THE EFFECT OF ENTREPRENEURSHIP ON THE GROWTH AND DEVELOPMENT OF THE NIGERIAN ECONOMY


Content

Abstract

The research study was designed to find out the problems that have been affecting the effect of entrepreneurship on the growth and development of the Nigeria economy. Entrepreneurship had had a stunted growth because of difficulties encountered by entrepreneur getting loan from financial institution. In view of the purpose of study, the simple descriptive survey design was adopted and a total number of 50 respondents from some selected small scale business in Nigeria were randomly selected to get their responses based on the purpose of this study. Findings of the study revealed that entrepreneurship help to provide speed and accuracy to employment and help to fight crime among youth and also create more job opportunities in the economy. It was recommended that government and top management of public institutions should pay more attention to the need and promotion of entrepreneurship in the society and also the study of entrepreneurship should be largely introduced into higher institutions to enable young school leaver to be confident in themselves to avoid crime in the country.     

 

 

 

 

TABLE OF CONTENTS

Title Page                                                                                i

Certification                                                                            ii

Dedication                                                                    iii

Acknowledgement                                                                  iv

Abstract                                                                                  v

 

Chapter One: Introduction

1.1    Background to the study                                                      1

1.2    Statement of the problem                                                      2

1.3    Research Questions                                                               2

1.4    Objectives of the study                                                          3

1.5    Statement of Hypothesis                                                        4

1.6    Significance of the study                                                        5

1.7    Scope of the study                                                                 5

1.8    Limitations of the study                                                         6

1.9    Definition of terms                                                                 7

Chapter Two: Literature Review

2.1    Introduction                                                                           10

2.2    History of Entrepreneurship                                                 12

2.3    The Entrepreneur                                                                  12

2.4    Concepts of Entrepreneurship and it’s link with

Economic Development                                                         14

2.5    Characteristics of Successful Entrepreneurs                      17

2.6    Corporate Entrepreneurship                                                19

2.7    The Uses and Source of Credit facility in

Entrepreneurship                                                                  23

2.8    The Roles of an Entrepreneur in small Business Management                                                                       26

2.9    An Entrepreneur is more than owner-manager

of a Business Enterprise                                                       29

2.10 Development of small Business in Nigeria                           32

2.11 Advantages of small Business Ownership in Nigeria 34

2.12  Limitations or Disadvantages of Small Business

in Nigeria                                                                                36

2.13  Major contribution to Economic Growth                             38

 

Chapter Three: Research Methodology

3.1    Introduction                                                                           39

3.2    Research Design                                                                    39

3.3    Description of Population of the Study                                 39

3.4    Sample Size                                                                            40

3.5    Sampling Techniques                                                             40

3.6    Sources of Data Collection                                                    40

3.7    Method of Data Presentation                                                41

3.8    Method of Data Analysis                                                       41

Chapter Four: Presentation and Analysis of Data

4.1    Introduction                                                                           42

4.2    Presentation of Data                                                              43

4.3    Data Analysis                                                                         43

4.3    Test of Hypothesis                                                                  51

Chapter Five: Summary of Findings, Conclusion and Recommendation

5.1    Introduction                                                                           59

5.2    Summary of Findings                                                             59

5.3    Conclusion                                                                             60

5.3    Recommendations                                                                 61

References                                                                              63

Appendix I                                                                              64

Appendix II                                                                             65

 


CHAPTER ONE

INTRODUCTION

1.1   Background to the Study

Throughout the theoretical history of entrepreneurship schools, from multiple disciplines, in the social sciences have grappled with a diverse set of interpretations and definitions to conceptualize this abstract idea. Over time, some writers have identified entrepreneurship with the function of uncertainty bearing others with the coordination of productive resources, others with the introduction of Innovation, others still with the provision of capital.
British economists such as Adam Smith, David Ricardo and John Stewart will briefly touch on the concept of entrepreneurship through the referred to it under the broad English term of “Business Management.”

The word entrepreneur is derived from the French capitalist defined it as a risk taking Innovative Individual who established and manages a business of the purpose of profit and growth.

The contribution of small and medium scale business to the economy include employment and income generation, thereby enhancing Gross Domestic product in Nigeria, this will also clear the fact that not every new small business is entrepreneurial or represent entrepreneurship.

1.2   Statement of Problem

The effect and need to find adequate solution as the growth of the economy in Nigeria is a matter that should be put aside by a mere wave of hands this is one to the fact, the entrepreneurship has been discovered to be the effect to the growth of the economy in Nigeria.

1.3   Research Questions

In line with the above, the researcher’s problem in the research wishes to answer are:

·                    How viable can entrepreneur be on the effect to the growth of the economy in Nigeria?

·                    What are some traditional perspectives existing regarding government policy and small scale or entrepreneurship?

·                    What are the fears of investing on small scale industries?

·                    What causes failure to the growth of entrepreneurship in Nigeria?

1.4   Objectives of the Study

The sole objective of the study is to further expatiate on what has been said by any economists, academicians, business managers, consultants and other professional on the issues of entrepreneurship being an effect to the growth of the economy in Nigeria.
The following are additional objectives are;

i.            To highlight how entrepreneur can be on the effect to the growth of the economy in Nigeria?

ii.          To find out the traditional perspectives existing regarding government policy and small scale or entrepreneurship.

iii.        To alienates the fears on investing on small scale industries.

iv.         To find out the causes of failure to the growth of entrepreneurship in Nigeria.

 

1.5      Statement of Hypotheses

Hypothesis I

Ho:  Entrepreneurship do not have a vital role to play in creating a dynamic economy.

HI:    Entrepreneurship have a vital role to play in creating a dynamic economy.

Hypothesis II

Ho: To be an entrepreneur is not more than being an owner manager of a business enterprise.

HI:    To be an entrepreneur is more than being an owner manager of a business enterprise.

Hypothesis III

Ho: Entrepreneurship has no effect on the growth of the economy of Nigeria. 

HI:    Entrepreneurship has effect on the growth of the economy of Nigeria.

 

 

 

 

 

Hypothesis IV

Ho: That demands for collateral security has no negative effect on small business management.

HI:    That demand for collateral security has negative effect on small business management.

1.6   Significance of the Study

The significance and relevance of the study is as important as one may have thought of the main significance are:

a.     The study will enlighten the public and private sectors on:

·        The effect entrepreneurship had on the development of the economy.

·        Ways and manners one can kick-start a small scale business, thereby contributing to the economic development of the nation.

·        Ways unemployment can be reduced by the use of local raw materials.

b.     To highlights various concerns, such like the consultants, economists, business managers, government and academicians.

1.7   Scope of the Study

This project will be limited to an entrepreneurship on effect for the growth of Gross Domestic product in Nigeria, considering some selected regions in the country and how it is a situation to the growth of the economy and contributing to economic development.

To this end, a critical analysis will be made on the roles of the entrepreneur using strategies and practices as its impact on organizational performance in Nigeria 2009 – 2013.

For the course of this study, the researcher used a sample size of 20 for effective survey.

1.8   Limitations of the Study

This study is indeed a thought provoking one which invariably means, every aspect of entrepreneurship, all aspect of the economy should be exhaustively discussed and well analyzed for the layman to understand and embrace the suggestions and recommendation. But for the following reasons the hands of the research seemed tied:

a.     Time constrains

b.     Finance

1.9   Definition of Terms

Entrepreneur: These are people who perceive profitable opportunities and willing to take risks in pursuing them and have the ability to organize a business.
Entrepreneurship: This is learning the skills needed to assume the risk of establishing a business.

Effects: This is an act of solving a problems and also finding solution.

Gross Domestic Products (GDP): This is the total volume of production in respective of the nationality of the people who produced it in an economy in a year. It is the total production of goods and services by both nation and foreigners living in a country.

Business: A commercial and industrial activities that provides goods and services to satisfy and improve quality of lives.

Militate: To have great force or influence to prevent something.

Profer: To offer something to somebody.

 

Planning: The process by which management determines how the organization should be more, from its current position to its desired position.

Performance: This is the result of the employee’s effort in achieving the organization goal.

Decision Making: This is the formulation of policies guiding or governing the running of the business or organization.

Change: This is the planned effort to alter one or more point of an organization or business in a systematic and logical manner. It means moving from the familiar to the unknown.

Organization: This is the coordination of activities of a number of people and material for the achievement of common goals.

Managements: This can operationally be referred to as the highest level of decision makers in business. They formulate policies and procedures for achieving organization goals.

Goals: This is the objective or desire which the organization strives to attain.

Technology: Systematic application of knowledge to practical task in an organization.

Method: The way a job or task is carried out in an organization.

Participation: The act of joining in an activity that is taking lace in the organization what a worker works.

Training: The development of a worker’s knowledge special skills and attitude for the purpose of acquiring vocational or technical qualification which are needed to perform a particular job or a series of jobs.

Resistance to Change: It is the act of opposing any change that is brought into an organization which the workers dislike.

Perception of Change: The way is which a worker organize and interpret their impression in order to give meaning and interpretation to change.

Workers: They are the people who carry out certain duties or responsibilities in any organization.

 

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