JSS1 Business Studies Third Term: Entrepreneurship (II)

Importance of Entrepreneurship

It creates employment opportunity; it creates an avenue for people to work and contribute to the development of the country.
It brings about development in the Economy; it creates various economic activities which leads to the production of goods and services and therefore provides a source of income for the people.
It makes room for the provision of a variety of goods and services; entrepreneurs produce many goods and services to the one imported therefore creates room for people to make choices.
It helps to the upliftment of a country
It helps individual to be creative
It serves as a means of livelihood

Problems of Entrepreneurship in Nigeria

Some of the problems of Entrepreneurship in Nigeria are as follows:

Corruption; there are some situations where entrepreneurs are forced to pay some illegal levies, corrupt government officials demand for bribes before approving factory plans and even before granting loans
Inconsistent Government; political instability resulting in instability in government policies affects the development of entrepreneurship in Nigeria, each change in government bring about new change in regulations guiding the registrations and giving financial assistance to needy entrepreneurs
Security problems; this is a very serious problem in entrepreneurship in Nigeria, we have the boko haram and Fulani herdsmen in the north, the Niger Delta militants in the south –south, kidnapping and robbery in the south –west and rape cases everywhere, so there is fear everywhere.
The problem of obtaining capital to start the business; the cost of starting a business in Nigeria is high because of corruption, poor and inadequate supply of infrastructural facilities.
Lack of technical and managerial knows how; the entrepreneur is expected to have the rudimentary technical knowledge of the enterprise and some knowledge about management of his or her business choice, failure to do this will bring about problem in the business.