Problems of Establishing Small-Scale Businesses among University Undergraduates: The Place of Psychological and Cultural Mindset

Muraina Kamilu Olanrewaju (), Omolara Oladele (), Souvik Banerjee () and Omofolasaye Omobolanle Adegoke ()
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Muraina Kamilu Olanrewaju: Prince Abubakar Audu University
Omolara Oladele: Prince Abubakar Audu University
Souvik Banerjee: Management Development Institute Murshidabad
Omofolasaye Omobolanle Adegoke: Afe Babalola University, Department of Business Administration

Chapter Chapter 14 in Vulnerability and the Future of Small Business in Industry 5.0, 2026, pp 299-309 from Springer

Abstract: Abstract The growing unemployment crisis in Nigeria has spotlighted the urgent need to promote entrepreneurship among university undergraduates as a viable alternative to formal employment. Despite significant policy reforms and the inclusion of entrepreneurship education in higher institutions, many Nigerian students still face considerable challenges in starting and sustaining small-scale businesses. The study explored the problems of establishing small-scale businesses among university undergraduate in Nigeria: A place of psychological and cultural mindset. This study explores the multifaceted problems impeding the establishment of such ventures, with a specific focus on the role of mindset. While structural barriers such as lack of funding, poor infrastructure, and inadequate institutional support are well-documented, emerging evidence reveals that psychological factors including fear of failure, fixed mindset, low entrepreneurial self-efficacy, and negative societal perceptions—play a more insidious role in discouraging entrepreneurial behavior. The study finds that mindset-related barriers not only delay or prevent business initiation but also contribute to early-stage failure due to poor risk management and low resilience. Consequently, the paper recommends a holistic intervention approach that targets both structural and psychological constraints. By placing mindset at the center of entrepreneurship development efforts, Nigerian universities and policymakers can cultivate a new generation of resilient, confident, and innovative student entrepreneurs ready to transform the national economy.

Keywords: Establishment; Small-scale businesses; University undergraduates; Psychology and cultural mindset (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-98431-0_14

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DOI: 10.1007/978-3-031-98431-0_14

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