Creation of Small and Medium Scale Enterprises in Nigeria: The Entrepreneurial Perspective

Abstract

The role of entrepreneurship in the establishment and development of new businesses in any nation cannot be over-emphasized. This is due to the tremendous impact of the existence of business enterprises to the nation's economic development and employment generation which further led to an increase in social mobility. since government cannot provide employment to all her citizenry, the quest for entrepreneurial skills became deeply rooted in the nation's population. Despite the fact that entrepreneurs play tremendous roles in bringing new enterprises to lime-light, they still face a lot of difficulties. It is therefore the thrust of this paper to examine various problems faced by founders of new industries as well as strategies that can be adopted to mitigate the huddles. Secondary method of data collection was used to generate the required information and it was discovered that, founders of new business enterprises face a lot of problems especially where the new enterprises have little or no preceding industries that it can take clue from. Among the number of difficulties faced by founders of new enterprises are cognitive legitimacy, socio-political legitimacy, freedom of action, lack of guarantee for the safety of entrepreneurial profit etc. Also, a number of strategies have been discussed that can also be adapted to mitigate impact of the problems or avert them completely. it was concluded that while the environment within which entrepreneurs operate keeps changing, entrepreneurs must constantly think outside the box in order to be at par or above all environmnetal circumstances.