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EVALUATION
OF THE CONTRIBUTION OF ENTREPRENEURIAL DEVELOPMENT OF THE NIGERIAN ECONOMY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The word
entrepreneur was first used in the early 18th century by an Irish man named
Cantillon who was then living in France. The word therefore originated from the
French word, entrepreneur, which means to start a business. It was used broadly
in connection with the innovative modern individual business leaders. The
entrepreneur has been described as the person who perceives business
opportunities and takes advantage of the scarce resources to use them. He bears
the non-insurable risk in his enterprise and directs human business.
According to
Ndechukwu (2001), an entrepreneur is an individual who takes upon him-self the
risk of going into business with the expectation of earning all the profits or
losses. He is, in economics, regarded as a special type of labour that
assembles all the other factors of production namely, capital, land and labour
and endeavor to ensure optimal combination of these resources to maximize
profit. The world as we know is becoming a global village; great forces are
pursuing the nations to have a dynamic and sound economy. Economic competition
and intimidation has become the era of the day, so one is justified if one
becomes interested in one of the important factors of a strong and virile
economy, the entrepreneur and the entrepreneurship.
Many
societies placed great values on the entrepreneur. To encourage their activity,
they may be offered access to in-expensive capital, tax exception and
management advice. An entrepreneur has the greatest chance of success by
focusing on a market niche either too small or too new to have been noticed by
established business. The practice of entrepreneurship promotes self-reliance.
Entrepreneurial skills are translated into practical business activities in the
form of both small and medium scale enterprises in private and public
enterprises. With this close relationship, entrepreneurial development relates
to and also embraces the activities and role of small and medium scale
entreprises particularly in the area of reducing the level of unemployment,
provision of goods and services and their combination of national economic
welfare.
The dynamic
role of private and public enterprises in Nigerian economy as a mechanism for
growth has recognized its effect in achieving macro economic objective such as
full employment, income distribution, development of local technology as well
as diffusion of management skills and stimulation of indigenous
entrepreneurship cannot be over emphasized. At the emerging of a modern day
Nigeria in the early 60’s and 70’s, white collar jobs were at the disposal of
every fresh graduate, with this idea in mind, the issue of self resourcefulness
tending towards entrepreneurial development was at the ebb.
The
introduction of Structural Adjustment Programme (SAP) in 1986 has a lot of
effects in the private and public enterprises of the Nigerian economy which lay
off a large number of their work force. This consequently led to economic
hardship coupled with unemployment. For this reason, the need for self reliance
and resourcefulness and development of new initiative for economic survival has
led individuals to set up enterprises of various sizes and structure to meet up
with the trend in the economy and to earn a living. This has indeed led to
entrepreneurship development in Nigeria.
To qualify
as an entrepreneur, it is not sufficient to be just managing an enterprise; one
has to be an originator of profitable business ideas. According to Schumpeter
(1911), the single function, which constitute entrepreneurship is innovation
and indeed it creates a resource (the business entrepreneur). It should be
noted that, nothing should be considered as resource until man finds a use for
it. These resources must be combined, recognized and efficiently utilized by
entrepreneurship to achieve a desirable satisfaction for human needs which
entrepreneurship readily provides. Entrepreneurial development hold a lot for
economic growth and development. A typical example of what it has to offer is
seen in the case of Dangote Group of Companies, which grew from a small
enterprise into a large conglomerate. Today, it is with several lines of
business and diverse product, it is making a tremendous contribution to the
development and growth of the Nigerian economy.
For a nation
to say it is independent, it must be economically independent and these is
based upon the development of entrepreneurship spirit. The establishment of a
new business involves a thorough understanding of entrepreneurial process. This
process does not just involve problem solving but also an entrepreneur must
find, evaluate and develop opportunity by overcoming the strong forces that
every new ventures faces.
Entrepreneurial
process has four distinct phases which include ability to identify business
opportunities, ability to be able to harness the necessary resources to utilize
opportunities identified, ability and the willingness to initiate and sustain
appropriate actions towards the actualization of business objectives and
managing the resulting enterprise. Some useful sources of business opportunity
are consumers existing companies, distribution channels, research and
development, as well as the Federal government involvement in promoting
entrepreneurship.
1.2 STATEMENT OF THE PROBLEM
The
developments of entrepreneurial skills in Nigeria have been affected by various
factors. One of this is the issue of entrepreneurial education. The graduates
of our educational system are ill prepared to meet challenges of the global
economy. Our educational system prides it-self as producers of businessmen and
women rather than entrepreneurs.
Lack of
adequate financing is another factor especially for small business enterprises
operating in developing economies, such as Nigeria. Every small business is
concerned about financing policies and strategies for efficient and effective
business management decision. It takes the resource of money to make money in
small business enterprises in Nigeria are many, and many include payroll,
taxes, insurance, rent, office supplies, inventory and telephone bills among
others.
The
commercial banks and financial houses, which are expected to be a source of
finance for the growth and development of business enterprises, have been too
rigid in providing adequate collateral in order to make funds available for
entrepreneurs. It is against this background that the study evaluates the
contribution of entrepreneurial development to the Nigerian economy.
1.3 OBJECTIVES OF THE STUDY
The main
objective of the study is to assess the contribution of entrepreneurial
activities to the Nigerian economy.
Other objectives
are:
1. To examine the extent to which the
existing financial institutions have been able to meet the needs of
entrepreneurs.
2. To examine the role of government in
providing supportive facilities to entrepreneurs an the short-coming in the
working of these institutions.
3. To examine those self made problems of the
entrepreneurs themselves in stifling entrepreneurial development in Nigeria.
4. Finally, to make recommendations based on
the problem identified in the course of this study.
1.4 RESEARCH QUESTIONS
For this
study, the following research questions are proffered with answers:
1. What are the contributions of
entrepreneurial development to the Nigerian economy?
2. How can the contribution of entrepreneurial
development be enhanced in Nigeria?
3. What problem affects entrepreneurial
development in Nigeria?
1.5 STATEMENT OF THE HYPOTHESIS
To achieve
the major objective of this study, the hypothesis below is tested:
HO1Entrepreneurial
development has made no significant contribution in GDP and provision of
employment in the country.
HA1Entrepreneurial
development has made a significant to GDP and provision of employment in the
country.
1.6 SIGNIFICANCE OF THE STUDY
Government
has declared that there is an urgent need to tap into the potentials of
entrepreneurs; hence, it became absolutely to work into the approaches and
their involvement. It is in line with this guest that the study of
entrepreneurship became necessary in order to undertake proper analysis.
Understanding in this case will help in bringing under control, personal,
social and economic variables such as employment, income distribution, and
price and wealth creation in the most desired manner.
This
research work intends to be beneficiary to the followings:
1. Banks: The existence of many entrepreneurs
creates a wider market in any economy thereby expanding the market/banking
activities and creating avenue for more banking transactions.
2. Businessmen: This study however directs
businessmen in acquiring the necessary capitals, the requisite knowledge and
the essential managerial know-how.
3. Government: The quest to provide
employment to all Nigerians as the government stands a greater chance to
benefit from this research work if they carefully study the content of this
work. The problem with Nigeria is not initiatives but the inability of the
government to provide enabling environment for entrepreneurship.
4. Producers: Entrepreneurial development
aims at making more creative innovation; this however, brought ideas to the
producers in proving the quality of their product for consumer satisfaction.
5. Individuals: Nigeria on yearly basis is
producing lots and lots of graduates each looking forward for a white-collar
job but the government’s inability to provide enough employment to this set of
individuals lead to unemployment. Graduates of all levels of education will
benefit much from this study if they lay their hands on this project, because
it will broaden their knowledge on entrepreneurship.
6. Researcher: It will serve as a guide to
more competent researcher to carry out investigation on the field.
1.7 SCOPE OF THE STUDY
The study is
based on evaluating the contributory role of entrepreneurship to the
development of the Nigerian economy.
However,
evaluating entrepreneurship as a tool in the growth and development of Nigerian
economy seems too broad for the time frame of this research work. Hence, the
scope of this work is framed towards the contribution of small and medium scale
enterprise to the development of Nigerian economy.
1.8 DEFINITION OF KEY TERMS
The
following key terms are used in this study:
Capital:
This is that part of wealth used for further production of wealth.
Economy
Development: This is when the real per capital income of a country increases
over time.
Employment:
This involves taking an occupation or trade or business.
Enterprises:
This is accepting as an established system of political administration by which
a nation is governed.
Government:
Gross
Domestic Product (GDP): This is the monetary values of all the goods and
services produced by an economy over a specified period.
Innovation:
This is the ability of the entrepreneur to develop new ideas.
Investment: This is placing of money, capital or other resources
to make profit.
Production:
This is the creation of utility for the satisfaction of human wants.
Small Scale
Industry: This is an enterprise with capital base not exceeding N 75,000 to N
3.0 million.
Profit: The
financial gain made in a transaction.
Economy:
Anyspecified collection of interrelated marketed and non-marketed productive
activities.
Labour: All
productive human resources, mental and physical, both inherited and acquired.
Market: An
area over which buyers and sellers negotiate the exchange of a well-defined
commodity.
Equilibrium
Price: The price at which quantity demanded equals quantity supplied.
Collateral:
Property used to secure a loan
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