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EFFECTS OF
ENTREPRENEURSHIP DEVELOPMENT ON EMPLOYMENT GENERATION
CHAPTER ONE
INTRODUCTION
1.1 Background to Study
There is no
country in the modern world where an improvement in the material level of
living is not regarded as a desirable goal by rulers and citizens alike. The
growing acceptance of the need to do something for the poor, can be noticed in
the numerous poverty alleviation programmes in Nigeria, the average Nigerian
still lives subsist below the absolute poverty line. Amongst the challenges
that confront Nigeria, a major contributory factor was the style and
expectations of the development strategy that was pursued and faced with this
failure; the need for a meaningful national development is not only necessary
but also imperative. To this end, a lot of economic reform programmes or
strategies have evolved but recently special emphasis is being made on self-reliance
via entrepreneur and its numerous small and medium enterprises. The economic
success of the countries of south east, Asia, and America is traceable to the
contributions made by self-reliant individuals (entrepreneurs), through their
numerous small medium development depend on the entrepreneur who makes a living
by creating new business new jobs and new ideas.
Entrepreneur
means different things to different people. In other to appreciate this study
more, some concepts that are associated with this study will be
explained.According to Oxford advanced Learner’s dictionary it defines
entrepreneur as a person who starts or organizes a commercial enterprises,
especially one involving financial risk. To an economist, entrepreneur is one
who brings resources, labour, materials and other assets into combination that
make their value greater than before and who introduce changes, innovations and
a new order. Entrepreneurs are the risk takers who create businesses; they
assemble all the factors of production in an effort to start and operate a
business and to make a profit. For Schumpeter “the whole process of economic
change hung ultimately on the person who makes it happen–the entrepreneurs”.
Entrepreneurship involves combining to initiate changes in production hence it
is essentially the promotion of economic change, it is a process involving the
entrepreneur and an entrepreneurial career. Hirsch and Peters in their text
entitled entrepreneurship: describes this process as one of creating something
difficult with value by devoting the necessary time and assuming the
accompanying financial, psychic and social risks and receiving the resulting,
the rewards of monetary and personal satisfaction.
In Nigeria,
many policies are constantly being implemented to ensure their survival which
will in turn enable them contribute maximally to economic development but there
challenges were intensified more by the perennial energy crisis, weak
infrastructure, poor import and export policies, tariff structure among others,
which have prevailed in the country for some time now. These have, inevitably
led to the near collapse and failure of the small scale enterprises. The
government of this country should look into the modalities of solving these
challenges. It is therefore against this background that this work sets out to
evaluate entrepreneurship development in Lafia Metropolis, NassarawaState,
considering some small scale enterprises.
1.2 Statement of the Problem
It has been
observed that some of the problems associated with entrepreneurship development
and job creation in Nassarawa state include but not limited to:
Incompetence
of Management: The major hazard of an entrepreneurshipbusiness is the
incompetence of management. A small business owner may know all the management
principles and theories; his management practice may jeopardize his business.
He may not possess the leadership qualities, be unwilling to delegate
authority, lack of appropriate human relations ability and may not possess the
appropriate skills of management; such a business operated by this business
owner is likely to fail.
Inadequacy
of Infrastructural Facilities: Water, electricity, accessible roads, and other
means of communication are sine quanon to the efficient performance of
entrepreneurship enterprise. Their absence or inadequacy affects negatively the
efficient performance of entrepreneurial businesses.
Disaster:
There are certain circumstances over which small scale business owner may have
little or no control. Natural disaster such as thunder, product or accident or
sudden death of the owner may adversely affect the operation of the small scale
business enterprise.
High Rate of
Loan Diversion and Defaults: Loans obtained from government, banks and
individual persons are used to promote personal aggrandizement instead of the
corporate objective of the business and hence failure to repay the loan plus
interest affects the business.
Inadequate
Credit Control: A common problem facing entrepreneurial business owner is
whether or not to extend credit. Some small scale business enterprise possesses
credit granting practices, credits extended to friends and relations are often
times too hard to collect in times of need. This therefore, increases the
financial predicament of the business owner.
Inadequate
Planning: Planning a business begins with gathering and evaluating data on
resources requirements, operating costs, potentialmarkets and sales,
competition, supplies, relevant government regulations, etc. Unfortunately,
however, many eager business owners push ahead impulsively, without paining
attention to planning, and thus business failure sets in. Lack of the use of
modern method of gathering and analysing data constituted a weak point in the
small business strategies planning effort.
Poor Business
Accountability: The financial problem of small scale enterprises is rarely only
financial. Often it is only a symptom, the diagnosis of which reveals other
weaknesses. Business finance and stress are mixed up with personal finance and
stacks required for personal needs cash and slacks are taken at will for
personal use whenever the need arises without accounting for such withdrawals.
This makes is difficult to assess the operating results of the business and at
times starves the forms of its liquid resources.
Hence, the
need for this study on the effect of entrepreneurship development on employment
generation in Lafia Metropolis, Nassarawa State.
1.3 Objectives of the Study
The aim of
this topic is to recall the pivotal role, which entrepreneurs and the small
medium enterprises are expected to play in modern economics. Therefore the
study will make every effort to reveal the various ways to encourage
entrepreneurship development geared towards employment generation in Lafia
Metropolis, Nassarawa State. The specific objectives of this study are as
follows;
(1) To identify the constraints encountered by
entrepreneurs as a sole operator or as a bigger organization and how their
challenges can be overcome.
(2) To determine the level of awareness of
people towards entrepreneurship development as a tool for employment generation
in Lafia Metropolis.
(3) To examine various ways that will be
employed to develop entrepreneurship in order to get the desired result of
employment creation and development.
(4) By extension and implication, the study
shall provide how the government both state and national and also the society
will influence positively on entrepreneurship and its development.
1.4 Research Questions
The
questions guiding this research work are stated below;
1) What are the major constraints inhibiting
entrepreneurs in Lafia Metropolis from carrying out their roles as catalysts of
economic growth via employment generation and how these challenges can be
overcome?
2) What is the level of awareness of people
concerning entrepreneurial development as a tool employment generation?
3) What identifiable and specific roles
(Financial, economic, social, motivational, and psychological) do entrepreneurs
in Lafia Metropolisplay in order to get the desired result (employment creation
and development).
4) In what ways can both the government and
also society influence entrepreneurship development?
1.5 Significance of the Study
The research
work will be of great significance to students, prospective and practicing
entrepreneurs, co-operators, chief executives and other practicing managers of
business and non–business organizations. The research work will serve as a
background and catalyst to any future researchers and scholars who may wish to
venture into the areas of promoting employment creation and entrepreneurship
development in Lafia Metropolis. Again the outcome of the research could be
significance to the people with different occupations and professions. The
conclusion which this research may expose, could lead to improvement and
efficiency in Lafia Metropolis, Nassarawa as regard to entrepreneurship. The
confidence level on embarking on entrepreneurship development in Nigeria will
improve, and more people or the general public will agree to venture in that
business.
1.6 Scope of the Study
The study
focuses on the effects of entrepreneurship development on employment generation
in Lafia Metropolis; a case study of small scale enterprises.
1.7 Limitations of the Study
The
researcher however, encountered series of challenges in the course of carrying
out this study, such challenges include:
Time
constraints: The research was faced with time intensive activities which were
unable to undertake in combination with academic course works. Accessibility to
adequate and reliable data for analysis was one of the limitations of this
study. An-in depth study and analysis of the subject would not be possible
since the study was restricted to just one state (Lafia Metropolis). Lastly,
some of the materials (literature) required for the sourcing of secondary data
relevant to the study were not handy even though a concerted effort was made to
secure from a valuable sources.
1.8 Definitions of Terms
Entrepreneur:
Stone and freeman (1992:156) defined it as either the originator of a new
business venture or a manager who tries to improve an organizational unit by
initiating productive changes. In other words, it is an individual or group of
individuals, who sees environmental change as an opportunity and uses the
factors of production to produce new goods and service.
Entrepreneurship:Hisrich,
(1995:17) Defines Entrepreneurship as a process of creating something different
with the value by devoting the necessary time and effort assuming the
accompanying financial, psychic and social risks and receiving the resulting
rewards of monetary and personal satisfaction.
Small Scale
Enterprise: Onuoha (1994:322), citing Osaze (1996), sees small business as one
which is owned, managed and controlled by one or two persons, is family
influenced in decision makings, has a differentiated organizational structure
has a relatively small share of the market and employs less than 50 people.
Entrepreneurship
Development: This is the coming into existence in society of the class of
individuals, who are not limited to pace odds.
Employment
Generation: this refers simply to creation of job opportunities either through
entrepreneurial ventures or government empowerment schemes etc.
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