THE EFFECT OF ENTREPRENEURSHIP ON THE GROWTH AND DEVELOPMENT OF THE NIGERIAN ECONOMY
The research study was designed to find out the problems that have been affecting the effect of entrepreneurship on the growth and development of the Nigeria economy. Entrepreneurship had had a stunted growth because of difficulties encountered by entrepreneur getting loan from financial institution. In view of the purpose of study, the simple descriptive survey design was adopted and a total number of 50 respondents from some selected small scale business in Nigeria were randomly selected to get their responses based on the purpose of this study. Findings of the study revealed that entrepreneurship help to provide speed and accuracy to employment and help to fight crime among youth and also create more job opportunities in the economy. It was recommended that government and top management of public institutions should pay more attention to the need and promotion of entrepreneurship in the society and also the study of entrepreneurship should be largely introduced into higher institutions to enable young school leaver to be confident in themselves to avoid crime in the country.
1.1 Background to the Study
Throughout the theoretical history of entrepreneurship schools, from multiple disciplines, in the social sciences have grappled with a diverse set of interpretations and definitions to conceptualize this abstract idea. Over time, some writers have identified entrepreneurship with the function of uncertainty bearing others with the coordination of productive resources, others with the introduction of Innovation, others still with the provision of capital.
British economists such as Adam Smith, David Ricardo and John Stewart will briefly touch on the concept of entrepreneurship through the referred to it under the broad English term of “Business Management.”
The word entrepreneur is derived from the French capitalist defined it as a risk taking Innovative Individual who established and manages a business of the purpose of profit and growth.
EFFECT OF ENTREPRENEURSHIP ON THE GROWTH AND DEVELOPMENT OF THE NIGERIAN ECONOMY
The contribution of small and medium scale business to the economy include employment and income generation, thereby enhancing Gross Domestic product in Nigeria, this will also clear the fact that not every new small business is entrepreneurial or represent entrepreneurship.
1.2 Statement of Problem
The effect and need to find adequate solution as the growth of the economy in Nigeria is a matter that should be put aside by a mere wave of hands this is one to the fact, the entrepreneurship has been discovered to be the effect to the growth of the economy in Nigeria.