The Contributions Of Entrepreneurship Programme To Economic Development

Project and Seminar Material for Business Administration and Management BAM

The Contributions Of Entrepreneurship Programme To Economic Development


Abstract


This project work examine the contribution of entrepreneurship programme to economic development. Various entrepreneurship concepts were analysed to understands the past literatures on the study of entrepreneurship. Moreso, series of definitions were also given to know different perspectives at which entrepreneurship is been viewed as well as brief history of the case study i.e. Fol-Hop limited, Ibadan. In addition to the concept of entrepreneurs. The write-up further attempt a concise review of the characteristics of an entrepreneurs, problems encountered by entrepreneurs and various sources of funds and various contributions of entrepreneurship to economy of different countries like India, as well as how it can contribute to Nigeria economy. Moreover, adequate findings were analysed and the research provided conclusion as well as necessary recommendations was given to further buttress the study of entrepreneurship programme to economic development.


Chapter One


1.0 Introduction

1.1 Background of the Study

The process of socio-economic change in positive direction is the intrinsic part of human civilisation. The human efforts were put to unearth the treasures of resources by in built curiosity and further augment them to generate value added products or services to offer mankind the peaceful, conformable and rich life with better living conditions. The intangible human assets inform of creativity and knowledge become driving force that will yield industrialization as the process that must accelerate economic growth and induction of social change. The faster rate of such change and forces can only be achieved by effective entrepreneurship programme which focus on management of change and industrial polices.

Entrepreneurial programme mainly on innovative propensity and management capability with newer and recent managerial skill in the society in a particular period, this determines the future of economic development of a particular nation.

Entrepreneurship plays an important role in the economic growth and development of a nation. It is now view as a purposeful activity includes in initiation, promotion and distribution of health and service. Furthermore, development agencies see entrepreneurship as an enormous employment potential, politicians see it as the key strategy to prevent social unrest, farmers see it as a instrument for improving farming earning and women see it as an employment possibility near their homes which provides autonomy, in dependence and a reduced need for social support and economists see it as a means of improving of the people.

However, entrepreneurship stands as a critical factor in economic development and an integral part of the socio-economic transformation. Thus, there is an increasing realical role to play in helping Africa been the deal effectively with current and emerging development and reduce poverty.

In Nigeria, entrepreneurship programme is becoming a priority within all levels of education for many reasons such as self employment and self-reliance. Poverty reduction and youth empowerment are major challenges of the nation which depend heavily on the creation of employment opportunities. This leads to greater emphasize which is placed on entrepreneurship programmes, and development with focus on both rural and women’s entrepreneurship in order to improve economic development. This will leads to advancement of national development.

This project work will focus on the reasons why entrepreneurship development programme is a force for economic improvement, the contributions of entrepreneurial programme to economic development as well as identification of various problems encountered in the process of improving entrepreneurial skills and knowledge.


1.2 Statement of the Problem

The statement of problem of this research work is as follows, that there is:

  1. Inadequate financial support for the entrepreneurial business
  2. Lack of effective information needed for the development of the business.
  3. Poor productive resources required in the business
  4. Difficulty for entrepreneurs to develop necessary managerial skill needed for the survival of their business
  5. Exposure to series of risk in the course of entrepreneurial activities or business.

1.3 Objectives of the Study

This research work intends to achieve the following objectives.

  1. To evaluate important of entrepreneurship programme to economic
  2. To evaluate the qualities of successful entrepreneurs
  3. To identify various source of funds and information available to entrepreneurs
  4. To examine the contributions of entrepreneurship to the development of Nigeria economy.
  5. To identify the problems and risk involve in entrepreneurship

1.4 Statement of Hypothesis

For the pose of this study, it is important to make on set an hypothesis in order to determine relevant conclusion in achieving the stated objective.

Hypothesis 1:
  • H0: There is no significant relationship between entrepreneurship programme and economic development.
  • H1: There is significant relationship between entrepreneurship programme and economic development.
Hypothesis 2:
  • H0: There is no significant relationship between entrepreneurships and national development.
  • H1: There is significant relationship between entrepreneurs and national development.
Hypothesis 3:
  • H0: There is no significant relationship between entrepreneurial activities and economic improvement activities.
  • H1: there is significant relationship between entrepreneurship activities and economic improvement activities.

1.5 Significance of the Study

This project work will be of great important to an average number of youths because among youth there by promote self-substance. Thus, various opportunities such as source of funds and strategic business management skill so as to enhance entrepreneurial business within the society.


1.6 Scope and Limitations of the Study

Specifically, this work is designed to analyse various contributions of entrepreneurship programme to economic development and is limited to the workers and management of Fol-Hope limited.

The project work will not be conducted without hindrances encountered during the process, which affects the process of data collection entrepreneurship is also difficult to measure empirically, the periods for obtaining information also short and couple with other academic commitments is limited to conduct a through research on this study.


1.7 Definitions of Terms

This study intends to examine various concepts used in the research in order to make a good clarification. They are as follow.

Entrepreneur:

According to Richard Cantillon (1725) defines it as agent who buys means of production at certain prices in order to combine them thereby creating a new product. American Heritage Dictionary (1980) defines entrepreneurs as a person who organizes, operates, and assumes the risk for profit motive.

Entrepreneurship:

Amit et al (1993) defined entrepreneurship as the dynamic process of extracting profit from a new, unique and valuable combination of resources in an uncertain and ambiguous environment. Schumer view it as the process of persistent pursuit of opportunity to create wealth through innovative creation of a product or using scarce resources.

Programme:

This is a process of presenting a detailed learning skill.

Development:

Is a process of economic political, Socio-Cultural technological and administrative transformation. It is the movement of programme from good to better position. That is from under developed to developed position.


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

Chapter Five


Summary, Conclusion and Recommendation

5.1 Introduction

It is important to ascertain that the objective of this study was on the contribution of entrepreneurship programme to economic development. 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 programme to economic development


5.2 Summary

This study was on contribution of entrepreneurship programme to economic development. Four objectives were raised which included: To evaluate important of entrepreneurship programme to economic, to evaluate the qualities of successful entrepreneurs, to identify various source of funds and information available to entrepreneurs, to examine the contributions of entrepreneurship to the development of Nigeria economy, to identify the problems and risk involve in entrepreneurship. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of Fol-Hope limited, Oyo 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 managers, supervisors, farm attendants and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies


5.3 Conclusion

Contrary to the generally believed notion or assumption, this research found out that access to finance or capital is not the greatest problem facing SMEs in Nigeria. The greatest or worst problem confronting SMEs in Nigeria is managerial capacity. Access to capital or finance is necessary but not a sufficient condition for successful entrepreneurial development. If one has the entire funds in the world and does not have the capacity to manage that fund and does not have the necessary information as to what he/she should do, the money would go down the drain. The top ten key problem areas facing SMEs generally in Nigeria in descending order of intensity include management problems, access to finance/capital, infrastructure, government policy inconsistency and bureaucracy, environmental factors related problems, multiple taxes and levies, access to modern technology, unfair competition, marketing problems and the non-availability of raw materials locally. The mortality rate among SMEs in Nigeria is very high within their first five years of existence. The reasons for the high mortality rate include the following among others: Many prospective entrepreneurs do not have a clear vision and mission of what they intend to do. Many of the SMEs are not business specific and hence have no focus and are easily blown away by the wind. With the dismantling of trade barriers as part of globalisation, SMEs in developing countries are facing intense competition from industries of other countries, which have enabling environment for production, distribution and marketing. The environment in which SMEs in Europe, South East Asia and America operate provides stable power and water supply, standard road and rail network, efficient water and air transport system, advanced technology, modern communication facilities, efficient and responsive financial system and above all good governance. Unless Nigeria puts its policies right, many SMEs may not survive this global competitive drive. There are however some opportunity windows which discerning Nigerian SME promoters can leverage on and take advantage of to grow.


5.4 Recommendation

For the government to succeed in reinventing the future of SMEs, it has to extend the current reforms to our educational system to make it more functional, relevant and need-oriented and driven. The thrust and emphasis should be on modern technology, practical technological and entrepreneurial studies aimed at producing entrepreneurs. This implies a change in our culture, value system and orientation as well as Nigerians‟ overall attitude, ethics and appreciation of the need for every Nigerian to contribute in making our country better than we met it.


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