Failure and Success of Entrepreneurs in Nigeria: An Empirical Review

Okoro, Chineme Blessing and Ewah, Evelyn Bassey and Ndema, Samuel Chukwuma (2020) Failure and Success of Entrepreneurs in Nigeria: An Empirical Review. International Academic Journal of Business School Research, 8 (4). pp. 1-21. ISSN 5280-481X

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Abstract

The purpose of the study is to identify the main causes of business failure based on an empirical study in Nigeria. This study examines the prevalence causes of business failure and learning outcomes result from the failure experience of the entrepreneurs. The data of the study were collected through interviews with 15 entrepreneurs who closed their businesses after operating at least 4 years. The thematic analysis of the interview notes revealed that the largest proportion of mature business failures was explained by the integrative approach which includes both individual/organizational (internal) and environmental (external) factors. The data identified three main outcomes in the process of entrepreneurial learning: recognizing of opportunities, exploitation of opportunities and interpersonal. Business discontinuation is an important feature of dynamic economies, and entries and exits of businesses are closely connected. A majority of entrepreneurship literature have focused on successful ventures, therefore, little is known about why ventures fail. Previous studies showed significant inter- country differences in SME failure rates, while most researchers on business failure have been conducted in developed countries, and there is limited knowledge on the causes of business failure in other countries with different economic, political, social, and cultural conditions. Considering the economic conditions of the country, analysis of the entrepreneurship process, and the causes of failure and success, would provide critical information for individual entrepreneurs, and government policy-makers

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Management and Social Sciences
Depositing User: mrs chioma hannah
Date Deposited: 23 Sep 2020 13:25
Last Modified: 23 Sep 2020 13:25
URI: http://eprints.gouni.edu.ng/id/eprint/2690

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