CHAPTER ONE
Introduction
Background to the Study
Various
educated individuals have identified entrepreneurship to be valued as a great
source of creating employment, so making it a relevant tool important for
development of any economy.
The experience of developed economies in relation
to the roles played by entrepreneurship clarifies the fact that the importance
of entrepreneurship cannot be looked down on especially among the developing
countries. In other to show its’ significance in relation to the growth and
development of a given economy. Entrepreneurship has been diversely referred to
as a “Source of employment generation”. This is because entrepreneurial
activities have been found capable of making positive impacts on the economy of
a nation and the quantity of life of the people (Adejumo, 2000)
Studies
by various scholars have established its positive relationship of entrepreneurship
with stimulation of economic growth. Employment generation, and empowerment of
the disadvantaged, segment of the population, which includes Women and the poor
(Oluremi and Gbenga, 2001), Thomas and Mueue, 2000, Reynolds (1987). Nigeria as
a country has various businesses and investment potentials due to the abundant,
vibrant and dynamic human and natural resources in possesses.
Hanesing
these resources require the ability to identify potentially and economically
viable field of endeavours. Nigeria has made their marks in diverse field such
as science, technology, academics, businesses and entertainment (Agbeze, 2012).
Entrepreneur
is a set of activity performed by an entrepreneur. Entrepreneurship is the
capacity and willingness to develop, organizes and manages a business venture
along with any of its roles in order to make a profit.
The
entrepreneur bears the non-insurable risk in the enterprise and it’s he who
directs the human and material resources to his business objectives. Entrepreneurship
therefore implies the abilities to be prepared to risk personal energy and
financial resources to achieve unpredicted result. Iheonuekwu (2003) argued
however, that as far as production processes to suit the local situation.
According to Anugbuo (2000) entrepreneurs are people with great visions and
ideas. They are creative, tactual and innovative, they have courage to take
risk in developing creative ideas and innovation.
The
development of these vision or idea usually metamorphoses into an organization
so therefore it’s the entrepreneurial ideas that result to the organization we
have today, leading to the energization of the economy by their products,
services, employment of people and the creation of wealth. Entrepreneurship
costs in the context of an organization. An organization comes into existence
as a result of the interaction between various elements for a definite goal.
The
social and economic impact of entrepreneurship on the economical growth of
Nigeria economy can be said to be hardly identified as well as accurately
measure or estimate, not withstanding that, it’s believed to be highly dynamic
and significant (Chu, Kara, Benzing 2010) in other words, research have it that
between 46 and 60% of the urban tabore work for small private enterprise or
what can be caused small business. (Nwaka, 2005) another research have proven
entrepreneurship to be quit beneficial to the Nigeria to private sector
comprising of small and medium enterprises. Provides diverse employment
opportunities for about 50% of the country’s population and also boost the so
percent of the industrial output (Ariyo, 2005).
Economic
growth has left Nigeria on the account of poor utilization of various oil
wealth for communal benefits, as current social and economic indicators give a
meaningful reason that the national mineral wealth has become worthless and
useless an now it a source of misery (Alari, 2007).
Statement
of the problem
The rate
at which the population of Nigeria is increasing has brought and the level of
unemployment at a high level thereby reducing the standard of living of
citizens. Notwithstanding of the fact that entrepreneurship education has been
introduced to diverse tertiary institutions of learning in other to foster and
boost the economic development, yet many people’s have not been able to be well
equipped with the vocational and entrepreneur skills on the work attitudes that
are required for establishing as successful impact in their work of business.
Nevertheless,
there is high rate of unemployment in Nigeria as higher instructions of
education keep producing large number of manpower into the labour market every
year, but employment creation is poor Kanu (2002) supported these view when he
said that many of our youths fail to recognize the value of relating what they
are asked to learn in school and what they will do when they leave the
educational system.
Lastly
the government emphasizing much on entrepreneurship development in the recent
time to help solve the problems of unemployment and boost economic growth, make
unemployed graduates to be self employed in line with the non-availability of
white collar-job, being saleable in the labour markets, it has not be
financially been adequately leaved up by government but at least encourage the
intended graduates to be great entrepreneur.
Purpose of
the study
The main
purpose of the study is to check the impact of entrepreneurship development on
the growth of Nigerian economy. Specifically, the study sought to:
1.
Ascertain the influence of entrepreneurship
development on the growth of SME
2.
Identify the major (main) impacts of
entrepreneurship development in economic development.
3.
Examine the entrepreneurial opportunities
available in Nigeria.
4.
Identify the major problems that cause
(militate) against the growth and development of entrepreneurship development
in the country.
Significance
of the study
This findings of this research work
will be significant to the students consultants, young entrepreneur,
government, policy makers and other researchers
To the
students: the
study will throw more light to the students in issue of motivational patterns
of entrepreneurship in Nigerian economy.
To the
consultant: the
result of this study will help consultant or researchers and policy operators
on entrepreneurship to understand the nature of motivational patterns better so
as to help the youths to formal business decision.
To the
entrepreneur: this study will help in understanding the extent to
which the rate of entrepreneurial growth is influenced by young entrepreneurs
seeking information on how to handle their business and environmental changes.
To the
Government: It
will help the government information policy on entrepreneurship development and
contribute immensely to the body of knowledge
to Policy
Makers: This
study will result in the formulation of special policy decision on youth
entrepreneurs particularly for ministry of youths development, special business
related groups, operations of inter-industry relationship and non-govermental
organization (NGO’s) on youth affairs. this groups are expected to properly
utilize the outcome of these research work for operative and implementation of
policies at both micro and macro levels.
To Future
Researchers: This will help the researcher to create and opportunity
for more research work on entrepreneurship development in the country. also in
Nigeria, where entrepreneurial skill are lack and also solid backing therefore
causing economic backwardness, the outcome will be capable of changing
policies, curricula and instructional based programmes, as relating to
redesigning of skills and strategies for business.
Scope of the Study
This
research work is limited to an investigation into the Impact of
entrepreneurship development on the growth of Nigerian Economy. This study is
strongly founded to identifying the impact of entrepreneurship in Owerri
Municipal.
Research
Questions
1.
What are the influence of entrepreneurship
development on the growth of SME in Nigeria?
2.
What are the major (main) impacts of
entrepreneurship development in economic development?
3.
What are the entrepreneurial opportunities
available in Nigeria?
4.
What are the major problems that rise
against the growth and development of entrepreneurship development in the
country?
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