MOTIVATION AT INDIVIDUAL LEVEL: IMPLICATIONS FOR SUCCESSFUL ENTREPRENEURSHIP IN NIGERIA

Abstract

As the global economic crisis continues to rage, there has been increased call for countries to turn to entrepreneurship as a panacea to the economic challenges. This is due to the significant role that entrepreneurship plays in achieving economic growth.Entrepreneurship can create employment, increase production, and diversify sources ofrevenue for individuals and countries. Nigeria has joined other countries of the world todevelop strategies and enact policies that encourage individuals to take to entrepreneurship to be able to create wealth through the development of small and medium scale enterprises. As a result, entrepreneurship has become part of the curriculum in many Nigerian universities. Considering the promise that  entrepreneurship holds in revitalizing poor economies, it becomes imperative to focus on individuals as well as dispositional factors that stimulate entrepreneurship behaviours. Therefore, this paper evaluates the relevance of individual personality characteristics including proactivity, risk-taking ability, need to achievement, locus of control, and psychological capital that have been commonly used in entrepreneurialresearch and their potency to forge successful entrepreneurship. Entrepreneurial success is not got by chance; it takes personal commitment and sacrifices to start up and nurture small businesses.