Family Business and Its Problems; A Failure of Entrepreneurial Succession in Nigeria
DOI:
https://doi.org/10.53819/81018102t2425Abstract
Family-owned business and its succession is a huge problem in Nigeria and needs to be looked into due to the fact that over the years a series of well-known family-owned businesses have collapsed and gone extinct immediately after the death/demise of its founder. The aim of this paper is to ascertain the causes and lack of entrepreneurial transferability in Nigeria. The theoretical framework is hinged on the institutional theory as well as the innovative theory. The methodology will rely heavily on secondary data. The problem of succession and its causes as well as the sources of these problems is the focal point of this paper. This paper conclusively pin pointed that both internal and external sources as well as the multi-ethnic identity of Nigeria generates a whole lot of transferability problems for family-owned businesses in the land (Nigeria). It is recommended that for a family-owned business in Nigeria to be run and operated from generation to generation, the teaching, guiding, orientation and imparting of an extensive, organized and planned mentoring of the family business, starts early, as well as the Government enacting favorable laws that enhance and promote family-owned business in Nigeria.
Keywords: Culture, Entrepreneur, Entrepreneurship, Entrepreneurial Succession Family-Owned Business, Nigerian Government, Succession.
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