RISK TOLERANCE AND ENTREPRENEURIAL SUCCESS IN NIGERIA

This study examines the relationship between risk tolerance and entrepreneurial success in Nigeria, focusing on businesses inBenin City. A descriptive survey research design was adopted, with a sample size of 100 entrepreneurs, out of which 63 completed responses were retrieved. Data was analyzed using tables, percentages. Findings reveal that while risk-taking is essential for growth and innovation, many entrepreneurs face challenges such as economic instability, limited financial support, and regulatory hurdles. Younger entrepreneurs tend to exhibit higher risk tolerance, while others adopt a more cautious approach. High-risk tolerance fosters business growth and competitiveness but also increases the likelihood of failure, whereas low-risk tolerance limits expansion opportunities and long-term sustainability. The study highlights the crucial role of government policies, financial institutions, and mentorship programs in shaping risk tolerance. Supportive measures such as tax incentives, access to affordable credit, financial literacy training, and business insurance can help entrepreneurs manage risks more effectively. Strengthening mentorship and networking opportunities, encouraging research-driven innovation, and simplifying
bureaucratic processes will foster a more risk-tolerant business environment. By implementing these strategies, stakeholders can enhance entrepreneurial confidence, drive business success, and contribute to Nigeria’s economic growth.