The Dynamics of Entrepreneurship in the Informal Economy
The Dynamics of Entrepreneurship in the Informal Economy
Author(s): Joseph Omoloba, Christophe Estay, Oluwafemi Philip AdeosunSubject(s): National Economy, Business Economy / Management, Micro-Economics, Socio-Economic Research
Published by: Center for Socio-Economic Studies and Multiculturalism
Keywords: Informal Sector; Formal Sector; Informal Economy; Institutional Voids; Opportunity Exploitation; Entrepreneurs; Informality; Micro-enterprise;
Summary/Abstract: This study reviews the primary considerations in answering the controversial questions about the Informal Sector. The informal sector is a significant part of the Nigerian economy and provides goods and services to millions of Nigerians. It is also a vital source of employment, especially for those who cannot secure work in the formal sector. According to the International Labour Organization (ILO), the common characteristics of an informal enterprise include the ease of entry, reliance on indigenous resources, family ownership, small-scaled operations, labour intensive, adaptive technology, and unregulated and competitive markets. The objective of this study is to examine the characteristics of the informal entrepreneurs, reasons for operating informally, and entrepreneurial strengths of the informal economy.
Journal: Journal of Intercultural Management and Ethics
- Issue Year: 6/2023
- Issue No: 1
- Page Range: 43-53
- Page Count: 11
- Language: English