CHALLENGES OF WOMEN STARTING A BUSINESS ENTERPRISE IN NIGERIA

CHALLENGES OF WOMEN STARTING A BUSINESS ENTERPRISE IN NIGERIA

ABSTRACT

This study aims to examine the challenges faced by women in starting a business in Nigeria with a Lagos Island textile salesperson. Specific goals are:
(i) research the factors that motivate women to enter into business in this sector; (ii) clarify the relationship between the factors that motivate women entrepreneurs and the challenges they face in business; (iii) examine the relationship between the factors that motivate women entrepreneurs and their management practices; (iv) to determine whether there are significant associations between environmental factors and women’s motivation to become entrepreneurs; The data required for this study were collected using questionnaires, in-depth interviews and participatory observations. 570 questionnaires were distributed, of which 422 questionnaires were compiled for analysis. In order to achieve the purpose of this research, he made four hypotheses from the structure of the research topic. Analysis of variance (ANOVA), chi-square and descriptive analysis, and other statistical tools were used to test these hypotheses. The results show that there is a significant relationship between a female entrepreneur’s motivational patterns and her performance. Challenges faced in business. Type of business ownership and environmental factors. Based on these findings, and considering policy implications, research should encourage more women to start businesses and equip them with managerial skills for effective performance. It suggests that there is

CHAPTER ONE

INTRODUCTION

1.1   Background to the Study

For more than two decades, Nigeria’s experience in the process of economic development has not been encouraging. This has resulted in low interest rates across most economic indicators. More importantly, Nigeria’s over-reliance on oil is a major contributor to its economic depression. The situation did not improve significantly until the late 1980s, when macroeconomic variables began to taper as more development variables were introduced in the course of development. The new value systems introduced include inter-sectoral relations, restructuring of production and distribution processes, recognition of micro- and macro-enterprises, development of entrepreneurship, enhancement of international competitiveness, economic restructuring, industrial development, and employment. Includes new roles assigned to strategies for creation. These were intended to improve the living standards of citizens.

The role given to entrepreneurship for economic growth and development, especially in developed countries such as the United States, United Kingdom, Japan and Canada, has led most developing countries to adjust the concept of development, making it very important to economic affairs. Began to plan new business development as is. look. Entrepreneurship as an engine of economic growth and a driving force of economic development is recognized for its importance in job creation, income generation, poverty alleviation and wealth creation. This concept is now recognized as a central element of the theory of economic development (Schumpeter, 1934 and Josiane, 1998) and constitutes the largest corporate sector in the economy. It is believed to be the engine of employment and economic growth (Culkin and Smith 2000; Peacock, 2004; Wang, Walker and Redmond, 2006).

Entrepreneurship is key to supporting SMEs (United Nations, 2006). With an active subsector of small and medium enterprises (SMEs) in manufacturing processes, developed and developing countries are expected to rely less on large-scale industries to propel their economies for posterity. This is because economic revitalization and growth are expected to be increasingly driven by start-ups and industrial clusters. Entrepreneurship is therefore a process that entails a willingness to revitalize market offerings, innovate, take risks and experiment with new and uncertain products, services, markets and lives. Entrepreneurship is key to supporting SMEs (United Nations, 2006). With an active subsector of small and medium enterprises (SMEs) in manufacturing processes, developed and developing countries are expected to rely less on large-scale industries to propel their economies for posterity. This is because economic revitalization and growth are expected to be increasingly driven by start-ups and industrial clusters. Entrepreneurship, therefore, means activating market offerings, innovating, taking risks, trying out new and uncertain products, services and markets, and being more aggressive than competitors in exploring new business opportunities. A process that involves a willingness to become (Covin and Slevin, 1991 and Wiklund and Schaefer). , 2005). It attracts both men and women interested in profitable relationships across industries. Extensive research has been carried out on the participation of men and women in business activities, especially those of women who reportedly have personal entrepreneurial dreams, in order to ensure the proper development and competitiveness of enterprises. I’m here. This category has rapidly converged to thrive in business and enterprise development (Gelin, 2005).

Women are therefore becoming increasingly important in socioeconomic development in both developed and developing countries, as they make up a significant proportion of small and medium enterprise (SME) entrepreneurs (Josiane, 1998; Kjeldsen and Nielson, 2000). ). Women’s businesses contribute significantly to national economies through their involvement in start-ups and the growth of small and medium enterprises (United Nations, 2006). Her interests and work in the field of economic growth and development, especially in the field of small and medium enterprises, have attracted considerable interest from researchers. The Global Enterprises Monitor (GEM) (2005) found that 37 GEM women participate in a wide range of entrepreneurial activities, and their activities in various countries are reported in the form of many startups for job and wealth creation. I have confirmed that Nevertheless, entrepreneurship is usually viewed in terms of male-dominated economies (Gelin 2005, Josiane, 1998). Due to its complexity, especially gender issues, the role of women entrepreneurs is poorly documented.

Women’s entrepreneurship is a central aspect of economic development and public policy in most countries, but there is relatively little academic research on women’s entrepreneurship. The role of business as a labor market actor in creating jobs, creating wealth, alleviating poverty and providing resources has greatly increased the number of women-led entrepreneurial ventures worldwide. The emergence of the private sector as an important participant/agent in industrial development in many countries has increased women’s access to employment opportunities. This is in contrast to when they are denied employment opportunities as wage earners due to family responsibilities, lack of skills. , or social problems and cultural barriers (Josiane, 1998). To meet these challenges, the development of self-employment, especially in the SME sector, has become a last resort (Thomson, 2002). SMEs contribute more than 50% to gross domestic product (GDP) in most developed and underdeveloped countries (Oyekanmi, 2004; Uchwukwu, 2004; Ojo, 2006). Contributions to economic development are primarily in the areas of job creation, poverty alleviation, environmental vitality, wealth creation and human capital. Women-owned firms therefore make up more than half of the owners of the SME subsector and are more frequently active in the agriculture, manufacturing, trade and service sectors (Kjeldsen and Nielson, 2000; Community, Women and Development (COWAD), 2004; Guerin, 2005).

But running a small business involves a lot of risk, hard work, a lot of sacrifice, and a sincere will to overcome obstacles. Risks, challenges and obstacles (Ojo, 2004) are probably

1.2       Statement of Research Problem

Women make up a significant workforce in Nigeria, accounting for over 50% of the total population (Afonja and Aina, 1993; Soetan, 1997; Okunade, 2007). Despite their involvement in the trade and service sectors, women continue to play important productive roles that have contributed to the country’s economic development, especially during periods of economic depression. Many studies have shown a positive association between women’s participation in enterprises and economic development (Hisrich and Brush, 1985; Simpson, 1993; Buttner and Moore, 1997; Hurley, 1999; Kutanis and Bayraktaloglu 2003). Despite their involvement in economic development through entrepreneurship, women do not have access to or control over financial and other resources. They have carried most of the burden of structural adjustment policies implemented in Nigeria (Afonja and Aina, 1993; Barrett, 1995; Soetan, 2004; Usman, 2008). Nevertheless, researchers Yves et al (2001); Kutanis (2003); Aina (2003) recognize an increasing influx of women into the field of entrepreneurship. Buttner and Moore (1997); Minniti and Arenius (2003) also report on the recent exodus of women’s organizations into entrepreneurship in developing countries.

1.3       Research Questions

Based on this problem, the following research questions were raised:

(i) What are the factors that stimulate women entrepreneurship in different industrial sectors in Lagos Island, Nigeria?

(ii) What are the challenges for a woman starting a new business as a textile distributor in Lagos?

(iii) Is there a significant relationship between the factors that motivate women to become entrepreneurs and the challenges they face at companies? (iv) Do motivating factors determine how women do business?

(v) Are there any significant relationships between environmental factors and the motivation of women entrepreneurs?

1.4       Objectives of the Study

The main objective of this study is to identify the challenges faced by women starting new businesses in Lagos in relation to textile manufacturers. Specific purposes include:

(i) To examine the factors that motivate women entrepreneurship in different industrial sectors in Lagos Island, Nigeria;

(ii) analysis of the relationship between women’s motivation and performance in the SME subsector; (iii) identify the relationship between the factors that motivate women to start a business and the challenges they face in starting a business;

(iv) explore the relationship between women’s business motivations and business practices;

(v) to determine whether there is a significant association between environmental factors and women’s motivation to become entrepreneurs;

1.5       Significance of the Study

The results of this study are important for several reasons. Most importantly, the study reveals more about the challenges facing women entrepreneurs in the Nigerian economy. The results of this study will help women entrepreneurial advisors/researchers and policy makers to better understand the nature of motivational patterns that help women make informed business decisions. This research helps us understand how business growth is affected by the performance of women entrepreneurs. The findings of this survey will help women businesses seeking information on how to address business and environmental challenges. It can also help governments develop policies to develop women’s entrepreneurship and contribute positively to the body of knowledge. This provides an opportunity for further research on women’s motivation and entrepreneurship. This research will lead to the formulation of concrete policy decisions on women’s business, especially for the Ministry of Women’s Development, special business-related groups, industry stakeholders, and non-governmental organizations (NGOs) on women’s issues. These groups are expected to use the results of this research for the design and implementation of actions at both micro and macro levels. Even in Nigeria, where the development of entrepreneurship does not yet have a solid foundation, its achievements can reshape policies, curricula and institutional programs, especially with regard to redesigning skills and strategies for women in business.

1.6       Scope of the Study

This study aims to assess the challenges faced by women entrepreneurs in the Nigerian economy, using textile vendors on Lagos Island as a case study for the Lagos Metropolitan Government District, Nigeria. Lagos Island is the most important and central location in the state and was selected for this study.

1.7       Limitation of the Study

In conducting this research, researchers faced many challenges. These include insufficient funds available, inability to access the materials required to complete the work, and time lags in meeting work deadlines. That said, such challenges should not dampen our ambition to achieve the stated goals and hypotheses.

1.8       The Structure of the Work

The work is divided into five chapters. Chapter 1 focuses on the introduction and Chapter 2 is to review some relevant literature/conceptual frameworks on business, women’s business and other theoretical and empirical frameworks. Chapter 3 focuses on study methods, Chapter 4 discusses data presentation and analysis, and Chapter 5 deals with discussion, summary of results, conclusions, recommendations, limitations, and suggestions for further research. increase.