IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 9 NO. 1 2024
DOI: https://doi.org/10.56201/wjeds.v9.no1.2024.pg30.43

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Entrepreneurship Theoretical Amplification and Its Implications on New Venture Creation in Nigeria

Oyeinkorikiye Stephan Isaiah, PhD

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Abstract

Entrepreneurship is a driving force behind economic growth and development. To drive entrepreneurship, different theories echo the need and basis for encouraging new venture creation in stimulating national prosperity. This paper adopted the empirical review approach to delved into the latitude of entrepreneurial theories and re-echoing its pivotal role as a catalyst to new venture creation. It underscores the profound influence of economic incentives on start-ups or new business development. The analysis indicated that different theories such as innovation, economic, psychological, sociological, and achievement motivation theories stimulate entrepreneurs to start new venture. The researcher noted that these parameters illuminate the diverse dimensions of entrepreneurship, shedding light on its intricate dynamics. The paper further indicated that within the entrepreneurial theoretical landscape, economic incentives play a pivot role in stimulating new venture development. The attraction of financial rewards, autonomy, and market dynamics motivates individuals to venture into entrepreneurial endeavors. Government policies, supportive ecosystems, and economic conditions also contribute significantly and influence the decisions of people to become entrepreneurs. The researcher concludes that entrepreneurship is a dynamic and an opportunity-seeking process that serves as a catalyst for wealth creation in any nation.

keywords:

Entrepreneurship, New Venture creation, Entrepreneurship theories, Economic incentives, Entrepreneurial development

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References:

Adegbite, S. A., & Mathew, A. F. (2019). Financing Small and Medium Enterprises in Nigeria:
The Role of Microfinance Banks. African Research Review, 13(1), 112-130.

Adelegan, O. J. (2007). Entrepreneurship development and government policy in Nigeria. Journal
of Economic Policy Reform, 10(4), 303-316.

Ajala, E. M. (2018). Entrepreneurship Education and Its Influence on the Development of
Entrepreneurial Competencies among Nigerian University Students. Journal of Small
Business and Entrepreneurship Development, 6(3), 40-47.

Akinbobola, T. O. (2020).
Government support for small and medium-sized enterprises in Nigeria.
Journal of Small Business and Entrepreneurship Development, 8(1), 1-11.

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