The Challenges Of Entrepreneurship Development In Nigeria
This study is on the challenges of entrepreneurship development is facing in Nigeria using Elens Consult as a study. The study adopted survey design using primary source of data with questionnaire as instrument of data collection. A total of 200 questionnaires were administered to the staff within Elens consult out of which 200 were duly filled and returned. Chi-square statistical method was used to verify the degree of significance of entrepreneurship development. The result of the findings shows that market men and women lack access to constant power supply. It was also noted that local traders do not have access to fund to support their businesses.
1.1 Background to the Study
It is our utmost desire as a Nation to stimulate growth in the various sub-sectors of the economy.Folaranmi (2007) observed that it is only when this is achieved that we can begin to record significant improvement in the living standard of Nigerians .No doubts about it, man can achieve anything he imagines through the actualization of his imaginative faculty. Creative ideas are the beginning point of all fortunes. The last hundred years in the history of man has witnessed a tremendous and mind bogging innovations during which man has harnessed nature’s resources. Notable among these is the indomitable conquering of the air, land and sea .through the aid of his- imagination. As reflected by Napoleon (1966), man’s only limitation, within reason, being his development and use of his imagination. He has not yet reached the apex of development in” the use of his imaginative faculty. In essence, imagination is the ultimate missing link in many business failures, and a vital ingredient for success. Candler provided this link when supplied the -requisite imagination which turned the formula for coca-cola into a fortune. ‘Ihus, behind many fortunes there is somebody who had the creative idea.
According to Adebayo (2008), it is believed that satanic scrounge of unemployment in the country today can be brought to a very low level if proper information and the knowledge of entrepreneurship is fully disseminated and understood by everyone. Entrepreneurship is also known all over the world as the main engine (Power house) that propels the economic prosperity of a nation. It was in an attempt to revive the battered economy that successive government in Nigeria had come up with different rolling plans, such as the austerity measures of the Muritala/Obasanjo’s Administration (19761979). And the Structural Adjustment programme of Babangida’s regime (1985-1993), the deregulated and the Abdulsalam Abubakar’s administration (1998-1999) respectively.
Nevertheless, all these national policies fail to encourage the expected economic and industrial growth, rather the economy witnessed significant decline in its Gross Domestic Product (GDP) hyper-inflation and a significant increase in our external portfolio. It is imperative to note that majority of these policies suffer from one reason to the other, ranging from policy contradictions, policy somersault, non-continuity to lack of purpose and vision said Afolaranmi (2003), it is on this backdrop, that the Obasanjo’s regime (1999-2007) made the restructuring of the Nigerian economy, their policy focus. Thus, his economic reforms were primarily centered on market orientation, private sector led, self-employment, self-reliance and technology driven (Adesoto, Akesinro and Oladejo, 2013).
To this end, one of the instruments that the Obasanjo’s regime used was the promotion of the small and medium scale enterprises (SME) and the development of the creative and entrepreneurial ability of its citizenry.
1.2 Statement of the Problem
Nearly all developing countries including Nigeria are experiencing one form of crisis or the other. The crises range from hunger, unemployment, poor infrastructures, and high cost of living to low per capital income. Nigeria as one of the developing nations has adopted various policy measures to address the stated problems of proliferation of business ventures at the stated problems but without the desired results, the problem of proliferation of business ventures at the level of small and medium scale enterprises is often blamed on persons in Nigeria. As a result, when people see a business outfit that is profitable or seems to be profitable, there is a mad rush to replicate that business until it is over-saturated and becomes unprofitable. There are obvious issues hindering the development of entrepreneurship include but not limited to the following: epileptic power supply, foreign exchange problems to mention but a few.
1.3 Objectives of the Study
The broad objective of this study is to critically evaluate the challenges entrepreneurship development is facing in Nigeria while the specific objectives while the specific objectives are to:
- Identify factors that are responsible for lack of entrepreneurship culture in Nigeria.
- Identify if entrepreneurship has upgraded the status of self-employment as a career alternative in the society
- Identify if entrepreneurship has actually facilitated and accommodated the various components vital for enterprises culture
- Examine the impact of small and medium scale businesses on profitable employment.
1.4 Research Hypotheses
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
- H0: Entrepreneurial development has not faced any significant challenges
H1: Entrepreneurial development has faced any significant challenges
- H02: Small and Medium scale businesses establishment have not significantly improved the employment rate in Nigeria.
H2: Small and Medium scale businesses establishment have significantly improved the employment rate in Nigeria.
1.5 Significance of the Study
The importance of this study will include but not limited to the following:
- It will throw light on the relevance of entrepreneurship in serving as a lasting solution to profitable employment,
- It will also promote an understanding on how a profitable employment can be attained by creativity and innovation of entrepreneur,
- It will also impart on the students generally, positively by eliciting thoughts of self-reliance.
1.6 Scope and Limitation of the Study
The scope of this study covers the challenges entrepreneurship development in Nigeria is facing. The study will take into consideration all micro, small and medium business owners within the Elens Consult. By choosing this class of entrepreneurs, the study will be able to ascertain the challenges entrepreneurial development is facing in Nigeria. The researcher encounters some constrain which limited the scope of the study;
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational Privacy:
Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 Definitions of Terms
A person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.
Is the act of turning new and imaginative ideas into reality. Creativity is characterized by the ability to perceive the world in new ways, to find hidden patterns, to make connections between seemingly unrelated phenomena, and to generate solutions.
Has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a start-up company, offering a product, process or service for sale or hire.
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was to ascertain the challenges of entrepreneurship development in Nigeria. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of entrepreneurship development in Nigeria
This study was on the challenges of entrepreneurship development in Nigeria. Four objectives were raised which included: Identify factors that are responsible for lack of entrepreneurship culture in Nigeria, identify if entrepreneurship has upgraded the status of self-employment as a career alternative in the society, Identify if entrepreneurship has actually facilitated and accommodated the various components vital for enterprises culture, examine the impact of small and medium scale businesses on profitable employment. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 Elen consult, Lagos state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made manager, secretaries, engineers and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Economic growth generated by entrepreneurs is the core engine of a virtuous cycle that develops an economy. Successful entrepreneurs, through their breakthrough technologies and rapidly growing businesses, create new wealth that can generate even greater economic growth. The policy environment needs to be one that will foster the growth of entrepreneurs. The burden is on policy makers to understand the key factors that help entrepreneurs to thrive. Some of the issues that require close attention include addressing infrastructure constraints, the disproportionate regulatory burden that entrepreneurs have to carry, enhancing access to finance and the overall health of the capital markets, the financial incentives for entrepreneurs, and the protection of intellectual property.
A thorough analysis of the unique challenges that entrepreneurs face Nigeria is critical and should be complemented by a time bound action plan for each of the stakeholders that can foster entrepreneurship. Entrepreneurship leverages the human capital that Nigeria is endowed with and empowers more people to participate in unleashing Nigeria’s potential
- That Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development.
- Government should increase its funding of financial institutions that provide on lending to entrepreneurs. Therefore such financial institutions as NBCI, NERFUND, NEXIM should be strengthened. Institutions like the National Directorate of Employment should be strengthened to provide training, capital and technical assistance to potential and practicing entrepreneurs.
- In order to positively encourage the spirit of enterprise among our young people, universities and other institutions of higher learning must be encouraged to become more commercially focused and more entrepreneurial. They should be encouraged to develop more ties with local businesses and hold more business related activities on campus. Students should be encouraged to take business studies modules as part of their main courses. This will help develop the interest in business, and provide the basic understanding of what to expect when going into business. The knowledge gained will help provide students with a ready option when they graduate, rather than wasting their time looking for the jobs that are not available. This will ultimately help to reduce the pool of unemployed young people in the country.
The Complete Material Will Be Sent to You in Just 2 Steps
Quick & Simple…
Make Payment (Through Transfer) of ₦3,000 to Any of the Account Below
|Acc No: 0811003731|
|Acc No: 1225513212|
|Acc No: 8143831497|
Or CLICK HERE To Pay With Debit Card
|FOR STUDENTS OUTSIDE NIGERIA|
|CLICK HERE To Purchase Material ($15)|
|FOR GHANIAN STUDENTS|
|Make Payment of 80 GHS to 0553978005 | Douglas Osabutey | MTN MoMo|
Send the Following Details on WhatsApp ( 08143831497) After Payment
- Payment Details
- TOPIC: The Challenges Of Entrepreneurship Development In Nigeria
The Complete Material Will Be Sent To You On WhatsApp After Receiving Your Details
T & C Apply