Green Entrepreneurship and Risk Management in Nigeria

Nwabuatu; Emmanuel Nnajiubah. Ph. D

doi:10.56201/wjeds.v9.no6.2024.pg95.110

📄 Download Paper

Green Entrepreneurship and Risk Management in Nigeria

Nwabuatu, Emmanuel Nnajiubah. Ph. D

Abstract

This qualitative study explores the nexus between green entrepreneurship and effective risk management practices among green entrepreneurs in Nigeria. The research aimed to understand how green entrepreneurs navigate the unique challenges and opportunities presented by environmental sustainability concerns, and the strategies they employ to mitigate various risks inherent in their ventures. The research employed in-depth interviews and focus group discussions to uncover the key factors that enable green entrepreneurs to thrive in the Nigerian context, while addressing the impact of regulatory frameworks, access to resources, and cultural perceptions on their risk management approaches. The findings shows that there is significant relationship between Green Entrepreneurship and Risk management .The study recommends that aspiring and established green entrepreneurs should engage in risk minimizing strategies like diversification, hedging, insurance, risk assessment, contingency planning, asset allocation, regular review of and adjust risk management strategies, stop loss, position sizing, risk reward analysis, option contracts, collar strategy, maintain emergency funds, regulatory compliance to navigate through environmental challenges and risks inherit in their business.

Keywords

Green entrepreneurshiprisk management

References

Adebayo, T. E., & Momoh, S. O. (2020). Regulatory frameworks and risk management strategies of renewable energy entrepreneurs in Nigeria. Journal of Sustainable Energy & Environment, 11(2), 145-160. https://doi.org/10.1080/20550000.2020.1746321 Adekunle, B. A., & Ajayi, O. O. (2022). Strategic partnerships and risk management in Nigeria's green economy: A study of collaborative networks among eco-entrepreneurs. African Journal of Science, Technology, Innovation and Development, 14(3), 703-715. https://doi.org/10.1080/20421338.2021.1896547 Adekunle, R. (2020). The principles of risk management. Andrei, J. V., & Nicolò, D. (2016). Sustainable entrepreneurship and investments in the green economy. IGI Global. Bank, W. (2012). Inclusive green growth: The pathway to sustainable development. World Bank Publications. Bonnafous-Boucher, M., & Rendtorff, J. D. (2016). Stakeholder Theory: A Model for Strategic Management. Springer. BS, A. K. R. D. (2024). Green Giants: Sustainable Business Practices in Social Entrepreneurship.” Dr. Agatha K. Rokicki, D.B.A., B.S. Jeevan, P. (2017). Green Entrepreneurship - a conceptual framework. Koester, E. (2016). Green Entrepreneur Handbook: The Guide to Building and Growing a Green and Clean Business. CRC Press. Kraus, S., Burtscher, J., Vallaster, C., & Angerer, M. (2018). Sustainable Entrepreneurship Orientation: A reflection on Status-Quo Research on Factors Facilitating Responsible Managerial Practices. Sustainability, 10(2), 444. https://doi.org/10.3390/su10020444 Lindgreen, A., Vallaster, C., Maon, F., Yousafzai, S., & Florencio, B. P. (2016). Sustainable Entrepreneurship: Discovering, Creating and Seizing Opportunities for Blended Value Generation. Routledge. Michael, F. (2021). The Green Entrepreneurs: 17 Business Ideas and 7 Steps to Start Your Green Business. Nwankwo, C. A., & Ezema, M. C. (2018). Financial risk management strategies of eco-friendly startups in Nigeria: An exploratory study. International Journal of Entrepreneurial Behavior & Research, 24(2), 404-424. https://doi.org/10.1108/IJEBR-05-2017-0162 Ogunbiyi, O., & Nwosu, F. C. (2021). Resource acquisition challenges and risk mitigation approaches of waste management entrepreneurs in Nigeria. Waste Management & Research, 39(1), 126-138. https://doi.org/10.1177/0734242X20972775 Olajide, D., & Fadayomi, T. O. (2019). Cultural perceptions and risk-taking behavior of green entrepreneurs in the Nigerian agricultural sector. Journal of Enterprising Communities: People and Places in the Global Economy, 13(1/2), 63-83. https://doi.org/10.1108/JEC- 09-2018-0064 Sabry, F. (2024). Institutional theory: Power structures and governance dynamics in modern societies. One Billion Knowledgeable. Svensson, L. (2016). A resource-based view on non-urban regional flourishing in Europe. https://doi.org/10.3990/1.9789036541756

Green Entrepreneurship and Risk Management in Nigeria

Abstract

Keywords

References

More Articles from WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES