Challenges in the Era of Globalization - iaabd

Proceedings of the 12th Annual Conference © 2011 IAABD
5. Lack of skilled and competent management.
3.91 1.43
3.76 .52
Agree
6. Political instability 3.82 1.13 3.60 .50 Agree
7. Turbulent and unstable business environment due to
socio-economic problems.
8. Market imperfection which deny potential
entrepreneurs the resources they need for organizing
new enterprise
9. Changes in loan administration by the government.
10 Misapplication of loans for another purpose.
3.96 1.26
3.59 1.16
3.59 1.16
3.82 1.13
3.92 .70
3.64 .57
3.48 .59
4.00 .76
Agree
Agree
Agree
Agree
11 Inability of entrepreneurs to source adequate fund 3.72 1.06 3.88 .44 Agree
12 High risk involved in new enterprise 3.58 1.25 3.76 .52 Agree
13 Low status of business in the eye of the public. 3.36 1.34 3.48 .59 Agree
14 Low patronage from potential customers. 3.57 1.08 3.48 .59 Agree
15 Low level of investment in physical and human
capital.
3.64 1.46 3.56 .58 Agree
Source: Research Data
XI = Mean for male entrepreneurs
SDI = Standard deviation for male entrepreneurs
X2 = Mean for female entrepreneurs
SD2 = Standard deviation for female entrepreneurs Table I shows that inadequate capital with a mean of
3.96 (1.26) 3.92(.70), turbulent and unstable business environment 3.96 (1.26) 3.92 (.70), incompetence
of entrepreneurs due to poor education background with a mean of 3.91 (1.43) 3.88 (.44), lack of
competent and skilled management 3.91 (1.43) 3.76 (.52), misapplication of loans for other purposes 3.82
(1.13) 4.00 (.76) and political instability with a mean of 3.82 (1.13) 3.60 (.50) are very serious challenges
or constraints that have worked against entrepreneurship development in Nigeria. This is in agreement
with earlier studies by Olakanpo (1968) Harris (1969 and Akeredolu-Ale (1972) and more relatively
recent studies as confirmed by Onuoha (1994) Obeleagu-Nzelibe (2002) and Ile (2002). These problems
have always been regarded as the major constraints as they have brought about the non-existence or an
early collapse of entrepreneurial ventures in the country. Other serious problems are inability of
entrepreneurs to source for enough funds with a mean value of 3.72 (1.06) 3.88 (.44), low level of
investment in physical and human capital 3.64 (1.46) 3.56 (.58), changes in loan administration 3.59
(1.16) 3.48 (.59), poor economic policies 3.64 (1.46) 3.64 (.57), market imperfection 3.59 (1.16) 3.64
(.57), high risks involved in new enterprise 3.58 (1.25) 3.76 (.52), low patronage to indigenous business
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