Business Strategies for Effective Entrepreneurship: A Panacea for Sustainable Development and Livelihood in the Family

Abstract

This paper examines the business strategies for effective entrepreneurship as a panacea for sustainable development and livelihood in the family. The paper observes that due to poor economic conditions in Nigeria, most families are threatened by poverty. The paper is anchored on the Discovery Theory/Individual Opportunity Nexus which is in tune with the fact that successful entrepreneurs can make innovations through exploring the environment so as to exploit viable opportunities. It is the position of this paper that effective entrepreneurship will enhance sustainable development and family livelihood. Sustainable development connotes the development that will remain intact for an indefinite period possibly forever. Sustainable livelihood which is similar to sustainable development in Singh's view Singh (2014) is fortifying "access of both present and future generations to secure the necessities of life such as food, clothes, shelter, security, freedom, basic literacy and health care on a long run". If effective business strategies are imbibed, Entrepreneurship and Family businesses will thrive.