Entreprenueship in Underdeveloped Economies: A Study of Nigeria
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Date
2017
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Faculty of Management Sciences, University of Warsaw, Poland
Abstract
The study investigated the availability of the environment for and the extent to which individuals and groups are able to recognize/create opportunity for providing goods and services; and the extent to which they are able to utilize such opportunities. The study collected primary data about the environment for entrepreneurship development in Nigeria, the extent and nature of opportunity creation and the prospect for carrying through innovations in the country. The data were collected from entrepreneurs and entrepreneurship professionals, using a well-structured questionnaire administered to a sample of 360 respondents, drawn from among the groups. The responses were analyzed using Kruskal Wallis and Wilcoxon Signed Rank Tests. The study revealed that Nigerians are innovative and enterprising. It also revealed that infrastructural facilities, funding, and entrepreneurship education are significant impediments. The study also showed that economic growth in Nigeria is influenced by entrepreneurship growth, therefore the slow growth in entrepreneurship development in Nigeria contributed to the underdeveloped status of the economy.
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Keywords
Entrepreneurship, Development, Innovation, Opportunity, Necessity