ABSTRACT
The study examined
the Entrepreneurial Development: A Panacea for Profitable Employment, using
Eti-osa Local Government 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 different entrepreneurs within
Eti-osa out of which 50 were duly filled and returned. Chi-square statistical
method was used to verify the degree of significance of entrepreneurship to
profitable employment. 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 c oncessions, 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 als0 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
CONTENT 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 3
1.3 Aim and Objectives of the Study 4
1.4 Relevant Research Questions 5
1.5 Relevant Research Hypotheses 5
1.6 Significance of the Study 6
1.7 Scope of the Study 6
1.8 Definitions of Terms 6
References 8
CHAPTER TWO: LITERATURE REVIEW
2.1 Preamble 9
2.2 Theoretical Framework of the study 9
2.3 Empirical Review of Previous work in the
area of studies 12
2.4 Conceptual Framework 13
2.5 Types of Entrepreneurship 16
2.6 Characteristics of an Entrepreneur 18
2.7 Sources of Capital for Startup 19
References 21
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Preamble 24
3.2 Research Design 24
3.3 Population of the Study 25
3.4 Sampling,
Procedure and Sample Size 25
3.5 Data
Collection Instrument and Validation 26
3.6 Method
of Data Analysis 27
3.8 Limitation of the Methodology 27
References 28
CHAPTER FOUR: DATA
PRESENTATION AND ANALYSIS
4.1 Preamble 29
4.1 Frequency Distribution of Bio Data of
Respondents 29
4.2 Frequency Distribution of Respondents
Opinion According to Research 31
Questions
4.3 Test of Hypothesis 35
CHAPTER FIVE:
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.2 Summary
of Findings 42
5.3 Conclusions
43
5.4 Recommendations 44
5.5 Suggestions
for Further Study 45
Bibliography 46
Appendix 49
CHAPTER
ONE
INTRODUCTION
1.1 Background to the Study
Research from various authors has shown that the economic
engine of every country is entrepreneur ship. Entrepreneurs display the
necessary character and drive to create value and earn income, but in the
process, employ youths that will help drive the business together. 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 he supplied the needed imagination
which turned the formula for coca-cola into a fortune. Thus, behind many
fortunes there is somebody who had the creative idea. According to Adebayo
(2008), it is believed that the search for employment 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 (1976-1979) 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) hyperinflation 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, her 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. Onah (2001) pointed out that national decision makers
have discovered that productive entrepreneurship is key to national economic
development by enhancing employment creation, economic growth, adoption of new
technologies and innovation capabilities. Drying et al (2004) argued
that all the earlier mentioned factors result to poverty reduction in the
country. Considering the huge database of unemployed youths in Africa,
productive entrepreneurship could serve as a veritable avenue to build
sustainable livelihoods. Audretsch (2002) opine that it could also be an avenue
to integrate the unemployed youths into the society. However, having an
understanding of the benefits and threats of youth entrepreneurs in varying
environments is an essential criteria for implementing this agenda.
1.2 Statement of the Problem
It is alarming how Organisations hide under the disguise
of semantics like Re-engineering, Retrenchment, Restructuring to mention a few,
to sack their employees at different levels. Just of recent, around April 2016,
Ecobank and other financial institutions layed-off thousands of Nigerian
youths. It is annoying and appalling that these youths would return to the
streets and start reapplying for non-existent jobs, this is not good for the
Nigerian economy.
Entrepreneurship activities and innovative
ingenuity have developed enterprises in the following areas as observed by
Adeboye (2015): agricultural/agro-allied activities where there are food
stuffs, restaurants, vegetable farmers, poultry and life stock, fruits and
vegetable sellers, and fast food vending, petty trader etc. In the area of
solid minerals, there are quarrying, gem stone cutting, polishing and crushing
engineering. In power and transport, there are power generations, haulage
business (cargo and passengers). In the area of information and telecoms
business, there are manufacturing and repairs of GSM accessories and the
printing and selling of recharge cards. In hospitality and tourism business,
there are hotels, accommodation, drinks/bar sellers, ticketing centres, film
and video production, photography. In fashion and lifestyle, there are tailors,
seamstress, fashion design, shoe makers, hair dressers. In oil and gas, there
are construction and maintenance of pipeline, welding, drilling, refining of bye-products.
In the area of waste management business, there are refuse collection/disposal,
recycling as well as drainage/sewage construction jobs.
In engineering and fabrication work, there
are machines and tools fabrications such as welders, mechanics and vulcanizer.
There is also building and construction where there are bricklayers,
carpenters, painters, gardening and landscaping, electricians, plan and design
services and material sourcing (Agbeze) in spite of the fact that
entrepreneurship development has been regarded as the bulwark for employment
generation and technological development in Nigeria, the sector nevertheless
has had its own fair share of neglect with associated unpleasant impacts on the
economy. Finding a sustainable employment has become a serious strategic issue,
hence this study is focussed on fathoming if entrepreneurship could be the
solution for this malady.
1.3 Aim and Objectives of the Study
The broad objective of this study is to
critically evaluate entrepreneurship as panacea to profitable employment while
the specific objectives are to:
i)
identify factors that encourage entrepreneurship
development.
ii)
identify if entrepreneurship engagement can bring about gainful
employment,
iii)
identify if entrepreneurship education will elicit entrepreneurship
engagement.
iv)
Examine how entrepreneurship engagement can promote
profitable employment.
1.4 Relevant Research Questions
The principal question of this research is
how entrepreneurial development has improved profitable-employment. This
research will also try to provide answers to the following sub-questions in the
course of this study:
1.
What factors encourage entrepreneurship development?
2. How
can entrepreneurship engagement bring about profitable employment?
3. How
would entrepreneurship education elicit entrepreneurship engagement?
4. How
can entrepreneurial development lead to profitable employment?
1.5 Relevant Research Hypotheses
Hypothesis 1
H0: Entrepreneurial development has not proved to
be a panacea for profitable employment in Nigeria.
h1: Entrepreneurial
development has proved to be a panacea for profitable employment in Nigeria.
Hypothesis 2
Ho: Small and Medium
scale businesses establishment have not significantly improved the employment
rate in Nigeria.
H1: Small and Medium scale
businesses establishment have 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 entrepreneurship development as a panacea for profitable
employment. The study will take into consideration all micro, small and medium
business owners within the Eti-Osa locality. By choosing this class of
entrepreneurs, I will be able to assess the impact of entrepreneurship
development on profitable employment.
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 characterised 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.
Panacea: a solution or remedy
for all ills, difficulties or diseases.
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