ENTERPRENEURIAL DEVELOPMENT AND ITS IMPACT IN OUR ECONOMY

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ENTERPRENEURIAL DEVELOPMENT AND ITS IMPACT IN OUR ECONOMY

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The worldwide economic depression of the early 80’s caused a rapid deterioration of theNigeriaeconomy. The output shrank to an all time local and commercial activities, which were consequently reduced, leading to the loss of employment opportunities in the country. Therefore, by the end of 1985, the unemployment situation inNigeriahad increased its proportions and as such mostNigeriagraduates were faced with hardship due to unemployment in the country. This situation therefore calls for entrepreneurship inNigeriaeconomy which also leads to entrepreneurial development in the higher institution.

However, at this juncture a brief history of entrepreneurship inNigeriawill give more insight on the study. Statistics have it thatAfricais the poorest and less developed continent in world. Many state-owned enterprise in Africawere created when it was believed that the fastest route to development occurred when the state took on the role of entrepreneur.

AlthoughNigeriawas at one time characterized by such inefficiency, but has recently pursued entrepreneurship encouragement policies. And the initial indications suggest that the policies have been successful. InNigeria, the state-owned enterprises traditionally clogged business opportunities and restructure private entrepreneurs from entering the market. However, in the mid 1980’sNigeriaabolished it’s marketing board, which prevented entry into certain industries and it’s market to competition from domestic entrepreneurs.

Although Nigeriais still ploughed by many development problems preliminary evidence suggest a favourable response by the private sector to the new entrepreneurial opportunities. Although there is only limited consensus about the characteristics of entrepreneurship, the concept is almost as old as the formal discipline of economics itself. Early 18thcentury French economist named Richard Canadian first introduced the term entrepreneur. In his writings he formally described the entrepreneur as the agent who buys the means of production at certain prices in order to combine them into new product. (Schumpeter,1951) short after that the French economist J. B. added to the Castilian definition by including the idea that entrepreneurs has to be leaders. That an entrepreneur is one who build a single product organism. (Schumpeter, 1951)

The necessity of entrepreneurship for productivity was formally recognized by Alfred Marshall in 1990. In his famous practice principle of economics,Marshallascertains that there are four factors of production; Land, Labour Capital and organization. These factors are properly utilized by an entrepreneur. Thus entrepreneur creates new commodities or improve the plan of producing an old commodity. (Marshall1994).

Hence early entrepreneurs were characterized with production and manufacturing. In this case, the producers most often started with small capital. Early entrepreneurship started with trade by barter even before the advent of money. However, modern entrepreneurship inNigeriastarted with the coming of the colonial masters, who brought in their wears and made Nigerians their Middlemen. In this way modern entrepreneurs was conceived. Most of the modern entrepreneurs were engaged in retail trade or sole proprietorship.

1.2 STATEMENT OF PROBLEM

When comparing entrepreneurship development inNigeriawith other countries likeAmerica,Japan, China etc, we realize that these countries started on the same platform asNigeriastarted with trade by barter and then advanced to their present state of economic growth. In fact they are faster in their development of entrepreneurship thanNigeria. Why this differences? This research work will find out to this effect the following:-

1) The general problem encountered by entrepreneurs inNigeriain establishing business.

2) To find out the basic orientation that should be given to Nigerian entrepreneurs.

3) To discover the rate of employment and find out the various business opportunities that will be of help to the Nigerian economy through entreprenurship.

4) To also find how government program has been of help to various entrepreneurs in the country.

1.3 PURPOSE OF STUDY.

From all that has been mentioned above, it is the aim of the study to find out the or know entrepreneurial benefits on the following:-

- Small scale business

- Nigeriaeconomy

- To various employers and employees

- To business organizations.

SMALL SCALE BUSINESS

The small-scale business will benefit immensely, if the government is encouraging entrepreneurs in the country and proper orientation on their obligation as an entrepreneur towards business is given. Besides, an enabling environment should be created to enable them to thrive, and also carry out their functions in the business environment. Thus small-scale business in the country will grow if government can also provide financial assistance in order to encourage the individual entrepreneurs.

NIGERIA ECONOMY

There will be a tremendous increase or improvement in the Nigerian economy. Entrepreneurship will be of benefit to industrial, household, firms and government. In the area of decision making, organizing the organizational structures, and making out plans are accomplished. Thus, this will go a long way in increasing job opportunities in the country, which in turn will reflect on the country’s capital income, and this will increase the rate of the G. N. P.

TO VARIOUS EMPLOYERS AND EMPLOYEES.

Entreprenurship will be of importance to employers and employees. In the areas of employers, it will enrich their managerial skills, their vision, purpose and plans for the organization. Also in the area of the employees, there will be job opportunities for the graduates and other school leavers and this will reduce the rate of dependence ratio in the country that is not solely relying on government to provide jobs. To this effect, the government has introduced various programs under the N.D.E.so as to motivate both the employers and employees. Under this program, the N.D.E. provides loans to graduates for the operation of small-scale business.

TO BUSINESS ORGANIZATIONS

Entreprenurship will also be of immense benefit to business organizations because the Nigerian economy and its environment will be an investing area for most investors due to capable skilled workers that will handle the affairs of the organization or company without involving much foreign counterparts on the job. Thus, will in turn create more job opportunities in the country and this will increase the level of organizational profitability ratio.

1.4 SCOPE OF THE STUDY.

It is an obligation on the part of the researcher to survey and evaluate the purpose of entrepreneurial development and its benefits to the economy. The researcher will also find out the tactics of an entrepreneur in the 1980’s, the causes and the brain behind their failures and success. The researcher will also find out various economics scholars who have contributed immensely to the growth of entrepreneur in the world. The researcher will also find out more information about entreprenurship in the country. However, the study of the researcher covers the purpose of entrepreneur in the country particularlyEnuguState.

1.5 RESEARCH QUESTIONS

The following research questions were imposed: -

i What is the essence of Entrepreneurship in an economy?

ii What are the problems of Entrepreneurship?

iii Does organization benefit from entrepreneurs?

iv What has the government done for entrepreneurs in the country?

1.6 RESEARCH HYPOTHESIS

The following hypothesis would be tested: -

i Ho – Entrepreneurs does not encourage large scale production in the economy.

Hi – The essence is to build up the nation’s economy to create employment and to improve managerial skills.

ii. Ho- Entrepreneurial problems are not only in the following level of Managerial skill and poor infrastructure.

Hi – Entrepreneurial problems inNigeriaare as follows: -Financial

Constraint, lack of managerial skills and poor orientation.

iii Ho- Organizations benefits from entrepreneurs in organizational planning.

Hi – Organization does not benefit much from entrepreneurs due to Inefficiency of job performance.

iv Ho- Government plans towards the provision of credit facilities is not encouraging.

Hi- Government plans for entrepreneurs is to provide credit facilities to various entrepreneurs in the country.

1.7 SIGNIFICANCE OF THE STUDY.

The importance of the study cannot be over-emphasized, since it is expected to affect our economy and also increase the creation of job opportunities in the country especially inEnugustate. However, this project when completed will be of immense benefits to the following: -

- The Nigerian economy in general

- The small-scale industries

- The general public

- Creation of job opportunities in the country.

- Also there will be increase in the managerial skills.

1.8 LIMITATIONS OF THE STUDY

The study is limited to the benefits and impact of entrepreneurial development with special attention toEnuguState.

Besides, in the course of studying or conducting this research, there are some hindrances like not having enough materials to research on. Also the researcher is faced with time constraint as it has an effect on my study time in the framework of my school assignments and quizzes.

1.9 DEFINITION OF TERMS.

The following terms used in this study should be taken to mean the following.

COMMODITIES

These are articles of trade

N.D.E.

National Directorate of Employment

NEW PRODUCT These are new existing products in the market environment G. N. P Gross National Product ENTREPRENEUR.

This is a person who starts a business and takes the finance risks and personal risks involved in keeping the business going.

An entrepreneur is an individual agent who buys means of production at a certain price in order to combine them into new product.

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