Women micro-entrepreneurs and economic development in Nigeria: characteristics for success

• Main Authors: Hammawa, Yusuf Musa, Hashim, Norashidah
• Format: Conference or Workshop Item
• Language: English
• Published: 2016
• Subjects: HB Economic Theory; HQ The family. Marriage. Woman
• Online Access: http://repo.uum.edu.my/20396/1/ICOGPA%202016%201%208e.pdf; http://repo.uum.edu.my/20396/; http://icogpa2016.weebly.com/

The objective of this study is to investigate the characteristics that are considered essential for the success of entrepreneurial activity in an economy; and whether Nigerian women entrepreneurs have adequate possession of these characteristics. The success of entrepreneurs is a boost to an economy and their business development is considered a vital link in fostering economic growth of such a nation.This is made possible through their positive impact on rural economic development. Entrepreneurships are very essential to a nation’s economic development as they help in creating wealth, create employment for themselves and others and reduce poverty. In other to perform their vital role in economic development of their households, communities and countries, they need to possess certain characteristics. It has been observed that the survival rate of many micro-enterprises in Nigeria is low, and that some entrepreneurs’ access credits from micro-finance banks only to be used to settle other non-business issues. On this premise, this study seeks to examine whether Nigerian women entrepreneurs possess the necessary characteristics, and the effect of such features on entrepreneurial success.Of the 410 questionnaires distributed, 363 were correctly filled and used for the descriptive statistical analysis. The study revealed that majority of women in micro-enterprises had secondary/high school education, had a mean age of 30 years, mean number of children as 3, mean years of business experience as 3 years, married, had training before business and were group members.Motivation, foresight, networking and achievement were also crucial element for sustainable productive and successful venture.It was also discovered that the majority of the entrepreneurs were not under paid employment before starting micro-enterprises. This showed that they were new entrants into business which may be occasioned by unemployment situation in the country.It also portrayed lack of skill acquisition which called for pre-loan training. The results of the study concluded that women entrepreneurs in Nigeria possess the necessary characteristics for entrepreneurial success.