CONSTRAINTS TO ENTREPRENEURSHIP AND INVESTMENT DECISIONS AMONG AGRIBUSINESS INVESTORS IN SOUTHEAST, NIGERIA (Published)
Despite the role entrepreneurs play in the development of any economy, there seems to exist a dearth of empirical knowledge on what constrains entrepreneurs in taking effective entrepreneurial and investment decisions in Southeast Nigeria. A combination of purposive and multistage sampling techniques was employed in the selection of 360 agribusiness investors in the study area. Data were collected primarily using structured questionnaire and interview schedule. Data were analysed using descriptive and inferential statistics. The result of the analysis showed that lack of start-up capital, lack of market information, crime, theft and social disorder, corruption and bad legal system, poor infrastructural facilities, multiple taxation, tedious registration and licensing procedure, and poor access to formal credit facilities were the main constraints to entrepreneurship and investment decisions by agribusiness entrepreneurs in South-East, Nigeria. The result further showed that starting enterprises without proper feasibility, high taxation, inadequate supply of power, inconsistency in government policy, inability to withstand competition, management inexperience, poor knowledge in the line of business, and joint ownership of enterprises were the major causes of enterprise failure in Southeast Nigeria. However, despite the varying constraints to entrepreneurship and investment decision in the area, agribusiness ventures in the area performed at levels acceptable to the entrepreneurs. Based on these findings, formulation and implementation of policies targeted at removal of the identified constraints were recommended. Such policies should include improvement on access to credit for agribusiness entrepreneurs, even when they may not possess prime assets that are currently being accepted by financial institutions as collateral, and making agribusiness investors to always carryout a thorough market research and feasibility to ensure that there is adequate demand for the products or services being offered
Keywords: Constraints, Entrepreneurship, Investment Decision, Investors, agribusiness