IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 10 NO. 3 2025
DOI: 10.56201/wjeds.v10.no3.2025.pg62.82

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Theoretical Perspectives of Entrepreneurship Developments in Nigeria

Udoka Stephen OTIKA, Oforbuike Francis NWACHUKWU, Opeyemi Ogundipe Abbas

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Abstract

Entrepreneurship development is a process of converting an ordinary individual into an entrepreneur. The objective of this study is to examine theories of entrepreneurship development in order to gain a deeper understanding of the development of entrepreneurship. There is a number of entrepreneurship development theories existed in the scholarly field. Using qualitative data the study identifies that entrepreneurship development theories are contextual and may not be applicable in all contexts. Some of the theories focus on psychological and knowledge aspects whereas some of them focus on skills, social network, institutional arrangement and support. A single theory has been found to be insufficient for the overall development of entrepreneurship. This study has included that mainly four theories: human capital theory of entrepreneurship development, institutional theory of entrepreneurship development, innovation theory of entrepreneurship development and social capital theory of entrepreneurship development This consolidated form of four theories provides the knowledge, skills, abilities, and practices necessary for an individual to be prepared for entrepreneurship. Findings of this study will provide insights for those government, non-government and private institutions that are involved in the entrepreneurship development programs.

keywords:

Human capital theory, Institutional theory, Innovation theory. social capital theory

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