Being an Entrepreneur in Nigeria ; Problems and Prospects

In: Business and Management

Submitted By azubakareo
Words 916
Pages 4
INTRODUCTION
Being entrepreneurial means combining personal characteristics, financial means and the resources available within your environment. Geoffrey G. Meredith et al (1991). As an initiator of the business, the entrepreneur relies on his inherent nature of task-result oriented, risk taking, innovative, creative and above all, futuristic to spot opportunities and take advantage. Thus, why Geoffrey G. Meredith et al (1991) defined the entrepreneur(s) as “people who have the ability to see and evaluate business opportunities, to gather the necessary resources to take advantage of them and to initiate appropriate action to ensure success”.
The driving force for entrepreneurship is usually an active interest to satisfy a yearning need and it involves people who are knowledgeable about a specific problem and spurred by this knowledge to solve the problem. It involves turning a passion into business, hence, it could be said, that most entrepreneurs ventured into business essentially to fill up an existing gap or service area, out of their individual drive or passion. In the process, they may finally end up building business empires, which they were not set out to do originally. From the foregoing, we can add that monetary gains though important are not in most cases paramount, but the overriding interest to fill a gap and create sustainable solutions influences entrepreneurship ventures.
In Nigeria, being an entrepreneur conjures different perceptions; to most, he is a hustler, a get- rich- quick skimmer. To a certain degree one may not entirely fault holders of these warped views because most entrepreneurs in Nigeria venture into entrepreneurship for the wrong reasons and through the wrong approach. The high rate of unemployment in the country has in no small measures contributed to this incidence of gate crashing. The irresistible lure for quick money is another…...

Similar Documents

Pakistan, Problems and Prospects

...Pakistan, Problems and Prospects Abstract Pakistan is still in a situation that it does not have a well-established democracy. Since its existence in 1947, right after the freedom from British rule; the founder of the Pakistan Mohammad Ali Jinnah died. Because Jinnah’s death was too early that he did not have time for country to put on right path and there was no constitution when he died. Also Pakistan often existed under martial law. When Pakistan had an elected government, it failed to stay in office and country went under its first martial law. But despite these problems, Pakistan has potential to improve and become a Developed County because of its resources and Exports. Political System of The Pakistan The president of Pakistan, in keeping with the constitutional provision that the state religion is Islam, must be a Muslim. Elected for a five-year term by an Electoral College consisting of members of the Senate and National Assembly and members of the provincial assemblies, the president is eligible for re-election. But no individual may hold the office for more than two consecutive terms. The president may resign or be impeached and may be removed from office due to incapacity or gross misconduct by a two-thirds vote of the members of the parliament. The president generally acts on the advice of the prime minister but has important residual powers. Political Background Both democratic and military governments have ruled Pakistan. The first decade was......

Words: 1975 - Pages: 8

Problem and Prospect of Flower Industries of Bangladesh

...PROBLEMS AND PROSPECTS The Bangladesh government and the Bangladesh Aid Group have taken seriously the idea that Bangladesh is the test case for development. In the late 1980s, it was possible to say, in the somewhat patronizing tone sometimes adopted by representatives of donor organizations, that Bangladesh had generally been a "good performer." Even in straitened times for the industrialized countries, Bangladesh remained a favored country for substantial commitments of new aid resources from a strikingly broad range of donors. The total estimated disbursement for FY 1988 was estimated at US$1.7 billion, an impressive total but just US$16 per capita. Half of that total was for food aid and other commodities of limited significance for economic growth. Even with the greatest imaginable efficiency in planning and administration, resource-poor and overpopulated Bangladesh cannot achieve significant economic improvements on the basis of that level of assistance. In examining the economy of Bangladesh, wherever one turns the problems crowd in and threaten to overwhelm the analysis. Underlying problems that have threatened the young nation remain unsolved. These problems include overpopulation and inadequate nutrition, health, and education resources; a low standard of living, land scarcity, and vulnerability to natural disaster; virtual absence of valuable metals; and inadequate government and bureaucratic structures. Yet the brief history of independent Bangladesh offers......

Words: 639 - Pages: 3

Problems and Prospects of Smes Loan

...Volume– V, Issue– 02, July-December, 2010 Problems and Prospects of SMEs Loan Management: A Study on Mercantile Bank Limited, Khulna Branch S. M. AKTERUJJAMAN 1 Abstract SMEs all over the world have been playing a crucial role in promoting economic development as well as industrial production. SME financing has been identified as a major obstacle to SME growth. Unfortunately, the issue seems to be as unresolved as it always has been. Though the majority of the issues are with the SME themselves, the banks also have major issues in designing financial products for the SMEs. This study tries to find out the underlying problems from the bank’s perspective. The major findings are related to the high interest and loan duration rates, reasons for SMEs relatively informal way of doing business in contrast to bank’s formal procedures and prerequisites, bank’s relative inexperience in this field. They are also related to the bank’s lack of perspective, the viability and benefits of cluster unity, approach to informal loan takers and non-usage of modern technology and accounting procedures. The recommendations were provided based on the analysis and findings. Key words: Small and Medium Enterprises (SMEs), Financing, Loan, Technology, Cluster. 1. INTRODUCTION Small and medium enterprises (SMEs) all over the world have been playing a crucial role in promoting economic development as well as industrial production. In particular, SMEs provide the necessary foundations for sustained......

Words: 3816 - Pages: 16

Problems & Prospects of Pharmaceuticals in Bangladesh

...been single out considering its tremendous prospect in the global market and diversification of basket as well as Bangladesh pharmaceuticals industry is the highest among the LDCs and growing with 50% annually. Bangladesh pharmaceuticals industry is one of the first growing sector in Bangladesh among the 50 LDCs. Bangladesh is the only country that is nearly self sufficient in pharmaceuticals sector. Acknowledgement First of all I would like to thank our Almighty Allah for helping me to complete this Assignment. Then I would like to give a special thanks to our course teacher Mr. Md. Khairul Islam, for giving me such a nice opportunity to work, to research and prepare this Assignment. I also would like to thank those persons who helped us to prepare this assignment. I also got endless support from some key people by their thoughts and suggestion to complete this assignment. Finally I render our heartiest gratitude to class mates for their sincere co-operation & those people who inspired me on my way to work. Objective of the study The objectives of the study are: • To present the current scenario of pharmaceutical industry in Bangladesh. • To identify the problems and prospects in different areas of pharmaceutical industry. • To suggest some policy guidelines for resolving these problems and to cope with the new regime of globalization. Scope of the study This study tries to identify the major problems of marketing, exporting, production and......

Words: 2796 - Pages: 12

The Problems with the Law on Rape in Nigeria

...The Problems With The Law on Rape in Nigeria                                    By Aloy Ojilere,* Introduction The law relating to rape in Nigeria is rarely discussed even though rape occurs very often and is considered as the most dehumanizing act that can be done on a woman or girl.1 The opinion has also been held that "Nigerian female victims of rape are rater punished by the laws that be and stigmatized by society instead of being rendered justice to and protected.2 This paper will examine the laws relating to rape and/or governing rape trials in Nigeria, to wit: the Penal Code and Criminal Code and the Evidence Act, to underscore the meaning, elements, defences and application of the offence of rape in Nigeria and determine their sufficiency and/or insufficiency with regards to victim protection. Accordingly, the paper will access and overhaul the statutory definition of rape, the common law presumption as to the age of a person who may commit the offence, the requirement for corroboration of evidence of a rape victim/survivor and the issue of consent as a defence to rape. The gender insensitive nature of the law on rape in Nigeria which constitutes a discrimination against men (by defining rape as an offence which can only be committed by a male) will also be highlighted. Suggestions will also be made for legislative review or upgrade of the law on rape in Nigeria in line with what obtains in some other jurisdictions. 1.0 Meaning of Rape Rape is a......

Words: 6024 - Pages: 25

Problems and Prospects of Small Business

...Problems and prospects of our small industries Published : Saturday, 05 January 2013 Women working in a small industrial unit Md Atikur Rahman Every country wants to develop. We believe that industrial development can bring in faster development for any country. A well-conceived industrialization strategy, be it import substitution industrialization or oriented industrialization, can be useful in accumulating wealth. Many of the developing countries have achieved development through industrial development. Most developed countries are industrially developed countries. Europe and America's quick development came through industrial development. Japan, Korea, Taiwan, Hong Kong and Singapore became economically developed by having quick industrialization. In late 20th century some countries like Malaysia, Thailand, China, Indonesia and also Philippines developed by quick industrial development. So our government should concentrate more on industrial development in our country. On the other hand, many small industries play a pivotal role in the economic development of a country. Even countries like Japan and the USA that can boast of some of the largest industrial units in the world, had their rapid development and great prosperity thanks to their small industrial units. The most important single argument that can be advanced in their favour is their capacity to generate a large volume of the employment. In Bangladesh, capital is scarce, but cheap labour is......

Words: 825 - Pages: 4

Islamic Banking : Problem and Prospects

...Issues And Problems of Islamic Banking An overview on the review of problems | | The Islamic banks face a number of challenges. First, they have not yet been successful in devising an interest-free mechanism to place their funds on a short-term basis. They face the same problem in financing consumer loans and government deficits. Second, the risk involved in profit-sharing seems to be so high that most of the banks have resorted to those techniques of financing which bring them a fixed assured return. As a result, there is a lot of genuine criticism that these banks have not abolished interest but have in fact only changed the nomenclature of their transactions Khan (1989). Third, the Islamic banks do not have the legal support of central banks of their respective countries (except in Pakistan and Iran), which exposes them to great risks. Fourth, the Islamic banks do not have the necessary expertise and trained manpower to appraise, monitor, evaluate and audit the projects they are required to finance. As a result, they cannot expand despite having financial liquidity.The future of Islamic banks hinges, by and large, on their ability to find a viable alternative to interest for financing all types of loans. They should recognize that their success in abolishing interest has been only partial and they have yet to go a long way in their search for a satisfactory alternative to interest. Simultaneously, Islamic banks need to improve their managerial capabilities by......

Words: 7083 - Pages: 29

Wild Life Management in Nigeria: Problems and Prospects

...WILDLIFE MANAGEMENT IN NIGERIA: PROBLEMS AND PROSPECTS. Nigeria has a population estimate of 170,507,539 million and is increasing with a rapid growth averaging 3.1% annually. It’s the 7th most populous country of the world with the land mass of 923,708km2, making her the world’s 32nd largest country. The geography varies greatly from tropical rainforest in the South to dry savannah in the North ,which is flat and sparsely vegetated. The country is blessed with mineral, physical, biological and energy resources. From the mangrove and rain forests of the south, through the various savannahs, and semi-arid ecosystems of the north, the nation is richly endowed. But what went wrong? The word ‘wildlife’ brings to mind ‘animals in the forest’. It is difficult to give a specific definition of the word. However, wildlife traditionally refers to non-domesticated animal species, but has come to include all plants, fungi and other organisms which grow or live wild in an area without being introduced by humans. The term ‘wildlife management’ on the other hand I will refer to mean preservation and conservation or maintenance of wildlife resources. Also it is the art of maintaining balance in the needs of wildlife and the needs of people using the best science. It includes game keeping, wildlife conservation and control, which aims to halt the loss in the earth’s biodiversity by taking into consideration ecological principles such as carrying capacity, disturbance and succession and......

Words: 843 - Pages: 4

Challenges and Prospect of Entrepreneur in Nigeria

...Challenges and Prospects of Entrepreneurship in Nigeria Abtsract 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 bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) Introduction A nation's ability to generate a steady stream of business......

Words: 5924 - Pages: 24

Being an Entrepreneur

...Question Chap 1, #2: Compare and contrast being an entrepreneur and working for others. The term entrepreneur is a person who risks time and money to start and manage a business. For most entrepreneurs the idea of working for others is exactly what drives them to have become an entrepreneur. Although working for yourself instead of others does not mean that it will be easy! A saying for entrepreneurs is that they work 25 hours a day 8 days a week. Some differences between being an entrepreneur and an employee are pay, liability, and freedom. When you work for someone else you do not make big decisions in the company as the owner would but as a worker, you also don’t have as much liability as the owner. The owner is held liable for damages, lawsuits, etc. As an employee you also have more benefits such as vacation time, insurance, etc. Another difference between being an entrepreneur and working for others is the oppurtunity of higher profits. You do not get regular paychecks like an employee though, and profits can change from month to month, depending on how business is doing. The main reason people become entrepreneurs are for the freedom. You do not have a set schedule to work like an employee would, but that does not mean you never have to work. Being an entrepreneur takes a lot of time, money, and risks. The most successful people in the world are entrepreneurs, but a lot of people lose their businesses too. Being an entrepreneur is all about taking that risk......

Words: 318 - Pages: 2

Sme Financing in Bangladesh Problems and Prospects

...SME Financing in Bangladesh: Problems and Prospects SME Financing in Bangladesh: Problems and Prospects Prepared for Arafat Rahman Assistant Professor Institute of Business Administration Jahangirnagar University Prepared by Tanjila Sharmin 201301029 Md. Mourshed Uddin 201303006 Naim Ahmad 201403020 Sayeed Ishtiaque Ahmed 201403027 Md. Sazzad Hossain 201403034 Course Participant BUS 501: Managerial Communication (Section-02) WMBA Program Institute of Business Administration Jahangirnagar University December 20, 2014 Letter of authorization November 23, 2014 Course Participant BUS 501: Managerial Communication The purpose of this report is to familiarize you with the basic techniques and principles associated with writing a formal business report so that you can build and enhance this specific written communication skill. This formal report will be coordinated with a formal presentation session on the topic of the report. At a minimum, your report should include information related to the following issues: Introduction to the Industry/Sector/Area – What is the industry/sector/Area? What is the background of the industry/sector/Area in Bangladesh? Who are the major participants? You may show how the industry/sector/area is contributing to the economic development of the country. In this case, you must use industry-related data for the past three years (at least). In case of export-oriented......

Words: 5047 - Pages: 21

Being an Entrepreneur in Nigeria ; Problems and Prospects

...DEPARTMENT EBSU/PG/M.Sc/Ph.D/2014/06699 TOPICS: 1. BEING AN ENTREPRENEUR IN NIGERIA, PROBLEMS AND PROSPECTS: A STUDY OF 10 SELECT SOLID MINERAL MINING COMPANIES IN EBONYI STATE (AN INTRODUCTION) 2 . BEING AN ENTREPRENEUR IN NIGERIA, PROBLEMS AND PROSPECTS: A STUDY OF 10 SELECT SOLID MINERAL MINING COMPANIES IN EBONYI STATE (STATEMENT OF RESEARCH PROBLEM, STATEMENT OF GENERAL OBJECTIVE, RESEARCH QUESTION, STATEMENT OF HYPOTHESIS) 3. EFFECT OF FOREIGN CURRENCY DEPOSIT ON THE CREDIT CREATION OF COMMERCIAL BANKS IN NIGERIA (AN ABSTRACT) 4 STRATEGY FOR ECONOMIC DEVELOPMENT IN SOUTH KOREA: LESSONS FOR NIGERIA (REVIEW OF RELATED LITERATURE) LECTURER: PROF I. O. C. ABARA ABSTRACT Foreign currency deposits or domiciliary account, are accounts maintained in designated foreign currencies by authorized Nigerian banks for their customers. Such customer could be government, individuals, or corporate bodies. The account falls within the statutory functions of commercial banks in Nigeria, ie mobilization of deposits and credit creation. The introduction of the domiciliary account regime according to the Central Bank of Nigeria (CBN), the monitory policy regulatory agency, is to boost the commercial banks mobilization of deposits and ability to create credit. The implication would be a more robust commercial banking environment. It would also prepare the grounds for a free, open and consequently a deregulated foreign exchange market in Nigeria. The effect of these economic variables in......

Words: 445 - Pages: 2

Tourism Industry of Kuakata : Problems and Prospects

...established a statue of Buddha weighing 350 kg (approx) in it which was created with the mixture of eight minerals. For building the temple they followed the architectural patterns of Indochina. Therefore are can think that this is a temple from Thailand, Laos or Myanmar. The scaffold of the stature is three and half feet high and the height of the statue of Buddha 83 years ago when the community celebrated 25 hundred years of Buddhism. At the time Dayak (director) of the temple was Bachin Talukder, Being the charismatic leaders of the Rakhain community he expired in 1999. After his death his son Aug Summing took the responsibility. Beside the temple Shree Mougal Buddhist Biheer has been built following the architectural pattern of Indo China. Sitting hare Buddhist Vikkhurs preached sermons. Now-a-days, nobody drinks the water of the well. It has been neglected for years. Only recently with the financial to assistance of Bangladesh Government the well, its surrounding areas and the temples are being renovated so that tourist can enjoy the site with convenience. It is beyond the power of anybody to describe the natural beauty of Kua-Kata Sea beach. Only you will have to enjoy it with your own eyes. At Sun rising, it seems a great bell of five rises from the sea to the sky and at Sun set slowly sinks the sun gently into the sea, only to return for the next day. As if the Sea in the home of the Sun. The beauty of the beach is enriched in full moon. It seems that the big waves......

Words: 6321 - Pages: 26

Problems and Prospect of Bangladesh Capital Market

... |Problem and prospect of Share market in Bangladesh | |[Type the document subtitle] | | | Letter of Transmittal 21April, 2011 To The course Instructor Department of Business Administration Faculty of Business Studies, Premier University, Chittagong. Subject: Submission of Term paper on “Problems and Prospect of Share Market in Bangladesh”. Dear Madam, It is a pleasure to submit the term paper on “Problems and Prospect of Share Market in Bangladesh” by today. It is a fantastic opportunity for us to prepare the individual term paper under your guidance, which really is a great experience. We have worked hard and tried our best, in order to prepare the term paper. We believe that it is encouragement for us to get involved with such process of reporting and a way to enrich financial knowledge. I hear by submit the term paper for your kind acceptance. For any further clarification I would always be available. Your Sincerely, Md. Shah Imran (ID: 0714111921) 8th semester, Section : Finance(B) Department of Business Administration Faulty of Business Studies Premier University, Chittagong. Acknowledgement It really was a great challenge for me to prepare the term paper. First of all, I present my due regards to the Almighty, who has provided me the brilliant opportunity to build and complete this report successfully with good health & sound mind. ...

Words: 7211 - Pages: 29

Integrating the Concept of Self Reliance in Library and Information Science Education in Nigeria: Issues and Prospects

...RELIANCE IN LIBRARY AND INFORMATION SCIENCE EDUCATION IN NIGERIA: ISSUES AND PROSPECTS Isibor Andrew, BLS Kashim Ibrahim Library, A. B. U., Zaria. GSM: 08032785145 Email: isibor_andy@yahoo.com Umar Ibrahim, BLS, MLS, PhD Department of Library & Information Science A. B. U., Zaria. GSM: 08037022011 Email: umarahim2003@yahoo.com Abstract This paper examines the preponderance of unemployment and the dynamic role Library and Information Science educators and accrediting bodies are expected to play in ensuring that Library and Information Science graduates are well informed and adequately prepared for career opportunities. There are numerous career opportunities for Library and Information Science professionals in the information industry as long as they come up with strategies to reach out to members of the communities. Young graduates are increasingly shouldering the adverse consequences of the lack of economic reforms and the growing inability of the state to create jobs. By initiating, mobilizing and galvanizing their own resources in the quest for improving their standard of living, graduates can avoid the precarious dependence on government for white-collar jobs. The paper highlights how integrating the concept of self reliance into Library and Information Science education can enhance the career opportunities of Library and Information Science graduates. The paper recommends the creation of the Young Entrepreneur Association to empower Library and......

Words: 4012 - Pages: 17