Managing Challenges Associated with the Small Business Failure in Emerging Markets: The Nigerian Illustration

MADUEKE, Daniel and Okoro, Chineme Blessing and BABARINDE, Solomon Adejare (2020) Managing Challenges Associated with the Small Business Failure in Emerging Markets: The Nigerian Illustration. TEST Engineering and Management, 83. 27469 -27488. ISSN 0193-4120

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Abstract

This study identifies the main causes of business failure based on an empirical study in Nigeria. This study examines the prevalence of causes of business failure and learning outcomes result from the failure experience of the entrepreneurs. The population includes twenty entrepreneurs in newly established small businesses who work in Nigeria industry sector. Data was gathered through questionnaires that were administered to senior manager and corporate policy makers. The data of the study were collected through interviews with sample of 15 entrepreneurs who closed their businesses after operating at least 4 years. Findings show a significant difference between successful and unsuccessful entrepreneurs‘ viewpoints and also prioritize the business failure factors. This empirical study on the sample of failed business-owners/managers pointed out that the main causes of business failure were due to lack of good management, no support from banks and financial institutions, inadequate economic sphere, and insufficient governmental policies. Informed by this findings, the concluded 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 study recommended that business discontinuation is an important feature of dynamic economies; hence, entries and exits of businesses need to be closely connected.

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: 09 Sep 2020 11:29
Last Modified: 09 Sep 2020 11:29
URI: http://eprints.gouni.edu.ng/id/eprint/2621

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