CHALLENGES OF GLOBALIZATION

IMPLICATION FOR ENTREPRENEURSHIP DEVELOPMENTAND SMALL BUSINESS ENTERPRISES

Abstract

The whole world is becoming a small village due to explosion in information technology. What is happening in America, Britain, Tokyo or China is no longer unknown to those in Lagos, Ottawa, or Cape Town. What are the implications of the above innovation for entrepreneurship development and small business enterprise in Nigeria? In this optnton, the study presents a vivid
conceptualization of globalization, opportunities, challenges and its problems for entrepreneurship development and small business enterprise in Nigeria. The study reveals many implications of
globalisation for entrepreneurship development and small business enterprise such as, advantages of operation in regional economies such as Economic Community of West African States, serving
multinationals as suppliers of either products or services, and access to international capital from across national boundaries
etc. Arising from this, the study reveals many problems which this technological innovation can result to such as worsening balance of payment of participating countries; it can result to repatriation
of profits to other countries. The study recommends a combination of management methods which may be adopted to alleviate globalization challenges such as total quality management benchmarking, delegation and Management by Walking About (MBWA).