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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Venturing into small business in a developing economy: motivations and constraints
Author:Owualah, S.I.
Periodical:Savings and Development
Geographic term:Nigeria
Subjects:small enterprises
economic policy
External link:https://www.jstor.org/stable/25830245
Abstract:This paper investigates how far Nigeria's structural adjustment programmes have contributed to the growth of more small businesses as part of a broader inquiry into the motivations of small business founders in Nigeria. It further addresses the related issue of the constraints to small business operations in the country. Evidence produced by the study does not show loss of jobs or, strictly speaking, unemployment, one of the consequences of the structural reforms, to be a strong motivational factor. Rather, independence, innovation, financial returns and precautionary motives dominate the reasons for starting a small business. However, there is a possibility that the insignificance of the unemployment factor may be related to the constraints to small business ownership identified in this study. Most important among these is capital constraint, both working and fixed capital. Other constraints, such as unfavourable economic conditions and government policies, while not inconsequential, cause less concern. Notes, ref.