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PROBLEMS OF THE DEVELOPMENT OF ENTREPRENEURSHIP (A CASE STUDY OF SOME SELECTED PRIVATE BUSINESS IN ENUGU METROPOLIS)
1.1 BACKGROUND OF THE STUDY
The rate of economic growth is dependent upon the growth in the factors of production and the rate of technical change. Recently, some economists hence shifted the emphasis away from the increase of physical capital to the expansion of high-level manpower such as entrepreneurship development.
They maintain that the major obstacle to the economic development of developing countries is not so much a shortage of capital as a lack of absorptive capacity in part from shortage of skills and knowledge needed to mobilize, organize and co-ordinate capital and other resources of production.
In view of the above role of entrepreneurship in economic development of any country cannot be over emphasized. It is in recognition of these roles that here in Nigeria, recent pronouncements by government both federal and states as well as members of both the privates and Banking Sectors seem to indicate sudden and increasing realization of the virtues of promoting the growth of business enterprises and indeed the encouragement of potential entrepreneurs.
Effort are now being made to stimulate the people in to appreciating the impact the development of entrepreneurship can have on the national economy.
To start or establish one’s own industry, is besieged with many problems. Many people are seriously contemplating on starting one business or another, many have already done so some are with the idea and the initial problem, while many more have not depressing ends to their initial high hopes.
Investment, without doubt plays a crucial role in economic growth and development. However, the level of investment in an economy is dependent on four factors, namely
a) The extent to which current consumption be reduced to realize resources for investment, otherwise known as saving capacity.
b) The availability of investment goods required to enable investment take place (the investment capacity).
c) The availability of projects managerial and administrative capacity skills and infrastructure required and administrative capacity, skills and infrastructure required for execution of the projects and willingness to harvest.
It is in realization of this obvious fact and its importance to our national economic development that this research stands to attend to ‘A through study will be carried out to unveil the peculiar factors hindering the development of entrepreneurship.
1.2 STATEMENT OF THE PROBLEM
This research study is intended to look into the problems of the development of entrepreneurship. The problem facing entrepreneurship as follows:
i) The inability to identify viable and executable projects.
ii) Capital shortage
iii) High decree of business uncertainty
iv) Indifference of financial house and financial risk.
v) Problem of land acquisition
vi) What other factors are identified as a hindrance
1.3 OBJECTIVE OF THE STUDY
Realizing the role entrepreneurs in our national economic development, it is the view of this study to find out the factors inhibiting the development of entrepreneurship.
The study will therefore do the following:
i) Identify the variables that influence entrepreneurial development in a society.
ii) Examine the Nigeria society and show to what extent environment and policy discourages the emergence of a vibrant indigenous entrepreneurship.
iii) And offer suggestions aimed at creating an enabling environment for the development of entrepreneurship.
1.4 SIGNIFICANCE OF THE STUDY
This study will provide an opportunity for any person who may read it to appreciate what entrepreneurship means. There is no gain saying that it will proffer an immense assistance to potential entrepreneurs through an in-depth analysis of the expected problems that man seems a hindrance. And to those already managing one enterprise or another offer, possible solutions to their problems.
The study therefore, provides a useful guide to future researchers who may want to embark on a study like this.
1.5 SCOPE/LIMITATION OF STUDY
Research on this area is not an easy task at all since it involves delving in to individuals and finding their ways of doing things.
The scope of this study is very wide if it has to be carried out in all private business in Nigeria. The study is limited based on the fact that there is no time and material resources to see the whole nation. This study is limited to (Enugu Metropolis) and the findings may not reflect the situation in the whole country. These findings may not be valid for the whole private business in Nigeria, but by and large, what happens in entrepreneurship in Enugu Metropolis can be said to apply to other entrepreneurs.
3.6 DEFINITION OF TERMS
ENTREPRENEURSHIP: This can be described as a creative and innovative response to the environment. Such responses can take place in any field of social endeavour, for instance in business, industry agriculture, education, social works and the like.
ENTREPRENEURSHIP: This can be seen 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 by Schumpter (1961).
BUSINESS: This can be defined as all profit directed economic and commercial activities that provides goods and services necessary to the nations standard of living. Meredith et al (1991).
INDUSTRY: This can be defined as a group of firms involved in one line of production by LOUISE. And Boone et al (1978).
ECONOMY: This can be defined as the control and management of the money goods and other resources of a country.
ECONOMIC GROWTH: This can be defined as a quantitative increase in the output of commodities per head produced over a given country.
ECONOMIC DEVELOPMENT: This can be seen as a process where by the real per capital income of a given economy increases over a period of time.
Nnenna B. A. (1996) – Entrepreneurship Development. An Overview: J. I.C. Publishers Augustine E. E. (1996) – Basic Economics an Introduction (Part II) Mary – Dan Publishers.
Histrich R. D. and Peters M P (1989) –
Entrepreneurship Starting Developing and Managing Enterprise Boston. R. R. Donaelle & Sons Company (1989).
Ejiofor P. N. and Aniagolu Aniagulu V (1984) – The Nigerian Manager Challenges and opportunities Lagos Longman.