Abstract:

Entrepreneurship has been recognised as an essential strategy for economic growth. It is also known for solving unemployment problems and reducing the poverty level. Entrepreneurship education is aimed at providing knowledge, skills, competencies, and motivation to create and innovate important business ideas that can lead to start-ups or businesses in various settings. Economic development, as witnessed by developed countries, can be traced to entrepreneurial activities. There are various motivating factors for starting a business. One of such motivating factors is the availability of support systems. Such supports include entrepreneurship education, enabling environmental/policies, infrastructure, media/market information, and finance. The effects of these support systems in developing economies such as Nigeria need to be properly examined to understand why many start-ups fail to develop into thriving and prosperous businesses. This paper intends to identify and discuss the challenges of start-ups and why support systems are important in developing economies. The methodology adopted for the study is a literature review. The study found that the absence or inadequate entrepreneurial support systems play a vital role in the attrition rate of start-ups within the study context.

Keywords:

Developing economies, entrepreneurship education, start-ups, support system