ABSTRACT
Entrepreneurship as we
all know is a self employed business which is written for student who must live
in a world influenced by business activities, because without business human
being cannot operate on his own self.The aim of this project is to provide both
student who have graduated from the university and still seeking for job either
in federal or private work to be self employed.
Nigerians are now forced
to start a fresh re-wakening to the challenges and realities of true national
that is a creation of new emphasis on self-employment. Graduates and
school leavers are now realizing that government have no interest to come to
there and through paid employment.
Some problem, business
men encounter during this self employed job in entrepreneurship is that people
seem to lack the ability to perceive profitable business opportunities
even as the opportunities come and also they seem to be unwilling to take
risk on perceive opportunities for fear of losing their capital and some are
ignorant of existing business opportunities.
Also this project will
also help graduates student to know how, where, what they needed in
order to start a business of own the benefits one get in doing business of his
own it been independent and how to become a millioner.
LIST OF TABLES
TABLE
3.4
THE SAMPLES SIZE IS DETERMINE
3.7
PRESENTATION OF DATA IN FREQUENCY TABLE OF DISTRIBUTION
4.1
ADMINISTRATION OF QUESTIONNAIRES
4.2
SEX DISTRIBUTION OF RESPONDENTS
4.3
MARITAL STATUS OF RESPONDENTS
4.4
EDUCATIONAL QUALIFICATION OF
4.5
NATURE OF ESTABLISHMENTS
4.6
TYPES OF PRODUCTIVE ACTIVITY
4.7
RESPONSES TO RATE OF GROWTH OF SMES
4.8
FACTOR RESPONSIBLE FOR RAPID GROWTH IN THE NUMBER OF SMES
4.9
RESPONSES TO AWARENESS OF GOVERNMENT EFFORTS TO PROMOTE SMES
4.10
INSTITUTIONAL ARRANGEMENT AND LOANS SCHEMS FOR ENTREPRENURSHIP DEVELOPMENT
4.11
ASSESSMENT OF GOVERNMENT EFFORTS
4.12
PROBLEMS ENCOUNTERED AT THE INITIAL STYLE
4.13
CURRENT PROBLEMS
4.14
RESPONSES TO PROSPECTS FOR RAPID
TABLE OF CONTENT
CHAPTER ONE:
INTRODUCTION
1.1
Background of the study
1.2
Statement of the problem
1.3
Objective of the study
1.4
Research questions
1.5
Significance of the study
1.6
Definition of terms and acronyms
References
CHAPTRER TWO:
Literature Review
2.1
Meaning of entrepreneurship
2.2
Nature of entrepreneurship development in Nigeria
2.3
Institutional arrangement for facilitation of entrepreneurship development in
Nigeria
2.4
Problems of entrepreneurship development in Nigeria
2.5
prospects for rapid and sustained entrepreneurship development in Nigeria
2.6
Summary of review of related literature
References
CHAPTER THREE
Research methodology
3.1
Research design
3.2
Sources of data
3.2.1
Primary source
3.2.2
Secondary source
3.3
Population of study
3.3.1
Sample and sampling techniques
3.4
Instrument
3.5
Method of data collection
3.6
Method of data analysis
3.7
Scope of the study
3.8
Limitation of the study
CHAPTER FOUR:
Presentation and
analysis of data
4.1
Data presentation and analysis
CHAPTER FIVE:
Summary, conclusion and
recommendations.
5.1
Summary of findings
5.2
Conclusion
5.3
Recommendations
5.4
Area for further studies
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
Enterprise states limitless prospects and reward for
private enterprise and self-employment. It is an economy that rewards
creativity, initiative and hard work (Ugbaja, 1998:115). Nigeria is one of such
economy. People are therefore self-determining in their approach to life. Every
one seems to be thinking of what he or she can do with his or her hands or
brain, since it is obvious that the government cannot provide gainful
employment for all the people.
Since 1960, the
country’s development plan have land a great emphasis on public sector
control of the economy (Eze 1997:12) we have a situation where the
public/private sector mix has increasingly titled towards public sector
domination. The trend has generally distinguished the government as a major
investor in a let of business which otherwise should have been left to the
private sector (Ike 1998:23) the net effect of this type of government
participation in (and control of) business activities has been the
emergence and general perception of the government as the provider of almost
all that make life worth living, including employment.
But today the situation
is changing. Bad economic management on the past leaders, wasteful attitude of
the government and the people as well as the relegation of the agricultural
sector and private initiative has now given way to hunger, squalor, diseased
and mass unemployment among other (Okeke, 1997: 29).
Nigeria appears to be
currently finding the right path to a possible entrepreneurial venture in the
21st century. Nigerians are now forced to start a fresh
re-awakening to the real challenges and realities of true nationhood. The new
emphasis on self-employment is understood to be in line with the above
consideration. The unemployment situation in the country is luring a
lot of unemployed Nigerians, including graduates into self-determination
through self employment (Aluko, 1988:15)
Graduates, and
school-leavers are now realizing that government and the organized private
sector enterprises are not ready to come to there and directly through paid
employments. Short of alternative, Nigerians are therefore launching themselves
into various business ventures (Ogudu, 1977:15).
The low literacy level
and general ignorance, which pervade and cause a lot of bad attitude and malpractices
within the Nigerian business environment would be seriously challenged and
overcome with the new trend. Entrepreneurship will eventually assume a new
perspective. It is against the background that this study attempts to examine
the challenges of entrepreneurship development in Nigeria.
1.2
STATEMENT OF THE PROBLEM
The new emphasis on
self-employment is evidenced by the rekindled entrepreneurship in the country
appears, to be facing some serious constraints. In the first instances, people
seem to lack the ability to perceive profitable business opportunities even as
the opportunities come.
Secondly, they seem to
be unwilling to take risk on perceived opportunities for fear of losing their
capital.
Thirdly, most people who
are willing to take risk seem to lack entrepreneurial skills associated with
business management.
Again, many are ignorant
of existing business opportunities while others who are willing and have
perceived such opportunities lack the start-up capital.
1.3
OBJECTIVE OF THE STUDY
The objectives of the
study are therefore:
1.
To examine the nature and dimension of entrepreneurship development in Nigeria.
2.
To examine some of the efforts of the government at encouraging
entrepreneurship in Nigeria.
3.
To identify the factors constraining rapid entrepreneurship development in
Nigeria.
4.
To examine the prospects of rapid and sustained entrepreneurship development in
Nigeria.
5.
To suggest ways of facilitating entrepreneurship development in Nigeria.
1.4 RESEARCH
QUESTIONS
The following research questions are formulated
for the purposed of this study.
1.
What is the nature and dimension of entrepreneurship development in Nigeria?
2.
What measures have the past and present government taken to encourage
entrepreneurship development in Nigeria.
3.
To what extent is the business environment favourable to entrepreneurship
development in Nigeria?
1.5 THE
SIGNIFICANCE OF THE STUDY
This study will be found
useful by namely individuals and institutions. This is because its because its
findings and suggestions will be invaluable to those who will have the
opportunity of going through the work.
In the first instance,
graduates and school leaves will particularly benefit from the study. Given the
level of unemployment in the country and the rate of turn-out of graduate in
the country and the rate of turn-out of graduates and school leaves from
Nigeria educational institutions there is the need for a new emphasis on self
employment and self-determination. The study will show the various programmes
and opportunities open to these individuals to become self-employed and
independent in pursuing their daily living. Besides, the study will examine and
identify the various challenges facing potential entrepreneurship development
in Enugu. The recommendations will include how these individuals will overcome
the problems.
Secondly, businessmen
will also find the study interesting; it will show how and why many
entrepreneurs have not become successful given the prevailing economic
circumstance in the country. The recommendation will help them more innovative
taking initiative and risks in the course of managing the business.
Thirdly, government will
also find the study useful as it will find in it is the reasons why the level
of entreprenurship development in the country is very low. This will enable it
provide an enabling environment for potential entrepreneurs in the state. Such
supporting facilities are believed will help reduce entrepreneurship risk and
facilitate the venture.
Furthermore, the study
will show how rapid and sustained entrepreneurship development will promote
industrial development in Nigeria.
Finally, the study will
be found useful for academic purposes. It will serve as a data bank for
students or other researchers who will carry out studies on the subjects matter
or related areas in the futures. Besides the research findings can provide the
basis for further studies.
1.6
DEFINITION OF TERMS AND ACRONYMS
1.
ENTREPRENUR:
This is an individual
who creates a new firm and continues to manage it until it is successful. An
entrepreneur is a person who organizes, runs and takes the risk of a small
business. He risks money and reputation he works hard and puts his talent on
the line. He attempts to earn a profit by taking the risk of operating business
enterprises. Entrepreneur is the name given in economic theory to the owner
manager of the firm. The entrepreneur organizes resources or the factors of
production (land, labour and capital) within their firm with the aim of
building up a successful profit making company. Entrepreneur is a French word,
which means “the one who undertakes”. An entrepreneur is a person who sets up a
business taking a greater than normal financial risks in order to succeed. An
entrepreneur is a person who attempts to make a profit by starting their own
company or by operating along in the business world especially when it involves
taking risks. He is manager, controller and a champion.
2.
ENTREPRENUERSHIP
Entrepreneurship is the
process of establishing a new firm, taking risk and making profit in the
process. Entrepreneurship or business enterprises refers it a group of skills,
which includes the ability to combine land, labour and capitals in the most
efficient way, the willingness to run the risk of the business failure and the
creativity required to invent new products and new ways to market them.
Entrepreneurship can be considered a special type of human resources.
Entrepreneurship is the act or process of getting into and managing your own
business enterprises. This involves any form of innovation that has a bearing
on the welfare of the firm.
3.
BUSINESS ENVIRONMENT
Business environment
means all the physical facilities, environment factors,
opportunities and risks in ones surrounding. One may wonder why the emphasis on
the availability of up-to-date information networks for in particular and the
Nigerian economy in general. Relevant and current information helps business
people to be aware of and adapt to their environments. Environments can and do
lead to business success or failure. The factors that make up the
environment are constantly changing. So, in order to survive and prosper,
business must also change. By environment we mean the sum of all
the external forces that influence, legal, economic, political,
social and physical element each overlaps and influences the others.
The environment provides
three main things to an organization. They are opportunities, threats and
constraint. In most cases, these environmental elements present challenges and
problems to business. One can rightly say that environmental factors play a decisive
role in determining the success or failure of any organization. As such any
organization or entrepreneur that ignores or refuses to respond (or adopt) to
these factors is breeding trouble for itself. The ability and willingness of an
entrepreneur to make maximum use of the opportunities provided by its
environment, avoids or maneuver its threats and operate within the constraints
reflect the hall mark of a responsive and efficient entrepreneur. A good
entrepreneur should aim at effectively matching the opportunities and demand of
the environment with the strengths and weaknesses of the organizations
resources-human, financial, physical, system and technology.
The scope of an
enterprises business environment can be categorized into three major groups:
a.
Internal environments
b.
Task environments
c.
The general environments
a.
INTERNAL ENVIRONMENTS:
The internal environment
(or climate) of an organization can be seen from two main angles:
-
Identification of the resources of an organization.
-
The analysis of the perception of the enterprise members.
That is what
organization members feel about over all management style; organization’s
nature and character.
Organizational resources
deal with the following resources: financial resources, physical resources,
human resources and system and technological resources.
b.
TASK ENVIRONMENT:
Task environment is also
known as direct action environment. Task environment of an enterprise consists
of other specific organization that is likely to influence that enterprise. The
basic elements of the task environment include; competitors, customers,
suppliers, regulators, union and associates.
c.
GENERAL ENVIRONMENT:
There are many aspects
and dimensions of the general environment and they are: the economic
environment, political and legal environment, the cultural and social
environment and the international environment
4.
VENTURE CAPITAL:
Through new in the
country, venture capital could be a good source of finance for a new business
that is pioneering in a new field and for existing business with innovative
business proposals and bankable project ideas. This means that it is a
high-risk investment in ideas and ventures. It invests on relatively undeveloped
business areas that promise good growth potentials. This may account for the
reasons why it is less attractive to many investors especially in a country
like Nigeria with unstable political and economic environments.
Venture capitals areas
of interest include new services process and products in commercial, industrial
and scientific industry. Hence the company concerned with it (venture capital
company) is a highly specialized company capable of commercializing unique
business opportunities and research findings. Their financing take different
forms, but the most common is by means of straight exchange of shares for the
funds. The company may also act as advise to the new business, providing
background support in financial marketing and managerial areas. It may also
have a hard in selected a board of directors for the new business. Many
commercial and merchant banks in this country have venture capital departments
manned by specialists.
Entrepreneurs and
firms should avail themselves of the services of the venture capital
departments and companies. This is because venture capital can turn small
business into medium sized and giant enterprises, thereby contributing
immensely to the economic development of this country.
5.
START UP CAPITAL
This refers to the
capital required to set up a business. It is the second of financial set after
seed capital. Start up capital is involved in developing and testing initial
product and services to determine if commercial sales are feasible. This type
of capital is needed to apply to the following:
-
Production development
-
Initial marketing
-
Expansion or development financing
6.
SMALL TO MEDIUM SCALE ENTERPRISE (SMES)
The working definition
of SME varies among countries industrial goods and financial institution.
Generally, in determining what should be a small or a medium scale business,
many different criteria have been used number of employees, as sets value,
sales volume, financial strength, number of locations, relations and so on.
Against, this background, the following definitions are used at different times
and circumstances in this country.
-
Osaze (1986) sees small business as one which is owned, managed controlled by
one or two person, is family influenced in decision making, has an
undifferentiated organizational structure, has a relatively small share of the
market and employs less than 50 people.
- The
Nigerian Bank for commerce and industries (BNC) in 1981/82 (for the purpose of
reveling loan scheme for small scale industries), regards small scale
enterprises as those investing no more than N500, 000.00 (excluding working
capital but including land)
- In
respect of the scale industries credit schemes (SSICS) the federal Ministry of
industries held small–scale industry to be any manufacturing, processing or
service industry with capital investment not exceeding N150, 000.00 in machinery
and equipment alone.
- The
industrial research unit of Obafemi Awolowo university, Ife defined small-scale
business as one whose total assets in capital, equipment, plant and working
capital are less than N250, 000.00 and employing fewer than 50 full time
workers.
- In the 1991 credit guideline (monetary policy
circular No 25) the central Bank of Nigeria (CBN) states that small-scale
enterprises for commercial and merchant banks’ loans is defined as one whose
capital investment does not exceed N5 million (including land and working capital) or whose turnover is not
more than n25 million annually.
According to section 351
subsection 1 of the companies and Alhed matters decree 1990 (CAMD) a company
qualified as a small company in a year if for that year the following
conditions are satisfied:
*
It is a private company having a share
capital.
*
None of its members is an alien
*
The amount of its turnover for the years is not more that N2 million
or such amount as
may be fixed by the commission (ie corporate
Affairs commission)
*
None of its members is a members of government corporation or agency or its
nominee and
*
The directors between than hold not less than 51 percent of its equity share
capital.
7.
BUSINESS PLAN:
The business plan of
an entrepreneur is a document which shows what the entrepreneur want to do how
he wants to do it and who will do it. Planning is the process while business plan
is the document.
8.
BUSINESS OPPORTUNITIES:
9.
INNOVATION:
This means introducing
a new product, changing existing production line.
Department | Business Administration and Management |
Project ID Code | BAM0051 |
Chapters | 5 Chapters |
No of Pages | 48 pages |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
|
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Contact Us On | +2347043069458 |