Entrepreneurship and Development in Nigeria

The Third National Development Plan (1975-1980) aimed to boost local resource utilization, create job opportunities, distribute industries across Nigeria, improve infrastructure, curb rural-urban migration, and support small-scale businesses with financial institutions.

An entrepreneur is a person who identifies and capitalizes on business opportunities, gathers resources, manages risks, and drives the success of their ventures.

Entrepreneurs play a crucial role in driving economic development by creating new products, services, and markets.

Entrepreneurship is a dynamic process that involves actively seeking out opportunities, taking calculated risks, and creating value in the market.

Entrepreneurs identify opportunities, allocate resources wisely, and manage operations effectively.

Entrepreneurs combine resources, innovate to generate profits, and thrive in uncertain environments.

Entrepreneurs drive initiatives, overcome challenges, and ensure sustained growth and stability for their ventures.

Entrepreneurs excel at identifying opportunities amidst chaos and ambiguity.

The ability and willingness to identify investment opportunities and manage enterprises for profit.

Creating new ventures within existing organizations.

Individuals who drive innovation within an organization.

Sharing and communicating the organization's vision to inspire members and define clear objectives.

Introducing new products, methods of production, markets, sources of materials, or organizational structures.

Creating an environment that fosters and supports innovative thinking. This includes investing in collaboration and information sharing.

Encouraging employees to think like entrepreneurs by providing freedom and flexibility for pursuing innovative projects and reducing bureaucratic constraints.

The study of how new ventures are created, developed, and sustained, examining the processes, motivations, and conditions for identifying opportunities, taking risks, and innovating.

Building relationships with individuals and organizations to exchange information, resources, and opportunities for mutual benefit.

Gaining access to hidden job openings through recommendations and showcasing your skills to potential employers or collaborators.

Increasing visibility and credibility for personal or organizational brands through building relationships that lead to referrals and new business opportunities.

Learning from experienced professionals about industry trends and best practices, accessing valuable insights that can enhance decision-making and strategy.

Industry conferences, trade shows, and seminars where you can meet potential clients, partners, and colleagues face-to-face.

Platforms like LinkedIn where professionals can connect virtually, share expertise, and engage in discussions.

Setting clear goals for networking interactions, researching attendees or key individuals to identify potential connections, preparing unique conversation starters to demonstrate interest and build rapport.

Engaging in meaningful conversations with authenticity and professionalism, focusing on building connections rather than immediate gains.

This theory states that entrepreneurs leverage their social connections to access resources, information, and support for their ventures.

This theory explains how entrepreneurs navigate the expectations and demands of different roles in their life, like running a business and fulfilling family obligations.

This theory focuses on how entrepreneurs, instead of starting with a specific goal, use available resources and partnerships to discover and create new opportunities.

This theory views innovation as a key driver of economic growth, with entrepreneurs disrupting markets by introducing new products, services, and processes.

Schumpeter's theory identifies five types of innovation that entrepreneurs introduce to disrupt markets.

This theory explains how innovations spread through societies in stages, from awareness to trial and adoption.

Entrepreneurs utilize tools like SWOT analysis to understand their strengths, weaknesses, opportunities, and threats in the market. This helps them make informed strategic decisions.

This theory explores how entrepreneurs formulate and implement strategic plans to achieve their business goals.

A business structure where two or more people agree to share profits and losses, with each partner being personally liable for all business debts.

A type of partnership where some partners have unlimited liability for the business's debts, while others have limited liability based on their investment.

A legal document that outlines how a partnership will operate. It covers essential details like profit sharing, partner responsibilities, and dispute resolution.

Partners who actively manage the business and contribute to its daily operations.

Partners who invest money in the business but don't participate in daily activities. They still share profits and losses.

Partners who don't invest much but lend their name to enhance the business's reputation. They often have little actual involvement.

A significant advantage of partnerships, allowing for combined expertise and better decision-making.

A potential disadvantage of partnerships, as disagreements or conflicts between partners can lead to business closure.

A feasibility study evaluates a business idea's potential to determine if it's worth investing time, money, and resources.

A technical feasibility study checks if the idea is possible given the available technology, resources, and expertise. It focuses on production methods, materials, and the feasibility of the technology.

An administrative feasibility study evaluates the efficiency of the management structure, operations, and processes needed to run the business.

An economic and financial feasibility study examines the profitability and financial viability of the idea. It looks at the costs, funding sources, profit potential, and overall financial risks.

A cultural compatibility study analyzes how well the business aligns with the values, traditions, and customs of the community and stakeholders.

A market analysis examines the demand for the product or service, the potential market share, and the competition. It considers factors like consumer behavior, pricing, distribution channels, and legal constraints.

An ecological analysis assesses the potential environmental impact of the business, especially for industries with significant environmental footprint. It examines potential damage, restoration costs, and containment measures.

Factors like poor product quality, overpriced goods, lack of support services, monopoly conditions, technological advancements, product failures, growing demand for new products and expanding market trends indicate business opportunities.