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EFFECTS OF
STARTUP BUSINESS IN ENTERPRENEURAL DEVELOPMENT IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY.
In the
beginning, entrepreneurship started when people produced more products than
they needed, as such, they had to exchange these surpluses. For instance, if a
blacksmith produced more hoes than he needed, he exchanges the surplus he had
with what he had not but needed; maybe he needed some yams or goat etc. he
would look for someone who needed his products to exchange with. By this way,
producers came to realize that they can concentrate in their areas of production
to produce more and then exchange with what they needed. So through this
exchange of products, entrepreneurship started. A typical Nigerian entrepreneur
is a self made man who might be said to have strong will to succeed, he might
engage the services of others like; friends, mates, in-laws etc. to help him in
his work or production. Through this way, Nigerians in the olden days were
engaged in entrepreneurship.
Entrepreneurship,
as an emerging field of study and as an area of human endeavour, has received
increasing interest of researchers, academicians and policy makers the world
over. Entrepreneurship is seen as an effective means not only of combating
unemployment, poverty and under-development in the developing nations, but also
as a strategy for rapid economic development in both developed and developing
nations (Schumpeter, 1934; Harper, 1991; Morris & Lewis, 1991; Hamilton,
2000; Clausen, 2006; Praag & Versloot, 2007). Economy of the 1970s – 2000
in the West, characterized by reliance on big business and mass production, has
given way to a so-called entrepreneurial economy, where knowledge-driven goods
and services are more flexibly provided by smaller creative class (Naude 2011).
Naude (2011) notice impressive growth in the emerging economies, notably
Brazil, Russia, India and China, and deduced that it has been driven by
innovative entrepreneurial revolution. Based on general view entrepreneural
development is the key to poverty eradication, employment generation and rapid
economic development.
Moreover,studies
by UNIDO Nigeria, 2012 show that Micro, Small and Medium Enterprises (MSMEs)
has the propensity to drive the Nigerian Economy, and data reveal that there
are currently over 17 million MSMEs employing over 31 million Nigerians. MSMEs
account for over 80% of enterprises that employ about 75 % of the Nigeria’s
total workforce. Therefore formulating and effectively implementing MSMEs
friendly policies represents innovative ways of building the capacity to engage
in entrepreneurial activities and creating job opportunities thus, playing a
central and invaluable role in helping Nigeria realize its quantity advantage.
In addition, the 2012 Global Entrepreneurship Monitor (GEM) has empirically
identified Nigeria as one of the most entrepreneurial countries in the world.
The study showed that 35 out of every 100 Nigerians (over a third) are engaged
in some kind of entrepreneurial activity or the other. It is therefore
imperative at this point in time to critically evaluate not just the principles
of entrepreneurship but the practice and its crucial role in fostering economic
growth and development in a developing economy like Nigeria.
Entrepreneurship
is not synonymous with small business. Certainly, small firms are an
out-standing vehicle for individuals to channel their entrepreneurial
ambitions. The small firm is an extension of the individual in charge (Lumpkin
and Dess 1996). However, entrepreneurship is not restricted to persons starting
or operating an (innovative) small firm. Enterprising individuals in large
firms, the so-called ‘intrapreneurs’ or ‘corporate entrepreneurs’, undertake
entrepreneural actions as well.
Nowadays,
most unemployed youth in Nigeria go into soap making business instead of
waiting for a white collar job. Soap making business is cheap and easy to
start, which make it very easy for many youth to venture into it. Many house
wife do learn how to make soap just for their home use, which reduce the cost
of money spent on soap in a month.
1.2
STATEMENT OF THE PROBLEM.
In Nigeria,
start up of small scale businesses such as soap making, among unemployed youths
has contribute immensely to solving the problem of unemployment in Nigeria.
Therefore the need arise to study the effect of start up business on
entrepreneural development in Nigeria.
1.3
OBJECTIVE OF THE STUDY.
The
objective of the study is to examine the effect of startup business; soap making on entrepreneural
development in Nigeria.
1.4 RESEARCH
QUESTIONS.
What is the
meaning of entrepreneur?
What is
'soap making'?
What is the
effect of start up business on entrepreneural development in Nigeria?
1.SIGNIFICANCE
OF THE STUDY.
This study
will examine the importance of startup business in Nigeria, and also their
effect on entrepreneural development in Nigeria. Encouragement of Startup
businesses in Nigeria has great effect on reduction of unemployment rate in
Nigeria and will inturn reduce poverty rate.
1.6 SCOPE OF
THE STUDY.
The study
focus the effects of startup business on entrepreneural development in Nigeria.
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