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Deriving an Ideal Entrepreneurial Ecosystem for Entrepreneurial Development Success in Nigeria

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Abstract

This study examined the entrepreneurial ecosystem to derive an ideal model for entrepreneurial development and determined a perfect model that can be adopted in Nigeria and other developing countries. A qualitative study was adopted, using the exploratory approach to identify the variables that necessitate an ideal entrepreneurial model considering the Nigerian environment. Triangulation was modified to improve the accuracy of the data gathered. Secondary data was used to gather information, make analyses, and interpreted it. A comparative analysis of the Babson Entrepreneurship Ecosystem project model; Koltai and Company Six + Six model; Organization for Economic Corporation and Development model; and the World Economic Forum model. The findings identified the entrepreneurial system elements in Nigeria: education; infrastructural support; policy and regulatory framework; enterprise support; facilities; training and orientation programmes; cultural influence; market climate conditions; access to financial funding; and internal and external enablers. Priority was given to the entrepreneurial education system by emphasizing the various levels of education where entrepreneurship education should be adapted with the pedagogy for each level of education. The Lamino Entrepreneurial Ecosystem Achievement Process (LEEAP) Model was developed in line with the findings. The study recommended that entrepreneurship needs to be inclusive on all levels of the Nigerian education system, emphasizing that; primary-child centred; secondary-subject-centred, and tertiary-vocational-centred should be adapted for entrepreneurial education to advance in Nigeria. The study further recommended that the Nigerian government need to develop policies that can propel the elements of the ecosystem to thrive; the Nigerian government needs to make sure that necessary infrastructural facilities like electricity, water, roads, and land are easily accessible and available to entrepreneurs; and finally, the Nigerian government should adopt this model towards developing a robust and effective entrepreneurial development framework for her citizen.

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  • Lamino Abubakar , Hauwa & A. Andah, Ruth & Paul, Vincent, 2022. "Deriving an Ideal Entrepreneurial Ecosystem for Entrepreneurial Development Success in Nigeria," Multidisciplinary Journal of Management Sciences, Association of Forensic Accounting Researchers (AFAR), vol. 4(3), pages 219-245, December.
    • Handle: RePEc:ris:amjoms:0072
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