THE RELEVANCE, IMPORTANCE OF ENTREPRENEURSHIP IN THE ECONOMIC GROWTH AND DEVELOPMENT OF NIGERIA
1.1 Background to the Study
Economic growth and development of a nation is placed majorly on entrepreneurship development. Hence human efforts were put to unearth the treasures of resources by in built curiosity and further augment them to generate value added products or services to offer mankind the peaceful, conformable and rich life with better living condition. The intangible human assets inform of creativity and knowledge become driving force that will yield industrialization as the process of accelerating economic growth and induction of social change. The faster rate of such change can only be achieved through effective entrepreneurship development which focus on change management and industrial policies.
Entrepreneurs a critical factor in economic development and an integral parts of the socio-economic transformation. Thus, the process of economic development is now attached to the existence of entrepreneurs in a nation. This research work aims to critically analyze the effect of entrepreneurship enterprise on the economic of a nation and its relevance to the economic growth of Nigeria.The emergence of entrepreneurship in the country got localized and spread effect, while the concept of growth theory seems to be closely related in explaining the theory of entrepreneurship development and it also receive new meaning for attaining economic development within the shortest possible time. The entrepreneurial motivation is one of the most important factors which accelerate the pace of economic development by bringing the people to undertake risk bearing activities. Africa being the poorest, Less-Developed Countries (LDC), there is an increasing realization that industrialization has a critical role to play in helping African to deal effectively with current and emerging development challenges, accelerate economic development and reduce poverty.
The entrepreneurial development has been viewed by both institutions and individuals as the urgent need to promote the nation. Development agencies see entrepreneurship as an enormous employment potentials, politicians see it as the strategy to prevent social unrest, farmers see it as a means for improving farming earnings, economist sees it as a means of improving the standard of living of the people to all entrepreneurship stands as a vehicle to improve the quality of life for individuals and to sustain a healthy economy and development. In Nigeria, poverty reduction and youth empowerment is a major challenge which depends heavily on the creation of employment opportunities, this pose a greater challenges on entrepreneurship development with focus on both rural and women empowerment.
Entrepreneurship, then become a vibrant assertion of they facts that individual can be developed, the human existence can be improve and their ideas can be converted into action though in organized and systematic program for entrepreneurs. In many of the developing countries, a lot of attention is being paid to the development of entrepreneurship because it is not attached to a particular community.However, steady growth can be observed in the business of long cherished history of entrepreneurial development in the country. Thus, this research work aims at developing entrepreneurship and multiplying them in the society has been to enable the society to generate productive human resource mobilize and sustain the process of development. Hence, to encourage Nigerian youth in taking up business to change economic situation.
1.2 Statement of the problem
Entrepreneurship has rightly been identified with individual as success of enterprises which depends upon incision, innovativeness and risk taking. The production is possible due to the cooperation of the various factors of production, popularly known as land, labour, capital management and entrepreneur. Entrepreneur is a risk taking factor responsible for the end result in form of profit or loss, thus, entrepreneurs are being faced with series of problems, some of the problems to be identify with entrepreneurship are stated thus:
i. That entrepreneurs find it difficult to raise requisite capital to finance their business.
ii. That entrepreneurs are abreast with adequate information necessary for development of requisite management
iii. That entrepreneurs have not been receiving adequate attention or assistance from the government
iv. And that entrepreneurs have not been performing their expected roles in economic growth.
1.3 Objectives of the Study
This research work intends to achieve the following objectives:
i. To identify the problems and risk involves in entrepreneurship development
ii. To identify various source of funds and information available to entrepreneurs
iii. To examine the contributions of entrepreneurship development on economic growth
iv. To evaluate the qualities of successful entrepreneur
v. To evaluate the important of entrepreneurship development to people especially youth
1.4 Statement of Hypothesis
For the purpose of this study, it is important to set an hypothesis in which the objectives to be achieved will be tested and relevant conclusion can be drawn.
H0: There is no significant relationship between entrepreneurship and economic development
H1: There is significant relationship between entrepreneurship and economic development
H0: There is no significant relationship between entrepreneurial activities and the process of economic growth
H1: There is significant relationship between entrepreneurial activities and the process of economic growth
H0: There is no significant relationship between successful entrepreneurs and agent of economic change
H1: There is significant relationship between successful entrepreneurs and agent of economic change
1.5 Significance of the Study
This project work will be of great importance to an average number of youth because it will encourage entrepreneurship development among them thereby, promoting self sustenance. Thus, various opportunities available to an entrepreneur will be examined such as source of fund, management of business skill so as to enhance entrepreneurial business within the nation.
1.6 Scope of the study
This study is not exhaustive of the entire entrepreneurial concept. Its area of coverage deals with the relevant of entrepreneurship development in economic growth and development of Nigeria and the problems being faced by entrepreneurs. This information was obtained through the senior management and junior staff of LOPIN Ltd, Osogbo a division of Obelawo Group of Companies.
1.7 LIMITATIONS OF THE STUDY
This research work will not be conducted without hindrances and constraints encountered during the research. This has affected the process of data collection. Entrepreneurship is not easy to measure empirically but requires practical which is not easily available to the research work. The process of information gathering period also affected coupled with other academic commitment is limited to conduct a thorough research of this study.
1.8 DEFINITION OF TERMS
This study intends to examine various concepts used in the research in order to make a good clarification. They are as follows.
1. Entrepreneur: Is a person who develops and own his enterprise. Schumpeter (2014), view an entrepreneur as a person who seized opportunities with a view to making profits and assumed the inherent risks. Hence, it is believed that he is a person who organized, owns, manages and assume the risk with his creative and innovative skill to carryout his business activities.
2. Entrepreneurship: Schumpeter (2015) further describes entrepreneurship as a process of persistent pursuit of opportunities to create wealth, through innovative creation of a products or services that meets a need of customers using scarce resources. However, the renewed interest in the development of entrepreneurship to take up new venture should emphasize on the integrated approach of combining all other factors of production to produce a product thereby enhance job creation in the process of exploiting opportunity.
3. Development: Is the positive significant event or occurrence event which is characterised with change, progress and transformation in order to build a developed nation. However, the process of development is attached to increase in quantity and quality of infrastructural facilities for the betterment of the people living in a society
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