ABSTRACT
This research work has the title. ‘Entrepreneurial Development and its impact in our economy’ this study was embarked upon in order to know the problems militating against entrepreneurship, its source of finance and the roles entrepreneurs play in Eboyi state as a test case.
A good number of works already carried out were reviewed. In order to achieve the set objectives, care was taken in collection of relevant data, using primary and secondary method of data collection such as interviews, questionnaires administration, personal observation and experiences.
Target population was appropriately segmented into sample – size. The researcher tried as much as possible to state the entrepreneurial developments and its impact honour economy bearing in mind the importance of the study.
The data gathered which were subsequently analyzed and interpreted, helped us to know the impact of entrepreneurial development in our economy in the area of job opportunities, social amenities and the like.
Consequently, the researcher found out that entrepreneurship attributes so much in our economy positively such as ;
- enough produce
- provision of employment opportunities
- production for exportation
- increase in our foreign exchange earnings.
- Growth of small and medium scale industries.
The researcher concluded, sequel to the result of the hypothesis tested which proved true entrepreneurship encourages large- scale production.
Finally, the researcher recommended that the government should provide and keep proper watch the entrepreneurs as checks and balances. There should be increase in the proper utilization of credit facilities to enhance the growth of entrepreneurship in Eboyi state, and the like.
1.1 BACKGROUND OF THE STUDY
The worldwide economic depression of the early 80’s caused a rapid deterioration of the Nigeria economy. 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 in Nigeria had increased its proportions and as such most Nigeria graduates were faced with hardship due to unemployment in the country. This situation therefore calls for entrepreneurship in Nigeria economy which also leads to entrepreneurial development in the higher institution.
However, at this juncture a brief history of entrepreneurship in Nigeria will give more insight on the study. Statistics have it that Africa is the poorest and less developed continent in world. Many state-owned enterprise in Africa were created when it was believed that the fastest route to development occurred when the state took on the role of entrepreneur.
Although Nigeria was 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. In Nigeria, the state-owned enterprises traditionally clogged business opportunities and restructure private entrepreneurs from entering the market. However, in the mid 1980’s Nigeria abolished it’s marketing board, which prevented entry into certain industries and it’s market to competition from domestic entrepreneurs.
Although Nigeria is 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 18th century 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 builds 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, Marshall ascertains 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 improves 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 in Nigeria started with the coming of the colonial masters, who brought in their wears and made Nigerians their Middlemen. In these way modern entrepreneurs was conceived. Most of the modern entrepreneurs were engaged in retail trade or sole proprietorship.
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
- Nigeria economy
- To various employers and employees
- To business organizations.
STATEMENT OF PROBLEM
When comparing entrepreneurship development in Nigeria with other countries like America, Japan, China etc, we realize that these countries started on the same platform as Nigeria started with trade by barter and then advanced to their present state of economic growth. In fact they are faster in their development of entrepreneurship than Nigeria. Why this differences? This research work will find out to this effect the following:-
- The general problem encountered by entrepreneurs in Nigeria in establishing business.
- To find out the basic orientation that should be given to Nigerian entrepreneurs.
- To discover the rate of employment and find out the various business opportunities that will be of help to the Nigerian economy through entreprenurship.
- To also find how government program has been of help to various entrepreneurs in the country.
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