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THE PLACE OF ENTREPRENEURSHIP IN NIGERIA
1.1 BACKGROUND OF THE STUDY
Entrepreneur and Entrepreneurship are concepts that continue to generate both national and international interest today. This interest is predicated upon the realization of the massive, positive impact entrepreneurs and entrepreneurship have on a nation’s economy and by extension, the global economy, since the world today is exponentially becoming a globe village, a development which is being fostered by giant strides in information and technological advancement.
More also, according to (Henrich and Smoter 1986): The word “entrepreneur” emanates from a French background and it literary means “between taker” or “go between”. Although from this original meaning, the concept has undergone different though restrictive meanings overtime. Its “entrepreneur” an actor and person in charge of a large scale production projects (in the middle ages), a person who bore risks of profit or loss by entering into a ‘contractual agreement with the government to execute a service or supply stipulated products in a fixed-price situation (17th century), a person who needed funds for his operations (18th century), a person who organizes and operates a business for his personal gain, and an innovator (19th and 20th century), but today, the concept is used in an extremely inclusive sense which is generally associated with a person who does all the above and even beyond.
Thus, entrepreneurs are the people that drive the development of an economy. They make things happen and without them nothing actually happens. Entrepreneurship is the drives of economic social, cultural and political change, although they are most often commonly thought of in connection with the creation of economic enterprises.
On the other hand, entrepreneurship is the process of identifying, marshalling of people and resources to create, develop, and implement solutions to problems to meet people’s needs. Today these two concept “entrepreneur and entrepreneurship” dominates the overall business activities in a country’s economy and it is pertinent to note that most great countries of the world today have experienced and suffered depression (decline) at one time or the other, which gave birth to industrial revolution and market expansion that ushered a greater level of development and better standard of living, as “entrepreneur and entrepreneurship” acting as a tool for curbing depression (decline) in an economy.
However, both concepts “entrepreneur and entrepreneurship” is a part and parcel of our heritage starting from our forefathers who performs their functions, by identifying business opportunities, establish and run a business either for personal or commercial purpose.
1.2 STATEMENT OF THE PROBLEM
Many economies have declined as a result of ignorance by the government to support the theory and practice of entrepreneurship development. The reasons amongst others for the decline of an economy to be identified as follows:
- Lack of skills acquisition centre
- Government poses to be a hindrance to “entrepreneurship development” by not rendering help.
- Financial constraint
- High demand of collateral security from small-scale industries on loans granted by the bank, which tends to scare away entrepreneurs.
In addition, all these points tend to inhibit the practice and development of Entrepreneurship in an economy.
1.3 PURPOSE OF THE STUDY
The main purpose of this study is to critically examine the place of entrepreneurship development in a declined economy. Specifically, the study will focus on the following:
- Ø How entrepreneurship development can be fostered
- Ø To examine the role of an entrepreneur in an economy
- Ø To Examine the features of a depressed economy and what a depress (decline) economy is
1.4 RESEARCH QUESTIONS
The study paves way for the following research questions:
- Does financial constraint tends to inhibit the practice and development of entrepreneurship in an economy?
- Can ignorance of entrepreneurship development seen or perceived as a yardstick for an economy to decline?
- Is government reluctance towards entrepreneurship development seen as a hindrance to entrepreneurship development?
- Does high demand of collateral security on loans granted by the bank tends to affect the development of entrepreneurship by scaring away entrepreneurs?
- How does lack of skills acquisition centre affects the growth of entrepreneurship?
1.5 SCOPE OF THE STUDY
The research work is carried out in Ozoro in Isoko North Local Government Area of Delta State.
The purpose of choosing this locality is that there are noticeable small-scale business enterprises, proximity to school and act as such a good representative for the research work, which is beneficiary.
1.5 SIGNIFICANCE OF THE STUDY
This study will be relevant to four (4) categories of people: The policy makers (government), entrepreneurs, we the members of this project group, and future researchers.
- To the policy makers (government), this research will reveal the indispensability of entrepreneurship development in an economy and expose the majors to be executed by the government to foster entrepreneurship development to solve prevailing economic problems.
- For entrepreneurs, the study will educate them, the unaware to become aware of the instrumental role they play in economy upliftment as well as knowing various government programmes on assistance that tends to emanate overtime.
- For we the members of this project group, this study will educate us immensely on the concept of entrepreneurship development, as well as an achievement to us.
- Finally, future researchers in this area of study and other similar topic relating to entrepreneurship will find this study as a reference material, and a panacea to their problem.
1.6 LIMITATION OFTHESTUDY
This project work was constrained by time and academic work, which prevented us from going into much detail. Difficulties in obtaining information from respondents.
Financial constraint makes it difficult and cumbersome to carry the study beyond this vicinity to more industrialized vicinity for: proper research.
1.7 OPERATIONAL DEFINITION OF TERMS
Decline: A continuous decrease in the number, value, quality etc of something.
Research: This is the work carried out to improve on what has been done or initiate new beneficial ideas.
Panacea: This stipulates a solution to a prevailing problem.
Inhibit: To prevent something from happening or make it happen more slowly or less frequently.
Development: This is the growth and increment in the practice of entrepreneurship, as well as increment in the size of business and infrastructure.
Economy: This is the system by which a country’s wealth is produce and utilized.
Constraint: This is something that limits or restricts something or a freedom to do something.
Hindrance: This is the problem of progress in an economy.