The Impact of Social Entrepreneurship on the Sustainability of Selected Small and Medium Enterprises in Nigeria

Abstract

This paper examined the impact of social entrepreneurship on sustainability of business development in Nigeria. The objectives of the study include: to identify major evolution experienced by social enterprise in Nigeria, to identify key challenges in social entrepreneurship in Nigeria, to identify current trends in social entrepreneurship in Nigeria, and to carry out an analysis on sources of funds for financing the social entrepreneurs. Survey approach was the research design used with particular reference to selected small and medium enterprises (SME) in Nigeria. It was observed that political factors, economic factors, socio-cultural factors, cross country factors and technological factors are the major evolution experienced by social enterprise in Nigeria. It was also observed that lack of education in entrepreneurship, lack of financial assistance, comparative disadvantages to business, lack of government support and lack of skilled manpower are the key challenges in social entrepreneurship in Nigeria. The current trends in social entrepreneurship in Nigeria are social media and the role of technology, rise of decentralized micro-giving opportunities, cross-sector partnerships and government drive for an all-inclusive economic growth and development through SME. The analysis carried out on sources of funds for financing the social entrepreneurs are contributions from social entrepreneurs, subventions from government, donor supports, loans and advances and retained earnings/reserves.