An Empirical Study of Nigerian Entrepreneurs: Success, Motivations, Problems, and Stress

Two hundred and forty three entrepreneurs in Lagos, the former capital city of Nigeria were surveyed. Results show that 69% of respondents are male and 31% female. The average age of entrepreneurs is 36.7. The time devoted to their businesses is approximately 37.8 hours per week. When asked to indicate the reasons for becoming business owners, Nigerian entrepreneurs suggested independence, satisfaction and growth, increasing income and past training/experiences as important motivators. Factors contributing to business success were mainly attributed to hard work, excellent management skills, and good customer services. Charisma and reputation for honesty were also ranked high on the list. Among the problems encountered by entrepreneurs, unreliable employees was the most critical. Weak economy, electricity shortages and unsafe location were also mentioned as obstacles preventing entrepreneurs from achieving their goals. The relationship between stress and business ownership were also assessed. In spite of business success attained and family support received, entrepreneurs reported that they did experience business-related stress.