ULSTER UNIVERSITY, BIRMINGHAM CAMPUS

COURSE TITLE; INTERNATIONAL ENTREPRENEURSHIP

COURSE CODE; BMG 936

STUDENT NAME
DANIEL AKINTONDE AKINTOYE

STUDENT I.D
10259253 / B00934916

MODULE LEADER
Hajra Omer
 Table of Contents
Introduction......................................................................................................................................3

Part A...............................................................................................................................................3

1.1 Introduction of Isenberg Model.............................................................................................3

1.2 Market....................................................................................................................................4

1.3 Policy.....................................................................................................................................5

1.4 Finance...................................................................................................................................5

1.5 Human capital........................................................................................................................6

1.6 Supports.................................................................................................................................7

1.7 Culture...................................................................................................................................7

Part B: Barriers to entrepreneurship................................................................................................8

2.1 Definition of Business challenges.........................................................................................8

2.2 Market Barriers......................................................................................................................8

2.3 Policy Barriers.......................................................................................................................9

2.4 Financial barriers...................................................................................................................9

2.5 Human capital barriers...........................................................................................................9

2.6 Support barriers.....................................................................................................................9

2.7 Cultural barriers...................................................................................................................10

Part C: Entrepreneurial characteristics..........................................................................................10

Individual characteristics an entrepreneur needs to help overcome these barriers and allow
him/her to take advantage of the opportunities in Nigeria........................................................10

Conclusion.....................................................................................................................................12

References......................................................................................................................................13

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Introduction
This paper will look at business that will be set up in Nigeria. The country is rich with culture,
diverse landscapes, and vibrant economy. (Ade’Soyemi, K. 2020). The company will start
concentrating on buying and selling Toyota car spare parts. Toyota is a popular option among the
local public, therefore this company has a lot of promise in Nigeria's growing automobile
industry. (Ade’Soyemi, K. 2020). This company will not only offer necessary vehicle
components, but it will also assist in addressing a crucial issue in the country. Nigeria confronts
substantial challenges in road safety and vehicle maintenance, which has an influence on
numerous Sustainable Development Goals (SDGs), including Goal 3 (Good Health and Well-
being) and Goal 9 (Industry, Innovation, and Infrastructure). It hopes to contribute to road safety,
minimize accidents, and promote sustainable transportation by providing high-quality spare parts
as well as advocating regular vehicle maintenance. This endeavor is consistent with the desire to
favorably affect the home nation while also supporting global efforts to attain the SDGs
(Ade’Soyemi, K. 2020).

Part A
1.1 Introduction of Isenberg Model
Definition
The Isenberg Model, developed by Howard Stevenson, a Harvard Business School professor, is a
conceptual framework for identifying and evaluating entrepreneurial prospects (Egyankosh.
2018). It is made up of three basic parts:
Desirability: This aspect investigates the real market need or demand for the proposed product or
service. It entails comprehending the needs, preferences, and pain areas of the consumer.
Feasibility: This element assesses the feasibility of the company concept (Hosseinzadeh, et al.,
2022). It takes into account variables such as available resources, technological capability, and
operational feasibility.
Viability: This section of the model dives into the suggested business's financial viability.
Financial estimates are used to examine if the enterprise will create profits and assure long-term
growth.

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Importance of Using the Isenberg Model in the Paper
Systematic Analysis: The Isenberg Model provides a methodical and comprehensive way to
evaluate entrepreneurial prospects. It helps academics and entrepreneurs examine the viability of
their company ideas from many perspectives.
Risk Assessment: Relevant risks and problems related with the enterprise can be detected early
in the process of entrepreneurship by using this approach (Stephens, et al., 2022). Understanding
desirability, feasibility, and viability in the Toyota spare parts industry in Nigeria aids in
proactive risk management.
Strategic Decision-Making: By analyzing multiple aspects of an opportunity, the approach
stimulates strategic thinking. It may be used by researchers to create a well-rounded business
strategy that takes into account the dynamics of the market, allocation of resources, and financial
viability.
Attracting Investors: Investors and stakeholders are looking for well-researched and well-
thought-out company proposals (Aminova, et al., 2020). Implementing the Isenberg Model
within the paper can increase its credibility and attractiveness to potential investors.

1.2 Market
Markets are dynamic systems in which buyers and sellers trade products, services, or assets. The
"Market Economy" theory is relevant from a theoretical aspect. (Stephen, et al., 2019).This
theory highlights markets as the primary force behind economic activity, with the supply-
demand interactions determining prices, allocating resources, as well as incentivizing innovation.
Markets offer the foundation for firms to achieve success (Stephen, et al., 2019).
According to the Global Entrepreneurship Monitor (GEM) Report, Nigeria has a robust
industry for purchasing and selling Toyota automobile spare components (Gemconsortium.
2020). Nigeria's automotive sector will have over 12 million registered cars by 2022, reflecting
an increasing need for spare parts (Trade.gov, 2023). The GEM Report emphasizes Nigeria's
entrepreneurial spirit while also highlighting the country's changing economic environment. A
growing middle class, new government programs encouraging local production, and a young
population all correspond with the Resource-Based View theory, implying that understanding

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and capitalizing on these market dynamics could offer an ongoing competitive edge for
organizations in the spare parts industry.

1.3 Policy
A policy is a set of rules, guidelines, and legislation devised by governments or organizations to
affect and control various elements of society, industry, or the economy. Institutional Theory in
business theory emphasizes the importance of policies in determining corporate behavior,
practices, and strategy (Risi, et al., 2023). These policies have the potential to have an influence
on corporate operations, market access, and overall performance.

Nigeria provides an attractive marketplace for entrepreneurial endeavors, particularly in the

purchase and selling of Toyota automobile spare components because of regulations such as the
Nigerian Automotive Industry Development Plan (NAIDP). The NAIDP and related regulations
stimulate local manufacture and investment in the automobile sector, which is consistent with
Institutional Theory (Aribaba, et al., 2019). Nigeria had over 11 million registered automobiles
as of 2022, showing strong demand. These policies establish a favorable business climate,
enabling market entrance and expansion (Techpoint.africa, 2020). According to the GEM
Report, entrepreneurs who understand and successfully exploit these policies may harness the
rising market, profiting from the supporting regulatory environment and achieving company
success in Nigeria.

1.4 Finance
Finance is the management of funds as well as the provision of financial resources to achieve an
individual's, organizations, or company's goals. Finance Theory is important for comprehending
the importance of finance for organizations in business theory (Antony, 2020). It focuses on the
effective allocation and use of financial resources the optimization of the capital framework,
particularly the enhancement of total business value.
Nigeria's finance ecosystem is becoming increasingly appealing to entrepreneurial companies.
According to Finance Theory, the nation's financial industry has undergone substantial

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expansion and development (Ochinanwata, et al., 2021). To encourage small and medium-sized
firms (SMEs) and boost economic growth, the Central Bank of Nigeria (CBN) has developed
policies such as the Anchor Borrowers' Program (ABP). As of 2021, Nigeria's Access Bank had
assets reaching approximately 28.5 billion US (Statista, 2022). These policies and data highlight
the accessibility of financial resources along with business support, resulting in an attractive
environment for entrepreneurs. As emphasized in the GEM Report, obtaining and successfully
managing financing in Nigeria may help to ensure the achievement as well as the development of
entrepreneurial operations.

Figure 1: Leading banks in Nigeria

(Source: Statista, 2022)

1.5 Human capital

Human capital is a workforce's aggregate ability, understanding, and expertise. It includes both
professional training and education, as well as abilities obtained through knowledge and
experience. Human Capital Theory emphasizes the critical significance of human capital for
both economic and company growth, arguing that expenditures in employee training and
advancement lead to higher productivity, creativity, and global business success (Marginson,
2019).

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According to Human Capital Theory, Nigeria's workforce is full of potential. According to the
GEM Report, the country has a strong entrepreneurial spirit as well as an expanding source of
talent. Nigeria, with a population of over 200 million people, has a sizable labor force
(Worldbank.org, 2021). Furthermore, the National Universities Commission (NUC) declared that
the country has 80% accredited colleges and universities that produce talented graduates
(Nuc.edu.ng, 2021). As emphasized in the GEM Report, entrepreneurs may tap into this talent
pool and engage in training for employees that promotes business success, benefiting from
Nigeria's enormous people resources.

1.6 Supports
Business support is the infrastructure, resources, as well as help offered by different
organizations, such as governments, corporations, or communities, to promote and encourage
entrepreneurial operations. Institutional Theory emphasizes the importance of external inputs by
emphasizing how institutional frameworks and external influences impact the behavior and
outcomes of enterprises (Robertson, et al., 2021). These aid might take the form of financial
benefits, regulatory help, entry into the market, and mentoring programs, and many others.
According to the Institutional Theory, the availability of external support for firms is increasing
in Nigeria. To encourage entrepreneurship, the government has launched initiatives such as
“Small and Medium Enterprises Development Agency (SMEDAN), N-Power program,
Government Enterprise and Empowerment Program (GEEP) and the You-win program”.
According to Statista 2022, Nigeria raised around 748 million U.S. dollars to develop
entrepreneurial ecosystem. These supports may considerably help entrepreneurs in the
automotive spare parts sector by providing an appropriate setting for company advancement and
achievement.

1.7 Culture
Culture refers to the common values, beliefs, practices, and behaviors that define a certain group
or community. The Cultural Intelligence (CQ) Theory emphasizes the need of recognizing and
adapting to diverse cultural norms and practices in the context of business, particularly in the

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global marketplace (Putranto, et al., 2022). It recognizes that by accepting and respecting
cultural diversity, firms working in different cultural situations may achieve a competitive edge.

Nigeria's vast cultural variety offers an once-in-a-lifetime chance for business initiatives.
According to the GEM Report, cultural adaptation and sensitivity can be important drivers of
company success. Nigeria, with over 250 ethnic groups, provides a lively and diversified market
for a wide range of goods and services and showcasing the country's cultural dynamism
(Foreignaffairs.gov.ng, 2023). Entrepreneurs that appreciate and exploit cultural diversity may
reach a larger client base, building a culturally sensitive company climate and aligning with the
Cultural Intelligence (CQ) Theory.

Part B: Barriers to entrepreneurship

2.1 Definition of Business challenges
Business challenges are difficulties or barriers that organizations face in their operations. These
difficulties can range considerably and include concerns such as market dynamics, competition,
legislation, financial circumstances, technology, human capital, and others (Liu, et al., 2019).
Challenges Faced in Nigeria
Businesses in Nigeria face a variety of obstacles. Inadequate infrastructure, inconsistency in
electricity supply, corruption, difficult regulatory processes, security concerns, and access to
funding are among them. Market competitiveness, currency instability, and a constantly rising
population with diverse requirements all offer difficulties (Asongu, and Odhiambo, 2020).
Furthermore, the informal sector's dominance, along with difficulties with intellectual property
rights and piracy, complicates corporate operations. These difficulties highlight the importance
of effective strategy and resilience for firms operating in Nigeria.

2.2 Market Barriers

There are a number of obstacles that the purchasing and selling of Toyota automobile spare parts
in Nigeria must overcome, such as the high import taxes, inconsistent import laws, the
predominance of inferior and counterfeit parts, and restricted access to authentic providers. The
supply chain is further complicated by the existence of unofficial marketplaces and a lack of
regulated quality control methods (Adeniyi, 2019). The aforementioned obstacles lead to

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elevated costs, diminished customer confidence, and difficulties in the upkeep and restoration of
Toyota automobiles in Nigeria, eventually impeding the expansion of the replacement
component industry.
2.3 Policy Barriers
The market for Toyota automobile spare parts in Nigeria is hampered by policy obstacles such as
uneven import laws, high import taxes, and difficulties with customs, all of which raise the price
and difficulty of importing authentic components (Amuda et al. 2020). Furthermore, the
integrity of the market is compromised by the spread of counterfeit goods made possible by
insufficient intellectual property protection. These issues can be made worse by the absence of
thorough legal frameworks for consumer protection and quality assurance, which prevents the
development of a trustworthy and open Toyota spare parts industry in Nigeria.
2.4 Financial barriers
Financial obstacles to the purchase and sale of Toyota auto components in Nigeria include a
number of difficulties. Among them are exorbitant import taxes and levies, which raise the price
of importing authentic components. Volatility in prices and currency risk may result from
fluctuating exchange rates (Ade’Soyemi et al. 2020). The expansion potential of small
enterprises in the spare parts industry is limited due to limited access to credit and financing
alternatives. Furthermore, since fake components are so common, both individuals and
organizations may suffer financial losses as a consequence of having to replace or fix them often.
The combination of these elements makes it difficult financially to acquire and sell Toyota
automobile replacement parts in Nigeria.
2.5 Human capital barriers
In Nigeria, the market for Toyota auto replacement parts has human resource constraints due to a
shortage of technical know-how and experienced workers. The quality of services provided is
hampered by the lack of skilled personnel in spare part maintenance and repair (Jibir and Abdu,
2021). These shortages in human resources make it difficult for companies and customers to
maintain and repair Toyota cars, which might result in increased expenses, inefficiencies, and a
decline in consumer trust.
2.6 Support barriers
Inadequate infrastructure and government regulations are two support hurdles in the Nigerian
market for Toyota auto replacement parts. A proliferation of fake components may threaten

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consumer confidence and the integrity of the market if there is insufficient regulation and
enforcement (Ogunsanya et al. 2022). Spare parts companies' ability to develop and expand is
hampered by their limited access to finance and funding. Inadequate transportation and logistics
systems may cause supply chain delays and higher expenses. Market modernization and reach
are hampered by limited access to technology and e-commerce platforms. It is imperative to
tackle the legislative, financial, and logistical obstacles that impede the growth of a more
resilient and dependable Toyota spare parts industry in Nigeria.
2.7 Cultural barriers
The purchasing and sale of Toyota auto components in Nigeria are impacted by a variety of
cultural hurdles. Due to a mistrust of imported items, especially those from Asian nations, and a
conviction in promoting local businesses, consumers often choose locally obtained or
reconditioned components. Since confidence is often put in long-established ties, traditional
conventions and relationships play a key role in commercial transactions, making it difficult for
new entrants and multinational businesses to establish themselves.
Differences between cultural norms and worldwide standards for customer service and warranty
claims may result in unhappiness and disagreements (Eja and Ramegowda, 2020). In Nigerian
culture, the idea of "face" and upholding reputation are important. This might make it difficult to
confront quality concerns as it may inhibit candid criticism or comments.

Part C: Entrepreneurial characteristics

Individual characteristics an entrepreneur needs to help overcome these barriers and allow
him/her to take advantage of the opportunities in Nigeria
An entrepreneur needs a certain set of personal qualities and competencies in order to get beyond
the many obstacles and take advantage of the potential in the Nigerian market for Toyota auto
replacement parts. Nigeria provides tremendous commercial opportunity due to its large
population and expanding automotive sector, but it also poses some difficulties. The following
personal qualities may enable an entrepreneur to overcome these obstacles and make use of the
opportunities:
Resilience: The volatility and unpredictability of the Nigerian market are well-known. It is
essential for entrepreneurs to possess resilience and the ability to overcome obstacles, such as

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changes in regulations, economic downturns, or logistical challenges (Akeke et al. 2022).
Maintaining a long-term presence and success in the spare parts industry requires resilience.
Local Market Knowledge: Entrepreneurs must be familiar with the business climate, habits, and
culture of the nation (Ogunade, 2019). Making educated judgments, developing solid
connections, and fostering trust may all be aided by local knowledge.
Networking Skills: In Nigeria, it's critical to establish and maintain a network of contacts. This
includes ties to representatives of the government, distributors, suppliers, and other businesses
involved in the sector. Robust networks facilitate the overcoming of administrative obstacles,
provide access to essential resources, and pinpoint possible business partners.
Cultural Sensitivity: It is essential to have a thorough awareness of Nigerian culture as well as
the capacity to appreciate and adhere to its customs (Dabo, 2019). Establishing trust and rapport
with local partners and clients requires cultural awareness. It also helps in modifying customer
service procedures and marketing tactics to meet regional standards.
Robust Work Ethics: Nigerian marketplaces may be very competitive, requiring a significant
amount of work to establish a presence. An entrepreneur has to be committed, diligent, and ready
to invest the time and effort necessary for success.
Strong problem-solving skills: These are essential for businesses, especially in light of the many
obstacles present in the Nigerian market. They need to be able to decipher complicated problems,
find workable answers, and put those answers into practice (Egunjobi and Ademisola, 2023).
This might include dealing with quality control concerns, legal obstacles, or logistical
difficulties.
Financial Management: It's critical to practice effective financial management. Entrepreneurs
need to be well-versed in resource allocation, budgeting, and financial planning. Adhering to
sound financial procedures may aid a corporation in effectively expanding while weathering
economic ups and downs.
Risk Tolerance: Given the volatility of Nigerian markets, entrepreneurs should possess a
reasonable amount of risk tolerance. This doesn't, however, imply being careless; rather, it
implies being willing to take measured chances and be ready for any future ups and downs in
Nigerian company.
Negotiation Skills: When interacting with distributors, suppliers, and possible partners, the
ability to negotiate is essential (Coda et al. 2021). Entrepreneurs have to be adept negotiators

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who can achieve advantageous conditions, preserve a good rapport, and reach win-win
agreements.
Market research and analysis: It's critical to comprehend consumer behavior, market trends,
and rivalry. To help them make informed business choices, entrepreneurs should be able to do
in-depth market research and analysis in order to identify opportunities and dangers.
Innovation: In every market, a company may differentiate itself via innovation. When it comes to
new ideas and technology that might enhance their product offers or company processes,
entrepreneurs have to be receptive to them. In a market that is competitive, innovation may be a
crucial differentiation.
Marketing and branding: Developing a strong brand and increasing exposure are crucial for
winning over customers. Entrepreneurs want to be familiar with branding and marketing tactics
that are specifically designed for the Nigerian market, taking into consideration regional tastes
and cultural nuances.
Ethical Business Practices: Establishing trust in a market crowded with phony and inferior
goods requires ethical business practices (Egunjobi and Ademisola, 2023). Entrepreneurs should
uphold the greatest standards of honesty, openness, and excellence to set themselves apart from
dishonest rivals.

Conclusion
Entrepreneurs have a distinct combination of possibilities and problems in the Nigerian market
for Toyota auto replacement parts. Although the Isenberg Model's list of obstacles, which
includes market, policy, financial, human capital, support, and cultural factors, may appear
overwhelming, having the appropriate personal traits might enable entrepreneurs to get beyond
these obstacles and take advantage of the market's potential. Building a sustained presence
requires excellent problem-solving skills, a strong work ethic, and networking talents. Market
volatility and financial difficulties may be managed with the use of risk tolerance and financial
management. In addition, building trust and setting the company apart in a crowded market
requires creativity, moral corporate conduct, and strong communication abilities. Entrepreneurs
can not only address the barriers but also help improve road safety, promote sustainable
transportation, and support Nigeria's progress toward Sustainable Development Goals by

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emulating these entrepreneurial traits and using the Isenberg Model to assess desirability,
feasibility, and viability.

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