ABSTRACT
There seems to
be a cry by the Nigeria
on the way out of economic misfortune. The wailing by Nigeria of
their poverty among the riches, his inability to achieve his set objective as a
minimum possible cost, the society which has deprived them of chances of
exploiting the available opportunity political and legal enirount also poses
great threat to their survivals. All these needed to be attended to.
The study examines what causes this, it effect on the
economy and the way out of this economic meess. In this project work titled
“Testing the waters of entrepreneurship a way out for Nigerian economy. The
study will examine what it takes to start a business, the risk inherent and the
benefits of its establishment to the Nigerian economy.
TABLE OF CONTENTS
CHAPTER
ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
1.1 STATEMENT
OF THE PROBLEM
1.2
PURPOSE OF THE STUDY
1.3
RESEARCH QUESTIONS
1.4
HYPOTHESIS
1.5 METHODOLOGY
1.6 SCOPE AND
LIMITATIONS OF THE STUDY
1.7
SIGNIFICANCE OF THE STUDY
REFERENCES
CHAPTER TWO
LITERATURE REVIEW
2.0 HISTORICAL
BACKGROUND OF UNITED NIGERIA TEXTILE PLC
2.1
DEVELOPING THE SPIRIT OF ENTREPRENEURSHIP
2.2 LEGAL
ASPECT OF ENTREPRENEURSHIP
2.3 THE ROLE OF GOVERNMENT IN SMALL BUSINESS
ENTERPRISES
2.4
ROLE OF ENTREPRENEUR IN THE DEVELOPMENT OF
NIGERIAN ECONOMY
REFERENCES
CHAPTER THREE
RESEARCH
METHODOLOGY
3.1 RESTATEMENT
OF RESEARCH QUESTIONS
3.2 STATEMENT
OF HYPOTHESIS
3.3 METHOD OF DATA COLLECTION
3.4 SAMPLING
METHOD
3.5 RESEARCH
POPULATION
3.6 DESIGN OF
QUESTIONNAIRE
3.7 ANALYTICAL
TOOLS
CHAPTER FOUR
DATA ANALYSIS
AND PRESENTATION
4.0 INTRODUCTION
4.1 DATA
COLLECTION
4.2 ANALYSIS OF
QUESTIONNAIRE
4.2.3 INTERPRETATION OF QUESTIONNAIRE DATA TABLE
CHAPTER FIVE
SUMMARY,
CONCLUSION AND RECOMMENDATIONS
5.1 SUMMARY
5.2 CONCLUSION
5.3 RECOMMENDATION
QUESTIONNAIRE
CHAPTER
ONE
1.0 INTRODUCTION
BACKGROUND OF THE STUDY
With the number of business expected to double by the year
2015, just think of all the opportunity that this represent and of the millions
of people who will find fulfillment and security pursuing it. To get one
launched into a view of your own entrepreneurial motivations and aptitudes,
Jeffy Timmons presented Ten general principles. They come from his observation,
thousands of people who have tested the waters o entrepreneurship before now.
Timmons suggests some first steps as to how you can actually get started on the
journey.
(1)
Do what gives you energy. Have fun at what you
are doing and you will be unstoppable.
(2)
Entrepreneur sees the cup on half full and not
half empty.
(3)
Do not take risks you don’t have to but take a
calculated risk if it’s the right opportunity for you.
(4)
Business fail but successful entrepreneur
learns. The key is keep the tuition low.
(5)
Henry Ford put it this way failure is an
opportunity to began more intelligently.
(6)
Make opportunity and results your observations
not money and this is a key point.
(7)
Make heroes out, others. A team builds a
business, and individual makes a living.
(8)
Integrity and reliability are the long run oil
and glue of entrepreneurship.
(9)
Make the pie bigger, don’t waste time trying to
cut smaller pieces an share the wealth with the people that help you create it.
(10)
Plan for long hand.
Who then is an entrepreneur. In Nigeria, context most people take
it just to mean a means of livelihood. It is a term used broadly in correction
with the innovalve modern industrial business leader. It can be define as an
purposeful activity. It involve the use of human and non-human resources
towards the achievement of set goals and objectives. It is being define by
reference to the function of an entrepreneur as the man who perceived business
opportunities and takes advantages of the scarce resources to use them.
Testing the waters of entrepreneurship is an economic
issue that have attracted much pendulum of opinion among Nigerians. The
economic recession, the financing of business which has gone beyond simple
personal savings and loan from friends among others makes the heart of average
Nigerian to quark in venturing into entrepreneurship.
1.1 STATEMENT
OF THE PROBLEM
The Nigeria
economy which is a developing economy is going from bad to worse. The economy
is characterized with a lot of problems starting from lack of sufficient funds
through to internal and external business environmental problems. Fund facility
in the nature of initial outlay and working capital which is the basic
necessity and the prime mover of entrepreneur, once it is lacking, the fate of
the entrepreneur dwindles and average Nigerian will think of going for a paid
job or government establishment. The problems that are likely to arise are:
(i)
Capital inadequately – this deals with way and
manner to get initial or working capital for the business.
(ii)
Management Ability – The technical and
technological know how is lacking in Nigeria as average Nigeria has a myopic management
know how.
(iii)
Research and innovation – lack of initiative and
generation of new idea and way of doing things.
(iv)
Absence of business plan, use of obsolete
business method e.g failure to maintain stock-invention control, lack of credit
control, inadequate financial and tax record.
(v)
Low professional qualification, unwilling to
work long hours and insufficient knowledge.
(vi)
Ownership structure is also a major problem as
majorly are sole trader.
1.5
PURPOSE OF THE STUDY
Generally speaking, it has been acknowledge that average
Nigerians dread testing the waters of entrepreneurship as many prefer paid
employment. Consequently this study set out to:
1.
Encourage the spirit of entrepreneurship in Nigeria.
2.
Make recommendation to strategies of removing
impediments on entrepreneurship.
3.
Encourage the utilization of available local
resources for the benefit of Nigerians through improve productions, storage,
preservation, processing, recycling packaging and marketing.
4.
It will encourage the promotion of production
and development consciousness thereby facilitating rural industrialization as
well as urbanization of rural areas.
5.
Identify the benefits and risk associated with
entrepreneurship.
6.
Provide mobilization of domestic savings for
investment.
7.
It will bring abut the improvement of the
standard of living of the people and quality of life as a return.
1.6
RESEARCH QUESTIONS
1.
Do you think testing the waters of
entrepreneurship by Nigerians will revamp, refocus and invigorate the Nigerian
economy?
2.
What re the likely problems or risks inherent in
entrepreneurship?
3.
What are the likely benefit to Nigerian economy?
4.
How do you start a business concern.
1.7
HYPOTHESIS
H1
= Inadequate starting capital makes
entrepreneurship in Nigeria
a difficult tasks.
Ho
= Inadequate starting capital does not
make entrepreneurship in Nigeria
difficult task.
H1 = Political
environment provide a healthy environment for financing small business in Nigeria
economy.
Ho
= Political environment does not provide
a healthy environment for financing small business in Nigeria
economy.
H1 = Inter-communal
clashes, unstable exchange rate to mention but two, work against the successful
entrepreneurship in Nigeria.
Ho
= Inter-communal clashes, unstable
exchange rate to mention but two, does not work against the successful
entrepreneurship in Nigeria.
H1
= Entrepreneurship will revamp the
Nigerian economy.
Ho
= Entrepreneurship will not revamp the
Nigerian economy.
1.5 METHODOLOGY
The methodology adopted for this project discuss the means
which the researcher study was conducted. The research design describe the data
requirements, the population and sample. Questionnaire were distributed
together data and analysis of variance and percentage are use as tools for
analysis.
1.6 SCOPE AND
LIMITATIONS OF THE STUDY
The study of this nature as may be expected would involve
time, money, logistics problem with distance in administering questionnaire and
eliciting valid responses from the respondents.
Suspicion of the researcher even as I go into primary data
also limited this study in some way. Majority if not all business concern have
no interest in revealing its secrete to an outsider. They may be suspecting
supply or competitors.
1.8
SIGNIFICANCE OF THE STUDY
The project work is significant in that it will give
various definitions of on entrepreneur, Government regulations and legal aspect
of business will be revealed. Perhaps the greatest influence on the
establishment an operation of business in Nigeria is the existence of
government. Apart from been largest institutional consumers, they try to
regulate our facilitate business in Nigeria through exchange of laws
and regulations which govern the operations of business.
Protective: The government protect the business
from unfair trade practices and completion and also the workers of the company
e.g price control Decree and indeginsation decree.
Regulatory: This regulate false and misleading
adverts, false or inadequate labeling of products, regulation of business,
wages, hours of work etc. a good example is NAFDAC which standardize methods
and protect industry throughout Nigeria.
Facilitator: Seek to remove obstacles in the
establishment and operation of business and provide incentive to induce action
and by entrepreneur e.g tax incentitive, loan, remover of export tax etc.
The study is significant in that it will encourage the
young stars who goes through this literary work to start their own business.
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