Entrepreneurship Development As A Tool For Wealth Creation

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Entrepreneurship Development As A Tool For Wealth Creation


Abstract


This study is on entrepreneurship development as a tool for wealth creation. The total population for the study is 200 student of University of Lagos Faculty of Business administration. 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 final year students, year three students, year two students and year one students were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies


Chapter One


Introduction

1.1 Background to the Study

Entrepreneurship development by way of education has been receiving attention globally. Several attempt have been made through researches, mounting of entrepreneurship courses, programmes in both institutions of learning and entrepreneurship research centers for the purpose of developing both entrepreneurship spirit and culture (Akpomi 2009; Adejimola and Olufunmilayo 2009; Dickson 2008).

As expressed by Kalirajan and Singh (2009) and MDG Report (2007), entrepreneurship drive entails intensified effort to mobilize and enhance entrepreneurial activity which will consequently benefit individuals, government, and the society at large. The issue of poverty eradication has been a top priority of many government and institutions especially in developing countries where extreme poverty is conspicuous and became pandemic.

To this end, Ewhrudjakpor (2008) asserted that poverty and unemployment are among the major developmental problems that face every developing economy in the 21st century. In Nigeria today, the increasing rate of poverty, unemployment, corruption and so many other social problems has become worrisome to the government and to every well meaning citizen. Therefore, the need for apparent change is very desirable and necessary for the country to move forward and to meet up with the global challenges. The integration of economies through globalization process any government or state that hesitates or vacillates on whether to imbibe the culture of change will certainly remain stagnant or create standstill not only at the detriment of its country but to the larger global community.

It is one thing to indulge in entrepreneurship and it is another thing to create wealth. Wealth creation from entrepreneurship entails proper coordination, strategy and implementation of appropriate policy. Other factors include infrastructures, awareness and education. It is pertinent to note that education can be a means to an end. It can simply be a tool for securing employment and emancipation of people through the provision and acquiring of necessary knowledge and skills to make lives more flourishing (Akingbola, 2008).

The rest of this study would investigate the need and importance of entrepreneurship development on wealth creation.


1.2 Statement of the Problems

The problem of this study includes:

  1. Poor perception of entrepreneurship amongst students;
  2. Inability to appropriately classify the characteristics and functions of an entrepreneur;
  3. Constraints against effective wealth creation from entrepreneurial drive of students owing to some militating factors;
  4. Poor implementation of government policies on entrepreneurship;
  5. Business environments that is not conducive for entrepreneurship.

1.3 Objectives of the Study

In the light of the above problem, it is therefore pertinent to offer some intension geared towards redressing and enhancing entrepreneurship development; as a tool for wealth creation. The following would therefore serve as specific objectives of the study:

  1. To examine how students perceive the characteristics and function of entrepreneurship.
  2. To investigate the factors militating against effective wealth creation and entrepreneurial activities with emphasis on government policies.

1.4 Research Hypotheses

Hypothesis I
  • Ho: There is no significant relationship between entrepreneurship development and efficiency of infrastructure.
  • HI: There is a significant relationship between entrepreneurship development and efficiency of infrastructure.
Hypothesis II
  • Ho: There is no significant relationship between entrepreneurial drive of students and wealth creation.
  • HI: There is a significant relationship between entrepreneurial drive of students and wealth creation.

1.5 Significance of the Study

Taking into cognizance the rate of poverty occasioned by the rate of unemployment, high level of illiteracy, corruption and poor infrastructures, the study will have the following significance:

The study presents sufficient challenges to academic to increase their research interest in the field of knowledge.

The study will help in revealing the various constraints in entrepreneurship development and on how best to work and apply worked out strategies to better the state of the Nigerian youths to a more befitting and admirable condition.

The study will aim at enabling the government to prioritize and review the standard for guiding against the impact of poverty, unemployment, high level of illiteracy, corruption and bad governance amongst the Nigerian youths.


1.6 Scope and Limitation of the Study

The research study is focused on entrepreneurship development as a tool for wealth creation. The study is limited to final year students of the Faculty of Business Administration, Distance Learning Institute (DLI), University of Lagos.

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

b) Time:

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 Definition of Terms

Unemployment:

This occurs when people are without a job and has actively looked for work for a long time and finds it impossible to get one.

Entrepreneur:

This is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome

Wealth:

This is the abundance of valuable resources or material possessions or the control of such assets.

Wealth creation:

It is the combination of materials, labour, land, and technology in such a way as to capture a profit (excess above the cost of production).

Creativity:

This refers to the phenomenon whereby something new is created which has some kind of value.

Infrastructure:

The technical structures that support entrepreneurship and wealth creation, such as roads, water supply, sewers, power grids, telecommunications, and so forth.

Poverty:

This is the lack of basic human needs, such as clean water, nutrition, health care, education, clothing and shelter, because of the inability to afford them

Gross Domestic Product (GDP):

A measure of a country’s overall economic output. It is the market value of all final goods and services made within the borders of a country in a year.


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 to ascertain entrepreneurship development as a tool for wealth creation. 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 as a tool for wealth creation


5.2 Summary

This study was on entrepreneurship development as a tool for wealth creation. Three objectives were raised which included: To examine how students perceive the characteristics and function of entrepreneurship, to investigate the factors militating against effective wealth creation and entrepreneurial activities with emphasis on government policies, to ascertain the relationship between entrepreneurship development and wealth creation. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 students of University of Lagos Faculty of Business administration. 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 final year students, year three students, year two students and year one students were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies


5.3 Conclusion

Wealth and job creation 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. Effective entrepreneurial development can set in motion a wave of impacts in communities and regions that go beyond the wealth created by individual entrepreneurs and their enterprises. Successful entrepreneurs create returns for their investors, often family and friends located in their rural regions. While the broad-based research to document and better understand the role that entrepreneurs play in local wealth creation is lacking, there is ample anecdotal information of the potential for local entrepreneurs to give back in multiple ways to the rural communities that have supported them


5.4 Recommendation

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.


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