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

Abstract

The role of entrepreneurs in the establishment and development of new business enterprises in any nation cannot ne 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, the 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 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 preeceding industries that it can take clue from. Among the number of difficulties faced by founders of new enterprises are cognitive legitimacy, sociopolitical legitimacy, freedom of action lack of guarantee for the safety of the entrepreneurial profit etc. Also, a number of strategies have been discussed that can also be adopted to mitigate the 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 other to be at par orabove all environmental circumstances.