IMPACT OF ENTREPRENEURSHIP DEVELOPMENT IN A DEVELOPING ECONOMY
This study examines the impact of entrepreneurship development in a developing economy like Nigeria. It is the contention of this research that entrepreneurship plays important role for moderate standard of living and job creation to help the Nigeria industrial workers. The data for this study are collected through the questionnaires, interview and secondary method, however it is discussed extensively the background information to the study, and it presents status and projection into the future, the statement of problems, objective, scope, significance and the benefits of the study. In this research, an examination is made on the relevant and related literature review and the research methodology used for the study.
The hypotheses in this field were tested with the chi square statistics. A were look and critical study is made in the analysis presentation and interpretation of data collected through questionnaires, oral interview and discussion with management staff. Finally, the findings of the study such recommendations like the government should create an enabling environment for the operation and survival of small scale enterprise in Nigeria and the government should grant incentives to small scale business to boast their operation.
1.1 Background to the Study
Entrepreneurship practice in Nigeria predates the era of translate slave trade. This is based on the belief that no manor community is completely self sufficiency; one may have certain commodity or skills which other do not have. For instance, one community may have a river full of fish, the other a forest filled with animals thus they make an exchange, meat for fish.
With further development, there was need to fix certain days for trading and gradually, some persons who lack the skills of production made it appoint of duty to specialize in buying from the producer who may be too busy to convey their goods from one place to another and those in need of such items
In the past entrepreneurs in Africa were men and women of modest education and little management skills, however, through hard work and determination, the surmounted the hurdles placed on their was by the colonialist and competed successfully with Indians, Lebanese and other foreign forms. Today, Nigerians are better educated with more exposed to modern technology and many have acquired respectable managerial experience.
The role of entrepreneurship in economic development more than just increasing change in per capital output and income, it involves initiating and constituting change in the structure of business and society. This is accompanied by growth and increasing in output, which allows more wealth to be divided by the various participants. Therefore this project, the impact of entrepreneurship development in a developing economy using delta state as a case study (some selected business) is aimed at finding out the contribution of small scale enterprises to the economic growth and development of our country Nigeria.
According to Face and Scothmore (1990), the process of entrepreneurship is recognizes as being at the heart of any economic development task and driven by the motivation of individuals, who are seeking to satisfy their personal and economic development is to create opportunities for personal fulfilment through economic activities. This implies that, the policy-makers and entrepreneurs in order to achieve economic reward and property.
IMPACT OF ENTREPRENEURSHIP DEVELOPMENT IN A DEVELOPING ECONOMY
The present situation of our economic (Nigeria) when compare with what was obtains decade ago, gives an indication that Nigeria is fast developing economically among other things, creation of employment opportunities create condition which prove to be helpful in reducing the gap between rich and poor. More so, entrepreneurship development has contributed immensely to our economy by increasing local value, technological advancement, and gross domestic product and nearer resources to the people.
This is more reason why government should out into consideration the above topic in formation of new policy and new national low will allow the easy running of small scale enterprise. It is knowledgeable that Nigeria expanding commercially, agriculturally and industrially and many Nigerian students want to be actively involved in business rather than passive observers, it is therefore necessary that a study of the structure of small scale industries should begin with some introductory remark on the appeal of economic development as a necessary ingredient to economic policy in developing countries which ours is not an exception.
Chel (1991) concluded that there has been a gradual increase in awareness of the role of entrepreneurs in economic growth, various approaches being used to explain motivations.
Form the forgoing it is clear that the entrepreneurship development is an economic agent both born and made represent an enlightening perspective of a country, entrepreneurs are generally committed and determined with the qualities to survive, which represent a positive approach to development in part with high level of self confidence therefore they can survive, grow and expand our economy in Nigeria, if government can create an enabling environment for their operations. It should be noted that in many developing countries entrepreneurship development by and large has become synonymous with economic growth and the reasons are not farfetched.
Indigenous ownership and control in strategic industries are essential in order to maximize local relation of profit, increase the net contribution of the national economy. Entrepreneurship development has the potential of achieving independence autonomy through one’s own effort. The second desirable virtue of generating employment for oneself and other both educated and uneducated, is to allow free enterprise to flourish, competitive and perceive the local needs and provide the opportunities for the creation of new ideas for economic growth and development, in other words, it is seen as say of life that enable people to take advantage of their own efforts.
1.2 Statement of the Problem
Individual have on their own responded to the new employment pattern by taking personal control of their career through entrepreneurship. Through entrepreneurship the individuals or society is fighting for employment opportunities. The problem here is to find out how the individual or society has developed through entrepreneurship. In view of this, students want to look at the impact of entrepreneurship development in a developing economy.