Essay on Challenges and Prospect of Entrepreneur in Nigeria

5927 Words Jan 30th, 2015 24 Pages
Challenges and Prospects of Entrepreneurship in Nigeria

The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, Income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over
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Entrepreneurship is something we ignore at our peril.
Entrepreneurship is pertinent to the analysis of how new ideas or ‘recipes’ for reconfiguring objects in the material and social world can be harnessed to enhance a nation’s wealth. In the longer term, a country’s economic progress depends on its ability to increase the value of what it produces with its resource base (people, land and capital). The point cannot be emphasized too strongly, however, that neither the ends to which these resources are put nor the means for achieving these ends (i.e. the set of resources and how they are used) are given or fixed. They are the result of entrepreneurial choices and are open to entrepreneurial initiative. Individual entrepreneurs and entrepreneurial teams bring to light the resources, technologies and trading opportunities that make economic development possible. Indeed, whenever entrepreneurs are the first to discover the availability and potential economic value of new resources, they are in effect bringing those resources into existence in economic terms (Kirzner 1989).
Nigeria as a country has numerous business and investment potentials due to the abundant, vibrant and dynamic human and natural resources it possesses. The

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