Effect of Entrepreneurial Practices in Managing Small Scale Business for Sustainable Development in Nigeria: An Empirical Evidence
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Date
2017
Journal Title
Journal ISSN
Volume Title
Publisher
Journal of Sustainable Development in Africa
Abstract
The business sector has become one of the most important means to achieve the Sustainable Development Goals in most countries including Nigeria. Managing small business through Entrepreneurial practices as well as the reasons for Business failure in business environment has become issues in Nigeria context. Problems, prospects, and significance of entrepreneurship business in Nigeria were analyzed. The study used secondary data, some which are previous researches and analyses of scholars; and related journal articles. Findings shown that most SMEs particularly in Nigeria liquidated within their first five years of their operations due to contributing factors such as insufficient capital, lack of focus, inadequate market research, over-concentration on one or two markets for finished products, and lack of succession plan. This has negative effect on sustainable development of the country. It is concluded that, the secret behind the success of self-reliant strategy is mainly in peoples’ positive attitudes to enterprise, and in the extent to which the right incentive, adequate enough to make risk worth taking rather than in any particular political philosophy. Therefore, it is recommended that for government to attain sustainable development through entrepreneurial practices in managing small scale business, should try as much as possible to provide a stable and conducive environment and hence organizations should ensure that human, capital and material resources are effectively utilized for development
Description
Keywords
Entrepreneurship, Tools, Business, Reasons, Insufficient Capital, Succession Plan, SME
Citation
19(4): 104-123