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Entrepreneurship Summit: Start-up Entrepreneurship in Nigeria

Abstract

Nzenwa Charles Opara

Entrepreneurship Summit: Start-up Entrepreneurship in Nigeria ­­

Nzenwa Charles Opara

IMO State University, Nigeria

Case Study

Start-up Entrepreneurship is seen as a process by which an individual or group of likes minds in a systematic or holistic approach agree to form a business organization of their interest. However, there is no globally acceptable definition of a start-up entrepreneurship as it could be viewed from varied points. This holistic intended approach is not a one size fit all because of global variance in business environment. More so, at start-up, entrepreneurs brazes up with their thinking caps on or hires a think tank that would be responsible for initial planning, production and marketing of manufactured goods or services bearing in mind that there is no standard best start-up entrepreneurship process as individual or group planners would take the following into cognizance:

1. Government Legislation

2. Local Laws

3. Registration and Recognition

4. Location and Localization of Industry

5. Source of Raw Materials

6. Market

7. Consumers

8. Cooperate Social Responsibility etc

All these factors above are considered based country or region and there is no international or global business standard in organizational start-up and management hence profitability without sustenance, competition and  sound management system could be seen as success but definitely not recognized as best practice.

Example: In Nigeria a local poly bag production factory could make multiple profit annually from sales and supplies and honored by several Organizations for sake of gratification. But same entrepreneur evades tax and manipulates public utility bills and labor laws while lip service to employee’s welfare and pensions. While in actual practice such personality has eroded production, international and local certification example, HACCP, ISO and TPM just to mention but a few as

We try to keep within the start-up consideration above.

1. Government legislation:  This is a process whereby government at different level puts regulations to business activities. It is considered very important for entrepreneurs at start-up to acquaint themselves with various legislations to enabled them operate within the full ambit of law. However, understanding these policies helps start-up entrepreneurs know their limit, and right of operation as it also empowers operators to challenge ambiguous policy in court. ( FRSC vs Cooperate Driver involved in accident within Lagos Metropolitan Roads) case in point FRSC establishment act in Nigeria.

2. Local laws: These laws must be consistent with government legislation in relation with the local operation environment. It is viewed from a customary point where a start-up entrepreneur is in tune with his host community an understanding that creates operational harmony devoid of restiveness. Example, Niger Delta region in Nigeria would request employment quota of 5% to 10% for the host community which without understanding could lead to hostility and hostage taking that is prominent in that oil Rich region.

3. Registration and recognition: By meeting the rigorous requirements of business registration as stipulated by law of any country Start-up must understand legal implication and importance of business registration. As Memorandum of understanding as well as Article of Association is signed by prospective Directors or shareholders which gives the company a legal recognition by the law.

4. Source of raw materials: this is one of the most important in considering start-up as proximity to source of materials for operation is required to be near.

5. Marketing: like closeness to source of  raw materials, marketing is of big importance as it is weighed to be a commercial activity which makes finished product's available in the market for sales and distribution. This can be done in different forms depending on the line of production or services.

6. Consumers: Like every other factor final consumers or consumers for further production is very key and elementarily the most important factor in production or services. Goods or services are considered sold as soon it reaches the final consumers. Lastly...

How to cite this article: Babar Latif Baloch. "Case Study for Journal of Research in International Business and Management ". doi: 7.2251/jribm.2020.07.003

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