Entrepreneurship: Nigeria And Its Operating Environment

Small business firms and entrepreneurship play a signifi-cant role in world economy. Specifically, small business firms constitute  majority of the types of businesses in all economies of the world.

It should also be noted that some of the world’s multi-national corporations which have influenced many world economies started as small business enterprises.

US President Barack Obama speaks with Nigerian President Muhammadu Buhari during a meeting in the Oval Office of the White House in Washington, DC, July 20, 2015. Obama welcomes Nigeria’s freshly elected president after the country’s first ever democratic transition.

However, Nigeria constitutes an important part of the world economy considering its abundant human and non-human resources, therefore,  the issue of small business and entrepreneurship should be of interest to business practitioners, scholars and government policy designers and implementers.

Recently, US President, Obama has tasked Nigerian youths and all and sundry on entrepre-neurship, creativity as the way for self achievement and econo-mic growth and development.

This assertion of President Obama is not a new wine in this regard because past and present governments of Nigeria never failed to formulate good policies that would promote entrepreneurship knowing that it is a major function of economic growth.

Many developed economies of the world applied all strategies to ensure entre-preneurship drives. So, Nigeria is not ignorant of the relation-ship of entrepreneurship and the economy.

If we must tell ourselves the truth;  the success of any nation’s self-reliant economic strategy and policy, including small business and entrepreneurship policies and programmes, it is mainly a function of its people’s positive attitude towards entrepreneurship, into the extent to which the right incentives and infrastructures are adequate enough to make risk worth-taking in business entrepreneurship.

At this point, Nigerian entrepreneurs and government policy designers and implementers have a lot to learn from the attitudes of other countries businessmen towards entrepreneurship. Moreso, how favourable is Nigerian operating environ-ment?

 A small business organisation is a product of its environment and it exists to satisfy some needs and wants in the environment.

Therefore, the business environment provides the reason for the life of a small business organisation. It is the totality of the factors that affect, influence, or determine the operations and/or performance of a business.

Entrepreneurship exists within an extensive and complex environmental network. It includes such things as the political, cultural, economic, religious, educational and other relevant factors.

Again, President Obama advised on youth creativity, skills etc. That takes us to the standards and type of curriculum operating in our educational system. Millions of Naira being channelled to education in the country, yet the more money we pump in, the more standards are falling.

Where are those technical schools equipped with workshops we had in those years that empowers youths to be self-reliant. Let’s first revive our educational system; in it we can acquire creativity, entrepre-neurial skills and other things. Government can make provisions for practical training after youths have left schools.

In addition, over the years in Nigeria, we have seen good policies from those govern-ments but there is no will power to implement such good policies and so reverse becomes the case.

If trillions of naira that are read in our national budget were implemented, Nigeria would have become one of the leading economies of the world today. Even the recent one meant for SMEs was not implemented well. Credit schemes that promote entrepreneurship are difficult to access from the appropriate quarters.

Multiple taxation affects entrepreneurship development. Insecurity and lack of power supply as witnessed in Nigeria. (Vanguard)
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