This paper aims to uncover the challenges facing entrepreneurs in a developing economy, using the retail pharmacy sector in Nigeria. Furthermore, the entrepreneurial leadership attributes that have proved to be valuable in overcoming the challenges faced in this sector will be identified.
The study is exploratory. Data collection is based on semi-structured interviews with retail pharmacy entrepreneurs and their employees. Although there has been some body of literature on entrepreneurial leadership, (Fernald et al., 2005; Gupta et al., 2004), none have addressed the nexus of leadership and entrepreneurship (Cogliser and Brigham, 2004) from the retail pharmacy sector of a developing economy.
Findings show that retail pharmacy entrepreneurs in a developing economy are faced with challenges such as inadequate capital and poor infrastructural facilities. However, despite these challenges, these entrepreneurial leaders were successful because of key attributes, namely, vision, risk-taking and opportunity recognition and exploitation.
The sample size is a limitation to the study. Future studies with a larger sampling base as well as a different sector will provide greater insight.
This study is the first qualitative study to explore the impact of entrepreneurial leadership in the retail pharmacy sector in Nigeria. It identified the training needs for entrepreneurs in this context. By the participants sharing their experiences, the study identified the prerequisites for success, hence motivating other retail pharmacy entrepreneurs.
