Entrepreneurship in Nigeria: An Appraisal of Selected Issues and the Applicable Legal Framework

Abstract

Legal matters are critical issues in entrepreneurship. As an entrepreneur, the complex landscape of regulations and laws that ensure compliance and protect business interests must be navigated with caution. These and many other issues in entrepreneurship demand care, attention, and expertise to address potential risks and ensure that new businesses operate within the bounds of the law. Entrepreneurship essentially involves innovating unique ideas and products.  However, failure to safeguard these innovative ideas may sometimes result in disruption and damage to the business reputation. Therefore, this study appraised the fundamental legal issues an entrepreneur must prioritize such as the type of business and the requirements for incorporation under the law; intellectual property rights, trademark protection, copyrights and patents. This qualitative study achieved this aim by examining existing literature and relevant laws applicable to entrepreneurship and contractual relationships with employees, vendors, and clients in Nigeria. It also analyzes employment law which is critical to entrepreneurship. In preparation for the sustainability of entrepreneurial innovations and ideas, understanding and proactively addressing legal issues remains pivotal. The study therefore made recommendations particularly, the need for entrepreneurs to stay informed on how to protect, ensure compliance with regulations, and avoid potential legal pitfalls.