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PROJECT TOPIC- ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT ON OUR ECONOMY: A STUDY OF EBONYI LOCAL GOVERNMENT IN EBONYI STATE

PROJECT TOPIC- ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT ON OUR ECONOMY: A STUDY OF EBONYI LOCAL GOVERNMENT IN EBONYI STATE

Abstract

“Entrepreneurial development and its impact on our economy” is a research work directed towards finding solution to problem of poor financing and poor expansion of entrepreneurial business in the country. The problem is studied using Ebonyi Local Government Area in Ebonyi State. The researcher made effort to find out how entrepreneurship economic activities contribute to national development. Various literatures related to the topic were reviewed. The population for the study is 57 registered entrepreneurial business ventures. The data for the study were collected through the use of questionnaires, oral interview and secondary data. The researcher made use of all the population, because the population size is small, thus the sample size for the study is 57. After distributions and collection of questionnaire three were invalid, therefore the researcher made use of 54 respondent whose responses were presented in tables using percentage and the hypothesis were tested using the (X2) Chi- Square method.  The result gotten from this study reveals that entrepreneurship development contribute to the national economy as well as improving the standard of living of the people by reducing unemployment problem. Hence the researcher recommended that entrepreneurial and management skill should be taught as a subject in all level of education to instill self-dependence on the youths.

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Many individuals have difficulty bringing their ideas to the market and creating a new venture, yet entrepreneurship and the actual entrepreneurial decisions have resulted in several million new businesses being started throughout the world. The entrepreneur plays a vital role in the process of economic growth and development in any economy.

According to Soundharan and Varsh, (1989) in Udu, Eze and Udu (2008), an entrepreneur is a daring person with vision, and originality who acts as the boss, who decides as to how the business shall run, who co ordinates the activities of different factors of production, who anticipates the future trend of demand and prices, who invests and introduces new ideas, a new commodity, a new process or some

revolutionary machine, and who, in general carries out new activities. No wonder Udu et al (2008) noted that an entrepreneur is simply that student, employee, unemployed, politician, teacher, nurse, doctor, lawyer, engineer, accountant, manager and indeed anyone who is able to employ the tools of entrepreneurship namely innovation and uniqueness, to translate his ideas into income generating

economic activities which the society benefit from. The role of entrepreneurship in economic development in any country involves more than just increasing per capital output and income, it also involves initiating and constituting change in the structure of business and society. This change is accompanied by growth and increased output, which allows more to be divided by the various

participants in the country. There are so many other roles played by entrepreneurs in the country e.g. creating of new technology, creation of job opportunities, provision of resources to large firms, creating of new enterprise, structural changes in business and society. That is why Hagen Everett (1963), sees creativity and innovation as the main bases for entering entrepreneurship.

Furthermore, according to Eze (1986) in a paper presented on entrepreneurship development in Nigeria, noted that during the colonial period, only few of Nigerians could boast of personal or family capital to start any meaningful business and hence the place of self business and finance was bank, it is a well known fact that banking operation during the colonial era where highly limited. The bank at that time

existed to serve the colonial civil servants who had appreciated incomes to warrant banking transaction. During the colonial era, the Nigeria business scene was dominated even at the grassroots level by Greeks, Ghanaians and others. These foreign nationals had a better exposition from Nigerians. Then in order to give Nigerians an opportunity in participating and shaping their country’s economics future, the  Federal

Government introduced indigenization and enterprise promotion of 1972 and its revision in 1977. The objective was to foster economic self reliance and maximize external intervention in policies. Also in July 1986 structural adjustment programme (SAP) was introduced. Entrepreneurship constitutes a vital engine in the economic growth and development of nations including Nigeria. Because it helps in

stimulation of indigenous entrepreneurship, it leads to the transformation of traditional industry. According to Ebigbo (2008) modern entrepreneurship in Nigeria started with the coming of the colonial masters. But the earliest usage of the term “entrepreneur” is recorded in seventeenth century French Military History. During the era, Nigerians were not their own master. An entrepreneur often needs

capital, which is normally small and derived from personal savings or from family sources. Concrete attempts at encouraging the growth and development of entrepreneurship have led to the establishment of some government agencies such as: industrial development (I.D), Nigerian Bank for Commerce and Industries (NBC), National Economic Reconstruction Fund (NERFUND) etc, all these have been made

to endure and sustain the growth of small and medium scale enterprises in the country. All these agencies have been established by the government in order to enhance the entrepreneurial development in Nigeria and also to benefit from entrepreneurship business. According to Ebigbo (2008) entrepreneurship is the engine of any countries development.

PROJECT TOPIC- ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT ON OUR ECONOMY: A STUDY OF EBONYI LOCAL GOVERNMENT IN EBONYI STATE

1.2   Statement of Problem

The problem of poor finance to entrepreneurial ventures has hindered the contributions of entrepreneurs to the national development. This problem is noticed in poor succession of entrepreneurial ventures, poor extension of entrepreneurs business among others, poor contributions of financial institutions which have been a setback to the growth and development of entrepreneurship business in Nigeria. In the past, government and non-government organization have established some agencies that

could help to improve entrepreneurship such as indigenization and enterprise promotion of 1972, and also some financial institution have been established in order to  improve entrepreneurship and small medium enterprises such as: Bank of industry (BOI), micro finance bank (MFB), Nigerian Agricultural Cooperative and Rural Development Bank (NACRDB) and contribution groups to carter for the problem

of poor financing  to entrepreneurs. But all to no avail. So this problem seems to have defied all possible solutions. Therefore this research work is suggesting resource leveraging as a solution to poor financing, because it will enable the entrepreneurs to have more sources of fund, for their activities.

1.3   Objective of the Study

  1. To ascertain whether entrepreneurship economic activities contribute to the national development.
  2. To know how entrepreneurial economic activities improve the standard of living of the people.
  3. To find out ways of improving financing of entrepreneurs for the development of entrepreneurship.

1.4   Research Questions

In order to solve the research problems, the following research questions will be asked.

  1. Is financing one of the major problems of entrepreneurs?
  2. What are the ways to improve financing for entrepreneur ventures
  3. Do entrepreneurial activities contribute to the standard of living of the people?
  4. What are other benefit people derive from entrepreneurship?
  5. What are the ways entrepreneurship contributes to national development?

1.5   Research Hypotheses

Due to the nature of this study, it will be good  to state the following hypothesis that will guide the study.

  1. Ho: Entrepreneurial activities do not contribute to the standard of living of the people.
  2. Ho: The entrepreneurial economic activities do not contribute to entrepreneurship development.
  3. Ho:   Improved financing for entrepreneurs do not contribute to entrepreneurship.

1.6 Significance of the Study

Irrespective of the role of entrepreneurs in economic development of Nigeria, enough has not been done in terms of education, awareness and finance assistance. This study is of great importance to entrepreneurs as a guide on the effective and efficient ways of carrying out their business activities. The policy makers in business organizations will find it useful, also in making decisions. In addition, it is

expected that the finding will help to bridge the gap that has existed or may have existed between science and the market place and lastly to prospective students who want to research further on these area, this research work will serve as a good base.

PROJECT TOPIC- ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT ON OUR ECONOMY: A STUDY OF EBONYI LOCAL GOVERNMENT IN EBONYI STATE

1.7 Limitation of the Study

This research on the entrepreneurial development and its impact in Ebonyi Local Government Area is not an exception to the usual constraints notwithstanding all effort offered towards perfection, still had some limitation. Those limitations are:

  1. Time: Time has been a major constraint that has militated against the realization of the objectives of the research; especially as the research had carry it out in the midst of academic pressure.
  2. Finance: Finance being the life wire of any business and any research work, has posed a major barrier that has immensely militated against the realization of the research objective. The researcher faced inadequate finance for the acquisition of the necessary stationeries for work.
  3. Negative attitude of some interviewed, some of the people interviewed were not ready to give out required information needed due to the fact that, they think the researcher wants to know about their privacy, this issue militated against the realization of the researcher’s objective.

PROJECT TOPIC- ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT ON OUR ECONOMY: A STUDY OF EBONYI LOCAL GOVERNMENT IN EBONYI STATE

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