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Necessity-Driven Entrepreneurship in Nigeria

Entrepreneurship in Nigeria is primarily driven by necessity. Many entrepreneurs start businesses due to job loss, dissatisfaction with their current positions, or lack of other career opportunities. Nigeria has issues like unemployment, corruption, poor infrastructure, and underdeveloped sectors that push many to start their own businesses regardless of the size of their ideas. Entrepreneurship plays an important role in Nigeria's economic development by generating income, employment opportunities, and societal changes, especially in rural areas where formal employment is scarce. Entrepreneurship has helped develop enterprises in various sectors like agriculture, transportation, and hospitality.

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51 views2 pages

Necessity-Driven Entrepreneurship in Nigeria

Entrepreneurship in Nigeria is primarily driven by necessity. Many entrepreneurs start businesses due to job loss, dissatisfaction with their current positions, or lack of other career opportunities. Nigeria has issues like unemployment, corruption, poor infrastructure, and underdeveloped sectors that push many to start their own businesses regardless of the size of their ideas. Entrepreneurship plays an important role in Nigeria's economic development by generating income, employment opportunities, and societal changes, especially in rural areas where formal employment is scarce. Entrepreneurship has helped develop enterprises in various sectors like agriculture, transportation, and hospitality.

Uploaded by

demolaojaomo
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We take content rights seriously. If you suspect this is your content, claim it here.
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WABOSO CHRISTIANE AMARACHI

19/1623

ACCOUNTING GROUP 1

ENTREPRENEURSHIP SKILLS

ASSIGNMENT

Question: Entrepreneurship activity in Nigeria is primarily based on necessity. Discuss

Answer: Entrepreneurship activity is the process of enterprising human action in pursuit of the

generation of value, through the creation or expansion of economic activity, by identifying and

exploiting new products, processes or markets. Entrepreneurship is a source of wealth creation

for a nation. It encompasses all fields/sectors and fosters a spirit on enterprise for welfare on

mankind.

It is true that entrepreneurship activities in Nigeria are primarily based on necessity, this is

because there are what we call Push or necessity-based entrepreneurs who;

 may have faced job losses: due to individuals facing job loss they decide to come up

with different entrepreneurship activity ideas in order to help and satisfy themselves.

 dissatisfaction with their current positions: also due to this individual may not be happy

or feeling satisfaction, comfortable or happy in their current positions (e.g., in their jobs,

poverty, etc.) and therefore decide to take up entrepreneurship activities.

 lack of career opportunities: due to lack of job opportunities, individuals set up

entrepreneurship businesses. Therefore, for these reasons they are pushed to start a

venture.
Due to how some areas or sectors are still under-developed, politically, economically and socio-

cultural crippled in Nigeria and where all the above problems arise and so much more like

unemployment, corruption, low standard of education security issues, poor planning, poor state

of the country’s infrastructure, etc., occurs, able and willing people are ready to start up their

own business no matter how small or big their idea may be. The success of generating income

for majority of rural and urban dwellers with no formal paid employment depends on

entrepreneurship. Entrepreneurship is the backbone of an economic development (especially in a

country like Nigeria) around the world and plays an important role for employment, income and

societal changes.

Good entrepreneurs can create a strong economy, Entrepreneurship activities and innovative

ingenuity in Nigeria has developed enterprises in areas like; agriculture, agro-allied, solid

minerals, transportation, information, hospitality, etc. Entrepreneurship forces are relatively

strong in Nigeria. For entrepreneurs to be fully developed the country, they need to significantly

create wealth and employment opportunities thereby reducing poverty,

Reference:
Okezie A. Ihugba, Alex Odii & Asoluka C. Njoku (2013). Challenges and Prospects of
Entrepreneurship in Nigeria. Academic Journal of Interdisciplinary Studies Vol. 2(5). 2281-
4612.

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