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THE ROLE OF
ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA ECONOMY
ABSTRACT
Generally
this study seeks to explore the role of entrepreneurship development in Nigeria
Economy, with a case study of the hungry man restaurant. To find out if there
is significance in the role played by entrepreneurship in Nigeria, also to
emphasize the need for entrepreneurship in an economy, examining the
participation of government in the development of entrepreneurship in the
country. This review the deliberate act or policy of government at all level in
the federation initiated and executed, aiming at promoting the growth and
development of entrepreneurship in the society. The researcher used both
primary and secondary data collection to gather information for analysis. Base
on statistical test carried out using X,2 hypothesis shows that the
inconsistency of the government to provide serious support for business sectors
has contributed to the underdevelopment of the economy. Recommendations were
made that government should at all level established a strong support to small
scale industries in the society.
CHAPTER ONE
1.0
Background Of The Study
Some
entrepreneurship development, their faith could usually be determined at an
early stage of operation, if it is not right at the beginning, for example
whether employing more capital will yield profit or not. It can be best known
because the output of work will show much earlier whether it is going to be
profitable or not, but in large manufacturing business, this will not show up
till at later stage where it will continue until much lain the production
process.
Entrepreneurship
development being both machine and labour intensive, manufacturing and service
industry or business, provides job opportunities to a wide range of people.
1.1
Statement Of The Problem
The business
environment is dynamic and competitive in such an environment an organization
can be best achieved it’s good through a well established leadership style and
good managing director that will manage business organization such as;
Entrepreneurship development. The small scale business would have been a source
to Nigeria economic development. But today, entrepreneurship development are
not yielding positive result due to poor performance and lack of government
intervention.
Therefore,
this project will source for various solutions to these problems that militate
against entrepreneurship development. These are Entrepreneurship development
which include:
Poor
management
Lack of
management skills
Individualism
of management of entrepreneurship development
Difficulty
in sourcing the services of qualified personnel
Lack of
training and development of personnel
Finance
problems.
Poor
Management:
The most
critical problem affecting of almost all indigenous enterprise in Nigeria is poor
management. The lack of efficient organizational structure and the practice of
modern management techniques. If enterprises could be ascribe to two factors,
first, if the limited understanding modern management practices by owners
managers could be with their strong desire to run the business alone.
Lack of
Management Skills:
Also the
problem facing entrepreneurship development include stress primarily arise from
the need of hire skilled and qualified personnel to assist in the running of
the industries demands the greatest problems of entrepreneurship development is
lack of necessary skill in the management group. In every entrepreneurship
development, the entrepreneur is one person management team. This makes it
difficult for the effective operation of the enterprises.
Individualism
of management of entrepreneurship development:
This is the
characteristics of individualism among entrepreneurs. The owner bears the
management burden alone. The jobs varies and likes managerial responsibilities
are few, if any. The managers are called “Jack of all trades and master of
none”.
Difficulty
in services of qualifies personnel:
Another
factor which leads to managerial problems with entrepreneurship development is
difficulty in securing the services of qualified personnel.
Lack of
training and development of personnel:
Lack of
training and developments of personnel is another factor which compounds the
managerial problems of entrepreneurship development in Nigeria. Training
provide employees change in job requirement and new technology. It equally
serves as motivation of incentive for the existing employees, which increase
their productivities. In essence, lack of training and development for the
existing workers made replacement of vacant for the existing position
difficult.
The capital
for entrepreneurship development industries are very small. This is because
most Nigerian business men and women operate in a low income economy. They are
unable to generate sufficient funds through personnel savings which involved
huge capital equipment or other fixed assets.
1.2
OBJECTIVE OF THE STUDY
Entrepreneurship
development are established and managed for the achievement of some objective,
some of these objectives that entrepreneurship development pursuers are at
different times include:
To emphases
the need for entrepreneurship development in an economy
To highlight
some of the problems involved in entrepreneurial process.
To examine
the participation of government in the development of entrepreneurship in the
country
To ascertain
the role of entrepreneurship development in an economy.
1.3
SIGNIFICANCE OF THE STUDY
At the end
of the research work, the reader will be in better position to appreciate the
importance of Entrepreneurship development, especially as a motivating factor
to the development of Nigeria economy. The work also aim at making theoretical
and practical contributions to already existing theories and ranging from skill
and unskilled source of income to the resident population in Nigeria and also
makes faster contribution to Nigeria balance of payment and development.
Nigeria is highly concentrated with entrepreneurship development has shown
greater increase in recent years, but the problem here is that, most of this
entrepreneurship development operation which include:
Lack of
application of effective managing, organizing, coordinating, directing and
controlling of men, materials, machines, money and others so as to source the
main achievement of objective for which is profit. This management therefore,
leads to employment of unskilled personnel substandard facilities and
equipments, limited resources for control and accountability.
Lack of
proper motivation of employees: All these result to eventually loss turnover
and loss revenue. As a result of the immense contribution of the
Entrepreneurship development, to the economic of this country, there is need
for government and help in the provision of infrastructural facilities as well
as technical assistance and also making loan available
1.4 RESEARCH
QUESTIONS
For the
purpose of easy analysis, the following research questions are formulated:
What roles
does an Entrepreneurship development industry play in Nigeria economy?
1.5 RESEARCH
HYPOTHESIS
Hypothesis
is a statement about an issue or a phenomenon with or made on the basis of a
limited study of the phenomenon, with the view to use such a statement as a
guide to research into the phenomenon, the outcome of this study is based on
null hypothesis (Ho) and alternative (Hi). This hypothesis was arrived at the
basis of whether to accept or reject any of the hypothesis.
Ho:
Entrepreneurship Development does not play any role in Nigeria economy.
Hi:
Entrepreneurship Development industries play an important role in a Nigeria
economy
Ho:
Managerial skills of capacity does not play positive effect in Management of
Entrepreneurship development in Nigeria
Hi:
Management skills or capacity does plays a positive effect in management of
Entrepreneurship development in Nigeria.
1.6 SCOPE OF
THE STUDY
This
research work covers the period of 2015-2016, and does not go beyond the topic:
The role of Entrepreneurship Development in Nigeria economy, a case study of
The Hungry Man Restaurant Wuse II Abuja. The personnel involved in this
research work were drawn randomly from the upper, middle and lower management
level of the organization. However, the researcher will not go beyond the
objective of the research since it was clear that, if one should be allowed to
carry out every bit of the work he might spend a life time doing the research
and perhaps might not be able to complete it.
1.7
LIMITATION OF THE STUDY
During the
process of carrying out this research work, a number of factor imposed
constraint, such as lack of access to relevant materials whjile some of data
needed were regarded as highly confidential by staff of the Hungry Man
Restaurant Wuse II Abuja. Also, the researcher was faced with inadequate
finance for transportation in search for relevant materials.
1.8
DEFINITIONS OF RELEVANT TERMS
For easy and
concise understanding of this work, it is necessary that vital terms be
defined.
Entrepreneur:
An Entrepreneur means a person who starts, organize a commercial enterprise
especially one having financial risk. Meredith etal (1999) look at an entrepreneur
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 and he is a risk taker.
Entrepreneurship
Development: This is the coming into existence in society of the class of
individuals, who are not limited to pace odds.
Small scale
business: Ejiofor (1987.7,)defines small scale business as those enterprises
that have relatively little capital investment, that produce in small
quantities and as a result of controlling a small share of market that employs
not more than fifty workers (50) and in which management marketing and
entrepreneurship functions are used in the proprietor.
Management:
According to Akapla (1990:3) management is define as a process of combining and
utilizing of an organization inputs (man, materials and money) by proper
planning, organizing, directing and controlling for the purpose of producing
output (goods and services).
Indigenization:
Ejiofor (1989:26) says it is the mass transfer of ownership and contra of
economic organization from foreigners to nationals. It is a situation whereby a
deliberate effort is made with a backup of government regulations to transfer
proprietary interest of man.
Planning: Planning
can be defined as a process which managers visualize and determine in advance,
the objectives of an enterprise or organization and select future cause of
action for their accomplishment.
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