The Fear of Business Failure and Government’s Role in Supporting Entrepreneurs in Nigeria

Abstract

Entrepreneurship drive is necessary for a nation’s economic development. To this end, every government including the Nigerian government has a major role to play in supporting entrepreneurship development. Unfortunately, several brilliant ideas might never see the light due to the fear of business failure experienced by entrepreneurs. Atychiphobia holds most entrepreneurs back from implementing their perceived ideas. However, the spirit of entrepreneurialism, with its promise of economic gains, is certainly gathering steam across Nigeria. But true entrepreneurship-led transformation will require a synergy between the government policies that regulate the business environment and the entrepreneurs that operate within. This is important to encourage entrepreneurs take bold steps in achieving their goals.

Keywords: Entrepreneur, Entrepreneurship, Business, Fear of failure, Nigeria