ABSTRACT
The study examined the
critically the challenges entrepreneurship development is facing in Nigeria
using Elens Consult as a study. The study adopted survey design using primary
source of data with questionnaire as instrument of data collection. A total of
55questionnaires were administered to the staff within Elens consult out of
which 50 were duly filled and returned. Chi-square statistical method was used
to verify the degree of significance of entrepreneurship development. The
result of the findings shows that market men and women lack access to constant
power supply. It was also noted that local traders do not have access to fund
to support their businesses. More so, in terms of factors that encourage
entrepreneurship development, it was discovered that skill acquisition is vital for entrepreneurial development and
that membership in co-operatives is essential for entrepreneurial development. Based on the findings the study recommends, that the government should prioritize giving
of loans to the small businesses in Nigeria as well as allow them to enjoy some
tax concessions, Informed government policy, education and international
participation are crucial for development of entrepreneurship in Nigeria, Interest rate on loans should be reduced to
allow for easy access to fund by small business owners, there should also be
adequate infrastructural development in terms of constant electricity power
supply, good roads, appropriate loan facilities and good communication network
for reduced cost and smooth running of small scale businesses in Nigeria.
TABLE OF CONTENTS
PAGES
Title
page i
Certification ii
Dedication iii
Acknowledgements iv
Table of
Contents v
Abstract vii
CHAPTER ONE:
INTRODUCTION
1.1
Background
to the Study 1
1.2
Statement
of the Problem 2
1.3
Aim and Objectives of the Study 3
1.4 Research Questions/Hypothesis 3
1.5 Research
Hypotheses 4
1.6
Significance of the Study 4
1.7 Scope of the Study 4
1.8
Definitions of Terms 4
References 6
CHAPTER TWO:
LITERATURE REVIEW
2.1 Preamble 7
2.2 Theoretical
Framework of the study 7
2.3 Empirical Review of
Previous work in the area of studies 17
References 19
CHAPTER
THREE: RESEARCH METHODOLOGY
3.1 Preamble 22
3.2 Research Design 22
3.3 Population of the
Study 22
3.4 Sampling,
Procedure and Sample Size 23
3.5 Data Collection Instrument and Validation 23
3.6 Method of Data Analysis 24
3.8 Limitation of the
Methodology 24
References 25
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Preamble 26
4.1 Frequency
Distribution of Bio Data of Respondents 27
4.2 Frequency Distribution of
Respondents Opinion According to Research Questions 27
4.3 Test of Hypothesis 30
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings 36
5.2 Conclusions 37
5.3 Recommendations 38
5.4 Suggestions for Further Study 38
Bibliography 40
Appendix 45
CHAPTER ONE
INTRODUCTION
1.3
Background to the Study
It is our utmost desire as a Nation to
stimulate growth in the various sub-sectors of the economy. Folaranmi (2007) observed that it is only
when this is achieved that we can begin to record significant improvement in the living
standard of Nigerians .No doubts about it, man can achieve anything he imagines through the actualization
of his imaginative faculty. Creative ideas are the beginning point of all
fortunes. The last hundred years in the history of man has witnessed a tremendous and mind bogging innovations
during which man has harnessed nature’s resources. Notable among these is the indomitable
conquering of the air, land and sea .through the aid of his- imagination. As
reflected by Napoleon (1966), man's only limitation, within reason, being his development and use of his imagination.
He has not yet reached the apex of development in" the use of his imaginative faculty. In
essence, imagination is the ultimate missing link in many business failures, and a vital ingredient for
success. Candler provided this link when supplied the -requisite imagination which turned the formula
for coca-cola into a fortune. 'Ihus, behind many fortunes there is somebody who
had the creative idea.
According to Adebayo (2008), it is believed
that satanic scrounge of unemployment in the country today can be brought to a
very low level if proper
information and the knowledge of entrepreneurship is fully disseminated and understood by everyone.
Entrepreneurship is also known all
over the world as the main engine (Power house) that propels the economic
prosperity of a nation. It was in an attempt to revive the battered economy
that successive government in Nigeria
had come up with different rolling plans, such as the austerity measures of the
Muritala/Obasanjo's Administration (19761979).
And the Structural Adjustment programme of Babangida's regime (1985-1993), the deregulated and the Abdulsalam Abubakar's
administration (1998-1999)
respectively.
Nevertheless, all these national policies
fail to encourage the expected economic and industrial growth, rather the economy witnessed
significant decline in its Gross Domestic Product (GDP) hyper-inflation and a
significant increase in our external portfolio. It is imperative to note that majority of these policies suffer from one
reason to the other, ranging from policy contradictions, policy somersault, non-continuity to lack of
purpose and vision said Afolaranmi (2003), it is on this backdrop, that the
Obasanjo's regime (1999-2007) made the restructuring of the Nigerian economy, their policy focus. Thus, his
economic reforms were primarily centered on market orientation, private sector led,
self-employment, self-reliance and technology driven (Adesoto, Akesinro and
Oladejo, 2013).
To this end, one of the instruments that the
Obasanjo's regime used was the promotion of the small and medium scale enterprises (SME) and the
development of the creative and entrepreneurial ability of its citizenry.
1.4
Statement of the Problem
Nearly all developing countries including
Nigeria are experiencing one form of crisis or the other. The crises range from hunger,
unemployment, poor infrastructures, and high cost of living to low per capital income. Nigeria as one of
the developing nations has adopted various policy measures to address the stated problems of
proliferation of business ventures at the stated problems but without the desired results, the problem of
proliferation of business ventures at the level of small and medium scale enterprises
is often blamed on persons in Nigeria. As a result, when people see a business outfit that is
profitable or seems to be profitable, there is a mad rush to replicate that business until it is
over-saturated and becomes unprofitable. There are obvious issues hindering the
development of entrepreneurship include but not limited to the following:
epileptic power supply, foreign exchange problems to mention but a few.
1.3 Aim and Objectives
of the Study
The broad objective of this study is to
critically evaluate the challenges entrepreneurship development is facing in Nigeria while the
specific objectives while the specific objectives
are to:
i)
identify
factors that are responsible for lack of entrepreneurship culture in Nigeria.
ii)
identify
if entrepreneurship has upgraded the status of self-employment as a career alternative in the society
iii)
identify if entrepreneurship has
actually facilitated and accommodated
the various components vital for enterprises culture
iv)
examine
the impact of small and medium scale businesses on profitable employment.
1.4 Research
Questions/Hypothesis
The principal question of this research is how
entrepreneurial development has in the face of challenges within Nigeria. This
research will also try to provide answers to the following sub-questions in the course of this study:
i)
What
factors are responsible for lack of entrepreneurship culture in Nigeria?
ii)
Has
entrepreneurship upgraded the status of self-employment as a career alternative
in the society?
iii)
Has
entrepreneurship facilitated and accommodated the various components vital for enterprise culture?
iv)
What is
the impact of small and medium scale businesses on profitable employment?
1.5 Research
Hypotheses
In order to do a suitable research the following Null hypothesis will be
tested
Hypothesis 1
H0: Entrepreneurial development
has not faced
any significant challenges
Hypothesis 2
Ho: Small and Medium scale businesses establishment have not significantly
improved the employment rate in Nigeria.
1.6 Significance of the
Study
The
importance of this study will include but not limited to the following:
i)
It will throw light on the
relevance of entrepreneurship in serving as a lasting solution to profitable
employment,
ii)
It will also promote an
understanding on how a profitable employment can be attained by creativity and
innovation of entrepreneur,
iii)
It will also impart on the
students generally, positively by eliciting thoughts of self-reliance.
1.7 Scope of the
Study
The scope of this study covers the challenges entrepreneurship
development in Nigeria is facing. The study will take into consideration all
micro, small and medium business owners within the Elens Consult. By choosing
this class of entrepreneurs, the study will be able to ascertain the challenges
entrepreneurial development is facing in Nigeria.
1.8 Definitions of Terms
Entrepreneur: a person who organizes
and manages any enterprise, especially a business, usually with considerable
initiative and risk.
Creativity: is the act of turning new
and imaginative ideas into reality. Creativity is characterized by the ability
to perceive the world in new ways, to find hidden patterns, to make connections
between seemingly unrelated phenomena, and to generate solutions.
Entrepreneurship: has
traditionally been defined as the process of designing, launching and running a
new business, which typically begins as a small business, such as a start-up
company, offering a product, process or service for sale or hire.
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