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Entrepreneurial
Development Audits Impact in our Economic Growth
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 Ebonyi 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.
CHAPTER ONE
INTRODUCTION
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 its 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. (Marshall 1994).
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.
1.2
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:-
1) The
general problem encountered by entrepreneurs in Nigeria in 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
– Nigeria
economy
– 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
Entrepreneurship
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
Entrepreneurship
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 entrepreneurship in the country. However, the study of the researcher
covers the purpose of entrepreneur in the country particularly Enugu State.
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 in Nigeria are 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 in Enugu state. 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 to Enugu State.
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.
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