Entrepreneurial Development and the Challenges of New Venture Creation During Economic Recession

ABSTRACT

The study examined the relationship between Entrepreneurial Development and the Challenges of New Venture Creation during Economic Recession in Eti-Osa LGA, Lagos state. The primary objective was to identify descriptive research design was selected in this study because it allowed the researcher to gather numerical and descriptive data to assess the relationship between variables. Convenience sampling was used to select a total of 74 respondents. Questionnaire was used as the main data collection instrument and statistical packages for social sciences (SPSS) was employed for analyzing the data. Descriptive and inferential (chi-square analysis) method was adopted for data analysis. The study found that there is positive significant relationship between those Policies implemented for SMEs and the survival of SMEs in Nigeria… There is prospect of SMEs in Nigeria as a result of government development programmed. There is significant strategy to curb the challenges faced by SMEs for them to play major role in economic development. The implication of this is that strategy to curb the challenges faced by SMEs an important driver for SMEs to play major role in economic development. Consequently, the study recommends that an economic reform program that will be people and SMEs friendly such as providing bailout funds to companies affected by economic recession and ensuring that they access the loan at single digit interest rate. Also, banks should encourage manufacturers by reducing the present high interest rate to single digit interest rate. In addition, government should
also resuscitate the decayed infrastructures all over Nigeria especially power, railroad etc. to reduce cost of doing business of SMEs

.
Keywords: Entrepreneurship development, challenges, new venture creation, economic
recession.