Influence of Uncertain Business Environment on Entrepreneurship Decision Making In Nigeria

Abstract

Influence of uncertain business environment on entrepreneurship decision making is theoretical in nature. The paper pose that the business environment is full of  challenges, these challenges are referred to as business variables, these variables  are divided into two: controllable variables and uncontrollable variables, an entrepreneur must try in as much as possible to diagnose this uncertain business environment before investing the scarce resources. The paper has the following objectives: To determine the impact of environment on business decision, to evaluate the risk associated to investment opportunity and to examine the factors that can hindered the prospects of business in an environment. These factors could be technology, economic system, legal, competitors, and manpower etc. the paper also look at selected areas for examination such as: concept of business, concept of entrepreneurship, characteristics of business, decision making process, types decision, identification of business ventures, product life cycle, entrepreneurship and environmental scanning, SWOT analysis, plant location and layout decision. The study is significant because it has contributed to the body of knowledge, prospective entrepreneurs will also find the article useful as a guide to further study in the field of entrepreneurship, students, individual researcher will also find the articles useful, the paper has equally  helped to understand the implication of investing in an uncertain business environment in Nigeria. It is not as a result of expansion or capital, but it is traceable to inability of an entrepreneur to analyzed business environment before investing the scarce resources. This paper has equal spell out step by step that entrepreneur need to follows in order to judiciously invest these scarce resources. The paper contains about 28 pages includes references. Such as title, introduction, abstract, objectives, significance, major topics on the influence of uncertain business environment on entrepreneurship decision making, summary, conclusion and recommendations

Keywords: Uncertainty, Business Environment, Entrepreneurship, Decision-Making, SWOT Analysis