Challenges faced by entrepreneurs in Nigeria: a study of the retail pharmacy sector

The concept of entrepreneurship is not new. As a concept it remains elusive, diverse, and multi-faceted. Although there is an extensive body of research within the field, there is little consensus on what underpins entrepreneurship, and whether it should remain a distinct domain of study.

This chapter contributes to the literature on entrepreneurship in developing economies. The study seeks to uncover the challenges facing entrepreneurs in a developing economy using the formal retail sector in Nigeria as a case.

Entrepreneurship in the retail sector of a developing economy has not been given significant attention by researchers despite its uniqueness and dynamism. By adopting a qualitative approach involving semi-structured interviews of 51 respondents, the lived experiences of these entrepreneurs were understood. Given the challenges such entrepreneurs face in a developing economy, this study makes a contribution, as the challenges such retail entrepreneurs face namely, challenges within the industry, government policy inconsistencies and corruption, infrastructural deficit and technology deficit face in this context were identified. In practice, the findings of this study serve as a useful reference for practitioners and policy makers of the challenges that need to be addressed for entrepreneurship to flourish in Nigeria.