Record Details

Small Business Startup Funding for Youth Employment in Nigeria

Journal of Business Theory and Practice

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Field Value
 
Title Small Business Startup Funding for Youth Employment in Nigeria
 
Creator Akaeze, Dr. Nana A.
Akaeze, Dr. Christian O.
 
Description Jobs are generated by initiating and growing small businesses within underdeveloped economies. Unemployment among youths is a critical problem confronting Nigeria (Nwogwugwu & Irechukwu, 2015). Unemployment leads to less growth and a drop-in consumer spending. Increased unemployment generates lowered business output. Unemployment results in welfare loss from lowered output, income, and wellbeing which hinder social progress of nations. Nevertheless, unemployed youths with small business initiatives experience financial constraints and lack access to startup capitals. The purpose of this study was to explore experiences of some owners who succeeded despite lack of access to formal and informal sources of initial capitals. Data was collected through semi-structured interviews with 15 small business owners in Lagos who started as unemployed youths. We purposefully selected participants, used thematic for data analysis, NVivo 10 software for coding and interpretation. Findings revealed 3 critical challenges to access initial capitals for startups by unemployed youths including: (a) inability to provide collaterals, (b) Reliance on insufficient private finance and short term overdrafts, and (c) bureaucracy. Result may become basis for future interventions and support programs. Authorities and youth leaders could use information for trainings and support programs to help unemployed youth access startup capitals for small business.
 
Publisher SCHOLINK INC.
 
Contributor —
 
Date 2019-02-14
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.scholink.org/ojs/index.php/jbtp/article/view/1822
10.22158/jbtp.v7n1p35
 
Source Journal of Business Theory and Practice; Vol 7, No 1 (2019); p35
2329-2644
2372-9759
 
Language eng
 
Relation http://www.scholink.org/ojs/index.php/jbtp/article/view/1822/1968
 
Rights Copyright (c) 2019 Dr. Nana A. Akaeze, Dr. Christian O. Akaeze
http://creativecommons.org/licenses/by/4.0