Entrepreneurship: a drive for sustainable economic growth: focus on Nigerian small and medium scale enterprises sector – tech start-ups
Dauda, Farouk (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023121035709
https://urn.fi/URN:NBN:fi:amk-2023121035709
Tiivistelmä
This thesis focused on the contributions of entrepreneurship especially in the small and medium-scale enterprises (tech start-ups) sectors and its impact on sustainable economic growth. It elaborated on the challenges confronting small and medium-scale enterprises as they carry out their business in Nigeria. The purpose of this was to show that entrepreneurship strength can be galvanized to enhance sustainable growth.
This research adopted the quantitative methodological approach, which involves an in-depth investigation with both primary data collection (questionnaires/survey) and secondary data collection which involves desk research of existing research work on the topic. These enable the researcher to gain knowledge of the experiences of SMEs/tech-preneurs’ contributions as well as challenges faced during business operations in Nigeria.
This study showed that tech start-ups and small businesses are not provided with an enabling business environment that will allow them to attain their full potential and contribute significantly to the economic growth of Nigeria. These challenges that hamper small businesses include lack of start-up capital, multi-level taxations by the government, low supply of electricity during business hours, lack of business knowledge by start-ups, high cost of alternative power supply, extortions by government officials saddled with the responsibility of regulating SMEs, and lack of financial and policy support from the government for tech entrepreneurs. Together, these contributed to limiting sustainable economic growth that would have been provided by entrepreneurs.
This research believes that for the sustainable development of small businesses government must pro-vide the enabling environment for business owners to strive successfully for technology innovation, diversify its dependency on oil, and promote policies that encourage non-oil sectors' involvement in the nation's revenue drive. Also, it should provide enabling social amenities and infrastructures, and invest massively in tech entrepreneurs’ research and development by providing grants to research institutions. In addition, the government needs to encourage existing small businesses by empowering them with soft loans and grants to enhance their capital base to drive projects and improve SMEs' ability to attract foreign direct investments, which will in turn bring about sustainable economic growth for the nation.
This research adopted the quantitative methodological approach, which involves an in-depth investigation with both primary data collection (questionnaires/survey) and secondary data collection which involves desk research of existing research work on the topic. These enable the researcher to gain knowledge of the experiences of SMEs/tech-preneurs’ contributions as well as challenges faced during business operations in Nigeria.
This study showed that tech start-ups and small businesses are not provided with an enabling business environment that will allow them to attain their full potential and contribute significantly to the economic growth of Nigeria. These challenges that hamper small businesses include lack of start-up capital, multi-level taxations by the government, low supply of electricity during business hours, lack of business knowledge by start-ups, high cost of alternative power supply, extortions by government officials saddled with the responsibility of regulating SMEs, and lack of financial and policy support from the government for tech entrepreneurs. Together, these contributed to limiting sustainable economic growth that would have been provided by entrepreneurs.
This research believes that for the sustainable development of small businesses government must pro-vide the enabling environment for business owners to strive successfully for technology innovation, diversify its dependency on oil, and promote policies that encourage non-oil sectors' involvement in the nation's revenue drive. Also, it should provide enabling social amenities and infrastructures, and invest massively in tech entrepreneurs’ research and development by providing grants to research institutions. In addition, the government needs to encourage existing small businesses by empowering them with soft loans and grants to enhance their capital base to drive projects and improve SMEs' ability to attract foreign direct investments, which will in turn bring about sustainable economic growth for the nation.