The Development Of Entrepreneurship In A Depressed Economy

Project and Seminar Material for Economics

Project and Seminar Material for Economics

Chapter One


1.1 Background Of The Study

In a depressed country like ours, global development is entering a phase where entrepreneurship will increasingly play a more important role. There is a need for the Nigerian economy to sustain growth through sustainable access to resources, knowledge, markets, and industrialization putting a premium on innovative entrepreneurship.

There is no doubt that Nigeria is naturally blessed with entrepreneurship opportunities; yet the realization of the full potential of these opportunities has been dampened by the adoption of inappropriate industrialization policies at different times. Several policy interventions that were aimed at stimulating entrepreneurship development via small and medium scale enterprises promotion, based on technology transfer strategy, have failed to achieve the desired goals as it led to the most indigenous entrepreneurs becoming distribution agents of imported products as opposed to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture and expert services (Thaddeus, 2012).

Entrepreneurship is the cornerstone and at the heart of the free enterprise economy (Popoola, 2014). Entrepreneurship is an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes, and raw materialthrough organizing efforts that previously had not existed (Shane and Venkataraman, 2000; Venkataraman, 1997).

Economic development here refers to a qualitative process that describes changes in the overall economy aiming to enhance the economic well-being of a community regardless of its size. In economic literature, economic development is frequently described as being a three-legged stool where each leg represents one economic development strategy. The first leg usually refers to business attraction; the second one to business retention and the third one to entrepreneurship development. However, because this analogy assumes the existence of equality and separation among economic development strategies, more useful analogy is that of a pyramid as Dabson (2005) pointed out.

The 2012 Global Entrepreneurship Monitor (GEM) has empirically identified Nigeria as one of the most entrepreneurial countries in the world. The study showed that 35 out of every 100 Nigerians (over a third) are engaged in some kind of entrepreneurial activity or the other. It is therefore imperative at this point in time to critically evaluate not just the principles of entrepreneurship but the practice and its crucial role in fostering economic growth and development in a developing economy like Nigeria.Entrepreneurship is not synonymous with small business. Certainly, small firms are an outstanding vehicle for individuals to channel their entrepreneurial ambitions. The small firm is an extension of the individual in charge (Lumpkin and Dess 1996).

However, entrepreneurship is not restricted to persons starting or operating an (innovative) small firm. Enterprising individuals in large firms, the so-called ‘entrepreneurs’ or ‘corporate entrepreneurs’, undertake entrepreneurial actions as well. Nigeria’s GDP growth rate of between 6 – 8 percent in the last ten years shows the country is one of the fastest growing economies in the world. The implication is that any good business established is capable of generating unusual and above average returns. It is one of the few countries with the highest returns on investment anywhere in the world- money, market, capital market, mutual funds, real estate and property, entrepreneurship, etc (Popoola, 2014). Furthermore, for entrepreneurs to play an appropriate role, the role of the state remains important; if not more so than before. Strong states, as regulators and gatekeepers, play a particularly vital role. In the absence of appropriate ‘rules of the game’, entrepreneurship may result in undesirable social outcomes, including corruption, crime, speculation and financial crises, and may worsen the vulnerabilities of people during natural disasters (UN Report, 2011).

1.2 Statement Of The Problem

The present state of inflation in Nigeria affects, income earners especially those with fixed income and very poor ones in the society find it difficult to match with the increasing prices of goods and services. This continues as long as price rises and there is fall in the purchasing power. Standard of living must be emphasized. More values of money is being required by individuals for the purpose of desired products during an inflation period as opposed to normal economic situations. This brings about decline in the purchasing power. This results in a problem as the ability of individuals to purchase “products” in the light of continued rising prices become reduced.

Also of importance is the issues of inflation giving rising to the different society wish income as the distinction factor. There is a large gap between income of fixed income earners and profit earner. This is because the income profit earners rise with the rising prices of products as opposed to those of fixed income earners.

Promoter of small and medium enterprises are people with ideas, dreams and imaginations but majority of the entrepreneurs lack the needed financial means to translate their dreams and aspirations into concrete that will earn them the desire wealth.In spite of the roles play by SMEs in the Nigeria economy, the sub-sector has continued to suffer from the other numerous of problems. The main problem of this study is to identify the issues and problems that militate against entrepreneurship development in Nigerian and the prospects

1.3 Objectives Of The Study

The major objective of this study is to examine the development of entrepreneurship in a depressed economy, the researcher intend to cross-examine the following sub objectives;

  1. Identify the problems that militate against sustainable entrepreneurship development in Nigeria.
  2. Examine critically the sources of these challenges.
  3. Examine the prospects of entrepreneurship development in the nation’s economy.
  4. Proffer solutions to these issues and problems that militate against entrepreneurship development in Nigerians

1.4 Research Hypotheses

The following null and alternate hypotheses were formulated by the researcher to guide the study;

  1. H0: there is no existing relationship between adequate provisions of capital to the entrepreneurs and the success of entrepreneurship development in Nigeria.
    H1: there is an existing relationship between adequate provisions of capital to the entrepreneurs and the success of entrepreneurship development in Nigeria.
  2. H0: there is no existing relationship between socio-economic, political and environmental factors and the development of entrepreneurship in Nigeria.
    H2: there is an existing relationship between socio-economic, political and environmental factors and the development of entrepreneurship in Nigeria.

1.5 Significance Of The Study

This study would be of immense benefit to both the financial institution and small and medium sale industries in Nigeria, as well as the counties policy makers who have desire to place Nigerian on a sound economic and industrial footing. When this research is concluded, it would have contributed to the study of knowledge already pilling on the issue of constraints on growth and support of entrepreneur development, which cannot be over lookedin a depressed nation like Nigeria. Since it is also the aspiration of our national policy on education to train our youths to be self-reliant or self-employed after school, this study will therefore stimulates their zeal to involve in the establishment of SMEs. Finally, the findings of this study will serve as a reference material to scholars who intend to embark on a project of this nature.

1.6 Scope And Limitations Of The Study

This study centers on the development of entrepreneurship in a depressed economy, using Nigerian Association of Small-Scale Industrialists (NASSI) Enugu State Chapter as it case study. In the course of the study, the researcher encounters some constrain which limited the scope of the study;

Time factor:

The time allocated to the researcher during the period of the study was limited coupled with lectures and exams.

Financial Constraint:

The finance at the disposal of the researcher during the course of the study wasn’t sufficient enough to run the expenses of the research work.

1.7 Definition Of Terms


Development is defined as the process in which someone or something grows orchanges and becomes more advanced.


Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small business, offering a product, process or service for sale or hire. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.


A mental health disorder characterized by persistently depressed mood or loss of interest in activities, causing significant impairment in daily life.


An economy (from Greek οίκος – “household” and νέμoμαι – “manage”) is an area of the production, distribution, or trade, and consumption of goods and services by different agents. Understood in its broadest sense, ‘The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources’.

Small Scale Enterprise:

An enterprise with a labor size of 11-1000 workers or a total cost of not more than 50 million including working capital but excluding cost of land (Sule, 1986:207). Medium Scale Enterprise: An industry with a labor size of between 10-300 workers or a total cost of over 50 million but not more than 200 million including working capital but excluding cost of land (Clifford, 1972:85).


Business includes any trade, industry, professional and any occupation carried on for profit Jerome (1996:2).


According to Anyanwu (1998:300) growth refers to an increase in output as a result of bank loans invested in small and medium scale business. Ploughing back the profit into the business.


A hindrance of business not forwarding or not prospering. Enterprises: It means any establishment engaged in production, repairs or services to satisfy human wants and make room for profits.

1.8 Organization Of The Study

This research work is organized in five chapters, for easy understanding, as follows

  1. Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study.
  2. Chapter two highlight the theoretical framework on which the study is based, thus the review of related literature.
  3. Chapter three deals on the research design and methodology adopted in the study.
  4. Chapter four concentrate on the data collection and analysis and presentation of finding.
  5. Chapter five gives summary, conclusion, and recommendations made of the study.

The Development Of Entrepreneurship In A Depressed Economy

Project Material Download

3,000 Naira

The complete material will be sent to you in just 2 steps.

Quick & Simple…

Step One Purchase

Make payment of ₦3,000: through USSD Transfer, Bank Mobile App, ATM Transfer, or POS Transfer to:

Access Bank PlcAccount No.: 0811003731
Name: Samphina Academy
Account Type: Current

Or Click Here to pay with Debit Card

Click Here to pay with Debit Card ($15)
GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey 


Step Two Purchase

Send the following details through Text Message or WhatsApp Messenger | +234-8143831497

  • Payment Details 
  • Email Address 
  • The Development Of Entrepreneurship In A Depressed Economy

The complete material will be sent to your email address after receiving your payment information | T & C Apply

  Contact Our Help Desk

You may also like:

⚠️ Need a different topic? Perform a quick search

Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria

The Development Of Entrepreneurship In A Depressed Economy


This research material “The Development Of Entrepreneurship In A Depressed Economy” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”. is only providing this material “The Development Of Entrepreneurship In A Depressed Economy” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.

How to defend your research work

This is a general guide on how to defend your research work:

1. Prepare For Questions:

If you are preparing for questions that may be asked during your defense, then your answers will flow smoothly and effectively. This will prove your knowledge on the subject e.g “The Development Of Entrepreneurship In A Depressed Economy“, and strengthening your argument. Ask friends and family, read your work for them to listen to your presentation, and write down questions. You may be lucky the panel will ask you those you have already prepared on.

2. Strong Summary:

Summarizing your chapters will help keep your audience focused because it is easy for a mind to drift, so providing summaries will ensure your panel will follow along, even if they lose focus for a brief moment. Visual aides, such as graphs and power-point presentations can be very helpful. If you are going to use these, make sure you will practice your presentation with them.

3. Be Confident in Your Research Work:

Not knowing your topic “The Development Of Entrepreneurship In A Depressed Economy” inside out will cause you to struggle and ultimately fail with your defense. You need to know the subject from every angle to ensure you are fully prepared for any question that may come your way.

4. Conclusion:

Reinforce your findings to conclude your defense. The finale of your presentation should focus on proving the work that has been done. You may need to recap on what has changed and remained unchanged, if is necessary.

5 . Listen:

Before you get defensive or recite a particular answer, make sure you truly understand the question being asked. Being a good listener is an important quality, because providing an inaccurate or off-topic answer will also weaken the validity of your paper.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.