Entrepreneurship
development is a self employment strategy through which the unemployed youths
engage themselves to earn their livelihood. Nonetheless, it is an activity that
is besieged by very many hindrances and factors that limits its functionality
and development. Some of these factors include Oduma, 2012.
1.
INADEQUATE
CAPITAL:
There is always the problem of initial start-up capital for most entrepreneurs.
Prospective entrepreneurs with viable business opportunities at times only end
up dreaming of their life business without actualizing them simply because of
financial problem. Initial capital outlay remains one of the frustrating
problems both for start-up and for entrepreneurship expansion in Nigeria.
2.
HIGH LEVEL OF
ILLITERACY:
Most of the entrepreneur investors are illiterates. As such, they lack the
wisdom and knowledge in business transactions. Their level of literacy is
usually not adequate enough to carry out their business to the level that it
will benefit them and the society. This limitation most often forces some of
them out of the business or displaces them entirely in the line of business.
3.
POOR MANAGERIAL
ABILITY:
This is a common phenomenon among most entrepreneurs. In entrepreneurship, a
blend of technical know-how and managerial competence is a pre-requisite for
success. Most often, these two essential factors appear lacking in
entrepreneurs. Many of the entrepreneurs lack the needed managerial ability and
competence and as such do not know what it takes to be a manager in a business
venture.
4.
LACK OF
GOVERNMENT SUPPORT:
There is a clear indication of lack of government support for entrepreneurship
development especially in Nigeria. Although various regimes in Nigeria have
paraded good policies and programs for self employment. Unfortunately, almost
all those good policies and programs were frustrated at the corridor of power
and implementation.
5.
POOR INFRASTRUCTURAL
FACILITIES:
Another limiting factor to entrepreneurship development and expansion is the
state of infrastructure in our society. In Nigeria, to be precise, there are
poor infrastructural provisions like good road network, electricity, public health
clinic and portable water supply. This makes it impossible for entrepreneurs to
set up their cottage businesses, especially in the rural settlement where
market and business opportunities exist.
6.
POOR MARKET
NETWORK: Market
network is an essential factor for entrepreneurial development. There is
completely the absence of expansive market network to stimulate enough
transaction and exchange for entrepreneurs within our environment. For
entrepreneurs to actually thrive there is need for expanded market network to
ensure that customers and consumers products from entrepreneurs are exchanged
in good time to satisfy consumers need and stimulate further production and or
supplies in the hands of the entrepreneurs.