Assessing Challenges and Opportunities Facing Entrepreneurship in Developing Economies

Abstract

The nuanced nature of the changes in the contemporary business environment has introduced new waves of challenges and opportunities for entrepreneurship. This can be in the form of expanding globalisations, emerging market trends, proliferation of artificial intelligence and digital technologies as well as social, economic and political dynamics of nations. This study assessed the challenges and opportunities of entrepreneurship in developing economies using Nigeria as a case study. The study employed qualitative research approach using interviews from 20 participants selected using purposive sampling procedure. The study was conducted through exploratory research design with primary data collected through semi-structured interview and analysis was through themes and premises. The findings showed that the challenges of entrepreneurship are situated within the context of financial, infrastructural, institutional and socio-cultural. Also, the study demonstrated that entrepreneurs have immense opportunities before them in developing economies in Nigeria because of population growth, untapped market, digital penetrations and advancements as well as urbanisation. The study concluded that the challenges and opportunities of entrepreneurship in Nigeria is based on the delicate balance between localisation and globalisation. It was recommended from this study that there should be increased development of entrepreneurship ecosystem through combined effort of actors such as government, non-government organisations, private sector and academics. It was also suggested that accessibility to finance, strengthening institutions and developing infrastructure would pave the way to more profitable and sustainable enterprises in developing economies.