Testing The Waters Of Entrepreneurship A Way Out For Nigerian Economy
There seems to be a cry by the Nigeria on the way out of economic misfortune. The wailing by Nigeria of their poverty among the riches, his inability to achieve his set objective as a minimum possible cost, the society which has deprived them of chances of exploiting the available opportunity political and legal enirount also poses great threat to their survivals. All these needed to be attended to.
The study examines what causes this, it effect on the economy and the way out of this economic meess. In this project work titled “Testing the waters of entrepreneurship a way out for Nigerian economy. The study will examine what it takes to start a business, the risk inherent and the benefits of its establishment to the Nigerian economy.
The research methodology adopted for this project discuss the means which the researcher’s study was conducted. The research design describe the data requirements, the population and sample.
The sampling design discuss the sampling method of the research study in order to fully represented the population. Data gathering collection reveals the method used in gathering data end the filed work undergone by the researcher.
The research funding indicate among other things.
- How to start a small business as an entrepreneur.
- Risk involve in entrepreneurship
- The political and legal environt of an entrepreneur.
- How to encourage the spirit of entrepreneurship to fund solution to Nigeria economic misfortune.
1.1 Background Of The Study
With the number of business expected to double by the year 2015, just think of all the opportunity that this represent and of the millions of people who will find fulfillment and security pursuing it. To get one launched into a view of your own entrepreneurial motivations and aptitudes, Jeffy Timmons presented Ten general principles. They come from his observation, thousands of people who have tested the waters o entrepreneurship before now. Timmons suggests some first steps as to how you can actually get started on the journey.
- Do what gives you energy. Have fun at what you are doing and you will be unstoppable.
- Entrepreneur sees the cup on half full and not half empty.
- Do not take risks you don’t have to but take a calculated risk if it’s the right opportunity for you.
- Business fail but successful entrepreneur learns. The key is keep the tuition low.
- Henry Ford put it this way failure is an opportunity to began more intelligently.
- Make opportunity and results your observations not money and this is a key point.
- Make heroes out, others. A team builds a business, and individual makes a living.
- Integrity and reliability are the long run oil and glue of entrepreneurship.
- Make the pie bigger, don’t waste time trying to cut smaller pieces an share the wealth with the people that help you create it.
- Plan for long hand.
Who then is an entrepreneur. In Nigeria, context most people take it just to mean a means of livelihood. It is a term used broadly in correction with the innovalve modern industrial business leader. It can be define as an purposeful activity. It involve the use of human and non-human resources towards the achievement of set goals and objectives. It is being define by reference to the function of an entrepreneur as the man who perceived business opportunities and takes advantages of the scarce resources to use them.
Testing the waters of entrepreneurship is an economic issue that have attracted much pendulum of opinion among Nigerians. The economic recession, the financing of business which has gone beyond simple personal savings and loan from friends among others makes the heart of average Nigerian to quark in venturing into entrepreneurship.
1.1 Statement Of The Problem
The Nigeria economy which is a developing economy is going from bad to worse. The economy is characterized with a lot of problems starting from lack of sufficient funds through to internal and external business environmental problems. Fund facility in the nature of initial outlay and working capital which is the basic necessity and the prime mover of entrepreneur, once it is lacking, the fate of the entrepreneur dwindles and average Nigerian will think of going for a paid job or government establishment. The problems that are likely to arise are:
- Capital inadequately – this deals with way and manner to get initial or working capital for the business.
- Management Ability – The technical and technological know how is lacking in Nigeria as average Nigeria has a myopic management know how.
- Research and innovation – lack of initiative and generation of new idea and way of doing things.
- Absence of business plan, use of obsolete business method e.g failure to maintain stock-invention control, lack of credit control, inadequate financial and tax record.
- Low professional qualification, unwilling to work long hours and insufficient knowledge.
- Ownership structure is also a major problem as majorly are sole trader.
1.2 Purpose Of The Study
Generally speaking, it has been acknowledge that average Nigerians dread testing the waters of entrepreneurship as many prefer paid employment.
Consequently this study set out to:
- Encourage the spirit of entrepreneurship in Nigeria.
- Make recommendation to strategies of removing impediments on entrepreneurship.
- Encourage the utilization of available local resources for the benefit of Nigerians through improve productions, storage, preservation, processing, recycling packaging and marketing.
- It will encourage the promotion of production and development consciousness thereby facilitating rural industrialization as well as urbanization of rural areas.
- Identify the benefits and risk associated with entrepreneurship.
- Provide mobilization of domestic savings for investment.
- It will bring abut the improvement of the standard of living of the people and quality of life as a return.
1.3 Research Questions
- Do you think testing the waters of entrepreneurship by Nigerians will revamp, refocus and invigorate the Nigerian economy?
- What re the likely problems or risks inherent in entrepreneurship?
- What are the likely benefit to Nigerian economy?
- How do you start a business concern.
- H1 = Inadequate starting capital makes entrepreneurship in Nigeria a difficult tasks.
Ho = Inadequate starting capital does not make entrepreneurship in Nigeria difficult task.
- H1 = Political environment provide a healthy environment for financing small business in Nigeria economy.
Ho = Political environment does not provide a healthy environment for financing small business in Nigeria economy.
- H1 = Inter-communal clashes, unstable exchange rate to mention but two, work against the successful entrepreneurship in Nigeria.
Ho = Inter-communal clashes, unstable exchange rate to mention but two, does not work against the successful entrepreneurship in Nigeria.
- H1 = Entrepreneurship will revamp the Nigerian economy.
Ho = Entrepreneurship will not revamp the Nigerian economy.
The methodology adopted for this project discuss the means which the researcher study was conducted. The research design describe the data requirements, the population and sample. Questionnaire were distributed together data and analysis of variance and percentage are use as tools for analysis.
1.6 Scope And Limitations Of The Study
The study of this nature as may be expected would involve time, money, logistics problem with distance in administering questionnaire and eliciting valid responses from the respondents.
Suspicion of the researcher even as I go into primary data also limited this study in some way. Majority if not all business concern have no interest in revealing its secrete to an outsider. They may be suspecting supply or competitors.
1.7 Significance Of The Study
The project work is significant in that it will give various definitions of on entrepreneur, Government regulations and legal aspect of business will be revealed. Perhaps the greatest influence on the establishment an operation of business in Nigeria is the existence of government. Apart from been largest institutional consumers, they try to regulate our facilitate business in Nigeria through exchange of laws and regulations which govern the operations of business.
The government protect the business from unfair trade practices and completion and also the workers of the company e.g price control Decree and indeginsation decree.
This regulate false and misleading adverts, false or inadequate labeling of products, regulation of business, wages, hours of work etc. a good example is NAFDAC which standardize methods and protect industry throughout Nigeria.
Seek to remove obstacles in the establishment and operation of business and provide incentive to induce action and by entrepreneur e.g tax incentitive, loan, remover of export tax etc.
The study is significant in that it will encourage the young stars who goes through this literary work to start their own business.
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