AMJD Volume. 11, Issue 1 (2022)

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Contributor(s)

Ojelade, M., Jimoh , Charles.
 

Keywords

Entrepreneurial Development Macroeconomic Factor Microeconomic Factor Economic Development SMEs.
 

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Factors Influencing Entrepreneurial Development: Lesson from SMEs Owners in Lagos State, Nigeria

Abstract: The prevailing economic situations in Nigeria and other developing countries are enough to make the citizens see the benefits of looking inwards in terms of setting up businesses that will generate jobs and increase revenue generation. Studies in this regard, focusing on factors affecting entrepreneurial development in Nigeria, are few and require further empirical investigation. The study assessed the factors affecting entrepreneurial development in Lagos, Nigeria. Both primary and secondary data were used for this study. Primary data were gathered through questionnaires, while secondary data spanning the years 2015 to 2022 were gathered from the annual reports of the selected entrepreneurs. Data collected was analyzed using descriptive statistics such as table percentage analysis and inferential statistics like Ordinary Least Square, Multiple Regression Analysis, and Pearson chi-square. The study was tested at a 95% confidence level. Based on the findings of this study, it was concluded that a significant relationship exists between the availability of capital to entrepreneurs and entrepreneurial development. The study recommended that there is a need to revitalize the institutions supporting the development of entrepreneurship in order to provide quick funds on favorable terms to entrepreneurs in Nigeria.
 
 
 

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