“Who wants to be an entrepreneur?” An insight into the profile of individuals interested in entrepreneurship in Nigeria

Abstract

With current challenges in the global economy, new and innovative strategies are emerging in the bid to stimulate and sustain growth in national economies. Entrepreneurship is one model that is deemed critical to the formulation and implementation of these strategies. Despite this, little is known about the profile of the Nigerian entrepreneur and how they engage with the constantly evolving policy context. This study therefore aimed at better understanding their characteristics as well as how they perceived certain key policies.

A cross-sectional online survey conducted in the first quarter of 2015 yielded a 61% response rate (1235/2017). Majority of the sample were between 26 - 40 years (70%), and were relatively well educated as indicated by the proportion that had at least a Bachelor’s degree (73%).  Most of the respondents were self-employed or in business (62%), but a significant proportion were government workers (20%). Regarding views on government policies, 45% of the sample felt the agricultural sector had potential to make the most impact on national development, while a significantly less proportion had similar opinions about the information technology (16%) and the entertainment (2%) sectors. Majority (46%) indicated that electronic mail was their preferred means of communication with respect to entrepreneurship issues.

Demographically, Nigerian entrepreneurs are similar to their international contemporaries. This study has also confirmed that there is considerable engagement with government policies among this group, particularly those in which entrepreneurship can play a critical role. New insight has emerged regarding engagement with entrepreneurship in Nigeria, which can improve efficiency as well as facilitate the development of contextual and effective policies. For instance, enabling cost effectiveness in communication and facilitating entrepreneurship among government workers. Adopting these approaches in the various relevant policies can help drive growth in the economy and improve other facets of national development.

Keywords: Nigeria, Entrepreneur, Development, Policy