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ENTREPRENEURSHIP
AS A TOOL FOR SUSTAINABLE EMPLOYMENT
ABSTRACT
This
research work was carried out to show the importance of Entrepreneurship as a
tool for sustainable job creation, a key factor needed to grow every country’s
economy especially in sub-Saharan Africa or third world countries. This study analyses entrepreneurship and how it
has grown over the years in Nigeria. It
also helps to examine factors that can affect entrepreneurship in a
country. One hundred and seven (107)
questionnaires were administered to gather responses to be analyzed, which is
used in testing the hypotheses utilized.
With almost a 100 percent response rate, simple percentage method was
used for the analysis, chi-square statistical tool was employed to test the
hypothesis. Both personal and
environmental factors were seen to be important to enhance the entrepreneurial
activities in an economy. The study
revealed some key issues. The major
findings of this research were that; the availability of this factors mention
previously; which are personal factors (such as leadership style, educational
qualification, self-efficacy, technical factors) and environmental factors such
as (legal structure, stable economic growth, technology, political stability)
will promote entrepreneurship, and help eradicate poverty as well as
unemployment. The realization of entrepreneurship
as a tool for sustainable job creation is the prime responsibility of both the
government and individual (entrepreneur).
It is of utmost importance that the government provides a conducive
environment, and that individuals (entrepreneurs) are prepared to face any
hurdle to in order to succeed.
TABLE OF
CONTENT
CHAPTER
ONE: INTRODUCTION
1.0 Background of Study
1.1 Statement of the Problem
1.2 Purpose of Study
1.3 Relevant Research Questions
1.4 Significance of Study
1.5 Research Hypothesis
1.6 Scope of Study
1.7 Limitation of Study
CHAPTER
TWO: REVIEW OF RELATED LITERATURE
2.1 Theoretical Framework
2.2 The Concept of Entrepreneurship
2.3 Entrepreneurship in Nigeria
2.3.1 Types of entrepreneur
2.4 Empirical framework
2.4.1 Leverage technology as an enabler
2.4.2 Driving force for Entrepreneurship
2.5 Conceptual framework
2.6 The role of entrepreneurship in national
development
2.6.1 The conclusion at a glance: committee on
sustainable enterprise, international
Labors Congress 2007.
2.6.1.1
Conditions for a conducive environment for sustainable enterprises
2.6.1.2 Role
of government in the promotion of sustainable enterprise
2.6.1.3
Enterprise-level principles of sustainable enterprise
2.6.1.4 Role
of the social partners in the promotion of sustainable enterprises
2.6.2 Government’s past entrepreneurial and SMEs
support initiative
2.7 Constraints to entrepreneurship in
Nigeria
2.8 Conclusion
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research design
3.2 Population and sample size
3.3 Sampling techniques
3.4 Research instrument
3.5 Sources of data
3.6 Questionnaire design
3.7 Validity and reliability of the research
instrument
3.8 Procedure for processing and analyzing
data
CHAPTER
FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation and analysis
4.2 Administration and research question
4.3 Socio-demographic characteristics of
respondents
4.4 Test of hypothesis
4.5 Discussion of Findings
CHAPTER
FIVE: SUMMARY, RECOMMENDATIONS AND
CONCLUSIONS
5.1 Introduction
5.2 Synopsis
5.3 Summary of findings
5.4 Conclusion
5.5 Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF STUDY
Entrepreneurship
has never been more important than it is today in this time of financial
crisis. At the same time, society faces
massive global challenges that extend well beyond the economy. Innovation and entreneurship provide a way
forward for solving the global challenges of the 21st century, building
sustainable development, creating jobs, generating renewed economic growth and
advancing human welfare. When we speak
about entrepreneurship, we are defining it in the broadcast terms and in all
forms – entrepreneurial people in large companies, in the public sector, in
academia and, of course, those who launch and grow new companies. Now more than ever, we need innovation, new
solutions, creative approaches and new ways of operating. We are in uncharted
territory and need people in all sectors and at all ages who can “think out of
the box” to identify and pursue opportunities in new and paradigm changing
ways.
Entrepreneurship
can be a societal change agent, a great enabler in all sectors. Not everyone needs to become an entrepreneur
to benefit from entrepreneurship but all members of society need to be more
entrepreneurial. The public sector,
private sector, academia and non-profit sectors all have roles to play in
facilitating the development of effective ecosystems that encourage and support
the creation of innovative new ventures.
We need to create the types of environments that are conducive to
encouraging entrepreneurial ways of thinking and behaving.
Much has
been written about the impact of entrepreneurship on economic growth. If we are to attain the Millennium
Development Goals of reducing poverty, we must develop human capital in all
countries and societies, in remote regions as well as major cities, and
world. While the contexts around the
world vary dramatically, entrepreneurship, in its various forms, can equip
people to proactively pursue those opportunities available to them based on
their local environments and cultures.
We have seen a number of “waves” in entrepreneurship education, starting
a century ago, developing in phases and now expanding exponentially. By making entrepreneurship education
available to young people and adults alike, we are preparing the next wave of
entrepreneurs to enable them to lead and shape our institutions, businesses and
local communities and create an enabling environment for sustainable
employment.
Entrepreneurship
is a sure way to bringing fulfillment to the aspiration of an individual, and a
major weapon to curbing unemployment, poverty and underdevelopment problems in
any country. Consequently, its
importance to the economic wellbeing of an individual and family cannot be
over-emphasized. Entrepreneurship is first and foremost a mindset of human
beings, focused towards the generation or profitable ideas. Entrepreneurs are visionary, goal-driven,
innovative individuals or teams that are oriented to developing a new business
and making it a profitable one (Hisrich and Lagan-fox, 2005). Nigerian economy is an emerging one that is
characterized by a large influx of entrepreneurs and small and medium
enterprises. The emergence of this
category of people makes it somewhat important and necessary for researchers to
understand and mange them effectively.
Entrepreneurs
play an important role in any given economy and are the prime movers of
economic development. Entrepreneur is
derived from the French verb “entrependre” which means to undertake, to
attempt, to try in hand, to contract for, or to adventure (Girad, 1962). Entrepreneurship is the process of wealth
creation and individuals referred to as entrepreneurs create this wealth by
being innovative. The traditional
perspective described entrepreneurship in purely economic terms. For example, Cantillon (1755), describes the
entrepreneur as any individual who is self-employed, thereby actively taking
the risk of economic uncertainty. The
entrepreneur in the context of this paper is the originator or creator of a
profit seeking organ of the society or economic organization established for
the purpose of providing goods and services for the consumption of the society,
in which such organizations located. The
entrepreneur is often referred to as the agent of economic, technological and
social systems (Ogundele and Olayemi, 2004).
Small
businesses are generally regarded as the driving force of economic growth, job
creation and poverty reduction in developing countries. They have been the
means through which accelerated economic growth and rapid industrialization
have been achieved. While the
contributions of small businesses to development are generally acknowledged,
entrepreneurs face many obstacles that limit their long-term survival and
development. Research on small-business
development has shown the rate of failure in developing countries is higher than
in developed world. (Arinaitwe,
2002). Scholars have been indicated that
starting a business is a risky venture and warn that the chances of
small-business owners making it past the five-year mark are very slim. Theyshould develop both long-term and
short-term strategies to guard against failure (Sauser, 2005; Monk, 2000). In Nigeria, Arowomole, (200) asserted that
every successvie government continue to emphasis on entrepreneurship emergence. This is probably to find a better way of
nurturing the emergence of entrepreneurship by looking for those determinants
that could effectively and positively affect the entrepreneurship emergence as
well as the performance.
With
reference to above, many past studies have documented the significant impact of
entrepreneurial factors such as individual determinants, external factors and
firm characteristics on entrepreneurial performance. For instance, Mohd (2005); Blackman (2003);
Ogundele (2007); Colin et al., (2005) and Lawal (2005) argued that individual
determinant which is also called entrepreneurial characteristics significantly
and positively affect both entrepreneurial emergence and entrepreneurial
performance. Similarly, Van de ven
(1993); Mohd (2005); Arowomole (2000); Kuratko et al., (2004) and (Radiah, Mohd
and Ab, 2009) have asserted that external factors predict and significantly
affect entrepreneurial performance as well as the emergence of entrepreneurship
of any country. With respect of this,
Van de van (1993) has further argued that any study within the field of
entrepreneurship development without the consideration of external factors
which he nicknamed external environment should be considered incomplete and
invalid. Accordingly, Johan et al.,
(2005); Mohd (2005); Lin (2006) and Dean et al., (2000) argued that firm
characteristics such as firm size, nature of firm etc affect the performance of
the firm. From the above, there is no
doubt that past studies have really given attention to the impact of individual
determinants, external factors and firm characteristics on firm performance
(Rebecca, 2009; William, 2009; Zhang et al., 2008; Okpara et al., 2007;
Ogundele, 2007). However, despite this
attention extended to these factors, Man, Lau and Chan, (2002) have argued that
all these factors reference in this study still deserve further attention in
the study of entrepreneurship and small business.
While
different factors such as individual determinants, external factors and firm
characteristics have been found to influence entrepreneurial performance to
different extents, the results are often inconsistent (Man et al., 2002,
Yanfeng and Si, 2008, Kisfalvi, 2002; Dean et al., 2000; Pelham, 1999;
(Chandler and Hanks, 1994; Cooper, 1993).
In order to tackle this problem, past studies have suggested contingency
relationships on different conditions and interactions (Fanga, Evans and Zou,
2005; man et al., 2002).
This
research attempts to ascertain, empirically, the determinants of
entrepreneurial emergence and performance as a tool for sustainable employment,
as perceived by indigenous entrepreneurs in Nigeria. The assumptions being tested are that
entrepreneurial emergence and performance though affected by several sets of
factors if properly tackled can serve as a means or tool for sustainable employment
for the Nigerian populace.
1.1 STATEMENT OF THE PROBLEM
The
financial and economic crisis has added to the pre-existing economic, social
and political challenges in Nigeria.
Thus, there is an urgent challenge to develop policies and strategies to
generate decent and productive jobs through the promotion of sustainable
micro-, small- and medium-sized enterprises in Nigeria. Recognizing the role of the entrepreneurship
for growth, employment creation and poverty reduction, countries in the West
African region are encouraged to engage in a process of sound economic reform,
particularly tackling the promotion of an enabling business environment and the
adequacy of the education system, which the labour market needs.
Nigeria
facesmany problems. The challenges faced
by entrepreneurs in developing countries are monumental and quite similar.
There is
massive unemployment, partly as a result of retrenchment in government and
organizations. Due to the economic
situation of the country, more “entrepreneurs” are emerging. This is as a result of the unavailability of
jobs (i.e. more supply of labor, less demand for it) in the market, and the
need or search for survival.
Another
challenge is the unstable and highly bureaucratic business environment. The laws governing private enterprise,
especially business registration and taxation systems, are believed to be
overly and difficult to understand.
Contract and private property laws are often poorly designed and/or
enforced. As suggested by
Kiggundu(2002), Pope (2001), and Stevenson (1998) the unfavorable
institutional/regulatory environment is often accompanied by the added expenses
of corruption and bribery. Other problems
encountered by entrepreneurs in transition economics include poor macroeconomic
policies, limited access to short-term and long term financial capital, and a
lack of managerial experience. Nigerian
entrepreneurs reported that they were frequently harassed by government
officials who extorted money from their businesses.
Poor
infrastructure including bad roads, water shortage, erratic electric supply,
and poor telecommunication system represent additional challenges faced by
small business owners (Mambula, 2002).
Difficulty
in gaining access to bank credits and other financial institutions proved to be
a major obstacle hindering the process of Nigerian entrepreneurship emergence.
The most
serious and damaging problem threatening the state of entrepreneurship in
Nigeria is a lack of government interest in and support for MSEs (Ariyo,
2005). This poor attitude toward for
private sector explains why there explains why there has never been any real
attempt on the part of government to develop any programs or lasting policies
to support small businesses.
This
research project studies the critical importance of sustainable enterprises
through entrepreneurship in achieving social development goals, economic
diversification, income generation and poverty reduction in Nigeria. It also highlights a number of challenges
facing the crucial development of entrepreneurship. Some of the challenges are structural; others
are the result of the ongoing financial and economic crisis. A conducive business environment with an
efficient legal and regulatory framework is primordial for entrepreneurship as
a tool for sustainable job creation.
1.2 PURPOSE OF THE STUDY
The
underlying principle of this study is to examine the importance on
entrepreneurship as a tool for sustainable employment. The study is also geared towards achieving
the following objectives:
To examine
the viability of entrepreneurship as a tool for sustainable employment.
To raise
awareness of the importance of entrepreneurship as a tool for sustainable
employment.
Consolidate
existing knowledge and good practices in entrepreneurship around the world to
enable the development of innovative new tools and approaches.
Provide
recommendations to governments, academia, the private sector and other actors
on the development and delivery of effective entrepreneurship.
1.3 RELEVANT RESEARCH QUESTIONS
The
following questions were designed to probe into the viability of
entrepreneurship as a tool for sustainable employment.
Is
entrepreneurship really a tool for sustainable employment?
What impact
does entrepreneurship have on sustainable employment?
What
challenges does entrepreneurship face in creating sustainable employment?
Are there
other benefits of entrepreneurship apart from creating sustainable employment?
Does
entrepreneurship guarantee sustainable employment?
1.4 SIGNIFICANCE OF THE STUDY
The study is
expected to make contribution to knowledge in the following areas:
Provide
information about entrepreneurship in relation to sustainable employment in the
Nigerian economy.
An essential
material for scholarly discourse in management science relating to
Entrepreneurship.
Assist in
providing information on the viability of entrepreneurship as a tool for
sustainable employment in the Nigerian economy.
Provide
information on the challenges of entrepreneurship in Nigerian.
Provide
information for future research works on entrepreneurship/
1.5 RESEARCH HYPOTHESIS
1. H0: Entrepreneurship is not a tool for
sustainable employment.
H1: Entrepreneurship is a tool for
sustainable employment.
2. H0: Environmental and Personal factors
affect entrepreneurship as a tool for
sustainable employment.
H1: Environmental and Personal factors do
not affect entrepreneurship as a tool for sustainable employment.
1.6 SCOPE OF STUDY
The study
focuses on the viability of entrepreneurship as a tool for sustainable
employment in the Nigerian economy. It
systematically analyses the steps involved in becoming an entrepreneur and
creating sustainable employment.
1.7 LIMITATION OF STUDY
The study is
limited in scope to finding out how entrepreneurship can serve as tool for
sustainable employment. However, the
selection of few small and medium scale business owners in Lagos remains a
limitation of the study, as a result of inability to consider the total population
of small and medium scale business owners in Lagos. Time, cost and instruments are also part of
the limitation of study. Hence, the
generalization of the finding is restricted as a result of time and cost
constraint.
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