Challenges of entrepreneur in Nigeria
An entrepreneur is a person who brings in overall change through innovation for the maximum social good. He has firm belief in social betterment and he carries out his responsibility with conviction. The entrepreneur is a visionary and an integrated man with outstanding leadership qualities, with a desire to excel; he gives top priority to research and development. An entrepreneur is also an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale.
Business dictionary defines an entrepreneur as someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessary motivated by profit but regard it as a standard for measuring achievement or success.
In the last decades, more Nigerians have attended entrepreneurial training and taken courses in entrepreneurship than ever before.
Therefore, what is the essence of going into a business without proper human and material resource? It is okay to be self employed but it becomes a nuisance when such business is yielding no result.
in the same vein, the entrepreneurial success rate in other countries serves as a tonic for job creation, innovation and diversity. The role of entrepreneurship in global business of developing countries is also significant but in Nigeria, there are myriads of problems facing the Nigerian entrepreneur’s as they pave their way to success but we shall examine a few of them.
Poor Transportation System
The transportation system in Nigeria is quite poor. The roads are full of potholes, the railway system is not functioning anymore, and the waterway is undeveloped while the air transport system is in crisis. It is therefore expensive moving both raw materials as well as finished products from one point to another.
Corruption makes the procurement of licenses, permits, goods and services from government agencies and even the payment of taxes and levies are difficult without taking bribes.
Poor Political and Social Movement
This strongly affects the level of entrepreneurial activity in Nigeria. Religious intolerance, ethnic bickering, wars, political assignation, and ma-administration limit entrepreneurial progress in some areas of the country.
Poor Technological Advancement
The challenges of technological nature of sophistication, lack of knowledge of new technologies constitute a barrier to the study of entrepreneurship in Nigeria.
Attitude of Nigeria’s Growing Population
Nigeria is made up of large growing population, with sanitation life styles resulting in high demand for expensive foreign goods and services. Most citizens have a negative attitude towards made in Nigeria goods/services, and this has lead to riot and destruction of life’s and properties.
Many entrepreneurs start their business without proper understanding of how that particular business operates but starts them because they hear is lucrative. There is a need to put processes and system in place and this is where experience comes into play and employment of highly experienced personnel to manage the business.
The 7Ps of success states that proper, preparation, plus, planning, prevents poor performance. Therefore, for an entrepreneur to avoid poor planning, they must successfully manage major events and must be aware of the fact that success mostly comes as a result of hard work, careful, systematic and strategic planning.
Lack of Enforcement of Nigerian Patent Laws
The lack of enforcement of Nigerian Patent laws discourages entrepreneurs from commercializing their ideas and innovations.
Epileptic Power Supply
This is seriously obstructing the success of entrepreneurs in business. Power generator end up eating a huge portion of the profits.
Adapting To a New Business Environment
Majority of those who venture into small scale business do so because of their real need to make money and in almost all cases, such entrepreneurs lack relevant and adequate information about the business they engage in.
Policies of the Nigerian Government
The policies of the Nigerian government are a barrier to the success of large-scale entrepreneurial success for many Nigerians. The government is faced with corruption and greed. The government systematically ignores laws are already in place to promote free enterprise.
This group of people are often underestimated and overlooked and they are often hindered because of cultural barriers such as male/female role definitions that label women inherently inferior to men.