Era of Disruptions: Entrepreneurs’ Experiences and Challenges on Business Sustainability in Nigeria

Ezeanokwasa Francisca  Nkiruka; Nwagbala Stella  Chinelo; Nwachukwu  Raphael; Oranusi Ifeanyichukwu  Nwadiogo; Ani Anthony  Ejike

Ezeanokwasa Francisca Nkiruka Department of Business Administration, Faculty of Management Sciences, Tansian University Umunya, Anambra State, Nigeria
Nwagbala Stella Chinelo Department of Business Administration, Faculty of Management Sciences, Nnamdi Azikiwe, University Awka, Anambra State, Nigeria
Nwachukwu Raphael Department of Accountancy, Faculty of Management Sciences, Tansian University Umunya, Anambra State, Nigeria
Oranusi Ifeanyichukwu Nwadiogo Department of Marketing, Faculty of Management Sciences, Nnamdi Azikiwe, University Awka, Anambra State, Nigeria
Ani Anthony Ejike Director of Entrepreneurship Department, Tansian University Umunya, Anambra State, Nigeria

Keywords: Disruptions, entrepreneurship, experiences, challenges, business sustainability

Abstract

Entrepreneurship disruptions have become a pervasive and transformative force in today's global business landscape. These disruptions are characterized by the rapid and often unpredictable changes that impact the way entrepreneurs conceive, launch, and operate businesses. In the modern era, the rapid pace of technological advancement and the rise of disruptive innovations have presented a significant challenge for entrepreneurs and established businesses alike. As entrepreneurs strive to identify and leverage disruptive opportunities, they face complex issues related to market dynamics, economic instability resource allocation, and competitive pressures. Moreover, the ever-accelerating rate of disruption necessitates a deeper understanding of how entrepreneurs can effectively navigate these challenges while staying innovative and sustainable. This study seeks to identify and analyse the experiences and challenges faced by businesses in their pursuit of sustainability during this disruptive era. Data were generated via the internet, newspapers, newsletters, libraries and other documented materials pertinent to the study. Findings revealed that there is a positive relationship between entrepreneurship disruptions and business sustainability in Nigeria. To fully harness disruptive entrepreneurship and achieve sustainability, regulatory reforms, technological advancements, changing consumer behaviour, infrastructure development, and increased access to funding are crucial. Consequently, to address these challenges and promote sustainability, it is imperative to conduct a comprehensive analysis of the experiences and challenges faced by businesses and individuals in the disruption era, businesses in Nigeria need to adopt innovative solutions, and collaborate with relevant stakeholders while keeping a close eye on regulatory changes and global trends.

References

1. Adewale, O. (2019). "The Impact of Technological Disruption on Nigerian Businesses." International Journal of Business and Management, 14(5), 72-82.
2. Ajayi, O., & Akinola, O. (2019). "Corporate Social Responsibility in Nigeria: Challenges and Opportunities for Business Sustainability." African Journal of Economic Review, 7(2), 102-117.
3. Brown, M., & Davis, K. (2023). The Digital Transformation of Consumer Behavior. Marketing Trends, 45(3), 112-128.
4. Christensen C.M. (1997) The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail. Publisher: Harvard Business Review Press.
5. Dibua E.C.,Chiekezie O.M., Nwagbala S.C.,& Okoloma N.M. (2023) Environmental Scanning and Performance of Brewing Firms in South-East, Nigeria. Journal of Public Administration, Policy and Governance Research (JPAPGR), 1(3),
6. Emenike, K. O., & Agwu, M. E. (2020). The Impact of COVID-19 on Business Sustainability in Nigeria: Challenges and Opportunities. International Journal of Advanced Research in Economics, 2(1), 50-63.
7. Green, P., & Wilson, E. (2023). Sustainability and Corporate Responsibility in the Disruption Era. Environmental Management, 15(1), 22-40.
8. Ighomereho, O., & Eteete, M. (2018). "Political Risks and Business Sustainability in Nigeria." Journal of African Business, 19(4), 507-521.
9. Johnson, R., & White, S. (2021). Navigating Economic Uncertainty: Strategies for Business Resilience. Economic Review, 77(4), 33-49.
10. Jones, L., & Smith, T. (2023). Regulatory and Ethical Challenges in the Disruption Era: A Comparative Analysis. Journal of Business Ethics, 50(2), 55-70.
11. Li, X., & Wang, D. (2019). The Sharing Economy and Entrepreneurship: Implications for Sustainable Marketing.11(15), 4050. doi:10.3390/su11154050
12. Ndubuisi-Okolo P.U., Nwagbala S.C., Akunroluyo B.I., &Nwankwo C., (2021) Social Philanthrophy and Firm Performance in Covid- 19 Pandemic in Nigeria. International Journal of Academic Management Science Research (IJAMSR)5(12)10-20
13. Nwagbala S.C, Nwachukwu R., &Ezeanokwasa Francisca N, (2023) Entrepreneurial Orientation and Performance of SelectedSmes in Awka South, Anambra State, NigeriaAmerican Journal of Economics and Business Management6(8)144-153
14. Nwagbala S.C., Ezeanokwasa F.N., Nwachukwu R., Oranusi I.N., & Ani A.E., (2023) Entrepreneurship Disruptions and Business Sustainability: Opportunities and Challenges in Nigeria.Proceedings of the 2023 Faculty of Management Sciences Nnamdi Azikiwe University, Awka
15. Ogbu, I., & Igberaese, A. (2017)"Financing Sustainable Business Initiatives in Nigeria: Challenges and Prospects."Journal of Sustainable Finance & Investment,7(2),104-120
16. Ogbeide, D. O., & Adeyemi, A. S. (2020). Business Sustainability in Nigeria: A Pragmatic Review of Issues, Challenges, and Perspectives. International Journal of Economics, Commerce and Management, 8(5), 20-31.
17. Onuoha, P. (2020). "Economic Sustainability in Nigeria: A Critical Appraisal of the Business Environment." Journal of Sustainable Business, 8(2), 34-48.
18. Oparah, Nwagbala, &Iloanya.(2023)Impact of Government Policy on the Growth of Small and Medium Enterprises in Nigeria.Central Asian Journal of Innovations on Tourism Management and Finance. 4(9)64-72
19. Oyedepo, O., & Adebo, G. (2018). "Assessing the Environmental Sustainability Practices of Businesses in Nigeria." Journal of Environmental Management, 210, 45-52.
20. Schaltegger, S., Lüdeke-Freund, F., & Hansen, E. G. (2012). Business cases for sustainability and the role of business model innovation: Developing a conceptual framework. International Journal of Innovation and Sustainable Development.
21. Smith, A., et al. (2022). Technological Disruption and Its Impact on Business Competitiveness. Journal of Business and Technology, 10(2), 45-62.
22. World Economic Forum's report on "The Fourth Industrial Revolution" outlines how embracing disruptive technologies can lead to sustainable business practices.