The Role Of Entrepreneurship Development In Nigeria Economy

The Role Of Entrepreneurship Development In Nigeria Economy
Abstract
Generally this study seeks to explore the role of entrepreneurship development in Nigeria Economy, with a case study of the hungry man restaurant. To find out if there is significance in the role played by entrepreneurship in Nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation of government in the development of entrepreneurship in the country. This review the deliberate act or policy of government at all level in the federation initiated and executed, aiming at promoting the growth and development of entrepreneurship in the society. The researcher used both primary and secondary data collection to gather information for analysis. Base on statistical test carried out using X,2 hypothesis shows that the inconsistency of the government to provide serious support for business sectors has contributed to the underdevelopment of the economy. Recommendations were made that government should at all level established a strong support to small scale industries in the society.
Table of Content
Chapter One
Introduction
- 1.1 Background of the study
- 1.2 Statement of the Problem
- 1.3 Objective of The Study
- 1.4 Significance of the study
- 1.5 Research Questions
- 1.6 Research Hypothesis
- 1.7 Scope of the study
- 1.8 Limitations of the study
- 1.9 Definitions of relevant terms
Chapter Two
Literature Review
- 2.1 Introduction
- 2.2 Background of the case study
- 2.3 Concept of the study
- 2.4 Current concept of the study
- 2.5 Entrepreneurship define
- 2.6 Reason for Entrepreneurship
- 2.7 Forms of entrepreneurship
- 2.8 Importance of entrepreneurship
- 2.9 Theoretical framework
Chapter Three
Research Design and Methodology
- 3.1 Introduction
- 3.2 Design of the Study
- 3.3 Research Population
- 3.4 Sample size and Sampling Techniques
- 3.5 Sources of Data Collection
- 3.6 Research Instrument Used
- 3.7 Questionnaire Design
- 3.8 Questionnaire Distribution and Collection
- 3.9 Methods of Data Analysis
Chapter Four
Data Presentation and Analysis
- 4.1 Introduction
- 4.2 Data Presentation and Analysis
- 4.3 Test of Hypothesis
- 4.4 Summary of Findings
Chapter Five
Summary, Conclusion and Recommendation
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendations
- Bibliography
- Appendix
Chapter One
Introduction
1.1 Background of the Study
Some entrepreneurship development, their faith could usually be determined at an early stage of operation, if it is not right at the beginning, for example whether employing more capital will yield profit or not. It can be best known because the output of work will show much earlier whether it is going to be profitable or not, but in large manufacturing business, this will not show up till at later stage where it will continue until much lain the production process.
Entrepreneurship development being both machine and labour intensive, manufacturing and service industry or business, provides job opportunities to a wide range of people.
1.2 Statement of the Problem
The business environment is dynamic and competitive in such an environment an organization can be best achieved it’s good through a well established leadership style and good managing director that will manage business organization such as; Entrepreneurship development. The small scale business would have been a source to Nigeria economic development. But today, entrepreneurship development are not yielding positive result due to poor performance and lack of government intervention.
Therefore, this project will source for various solutions to these problems that militate against entrepreneurship development. These are Entrepreneurship development which include:
- Poor management
- Lack of management skills
- Individualism of management of entrepreneurship development
- Difficulty in sourcing the services of qualified personnel
- Lack of training and development of personnel
- Finance problems.
Poor Management:
The most critical problem affecting of almost all indigenous enterprise in Nigeria is poor management. The lack of efficient organizational structure and the practice of modern management techniques. If enterprises could be ascribe to two factors, first, if the limited understanding modern management practices by owners managers could be with their strong desire to run the business alone.
Lack of Management Skills:
Also the problem facing entrepreneurship development include stress primarily arise from the need of hire skilled and qualified personnel to assist in the running of the industries demands the greatest problems of entrepreneurship development is lack of necessary skill in the management group. In every entrepreneurship development, the entrepreneur is one person management team. This makes it difficult for the effective operation of the enterprises.
Individualism of management of entrepreneurship development:
This is the characteristics of individualism among entrepreneurs. The owner bears the management burden alone. The jobs varies and likes managerial responsibilities are few, if any. The managers are called “Jack of all trades and master of none”.
Difficulty in services of qualifies personnel:
Another factor which leads to managerial problems with entrepreneurship development is difficulty in securing the services of qualified personnel.
Lack of training and development of personnel:
Lack of training and developments of personnel is another factor which compounds the managerial problems of entrepreneurship development in Nigeria. Training provide employees change in job requirement and new technology. It equally serves as motivation of incentive for the existing employees, which increase their productivities. In essence, lack of training and development for the existing workers made replacement of vacant for the existing position difficult.
Financial Problem:
The capital for entrepreneurship development industries are very small. This is because most Nigerian business men and women operate in a low income economy. They are unable to generate sufficient funds through personnel savings which involved huge capital equipment or other fixed assets.
1.3 Objective of the Study
Entrepreneurship development are established and managed for the achievement of some objective, some of these objectives that entrepreneurship development pursuers are at different times include:
- To emphases the need for entrepreneurship development in an economy
- To highlight some of the problems involved in entrepreneurial process.
- To examine the participation of government in the development of entrepreneurship in the country
- To ascertain the role of entrepreneurship development in an economy.
1.4 Significance of the Study
At the end of the research work, the reader will be in better position to appreciate the importance of Entrepreneurship development, especially as a motivating factor to the development of Nigeria economy. The work also aim at making theoretical and practical contributions to already existing theories and ranging from skill and unskilled source of income to the resident population in Nigeria and also makes faster contribution to Nigeria balance of payment and development. Nigeria is highly concentrated with entrepreneurship development has shown greater increase in recent years, but the problem here is that, most of this entrepreneurship development operation which include:
Lack of application of effective managing, organizing, coordinating, directing and controlling of men, materials, machines, money and others so as to source the main achievement of objective for which is profit. This management therefore, leads to employment of unskilled personnel substandard facilities and equipments, limited resources for control and accountability.
Lack of proper motivation of employees: All these result to eventually loss turnover and loss revenue. As a result of the immense contribution of the Entrepreneurship development, to the economic of this country, there is need for government and help in the provision of infrastructural facilities as well as technical assistance and also making loan available
1.5 Research Questions
For the purpose of easy analysis, the following research questions are formulated:
- What roles does an Entrepreneurship development industry play in Nigeria economy?
1.6 Research Hypothesis
Hypothesis is a statement about an issue or a phenomenon with or made on the basis of a limited study of the phenomenon, with the view to use such a statement as a guide to research into the phenomenon, the outcome of this study is based on null hypothesis (Ho) and alternative (Hi). This hypothesis was arrived at the basis of whether to accept or reject any of the hypothesis.
- Ho: Entrepreneurship Development does not play any role in Nigeria economy.
Hi: Entrepreneurship Development industries play an important role in a Nigeria economy - Ho: Managerial skills of capacity does not play positive effect in Management of Entrepreneurship development in Nigeria
Hi: Management skills or capacity does plays a positive effect in management of Entrepreneurship development in Nigeria.
1.7 Scope of the Study
This research work covers the period of 2015-2016, and does not go beyond the topic: The role of Entrepreneurship Development in Nigeria economy, a case study of The Hungry Man Restaurant Wuse II Abuja. The personnel involved in this research work were drawn randomly from the upper, middle and lower management level of the organization. However, the researcher will not go beyond the objective of the research since it was clear that, if one should be allowed to carry out every bit of the work he might spend a life time doing the research and perhaps might not be able to complete it.
1.8 Limitation of the Study
During the process of carrying out this research work, a number of factor imposed constraint, such as lack of access to relevant materials whjile some of data needed were regarded as highly confidential by staff of the Hungry Man Restaurant Wuse II Abuja. Also, the researcher was faced with inadequate finance for transportation in search for relevant materials.
1.9 Definitions of Relevant Terms
For easy and concise understanding of this work, it is necessary that vital terms be defined.
Entrepreneur:
An Entrepreneur means a person who starts, organize a commercial enterprise especially one having financial risk. Meredith etal (1999) look at an entrepreneur as an individual who has the ability to see and evaluate business opportunities gather the necessary resources to take advantage of them and initiate appropriate action to ensure success and he is a risk taker.
Entrepreneurship Development:
This is the coming into existence in society of the class of individuals, who are not limited to pace odds.
Small scale business:
Ejiofor (1987.7,)defines small scale business as those enterprises that have relatively little capital investment, that produce in small quantities and as a result of controlling a small share of market that employs not more than fifty workers (50) and in which management marketing and entrepreneurship functions are used in the proprietor.
Management:
According to Akapla (1990:3) management is define as a process of combining and utilizing of an organization inputs (man, materials and money) by proper planning, organizing, directing and controlling for the purpose of producing output (goods and services).
Indigenization:
Ejiofor (1989:26) says it is the mass transfer of ownership and contra of economic organization from foreigners to nationals. It is a situation whereby a deliberate effort is made with a back up of government regulations to transfer proprietory interest of man.
Planning:
Planning can be define as a process which managers visualize and determine in advance, the objectives of an enterprise or organization and select future cause of action for their accomplishment.
Chapter Five
Summary, Conclusion and Recommendation:
5.1 Introduction
This project has essentially discussed the hungry man restaurant as regard to entrepreneurship development in Nigeria.
The need for Entrepreneurship cannot be over emphasized. Here, the researcher will summarized the ultimate pre-occupations of this research work, thereafter, he draw a conclusion on the project work and also make a recommendation on the work done so far.
5.2 Summary:
As a matter of fact the ultimate pre-occupation of this research work is the role of entrepreneurship in Nigeria economy. Investigation on the subject matter findings have been made covering the idea identified with specific problems. The researcher has identified problems confronting entrepreneurship in Nigeria. The difficulties encountered by entrepreneurship in Nigeria, which occasionally leads to the death of their business are numerous.
Problems such as financial constraint and management ineptitude are common causes of entrepreneurship failure. Since our likely problem in business life is finance, the only solution which will solve this problem is to operate a sizeable firm which will be limited to our financial position. The extension of the business should be based on how the society is patronizing the product. There is an adage which says “cut your coat according to your size”. Don’t expand your business because MR. A. has extended his, you need to study the market situation to avoid future failure.
Since the society is trying their effort to assists the government to industrialize the Nigeria nation, the government should also assist them financially and technically.
5.3 Conclusion
From the above analysis the researcher concluded that the best form of business which touches average life of poor in the society is Entrepreneurship that poverty will always exist is a fact that cannot be disputed even in advance countries; the depth and magnitude of poverty could be appropriated but not totally eradicated. Through the appropriate mix of programmes, some of which are been executed at a moment by the small scale enterprise, when poverty is conceived as a broad problem that’s lacking of money or even lack of food security, additional structure, education services need health care need, technological development, provision of social aminities etc. should also be considered as way which poverty can be alleviated in the country. The government is also missing the boat when it does not focus mainly on the entrepreneurship promotion programme which will not end up in the pockets of the technical bureau but reach the average poor in order to develop local investment motive within them. In an attempt to industrialized this country, the government the source of financing small scale industries are saddles with problems progress can be achieved, if attention is given to the recommended solutions given earlier in this research work. Doing this, will mean our getting nearer to our goal of an industrialized nations.
5.4 Recommendations:
A clear look at the problems faced by entrepreneurship, which can be classified into two main sources:
- The external source
- The internal source
Being mainly government and partly market forces, internal sources is the proprietor himself, so solving these problems of the business can be handed from the perspectives as well.
Effect of Government:
The government can help the entrepreneurship by doing the following:
- Provision of loans for viable small scale sector through:
- National directorate of employment (NDE)
- National Agency for poverty Eradication Programme (NAPEP)
- Small and Medium Enterprise Development Agency of Nigeria (SMEDAN)
- Centre for industrial Research Development (CIDR)
As well as making effort to see that the interest rate charges by banks as a result of loan collection are moderate for their business operation, and the procedures of obtaining loans in our banks.
- Removing tax from viable activities of the industries to encourage investment in them.
- Provision of infrastructural facilities to the producers, such as hospitals to take care of health, schools to educate the local people electricity, pipe-borne water supply, good road for easy movement etc.
- The need for technical assistance so as to adopt to the modern method of production to enhance production processes.
- Improvement in market situation, the government should encourage these local producers to produce in large quantity through the marketing hoard who will purchase this project from them in large quantity and with viable process.
Effect of Proprietorship:
The proprietorship should always have a financial plan before embarking into any business in life and to hint the extension of family and making proper use of the bank savings system, should be adopted, this will make the bank to allow the customer to take overdraft in the bank. The proprietor should study carefully the accounting system by recording their financial statement that is to be able to know their expenditure and revenue at a certain period.
Above all, government should establish strong industrial links with countries like Korea, China etc. which had tremendous success with the development of small scale industries. Nigeria entrepreneurs can learn a lot from the experience of enterprising in such countries and the Nigeria government will also learn from the supportive role that their government have rendered towards the realization of the employment generating capacity of small scale industries.


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