Mitigating the Challenges of Small and Medium Enterprises in Nigeria

Keywords: Small Business Success, SMEs in Nigeria, Entrepreneurship Development

Abstract

Purpose- The purpose of the paper is to provide owners and managers of small businesses with necessary information about the challenges facing small businesses in Nigeria and present the possible tools, policies, and strategies to mitigate them.

Design/Methodology- Using the multi-case qualitative study, managers of successful small businesses narrated in an interview the tools, policies, and strategies they used to mitigate the identified challenges. The study answered the central question: what are the tools, policies, and strategies used by managers of successful small businesses to mitigate the challenges facing their firms?

Findings- The findings identified continuous government intervention and support to small businesses as a major tool that reduced the challenges facing the sector.

Practical Implications- The information found in this study can be used by small business managers to mitigate the challenges facing small businesses and reduce their massive failure in the economy. Mitigating the challenges facing small businesses in Nigeria will increase the number of successful small businesses, which will result in the reduced unemployment rate in the economy. A reduced unemployment rate in the Nigerian economy will increase the wellbeing of citizens, thereby reducing the unemployment rate in the economy.

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Author Biography

Babandi Ibrahim Gumel, Global Humanistic University - Curacao, and LIGS University.

Dr. Babandi Ibrahim Gumel is a Business owner and manager, Faculty Member, Lecturer at International Universities, Farmer, and Politician. His major skill is Financial Management, Financial Analysis, SmallBusiness Management, Strategic Management, and Entrepreneurship development Studies.

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Article History
Received: 2019-03-16
Published: 2019-05-23
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How to Cite
Gumel, B. I. (2019). Mitigating the Challenges of Small and Medium Enterprises in Nigeria. SEISENSE Journal of Management, 2(3), 82-99. https://doi.org/10.33215/sjom.v2i3.129
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Copyright (c) 2019 Babandi Ibrahim Gumel

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