Challenges In Managing Entrepreneurial Small Firm’s Growth And Transition In Nigeria

Abstract

Growth can be simply referred to as advancement from less complicated level to more complex level, very essential in business and its one of the major objectives of entrepreneurship. It is the movement of the business into bigger premises, taking on more staff, significant increases of turnover, taking on a new product line or lines, buying another business, and so on. This paper critically assess the new venture creation; what it takes to be an entrepreneur; different dimension of business growth; significance of growth; types of opportunities new venture can consider; barriers to firm growth; managing transition and sustaining growth among others. The paper examines the skills and traits required by an entrepreneur to survive in a recession period. Most importantly, the paper highlights framework conditions required for effective operations of small business and acknowledges a case of Dangote Group of Company, in Nigeria to discuss evolution of growth, transition management and growth sustenance. In this review, it is clearly shown that entrepreneurship growth is not limited to small firm alone, it is also common among larger firm. Evolution of company takes many efforts and shortcomings, and the survival of any firm is also part of growth.

Keywords: Growth theory; Growth barriers; Small business; Transition management, Dangote group of company.