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| Perception of Entrepreneurs on Market Entry Barriers and New Business Startup in Kwara State, Nigeria. |
Adebusoye, Adeyemi Busayo and Chigozie, Chukwuonye
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Abstract:
The study examined the perception of entrepreneurs on market entry barriers and new business startup in Nigeria. Descriptive survey design was adopted for this study using a targeted population of entrepreneurs, business men and women, employees (intrapreneurs) and artisans in Offa Local Government of Kwara State. A total of 85 respondents were sampled. Data was collected using structured questionnaire with respondent-driven sampling technique. Frequency tables, percentages and means were used for data analysis. Cronbach Alpha of 0.77 was obtained, showing that the instrument used in data collection is valid. The results revealed that there were barriers to market entry in Nigeria which include scale of production (3.82), existing competitors (4.05), inadequate market infrastructure (4.25), cooperative societies operating in the market (4.28), product differentiation (4.32), customer's relation (4.25), large initial capital requirement for business startup (4.21), and government policies (4.28). All these barriers were found to affect effective entrepreneurs of new business startup in entering both existing and new markets. In conclusion, entrepreneurs must prepare to overcome some challenges which they are bound to face as they are launching their products to existing and new markets. There is need for government to intervene in Nigeria market situation by removing the artificial barriers created by the operators in the market in order to encourage new entrant.
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