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PROJECT TOPIC- IMPACT OF ENTREPRENEURSHIP DEVELOPMENT ON SMALL SCALE BUSINESS ORGANIZATION IN BEKWARRA LOCAL GOVERNMENT AREA OF CROSS RIVER STATE

PROJECT TOPIC- IMPACT OF ENTREPRENEURSHIP DEVELOPMENT ON SMALL SCALE BUSINESS ORGANIZATION IN BEKWARRA LOCAL GOVERNMENT AREA OF CROSS RIVER STATE

CHAPTER ONE

INTRODUCTION

Background of the study

According to Omolayo (2006), entrepreneurship is the act of starting a company, arranging business deals and taking risks in order to make a profit through the educational skill and knowledge acquired. To him, entrepreneurship can be described as “the process of bringing together creative and innovative ideas and coupling these with management and organizational skills in order to combine people, money and resources to meet and create wealth.

Nwafor (2007) opined that entrepreneurship is a process of bringing together the factors of production, which include land, labour and capital so as to provide a product or services for public consumption. The operational definition of entrepreneurship is the willingness and ability of a person or persons to acquire educational skills to explore and exploit investment opportunities, establish and manage a successful business enterprise.

The need for entrepreneurial education started in the mid 1980s. This is because before this period, unemployment and poverty were not a national concern as it is currently. However, political instability and inconsistencies in the social-economic policies of successive government led to the emergence of high level of unemployment in Nigeria. Since ancient times man has designed various ways of surviving in his environment, gathering food and hunting for games.

As years go by, he modifies his surviving techniques from being a wonderer and shifting cultivator to sedentary intensive farming, art and crafts. Pragmatic disposition has resulted in innovation and better ways of his environment for welfare maximization and economic development. The industrial revolution of the late 1780s in Europe and early 19th century in America influenced significantly work either, organizational behaviors, thinking and management of productive resources which are land, labour, capital and enterprise.

Thus, the phenomenal growth of the economy is attributable to enterprising management of resources where entrepreneurship factor is a very important factor of production that co-ordinates them. Sometime, idle factors of production such as land, labour and capital) according to Say (1803), as cited by Hisrich and Peters (2002), an entrepreneur is someone who consciously manages economic resources from area of low yield to area of high yield.

He redeploys people, material, money and co ordinates the processes necessary for efficient large scale industrial/trade development. The entrepreneur can be defined as an innovative individual who has developed an ongoing business activity where none existed before. Meredith (1983) defined an entrepreneur as a person or persons who possesses the ability to recognize and evaluate business opportunities, assemble the necessary resources to take advantages of them and take appropriate action to ensure success.

Entrepreneurs are people who constantly discover new means and try to figure out how to supply those markets efficiently and make a profit. He searches for change. Burns (2010) stated that 60% of business failure occurred within the first three (3) year of starting. This is given the reason that rate of business failure is attributable to lack of entrepreneurial skills. Odoh and Ebinga (2010) noted that, in other to be economically literate and informed entrepreneurs, each person must have some understanding of the world of business and how it functions.

The world of business has its requirements for anyone that must succeed there are, having and or meeting at least average knowledge in technical-know-how of field one is going into. The problem of poverty and unemployment is situation that pose great challenge to the very existence of individuals in most developing nations thereby calling for the training of educated men and women who can function effectively in the society in which they live; available by National University Commission (NUC, 2004) reiterate the massive unemployment of Nigerian university graduates in the country.

This problem is said to be traceable to the disequilibrium between labour market requirements and lack of essential employable skills by the graduates (Diejomal and Orimolade, 1991; Diabelen, Oni and Adekola, 2000). The entrepreneur in his entrepreneurial activities can bring about increase in production; create employment, income facilities rapid growth of micro, small, medium and large scale enterprises to reduce poverty and hunger among the people. Given this background, it is this imperative to explore the extent to which entrepreneurship contributes and how it impact the small scale business organization, innovation and growth of enterprise/industries in Bekwarra Local Government Area of Cross River State.

PROJECT TOPIC- IMPACT OF ENTREPRENEURSHIP DEVELOPMENT ON SMALL SCALE BUSINESS ORGANIZATION IN BEKWARRA LOCAL GOVERNMENT AREA OF CROSS RIVER STATE

Statement of the problem

Unemployment is increasing by the day. The public sectors as well as private sectors are laying-off existing workers due to technological equipments replacing human power, monotonous nature of assigned positions which is caused by division of labour, the company’s need of some years of experience from the job applicant before he/she is employed to work and values which has been placed on paper qualification than “natural” knowledge/ability to succeed in the corporate world which hampers entrepreneurship.

These reasons have made people resort to starting up businesses on their own, geared towards being self-reliant, getting others employed as well as increasing the country’s economic status through entrepreneurship. Relatively, statistics have shown that the cause of business failures especially the small scale businesses is as a result of incompetence and lack of entrepreneurial knowledge or skill. The researcher has found lack of entrepreneurial education as a problem and is set to find out the impact of entrepreneurial development on small scale business organizations in Bekwarra Local Government Area of Cross River State.

Purpose of study

The main purpose of this study is to identify the Impact of entrepreneurship development on small scale business organizations in Bekwarra local Government Area of Cross River State.

Succinctly, the study seeks to;

  1. Find out the required skills and attitudes needed by an entrepreneur moving newly into business.
  2. Determine the extent entrepreneurship education can improve the life of small scale business owners in Bekwarra Local Government Area of Cross River State.
  3. Find out the problems facing entrepreneurship development.
  4. Identify the need for establishing small scale businesses in Bekwarra Local Government Area of Cross River State.
  5. Know the extent to which knowledge of entrepreneurship education perform in small business enterprises.

Significance of study

The findings of the study will be of great importance to the students of Business Education Department, the lecturers, small scale business owners, prospective investors and other interested users of information and findings of this nature.

The findings of this study will stimulate the interest of entrepreneurial development/education.

This will serve as a way of redirecting students’ mindset from the problems of seeking for non-existing white collar jobs, to be self reliant and likely get other graduates employed.

To the lecturers, the findings of this study will create awareness on the need and importance of teaching entrepreneurship education and also expose them to various strategies of establishing their own small scale businesses.

To small scale business owners in Bekwarra Local Government Area of Cross River State, it will widen their knowledge with the required skill to be successfully operational in the area of business and the right attitude towards entrepreneurial learning.

This study will direct prospective investors on how to rightly channel their resources to the small scale businesses with strong managerial skills, and finally to other interested users of this information who will deem it necessary making use of the findings in this work and or likely to reference to their area of interest.

Research questions

The following research questions guided the study:

  1. What skills and attitudes do graduates need when moving newly into business?
  2. To what extent can entrepreneurial education positively affect small scale business development?
  3. What are the problems facing small scale business development?
  4. Why is entrepreneurship education needed for establishment of small scale businesses in Bekwarra Local Government Area of Cross River State?
  5. To what extent does the knowledge of entrepreneurship education assist small scale business operators to perform?

Scope of study

This research work is focused mainly on the impact of entrepreneurial development on small scale business organizations in Bekwarra Local Government Area of Cross River State. The study is restricted to Bekwarra Local Government Area of Cross River State where various small scale business organizations is one of the means of curbing the rate of unemployment and a means of survival of the populace.

PROJECT TOPIC- IMPACT OF ENTREPRENEURSHIP DEVELOPMENT ON SMALL SCALE BUSINESS ORGANIZATION IN BEKWARRA LOCAL GOVERNMENT AREA OF CROSS RIVER STATE

One Response

  1. francis ngambi March 1, 2015

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