Current Volume 8
The Nigerian Entrepreneurial Ecosystem and Its Effect on Entrepreneurs’ Performance in Lagos State
Abstract
Despite the potential of entrepreneurship to drive wealth creation, job creation, and alleviation of poverty, the performance of entrepreneurs and their activities are either hampered or complemented by factors like governmental trade policy and implementation, amongst others. This research examined the Nigerian entrepreneurial ecosystem's influence on the performance of entrepreneurs in Lagos State, Nigeria. The objectives of the research were to describe the socio-economic characteristics of the entrepreneurs, the ways in which trade policies affect entrepreneurial growth, determine the level of relationship between finance, sales and revenue performance of entrepreneurs, and also identify the kind of influence that culture and social norms have on the sustainability of business. This was achieved by employing a survey research design to select a total number of four hundred and fifteen respondents consisting of entrepreneurs in different business sectors of the study area. Data was gathered using a five-point Likert-scale questionnaire and analyzed using tables, percentages, factor analysis, and statistical tests such as correlation and Chi-Square. Results showed that the majority of the entrepreneurs were female (51%) within the ages of 36-45 years (32%) and married (50%). It showed that (41.8%) had BSc as their highest level of education and (40.8%) had between 0-5 years of experience as an entrepreneur. The result further showed that one of the ways in which trade policies affect entrepreneurial growth is that it’s not properly implemented. It showed that lack of finance affects the sustainability of business and that the majority of the entrepreneurs maintain their business with personal funds. The research addressed and impacted the performance of entrepreneurs in Lagos state, Nigeria. It recommended that loans for entrepreneurs should be de-risked to encourage participation. It also recommended that policies regarding import prohibition, import quotas, duty rates, restrictions and local content requirements should be revised as they discourage the continuity of entrepreneurial activity.
Keywords
Entrepreneurs, Trade Policy, Entrepreneurial Ecosystem, Nigeria, Entrepreneurial Performance JEL CLASSIFICATION: M0, M1, O0, O2
Citations
IRE Journals:
Dr. Tella, Adeniran Rahmon , Ogundeinde, Adedamola Moses
"The Nigerian Entrepreneurial Ecosystem and Its Effect on Entrepreneurs’ Performance in Lagos State" Iconic Research And Engineering Journals Volume 7 Issue 12 2024 Page 424-438
IEEE:
Dr. Tella, Adeniran Rahmon , Ogundeinde, Adedamola Moses
"The Nigerian Entrepreneurial Ecosystem and Its Effect on Entrepreneurs’ Performance in Lagos State" Iconic Research And Engineering Journals, 7(12)
About IRE Journals
IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
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