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women entrepreneurship: contribution to family, economic and growth in Ishielu local government Area of Ebonyi state

women entrepreneurship-contribution to family , economic and growth in Ishielu local government Area of Ebonyi state.

CHAPTER ONE

INTRODUCTION

Background of the study

       Entrepreneurship according to (Lankford, 2004) is the process of creating something different with value by devoting the necessary time and assuming the accompanying financial and social risks and reviewing the resolution towards most personal satisfactions. This entrepreneurship is about self-reliance which involves creativity and taking risk. Entrepreneurship involves three important features, namely organization of business production in exchange economy and management of risks.

       According to (Richard Cantillon 2011). An entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and as the decision maker, decides what, how and how much of a good or service will be produced. (Robert and Reich, 2010) noted that an entrepreneur is a person who organizes and operates a business or businesses taking on financial risk to do so.

       Emmanuel (2010), defined entrepreneur is as a person who sees opportunities where others do not, he is a visioner, a problem solver, a creative genius, an innovator, wealth generator (not money maker), an inventor, one who produces jobs for others. Women entrepreneurship is an important source of employment and economic improvement to family. Family (According to Anyakoha 2010), is a group of persons who live together and are united by ties of marriage, blood or adoption.  Gloria Steinem (2009), noted that family is a group consisting of parents and children living together in a house.       Mbanefo ( 2012), noted what family is the collective body of persons who live in one house and under one head or manager of a household which include parent, children and servants.       Family is a unit of people who are related, living together share a common line of ancestors and share common bonds of love and affection.

       An individual or families make many financial decisions every year. These relate to a wide range of financial matters such as decisions on how to budget, how much to spend and to save, where to invest their money, how to manage other financial risk, how much dept they may need to fund other expenditure and what form that debt should take (Hopkins 2009).

       Moris (2009), noted that in a world of escalating financial complexity, there is an increasing need for financial knowledge and at least basic financial risks.      The ability to make well informed financial decision play an important part in the ability of individuals to manage their financial affairs in business enterprise. The outcomes of financial decisions have significant implication for entrepreneurs financial security and standard of entrepreneurship venture. A person with a good level of financial literacy is likely to be better placed than someone without skills and knowledge to manage their financial affairs prudently. An entrepreneur with adequate financial and accounting skills is more likely to budget effectively. Invest wisely and manage, her entrepreneurship business in a sustainable manner.

Financial literacy is important at several levels. It has major implications for the welfare of individuals in the management of their financial affairs. It affects the behaviour of family resource management and hence has implication for financial stability. And it influences the allocation of resource (human, physical, material and financial resources) in the real economy and therefore the longer-term potential growth rate of the economy of a family.

The important role that business and entrepreneurship play in stimulating economic activity, creating jobs, alleviating poverty and uplifting living standards has been recognized internationally as well as in Africa. Van Vuuren and Groenewald, (2009). Nigeria is a developing country with high unemployment rates, low level of formal and higher education. The migration of individuals from rural areas to cites corporate restructuring and government policies and regulations means enforce the restructuring of larger organisations. Nigeria thus has an urgent need for women enterpreneurs. Who can act as a tool to combat unemployment (Mass and Herrington,2011). An entrepreneur should be self confident, that is she or he should believe in her or himself, be self-reliant innovative and creative hardworking be a goal setter, and able to take risks from financial investment to marketing Men and women can become entrepreneurs. Globally women own twenty to thirty percent (20-30%) of small to medium business enterprise (Delmar, 2011).

       Women entrepreneurship therefore, represents one of the most important job option for women especially women in developing countries Common Wealth Business Women’s Network (CBWN),(Dahlgren,2004). Women entrepreneurship is an important source of employment and potential to family and growth. Women are also responsible for nearly two third of world wilde consumer spending leading corporations are seeking competitive advantage by including more women value chains to better serve and understand their customers,moreover women tend to spend more of their earned income than men on the health and education of their families by yielding significant social impact future gains in productivity and human growth. Women have become stakeholders, successors, managers, policy makers, business owners in the society. Stakeholder women have a vested interest in the firm through stock or partnership holdings. Women entrepreneurs provide labour to the business in an ongoing manner and receives compensation succession, or the next in line position has provided many women the top slot in a family business.

       Frishkoff and Brown (2001) noted that women take an active role in the family upbringing especially when involved in active entrepreneurship business enterprise. The issue of women in entrepreneurship has been largely neglected both in family and society in general.

Entrepreneurship has become an important issue among women in Nigeria at various levels, both in urban and the rural areas due to poverty. The women of middle class families who have always lived restricted lives have ventured into wealthier creating profession as a challenge and an adventure into a new world of economic ability through entrepreneurship. On the other hand, many women have now taken up entrepreneurship   and become business women to earn a living, improve economic status and raise the standards of their family living. Entrepreneurship   also form in their careers and become professionals. Entrepreneurship helps women to establish their rights through the development of a sector and thereby contribute towards the progress of the society and the nation. Based on the above facts this study investigates the women entrepreneurship-Contribution to family economic growth in Ishielu Local Government Area of Ebonyi State.

Statement of Problems

Countries around the world are increasingly formulating policies to make it easier to start a business. The women in Ishielu Local Government Area of Ebonyi State are mostly farmers and petty traders. Very few of the women engage in small scale business enterprise for family sustainance.

Women who engage in farming activities find it difficult to compete with their male counterpart when planting yam because the culture forbids their women from planting yam, that it is a taboo for women to plant yam, because of that, the women only plant water yam, vegetable garden, cassava, rice and potatoes and this make them not to gain much money from their farm crops. They therefore cannot contribute much to family sustenance and thus they tend not to live a fulfilled life since they cannot contribute much to their families not to talk of their communities.

Purpose of the Study

The main purpose of this study is to assess women entrepreneurship: Contribution to family economic growth in Ishelu Local government Area of Ebonyi state it will specifically:

  1. Determine the types of women, entrepreneurship   practiced by women in Ishielu local government Area of Ebonyi State.
  2. Determine the entrepreneurship skills possessed by women in Ishielu local government Area of Ebonyi State.
  3. Determine the entrepreneurship   skills needed by women in Ishielu local government Area of Ebonyi State.
  4. Determine the importance of women entreprenures in family standard of living in ishielu local governmemt area of Ebonyi state
  5. Determine the strategies for improving women entrepreneurship skills in Ishielu Local government Area of Ebonyi State

Significance of the Study

Women entrepreneurship   is a positive contribution to family and nation building; it is therefore a significant issue in the process of development. Therefore the findings of this study will be beneficial to the women in that it will make them good financial manager, and contribute their quota in the financial need of the home and well being of the family. They will also spend more of their earned income on the health, clouting, education and care for their families.

       The findings of this study will be beneficial to the family because it will provide information on entrepreneurship   skills that can help them to yield more resources (material, human, financial and physical) for family upbringing and avenue for sustainable growth of the families.

The findings of this study will also be beneficial to the society because it will create awareness on how women can be useful in finance management, business management and also contribute positively in the business sector.

It will also provide society with different solutions to management and organization problems as well as exploitation of new opportunities.

The findings of this study as an academic work will form a baseline data for future studies.

Research Questions

  1. What are the types of women entrepreneurship

practiced in by women in Ishielu local government Area of Ebonyi State.

  1. What are the entrepreneurship   skills possessed by women in Ishielu local government Area of Ebonyi State
  2. What are the entrepreneurship   skills needed by women in Ishielu local government Area of Ebonyi State.
  3. what are the importance of women entrepreneurs in family status in ishielu loca lgovernment area of Ebonyi state
  4. What are the strategies for the improvement of entrepreneurship among women in Ishielu local government Area of Ebonyi State.

Scope of the Study

       The study aimed at assessing women entrepreneurship contribution to family, economic growth. It will determine The type of entrepreneurship practiced by women in Ishielu local government area of Ebonyi state.

The entrepreneurship skills possessed by women in Ishielu local government Area of Ebonyi state.

The entrepreneurship skills needed by women in Ishielu local government Area of Ebonyi state.

The importance of women entrepreneurs in family status in ishielu local government area of Ebonyi state.

The strategies for improvement of entrepreneurship among women in Ishielu local government Area f Ebonyi state. The respondents will be Women entrepreneurs in ishielu local government area of Ebonyi state.

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