tereducat i
onwhi chmany
oft hem had.Thebr oadenout lookt hrought heeducat i
onalpr ocesscoul dai d
i
naccur ateper cept i
onofoppor t
uniti
es,andt herefor eaf f
ectent r
epr eneur ial
emer gence,behav i
ourandper f
or mance.
InnovationTheor y:Ent repreneursareher econsider edasi nnov at orswhose
task i s creati
ve dest ructi
on. Thi sr esul tsf rom br ingi ng aboutnov el
combi nation ofpr oducts and ideas,t hus r endering obsol ete pr ev iousl y
existi
ngpr oductsori deas.Consequent l
y ,theprocessofendowi ngr esour ce
wi t
hnew weal thpr oducingcapaci tyiscent r
altoanyconcept ual i
zat i
onof
entrepreneurship( Schumpet er,1934,Tushman and Nel son,1990,Ami t
GlostenandMul l
er,(1993).Ki by(1971)consi deredadapt ationasi nnov ative
functionofent r
epreneur shipinadev elopi ngeconomy . Ami t,Gl ost enand
Mul l
er( 1993)andHobdat( 1995)consider edinnov ati
onasadi stingui shi ng
featureofent repreneurship.I ti
s,t
heynot ed,theprocessofext r
act ingpr ofit
from new,uni queandv ari
ablecombi nationofr esourcesi nuncer tainand
ambi guousenv i
ronmentbyexpl oit
ingoppor t
unit
ies.I nnov ation,t heref or e,is
aboutexpl oit
ingoppor tunit
ies.
Networ kTheory:Thist heoryf ocusesont hesoci alli
nkswhi chpromot eor
hinderentr
epreneurship. Thisi sbecause,itconsi der
sent r epreneurshi
pas
beinginvol
vedandasi nteracti
ngi nnetworkofcont inui
ngsoci alrel
ati
onst hat
openuporbl ockentrepreneurs’li
nkwi t
hexist
ingr esour cesandoppor t
unit
ies.
Itisconcernedwiththei ntri
catenat ur
eofinterper sonalrelat i
onship( Al
drich
RosenandWoodwar d,1987,Dubi niandAldri
ch,1991andCar dor,Ziet
sma,
Saparit
o,Mat heme and Dav i
s,2005) . As a r esul tr el
ationshi pin soci al
setti
ngscanpr ov
ideoppor tunit
iesforentr
epreneur ship.
StructuralTheory:Thisappr oachexami nestheeffectofinter
nalpat ternsof
rel
ationship among v ar
iouspar tsand component sofanor ganizationon
entrepreneurshi
p. Ithad been not ed t hatthe quali
ty ofor ganizational
resources and t he ef fi
ciency wi t
h whi ch ent r
epreneurs car ry out
organizationalfunct
ions aff ect
ed theirperformance. The st ructure of
entrepreneur i
alor ganizati
onwasf oundt ohav eenabl edthem tor eactfastt o
changi ngenv i
r onmentandadapt ingt onew demands. I naddi tioninternal
structuralar rangementt o contextwas f ound as a si gnifi
cantbasi sf or
achieving ef fect i
ve per formance ( Akeredolu Al e,1975;and I negbenebor ,
1995) . Aker edol u-Ale( 1975)not ed thatt he ent r
epreneurs’qual i
ty of
organizationalr esour cesandconsequent lyt heef fici
encywi thwhi cht hey
carryoutor gani zat i
onalf uncti
onsaf f
ectedt heirperformance.I negbenebor
(1995)ar gued t hati nternalstructuralarrangementt ot he contexthasa
signifi
cantbasi sf orachi evingeffectiveperformance.Emphasi swaspl aced
on t he dy nami cf lexibi
li
tyofent repreneurialor ganizat
ions. Thus the
structuralarrangement sinent r
epreneur i
alorganizationmaket hem tobev ery
adapt i
v etoexpl oit
ingoppor t
unit
ies.
Technol ogicalTheor y:Thist heoryi
sconcer nedwi thmachi nes,equipment ,
andt oolsusedi npr oducinggoodsandr enderi
ngser vi
ces.(Woodwar d,1965;
Kiby,1965;andEkpoUf ot
,1990).Woodwar d( 1965)foundthatt echnological
compl exit
y consi der abl
y i nfl
uenced admi nist
rati
ve st r
ucture, t hus
emphasi zingthei nfl
uenceoft echnol
ogyonper f
ormance.Ki lby(1965)not ed
thatsmal lindigenous ent r
epreneur
ialorganizati
on exhibi
ted a feature of
permi ssi
ve t echnol ogy leading to f ast adapt at
ion. Ent r
epreneur i
al
technologicalinnovat i
oncanber egardedasdirectresponsest oopportuniti
es
i
nt her el
evantenv ir
onment .
Mul ti
-FactorAppr oach: Ogundel eandOpei fa( 2003)not et hatt heexi st
ing
theoreticalframewor kreveal sthatsev eralf actorsi ncombi nat ionaf fectt he
entrepreneur i
alpr ocesses.I tispr oposedt her eforethatsev eralr athert hana
singlef actorwillaffectent repreneur shi p.I nOgundel e(2000) ,thespeci ficset
off actorsusedasexpl anat oryvar iabl eswer e:(1)soci alrelations( inv olv
ing
element s ofsoci o-cul t
uraland net wor kt heor i
es),(2)pol it
icalf act or,( 3)
economi c env i
ronment ,(4)t echnol ogy ,( 5)t r
aining and dev elopment( 6)
formaleducat i
on,( 7)pr ev i
ous wor k exper i
ences,( 8)i nnov at i
on and ( 9)
structural el ement s of t he ent repr eneur ’s or ganizati
on. Thi s i s a
mul ti
dimensi onalf act ors and i nt erdisci plinar y approach t ot he st udy of
entrepreneur ship.I tist obenot edt hatt hisappr oachi salsobasedont he
oppor tunit
ies thatexi statt he appr opr i
at el ev elofanal y si
s. The st udy
predictedt hatt hedet erminant slistedabov ecoul dposi t
ivelyandnegat ively
affectent r
epr eneurialemer gence, behav iourandper formancei nNi geria.
Eachofthev ar
iouslevel
softheoret
icalf
ormulati
onpr esent
edabovei
sl i
nked
withopport
unit
yofonet ypeortheother.Ther ecur
rentemphasesbyv ari
ous
writ
ersonoppor t
unit
iesinrelat
iont oentr
epreneurshiphaveprovi
dedt he
i
mpet usforproposingtheboundedoppor t
unityapproacht oent
repr
eneurial
study.
Resear chers have also shown thatperception ofopportunit
ies and the
empl oy ment of st r
ategi
c management pr acti
ces aret he functions of
entrepreneur s(Ki
l
by1971,Car landHoy,BoultonandCarland1984andAmi t
,
Glosten and Mul ler,1993). St ev
enson ( 1998) and Timmons ( 1999)
emphasi zedthedynami cnatur
eoftheoppor t
unit
yintheenvironmentandt he
reactionsoft he entrepr
eneurorentrepreneuri
alteam in cashing on the
oppor tuniti
es.
Ent
repr
eneurpr
act
ice

Aneducatedpersonneednotsuff
erfr
om unempl
oymentbutcanputhi
sor
herknowl
edgeintouseforsomepr
ofi
t.

Entr
epreneur
sgetengagedi nbusinessact i
vi
tiesandconv er
tCAPI TALto
PROFIT.
CAPITALasset sincl
ude:knowledge,ti
me,goodheal t
h,money,equipment,
raw mat eri
als, and other mat eri
als, bui
lding space, t
ransport
ati
on,
communi cat
ionservi
ces,
etc.Knowledgeisthestarti
ngpoint
.

ThenetPROFITist
hemoneywehav eaft
erpayi
ngofft
hecost
sofr
unni
ngt
he
busi
ness,
taxes,
andal
lexpensesi
ncur
redbythebusi
ness.

I
nt hecourseofcar r
ying outbusinessacti
viti
es,Entrepreneur
sseekfor
OPPORTUNITIEStobet urnedintoprofi
t,Ent
repreneur
sdi scoverMARKETS
thatcanbeinit
iat
ed,Entr
epreneursrecogni
zeandut i
l
izeposi t
iveMARKET
FORCES.

Whenyouobserv
eapr obl
em andy
ouexami
newhati
srequi
redt
osol
vet
he
pr
obl
em,thi
siscall
edaNEEDASSESSMENT.

Peopl
ewhomakeal
otofmoneyi
ncl
udepeopl
ewho:

 Discoveraneedt hatmanypeopl egenerall

yhav e,therefor e,t
hereisa
potenti
alhugemar ketinthatneed
 Recognizewhatwoul dbeusef ulforapar ti
cularpopul ation,groupof
persons,orprofessi
ont heref
ore,ther
eisapot entalpr
i otectedmar ket
i
nt hatneed
 Hav eknowledgeofhowt oconvertarawmat eri
altoaf ini
shedpr oduct,
theref
ore,t
hereisapot enti
ali
ndispensablemar ketinthatneed
 Discoverhowt omakeapr ocessorpr oducteasierorbet t er,t
heref
ore,
thereisapotenti
alconv eni
encemar keti
nt hatneed
 Knowwhatmanypeopl ewoul denjoy,t
herefore,t
hereiscer tai
nmar ket
i
nt hatneed

ANEEDSASSESSMENTisimpor
tantBEFOREy
oubegi
naBUSI
NESSi
nor
der
t
oensur
eyougener
ateaNETPROFIT.

 Youneedtoassessifyourtargetmar ketisbi
genough,i
sst
abl
e,or
prot
ect
ed,
orconveni
ent
,orindispensableorcer
tai
n,et
c.
 Youneedt
oexamineyourcapitalasset
s
 Youneedt
opredi
ctyourprofi
t

I
NTRODUCTI
ON
Manysect
orsoftheNiger
ianbusi
nesssyst
em wer ehighl
yrest
ri
ctedand
r
egul
atedbygov
ernmentfr
om theperi
odofindependenceunt
ill
ate1990s.
Duringt hisera,privatepar ticipati
oni ncor esect orsoft heeconomysuchas
banki ng, t elecommuni cation, ai r transportation, t elevisi
on and r adio
broadcast i
nget c.wer egr eatlyl i
mi t
edandst r
ictlycont rolled.Today ,howev er
,
gov ernment has der egulated and opened up t he economy f or mor e
i
nv olvement ,participati
on and i nvestmentby pr i
v at
e ent repreneur s.The
purpose i st o pr omot et he expansi on oft he economy t hr
ough a f ree
enterpr i
sesy stem.I naf r
eeent er pri
sesy stem,busi nessesar eor gani
sed,
owned, operated,andcont rolledbypr i
vateindividualswhohav ether i
ghttoa
profit(ormustsuf ferthel oss)f rom oper ati
ons.Thesy stem r esultsf rom the
fr
eeassoci ationofpeopl ei naf reesoci et
y .Undert hissy st
em,y oucan
organi zeanybusi nesst hel aw al l
ows,pr oducewhat ev ery ouwi sh,charge
what ev eryouwant ,orev ensel l
youri nter
estint hef i
rm.
Inreali
ty,however
,abusi nesscansucceedonl yifitproducesapr oductor
servi
cethatthepubli
cwant s,sel
lsitatapri
cepeoplearewi ll
ingtopay,does
thejobsomehow bet t
ert hanthecompet i
tion,andmakesapr ofi
tforits
eff
orts.I
nadditi
on,governmentregulati
onsandt hel
egalsystem setl
imit
son
cert
aintypesofproduct
s, busi
nesses,andpr
icing.

THE ENTREPRENEURSHI
P FROM I
NDI
VIDUAL DEVELOPMENT POI
NT OF
VI
EW
Indi
vidualentrepreneurialdev elopmenti st hesyst emat i
cprocessoft r
aining
andgr owt hwhichmakei ndividualgai nsandappl yknowl edge,skil
ls,insights
andat tit
udes,wi thwhi chhe/ shemanagespr ofitseekingandot herwor k
organisati
ons ef fecti
vely .( Rao,et . al .
,1990),not ethat the f ocus of
developmentappr oach i s ent repreneur ship skil
l.These ski l
lsi nclude:( 1)
Developmentofent r
epr eneur i
alspi rit
,char act
eristics and personal i
ty( 2)
Developmentoft echnical,t echnol ogicaland pr ofessi
onalcompet encies
needed f orpr oductive wor k empl oyment( 3)Dev elopmentofent erpri
se-
buil
dingandsmal lbusi nessdev el
opment ,capabi l
it
iest oini
tiat
eandst ar t
one’sownbusi nessorsel f-empl oymentand( 4)Dev el
opmentofmanager ial
capabili
tytorunt hebusi nessandot hersel f-employ mentactivi
tysuccessf ully.

Themostcommonmot ivef orindi

vidualenteringbusi nessi st opr ofitand
createwealth,thedesir
et omakeapr ofitasar ewar df ortakingther isksof
runningabusinessformt hemaj orreasonwhyi ndiv i
dualgetengagedi nsmal l
businesses.Profi
tisthei ncomer eceived,mi nust hecostsofoper ati
ngt he
business.Profi
tserv
esbot hasar ewardf orunder taki
ngt herisksofbusi ness
andasay ardst
ickofone’ssuccessati t.Alt
houghi tappearssi mple,pr ofi
tis
not alway s made. Somet i
mes t here ar el osses. Ther ei sal ot ,of
misunderstandi
ng about how much pr ofi
t Ni gerian entrepreneurs and
businessowner smake.Somepeopl et hinkprofi
tsofbusi nessesaret oohi gh.
Othersthinkthatwithouthighpr ofi
ts,thereisnoi ncentiveforabusi nesst o
producegoodsandser vi
cesneededbyconsumer s.
I
NDI
VIDUALASANENTREPRENEUR
Things don’ tj usthappen by t hemsel v
es i n any economi c endeavour,
especiall
yi nt hewor l
doff reeent erpri
seandpr ofit
.Someonehast omake
them happen.Ent repr eneursar et hei nnov ati
veowner sandmanager swho
createsomenewpr oductorser vi
ceorsuggestabet terwayofusi ngexisti
ng
productsorser v i
ces.Theyar ethef ir
str i
skt akerstoseet hatthepublicwants
anewpr oductorser viceandt r
yt opr ovidei t
.Entrepreneurst hi
nkupway sto
sati
sfypeopl e’sneeds.Theyi nvestmoney ,ti
me,andef fortinorganizi
ngand
managi ngaf i
rm;r unt her iskoff ailure;andr eapt her ewardsofsuccess.
Everytime,f ortunesar ebei ngmadeorl osti nbusi nessv enturesbyt hose
will
ingtot aket her i
sk- ‘
peopl eli
keDr .MikeAdenuga, ownerofGl obacom, Dr.
(Mrs)Al akija,Mr .Elumel u,Dr .Adebut uKenshi nton(BabaI jebu),Mr.Ubah
OwnerofCapi t
alOi l,Dr .ObiOt udekowhost ar
tedt heHoney wellGroupand
EconetWi reless,Al hajiAlikoDangot et hef ounderandchai rmanofDangot e
Grouponeoft hel argesti ndi
genouscongl omer atesi nNi geri
aandOt unba
Sunbomi Balogunt hef ounderandExecut iveChairmanofFi rstCityMonument
BankLt d.
Thesef oll
owingindi
vidualsstart
edbyi dent
if
yingentrepreneurialprocess;t
his
beginswhenaper sonhasani deaf oranew pr oductorser v
icet omeet
consumerneeds.Heorsheor ganizesthebusi ness;put sup moneyf or
buil
dings,suchapl ant ,offi
ce,orstore;buysthenecessar yequi pmentand
materials;hir
esandt rainsemployees;andbegi nspr oductionoroper ati
ons.
Thesal esr esul
ti
ngfrom oper ati
onsbr i
nginr evenue,whi chi susedt opay
expenses.Whati sleftov erisei
therprofi
tsorloss,ther ewardorpenal tyfor
theowner ’sri
sktaki
ng.

THEENTREPRENEURSHI
PFROM NATI
ONALDEVELOPMENTPOI
NTOFVI
EW

Countryalloverthewor l
dwhosebusi nesssur
viv
alandf ort
unesdependson
producti
onr el
atedacti
v i
ti
eshasi ntr
oducedquali
tati
veeducati
oninar eaof
entr
epreneurshipandtechnologyinordertoi
mprov ethequali
tyofeducati
on
thatwil
lprov i
deopportuniti
esforemploymentandgener at
eincomet oboth
theindi
vidualandthenat i
onatl ar
ge.Butnott
het ypesofeducati
onthatwill
produceconsumer sl
ikeNi geri
a.

Entrepreneur
shiptodayhasbeenacknowl edgedtobeal eadi
ngv ehicl
eofjob
creati
on and economi c gr owth and dev el
opment al lov er the world.
Consequent l
y,countr
iesalloverneedstopayspeci alattenti
ont otheneedsof
entrepr
eneursbyensur ing thatadequateinfrastructureispr ov i
ded,good
poli
cy f r
amewor ki s entrenched and betterr egulatory envir
onmentsi s
establi
shed,and f ai
rl egalsy st
em is puti n place,pr ovisi
on ofcapi t
al,
protect
ing the int
ell
ectualpr oper
tyrights ofcompani es,newl y emerged
i
ndustri
esareprotect
ed,t
echnol
ogydev
elopmenti
senhancedanddev
oidof
unnecessar
yri
valr
y.

Effecti
veent repreneurialeducat i
on,t raininganddev elopmentar et hemaj or
sure pat hto nat ionaleconomi c dev elopment .Ni geri
a can achi evet his,
through gov ernmentcommi tmentand col l
abor ati
vei nv ol
v ementoft he
educat i
onalinstit
utions,businessor gani sationsandr esearchi nst i
tut i
ons.The
mul ti
pli
ereffectwi l
lbemasst urnoutofcr eativ
eagent sofdev elopment ,like
entrepreneurs.Ther esultoft hei nteractionwi lll eadt ot hedev el
opmentof
compet ent technol ogists,innov ators,sci enti
st s,engi neers,account ant s,
technicians who ar e entrepreneur si nt heirown way .Ent repr eneur ship
educat i
ont r
aininganddev elopmentpl ayv erycr uci alrol
esi nent repr eneur ial
dev el
opmentandski l
lsacquisiti
ont hatwi lltranslat etonat ional dev elopment .

Entrepreneur
ship gener
all
y pl
ays a key rol
ein empl oymentgener
ation,
i
ncreased pr oduct
ivi
tythr
ough innov
ati
on,the faci
l
itat
ion oft
ransf
eror
adaptationoftechnol
ogyaswellasthedynamicgenerati
onandut
il
izat
ionof
resources.

I
mpor
tanceofEnt
repr
eneur
shi
ptoNat
ional
Dev
elopment

1.Ent
repr
eneur
shi
pcr
eat
esj
oboppor
tuni
ti
esf
orot
her
s

2.I
mpr
ovesst
andar
dofl
i
ving

3.Ent
repr
eneur
spayt
axest
othegov
ernmentf
rom t
hepr
ofi
ts

4.Ent
repr
eneur
shi
pleadst
oNat
ional
product
ivi
ty

5.Entrepr
eneur
shipl
eadstoaspir
ati
onf
ornewideas,
innov
ati
onand
technol
ogytoimpr
ovetheexist
ingmet
hods

6.Entr
epreneur
shipdev
elopmentdi
scour
agei
mpor
tat
ionandconser
veof
for
eignexchange

7.Ent
repr
eneur
shi
pencour
agesexpor
tat
ion

8.Entr
epreneurshi
pleadstoexpansi
onandcr eat
ionofbusi
ness
opport
uniti
esthroughbusi
nessdiver
sif
icat
ion.

9.Entr
epreneur
shipencouragesi
ndi
vidual
stosetupandmanaget
hei
r
busi
nessandt hi
sreducesimport
ati
onofgoods.

10.
Ent
repr
eneur
shi
pcauseseconomi
cgr
owt
h:

11.
Ent
repr
eneur
shi
ppr
ovi
desst
rengt
htosmal
lbusi
ness:

12.
Enhancementofmar
ketcompet
it
ion

13.
Promot
ionofef
fect
ivedomest
icr
esour
ceut
il
izat
ion
 14.
Weal
thcr
eat
ionandi
ncomegener
ati
on

15.
Itencour
agesr
esear
chanddev
elopment

POSSI
BLEBUSI
NESSOPPORTUNI
TIESI
NNI
GERI
A

BusinessOppor t
uniti
es: Accordingt o Hil
landJones,oppor t
uni
ti
esarise
whenenv i
ronmentaltrendscreat
et heconditionsandpot enti
alf
oracompany
tomakegr eaterprofi
tsandachi evestrategiccompet i
ti
veness.Iti
samaj or
favorablesit
uati
oni nthef i
rm’senvir
onmentort rendsandev entst
hatcould
signi
ficant
lybenefitan.Organi
zati
on/entrepreneurinthefutur
e.

Anal
yzi
ngt
heBusi
nessOppor
tuni
ti
es

Sinceent r
epreneursseekf oropport
uniti
es,envir
onmentcanbesci enti
fi
call
y
exami nedsoast oidenti
fywhatcanstrengthenandconsol i
dateent repr
eneur
positionsi
nt hei
renv ir
onmentandf ormulateagoodbusi nesspl an.Ef f
ecti
ve
environmentalscanningwi l
lgener
ategoodbusi nessopportuni
ti
est hatcanbe
explored.Howev er,
oppor t
unit
iesar
echar act
eri
zedbyt hefoll
owing;

a.I
ncr
easei
ndemand

b.I
dent
if
icat
ionofapr
evi
ousl
yov
erl
ookedmar
ketsegment

c.Fav
our
abl
echangesi
ncompet
it
iveenv
ironment

d.Changei
ngov
ernmentpol
i
cies

e.Posi
ti
vet
echnol
ogi
cal
changes,

f
. costr
educt
ionsandqual
i
tyi
mpr
ovement
sinr
awmat
eri
als

g.I
mpr
ovedi
nbuy
erandsuppl
i
err
elat
ionshi
pset
c

Possi
bleoppor
tuni
ti
esf
orBusi
nessi
nNi
ger
ia

Thef
oll
owi
ngar
ether
easonsf
orbet
terbusi
nessoppor
tuni
ti
esi
nNi
ger
ia

1.Ni
ger
iai
sdensel
ypopul
ated

2.Ni
ger
iai
sthel
argesteconomyi
nAf
ri
ca

3.Niger
iai
sbothgr
owi
nganddev
elopi
ngi
nter
msofi
nnov
ati
venessand
humancapi
ta

4.Thegov
ernmentpol
i
ciesoneconomyi
spay
ingof
f

5.Economi
ccondi
ti
onoft
hecount
ryi
simpr
ovi
nget
c.
Possi
bleBusi
nessoppor
tuni
ti
esi
nNi
ger
ia

Businessopport
unit
iesareallov
er,howev er
,entr
epr
eneur
smustscan
theenvir
onmenttoidentif
ytheseopportunit
iesandexami
nethe
viabi
li
tyofsuchopportuni
ti
esbeforeinv
est i
ngint
osuchbusi
ness(
es)
i
nor dertomini
mizer i
skandmaxi mizeprofi
t.

Fol
l
owi
ngar
ethear
easoff
ocusf
orent
repr
eneur
stoi
nvesti
nNi
ger
ia

1.Agr
icul
tur
e

2.Tour
ism

3.Ar
tsandf
ashi
on

4.Hotel business
5.Furni
turemaki ng
6.Restaurant s/Cant eenbusi
ness
7.Confect i
onary/breadmaking
8.Pri
ntingbusi ness
9.Cosmet i
cs/hairdressi
ngsal
ons
10.
Soapmaki nge. t.
c