The role of entrepreneurship in transforming the nigerian economy 1. Provide the knowledge, skills and attitudes in entrepreneurship skills training in entrepreneurship skills. Drucker 1985 argued that innovation is the tool of entrepreneurship. Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The impact of entreprenurship on economic development in nigeria a case study salami akeem olanrewaju akinbode, s. In nigeria, the central government applied the tool of national development planning to chart the course of. Nigerian entrepreneurship ecosystem mapping report final. Innovation and entrepreneurship the conceptual relationship between entrepreneurship and innovation has beendiscussed in the literature for many years. Entrepreneurship development in nigeria information. Statistically women constitute almost 50 percent of the nigerian population and out of this, only about 35% of them are involved in entrepreneurship which can be under the form of micro, small medium. The paper adopted secondary data to achieve its objectives, information were also sourced from relevant books, reports and journals.
Entrepreneurship is a driver of competitive advantage. The people who create these businesses are called entrepreneurs entrepreneurship has been described as the capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. Concept of business education business education is one of the major components of vocational education. Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. The concepts of unemployment and entrepreneurship every economy is characterized by both active and inactive populations. Barriers to entrepreneurship concept nigeria business plan. Assessing the prospects and problems of entrepreneurship. The historical background of entrepreneurial development. In terms of schumpeterian concept of innovative entrepreneurs, women who innovate, imitate or adopt a business activity are called women entrepreneurs. Women entrepreneur may be defined as a woman or group of women who initiate, organize, and run a business enterprise. Entrepreneurship, employment and sustainable development.
Concept of rural entrepreneurship historically, according to eu 2004, rural regions tended to be areas that were. In entrepreneurship literature, entrepreneurs are generally defined as small scale business owners. Role of business education in promoting entrepreneurship. The role of entrepreneurship in transforming the nigerian. Summary report of a policy development seminar organised by the oecd and the european commission, brussels, 22nd23rd september 2014.
Analyses also show that entrepreneurship development in nigeria is mainly hinged on necessity. Creativity is a process by which a symbolic domain in the culture is changed. But the concept of entrepreneurship is nebulous and many academic disciplines have. Nigeria has the 2nd largest gdp in africa, south africa has the largest. There is more creative freedom for people who are exposed to entrepreneurship.
Entrepreneurship development as a phenomena generating jobs plays a vital role in particular to alleviate high. The impact of finance on nigerias rural entrepreneurial. Though its definition is somewhat contentious, the concept of corporate entrepreneurship is generally believed to refer to the development of new ideas and opportunities. Project topic concept, problems and prospects of women entrepreneurship development chapter one background of the study. Entrepreneurship development and poverty alleviation strategy 2.
The banks mandate is to promote industrialiazation and entrepreneurship development by funding easy to access and cheap funds to msmes and large enterprises across the nation. The role of entrepreneurship development is played by an entrepreneur, someone who has reasons to set up a business, who has goals and work hard to achieve the goals. Since this value creation activity is performed continuously in the midst of uncertain business environment, therefore, entrepreneurship is regarded. In order to overcome this menace, this position paper examines the nature and concept of entrepreneurship education and its application for graduates of nigerian universities. The majority of entrepreneurs in the country are operating in the capital city of abuja. New songs, new ideas, new machines are what creativity is about mihaly1997. Since the history of entrepreneurship in nigeria is the motive for this article, it is, therefore, reasonable that the term entrepreneurship is discussed in relation to how it affects and how its effects on nigeria has been so far since it came into existence. The principle of profit maximisation immediately became part of the definition of an entrepreneur. The definition and measurement of entrepreneurship is a subject of much discussion, as are the characteristics associated with entrepreneurs bull and. The study focuses on assessing the prospects and problems of entrepreneurship development.
This paper discussed the role of good governance and how it can help spur entrepreneurship development in nigeria. Entrepreneurship education and youth empowerment in. Amaeshi 2006 observed that in nigeria, entrepreneurship is primarily linked to government and tends to focus on the economies and management of the entrepreneurial process and venture and not as much, if at all, on the entrepreneur during the idea. Review of related literature entrepreneurship entrepreneurship has been defined by various authors to mean many things since the middle age igbo, 2006. He believes that an entrepreneur brings about change through the introduction of. The paper opines that entrepreneurship is lacking in nigeria due to certain. Trade license subsidy based on criteria for 3 years. Concept of entrepreneurship and entrepreneurs traits and. The specific impact of entrepreneurship education on the society for national transformation among which are the provision of employment opportunities, increase in gross domestic product gdp, improved standard of living as well as underdependency on white collar job by the universities graduates are discussed. Nigeria and in other developing economies, as policies and programmes are implemented. Rural entrepreneurship and rural development in nigeria.
This study investigates the relationship between entrepreneurship. Cantillon 1725 was the first to place the entrepreneurial function in the field of economics. To this end, the paper examines the concept of entrepreneurship development. The role of entrepreneurship in transforming the nigerian economy. Examine critically the sources of these challenges. Given the relative neglect of entrepreneurship by development scholars it deals with i recent theoretical insights from the intersection of. Hence, entrepreneurship is the process of understanding activities. Since the history of entrepreneurship in nigeria is the motive for this article, it is, therefore, reasonable that the term entrepreneurship is discussed in relation to how it affects and how its effects on nigeria has been so far since it. The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved ever since. Importance of entrepreneurship education in nigeria entrepreneurship is a key driver of our economy. The concept of entrepreneurship is grossly misconstrued in nigeria.
The remainder of this paper consists of four parts. Hence, this is regarded as a modern entrepreneurship concept. Identify the problems that militate against sustainable entrepreneurship development in nigeria. The paper concludes that smes financing could significantly improve entrepreneurship in nigeria and the. Within the framework of integrated rural development theory, this study attempts to determine the perceptions of rural entrepreneurs on the nature and role of entrepreneurship in rural economic development. The study of entrepreneurship in technical and vocational schools is intended to provide the requisite skills as either entrepreneurs or intrapreneurs. Nowadays, there is a high need for entrepreneurship in nigeria and many organisations and the government have been working on improving entrepreneurship development in nigeria. Entrepreneurship is viewed as a key competency creativity and innovation. The entrepreneurial process involving all the functions, activities. Concept of entrepreneurship entrepreneurship is defined as the identification of a new business opportunities and the mobilization of economic resources to initiate a new business or regenerate an existing business. The essence of the modern firm lies in the specialization of functions.
However, due to the set of challenges the entrepreneurship in nigeria is not flourishing as in many other countries. Many simply equate it with starting ones own business. The creation of a countrys wealth and dynamism depends upon the competitive ness of its firms and this, in turn, relies fundamentally on the capabilities of its en trepreneurs and managers. Evidence from small and medium scale enterprises smes financing. In addition, both innovation and entrepreneurship demand creativity. Pdf this paper underscores the importance of policy formulation in. Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilisation of scarce resources. Entrepreneurship development in nigeria science arena. The paper discussed the concept of entrepreneurship education and youth empowerment, the youth empowerment strategies, constrains to entrepreneurship education in nigeria and ways of promoting entrepreneurship among nigeria youths. The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The entrepreneur has been seen as an actor, innovator or a developer of technology. He or she has the idea, concept of new production to render to people in the country. Relationship between entrepreneurship and unemployment.
This paper canvasses a distinctive definition of entrepreneurship, to separate entrepreneurial. Each time entrepreneurs are mentioned in nigeria the average mind goes to sole proprietors, petty traders, artisans, transporters, tailors, eatery centres owners, vendors, bakers, smallscale business owners and so on. The ibo ethnic group in nigeria is recognized internationally for its culture of entrepreneurship. Entrepreneurship is critical to the development of societies. The paper also discussed ways good governance can impact on entrepreneurship development. Central bank of nigeria, it is a limited liability company operating under the provisions of the company allied matters act, 1990. Rural entrepreneurship can help develop rural areas through good management of the local resources. The judicial system, the educational system, the financial system and general government policies should be such that encourage and promote entrepreneurship.
Challenges facing entrepreneurship in nigeria article pdf available in international journal of business and management 912 september 2014 with 35,752 reads how we measure reads. The impact of finance on nigerias rural entrepreneurial development uwajumogu, n. The historical background of entrepreneurial development in nigeria. Theory, evidence and policy this paper provides an overview of the state of the art of the intersection of development economics and entrepreneurship. In the light of the above, this paper attempts to establish the impact of entrepreneurship evolution on the growth of small scale businesses in nigeria by discussing the concept of entrepreneurship and its evolution in nigeria, the concept of small scale business and efforts aimed at enhancing the growth of small scale businesses in nigeria. However, many of the lessons learned from experiences in both types of development are similar. The general objectives the primary objectives of the programme are to. Filion 2011 proposed the definition of entrepreneurship should have six main. The case of georgia azer dilanchiev abstract the research paper employs the regression analysis of two variables entrepreneurship and unemployment rate from year 2003 to 20.
The concept of economic growth is relevant at levels of firms, regions, industries and nations, hence, linking entrepreneurship to. Entrepreneurship has been recognized as being of fundamental importance for the economy in every country. The concept of entrepreneurship skill development is based on two main areas ajagu, 2005. In nigeria, the discipline is offered at both the secondary and tertiary levels of education. The economically active refers to population willing and able to work, and include. Entrepreneurship and economic development in nigeria. Policy makers in many economies, including nigeria, similarly treat all smallscale businesses as entrepreneurial. In this concept, entrepreneurship has been regarded as the adaptation of various innovations in industries, new production systems or techniques, new products, new markets, new marketing methods, new qualities of raw materials, new packaging and new mixture on methods are used. Alleviating poverty through entrepreneurship education. Entrepreneurship evolution and the growth of small scale. Free 3 years membership with dcci implement all mous with government and semigov.
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