Mitigating SMEs Challenges in Nigeria and Strategies for Sustainable Success

The importance of SMEs in developing and growing economies around the globe cannot be overemphasized. Small Businesses play a great role in providing citizens with employment opportunities, innovation, and economic growth. The number of attempts by entrepreneurs to establish ventures continues to grow, most of which failed in the formation stage. Therefore, there is the pain of small business failure, which affects the employment opportunities being rendered. Because of the importance of entrepreneurship and small businesses' growth and development, countries initiate intervention programs to support them to succeed and avoid failures. The USA created SBA, and Nigeria created SMEDAN, all in their efforts to sustain the success of small businesses. Despite their importance and government support initiatives, there are still practical challenges associated with entrepreneurship, enterprise, and the economic environment; and they continue to fail within the first five years. The book provides information that is necessary to understand the challenges facing SMEs in Nigeria and the strategies for mitigating the challenges. The book also provided information that can be used to develop best business practice policies and strategies to mitigate failure and spur success. The book will help owners/managers of SMEs with information to mitigate challenges and spur sustainable success, which will ignite economic growth and development through the provision of employment to citizens. A critical success factor model is presented, which will enable owners/managers/policymakers understand useful information about Nigerian SMEs.