BUILDING SUSTAINABLE ENTREPRENEURSHIP IN NIGERIA ECONOMY
ABSTRACT
The research work. Building sustainable entrepreneurship in Nigeria economy: issues and prospect, is intended to introduce the readers to the entrepreneurial capacity building roles in most natures of the world. The impetus for sustainable entrepreneurship building emerged is the industrialization nations and fast developing economics of the would as a result of the needs for economy form, restructuring, socio – economic development and for the over all management of the economy of the entrepreneurs who are forces or agents of change: capable of initializing economic growth, development and industrialization. Entrepreneurship constitutes the real fabric of a nation’s economy and to a large extent determines the inability of an economy. Based on these benefits, many countries are not involved in the programme of sustainable entrepreneurship building However, efforts at encouraging entrepreneurial development are more pronounced, systematized and properly coordinated in the advanced countries and industrializing countries. Thus the present and future economic advancement of recessive economy like Nigeria his on the activities of these key entrepreneurs who an agents of economic change that can put the derailed economy back or track However, this work is organized into five chapters. Chapter one, which is introduction, focuses on the background of the study, statement of the problem, objective of the study, researcher question, significance of the study, scope, limitation of the study and operational definition of the concepts and terms used is the study. Chapter two centre on the review of the related literature, relevant to the field of study. Among areas of relation literature review include the concept and scope entrepreneurship in Nigeria, problems affecting entrepreneurship development in Nigeria, environment factors affecting entrepreneurship development, essential requirement for successful entrepreneurship, entrepreneurship development process, entrepreneurial motion process and the challenges of sustainable entrepreneurship development for Nigeria. Chapter three deals with the methods of research used is carrying out the research work, where as chapter four centers on the presentation and analysis of data that validate the research finding. Chapter five, which is the last part of the work, is the summary of the findings, recommendation, conclusion and areas for further research.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
In the past, Nigeria relied much on importation good and oil export trade, which tremendously affected our economy because use emphasis was give to other sectors. Nigeria is now facing an economy crisis of a magnitude which one never experienced is her early days of independence. After the day’s f the oil boom is the 1970, the economic and social condition began to deteriorate; the position has remained negative since 1981. In 1986, the monetary and credit policy measure were adopted to achieve an accelerated growth is the national output reduce the high rate of unemployment through entrepreneurship development programmes. Since then, both private individuals and government are now placing emphasis on the promotion of indigenous enterprise is order to build sustainable entrepreneurship is the Nigeria economy. As a result, entrepreneurship is Nigeria gradually emerged as a focus and a tool for economic growth and development small – scale enterprise from the principal catalysts of entrepreneurship development.
Entrepreneurship constitute a vital engine and main streams in the place of economic growth and development is because it helps in the stimulation of indigenous entrepreneurship, lead to the transformation of traditional industries creates employment opportunities has linkage affects (it link up the various sectors of the economy) make more effective use of resources (raw materials, capital and labour) generate income (locally and externally) provides training and learning grounds for people at all level and functions. In pursuance of these benefits outlined above there is a need for building sustainable entrepreneurship Nigeria economy. An economy ill not be seen to be performing fine unless it is continuously setting new record of entrepreneurship, employment and full utilization of resources at all levels and functions.
Building sustainable entrepreneurship is therefore desired towards economic growth and development. Entrepreneurship development viewed from this background becomes very essential in Nigeria as it helps in revive the economic situation. Based on the fore going sustainable entrepreneurship building in one of the instruments for repositioning the country economy. It is a developmental tool that determines the nation’s economic viability and it also aimed at economic growth, development and sustainability
1.2 STATEMENT OF THE PROBLEM
A country stands to benefit immensely through full diversification of the economic sectors. The industrialized nation seems to be deriving the maximum gain from this exercise. The developing nature (including Nigeria) hare has been subjected to economic crisis, uneven economic growth and development. This is due to little or no attention given to some sectors of the economic during the day of the oil boom This tremendously affected our economy. The outcome of such negligence was catastrophe to early entrepreneurial development, high rate of unemployment, ineffective and inefficiency utilization of resources, necessitating more import then export, balance of trade and payment problems and economic recession. To this effect, the researcher wants to access the following problems
Ø The poor entrepreneurial development in Nigeria economy when compared with other industrialized nation is as a result of poor attention give to it at the easily stage and poor diversification of the economy sector
Ø Most entrepreneurs are faced with financial constrains and poor entrepreneur skills.
ØPoor motivation encouragement and absence of technical and managerial advice retard the growth of entrepreneurship.
Ø Lack of conducive entrepreneurial environment and other enabling factors militate adjust sustainable entrepreneurship development.
Ø Many indigenous entrepreneurs adopt a very narrow concept of their functions. They devote part of their business hours to polices and extravagant living rather than exparting and creating of larger enterprise
1.3 OBJECTIVE OF THE STUDY
Having stated the problem this work lead to achieve the following
Ø To determine the importance of entrepreneurship as one of the key factors for economic development.
Ø To examine the efforts aimed at encouraging entrepreneurial development in Nigeria
Ø To determine the extent that entrepreneurial skill and career can be built
Ø To determine entrepreneurial attitude / trait and environment accord for success.
Ø To suggest wage of encouraging people into interposing especially the especially the pouring school learners, the graduates those that posses natural skills and traits.
1.4 RESEARCH QUESTION
For the purpose of this study, the following question was asked:
Ø What impact does entrepreneurship has is the Nigeria economy
Ø How can a suitable entrepreneurship be built in a recessive economy?
Ø What factors account for success and sustainability in entrepreneurial?
Ø What roles can the government financial institution supporting agencies and private individual play is entrepreneurial promotions?
1.5 SIGNIFICANCE OF THE STUDY
The march toward industrialization, economic growth and development have been marked by some important events which entrepreneurship is one of the principal catalysts (small, medium and large scale enterprises) and it constitutes the real fabric (structure) of a nation economy. The present and future economic advancement of Nigeria his on the entrepreneurial industrial value of the country.
The researcher believes that this study, by finding out the essence of building sustainable entrepreneurship and the inherent impact of entrepreneurship development will help to enlighten Nigerians on the need to reposition entrepreneurship “as a lay ideas by which we understand the transition of human society into industrialization” the researcher’s view also on the rapid economic change envisage should entrepreneurship promotion be given proper attention. When the finding of the study by finding are determined, and practically applied, the over – whelming effects of entrepreneurship of the nation’s economy will be felt as there will be good standard of living, more job opportunities, and effective and efficient utilization of resources and stunning increase of industrialization.
1.6 SCOPES OF THE STUDY
The research work on building sustainable entrepreneurship in Nigeria economy: issues and prospective and other fast developing countries / economics. However, due to limited financial and time resources, the study has to concentrate on Nigeria economy only using on indigenous enterprise as a case study In the course of the research work, many problems were encounter in terms of finance, time, lack of material and the attitude of the workers of the firm under case study.
1.7 LIMITATION OF THE STUDY
Finance: The financial straight of the researcher is a major setback, as it made things a little bit difficult most especially in the area of transportation for search of materials
Time constraint: Due to time factor, coupled with academic works and as well other pressing equipments, the researcher was not able to early out in –depth research on the topic
Lack of materials: The major limitations which the researcher encountered is the non availability of enough materials that cover the subject under review
Attitude of the workers: The researcher topic being a very sensitive one made the company Workers and managers to board information because of competitive advantage. The work was therefore based on the limited information and data made available to the researcher.
1.8 DEFINITION OF TERM
There is need to give on operation definition of some important terms used on the researcher works. The term is;
Enterprise: the is a business venture or project. It is also the refines to attempts or to engage in a venture.
Industrialization: This is a high level of economic revolution / transformation. Industrialization is also a state of being industrialization and advanced in economic operation.
Development: Development is an act, process or result of developing .Also, it, is the state of being improved.
Economy: this is an act of managing the affairs of a group, community or society it is also the study of a economic life in a country.
Economic sector: This is the part of the economic/ nation activities which could be preferred and non preferred sector.
Economic growth: this implies a position change is a economy. It also means increase in size of the economic operation (it is after concerned with production, distribution and distribution and consumption pattern of a society)
Economic development: this means sustainable economic growth plus socio – cultural, legal, political and ethical emancipation with positive changes that enhances good standard of people living.
Entrepreneurial traits: this is entrepreneur’s personnel profiles or characteristics that account for a business success
REFERENCE
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Honby A.S (2015): oxford advanced learners dictionary of current English: 3rd Edition, Oxford University press Ibandan
Lawal AA.et al (2010): entrepreneurship development in small scale business: 1st edition, Abdul industrial: enterprise Nigeria
Webster’s dictionary: Webster’s 3rd international Dictionary (P.292)
Indigenous entrepreneurs in Nigeria transport, the sun, Saturday Nov. 25, 2003 p2