ABSTRACT
This
investigation was carried out to unveil the role/ importance of
entrepreneurship development and hitherto, encourage it as a strategy for
economic development. A case study of Umusukay Global Concept, Warri taking
into consideration, other organizations too such as NASSI. However, this
project is divided into five chapters: chapter one which is the Introduction,
deals with the historical background of the study (i.e. its origin and trends),
purpose of the study, scope of the study, significance, limitation of the study
and statement of hypothesis. Chapter two deals with the literature review. It
views various authors, and their contributions on entrepreneurship development.
It also deals with models and strategies on how to enhance entrepreneurship
development to better or, develop the economy; the contributions of government
and areas of improvement were also pinpointed. Chapter three is on research
methodology, it shows sources of data: research design, population of study,
sample size, sampling techniques, instrument of data collection, method of data
collection, validation of instrument, reliability of instrument, method of data
analysis. Chapter four– deals with data analysis and presentation. Lastly,
chapter five is about summary, conclusion, recommendation. It is our utmost
belief that the reader of this write-up will find it useful in understanding
more about: Entrepreneurship development as a strategy for economic development.
TABLE
OF CONTENTS
Cover
Page................................................................................................. i
Title
Page.................................................................................................. ii
Certification............................................................................................. iii
Dedication................................................................................................ iv
Acknowledgement.................................................................................... vi
Abstract.................................................................................................. viii
Table
of Contents..................................................................................... ix
CHAPTER ONE...................................................................................... 1
1.0 INTRODUCTION.......................................................................... 1
1.1 Background of the Study................................................................ 2
1.2 Statement
of the Problem............................................................. 10
1.3 Objective
of the Study................................................................. 11
1.4 Research
Questions...................................................................... 12
1.5 Statement
of Hypothesis............................................................... 13
1.6 Significance
of the Study............................................................. 17
1.7 Scope
of the Study........................................................................ 18
1.8 Limitation
of the Study................................................................. 19
1.9 Definition
of Terms...................................................................... 19
CHAPTER TWO................................................................................... 20
LITERATURE
REVIEW........................................................................ 23
2.0 Introduction.................................................................................. 23
2.1 Historical
Background of Umusukay Global Concept ................................................................................................ Warri, Delta State............................................................................................... 25
2.2 Meaning
of Entrepreneurship....................................................... 28
2.3 Meaning
of Entrepreneurship Development................................ 32
2.4 The
Role of Entrepreneurship Development In
Economic Development................................................................... 35
2.5 The
Benefits of Being An Entrepreneur....................................... 38
2.6 Basic
Technological Know-How of Entrepreneurship................ 40
2.7 Factors
That Influences Entrepreneurship.................................... 44
2.8 Characteristics
of An Entrepreneur.............................................. 45
2.9 Functions/
Activities of An Entrepreneur.................................... 51
2.10
Sources Of Funds..................................................................... 52
2.11 Entrepreneurship
Development Efforts In Nigeria................... 57
2.12
Challenges of Enterpreneurship In Nigeria............................. 64
2.13 Government Policies For Promoting Entrepreneur 68
2.14 Activity of Umusukay Global Concept in Promoting ................................................................................................ Entrepreneurship 69
2.15 Challenges of Umusukay Global Concept in
the Discharge of Entrepreneurship Development In Delta State............................ 70
CHAPTER THREE............................................................................... 72
RESEARCH
METHODOLOGY............................................................ 72
3.0 Introduction.................................................................................. 72
3.1 Research
Design........................................................................... 73
3.2 Population
of the Study................................................................ 74
3.3 Sample
Size.................................................................................. 75
3.4 Sample
Techniques and Procedures............................................. 76
3.5 Instrument
of Data Collection...................................................... 77
3.6 Method
of Data Collection........................................................... 78
3.7 Validation
of Instrument.............................................................. 81
3.8 Reliability
of Instrument.............................................................. 82
3.9 Method
of Data Analysis.............................................................. 82
CHAPTER FOUR................................................................................. 83
4.0 INTRODUCTION........................................................................ 83
4.1 Analysis of Questionnaire Response............................................ 83
4.2 Hypothesis
Testing....................................................................... 93
4.3 Discussion
of Findings............................................................... 108
CHAPTER FIVE................................................................................. 110
FINDINGS,
CONCLUSION AND RECOMMENDATION................ 110
5.0 Introduction................................................................................ 110
5.1 Summary
of Findings................................................................. 110
5.2 Conclusion.................................................................................. 112
5.3 Recommendations...................................................................... 113
5.4 Suggestion for Further Studies................................................... 116
References................................................................................ 117
Appendix.................................................................................. 120
CHAPTER
ONE
1.0 INTRODUCTION
In our Nigeria economy
today, there is so much cry of unemployment and under development thereby
leading to comparison of our economy to that of the developed countries. But it
is also imperative for us to come to the knowledge that the development of any
country, depends immensely on the citizens who go enterprising with reference
to personalities like Bill Gate, Thomas Edison and so many others in the
developed countries. These are great entrepreneurs who stood as catalyst for
economic change and development in the developed countries in terms of
technology and innovation.
The history of any country’s
development pays tribute to the contributions of entrepreneurs so we must come
to that awareness. For many decades now, entrepreneurship has been recognized
as a critical element in the development process of a Nation. It has the
ability to raise productivity through various forms of innovations, To create
job through the formation of new enterprises especially small and medium scale
enterprise; To eradicate unemployment, crime rate and low standard of living,
To facilitate transfer of technology or the adoption of technology. To
reinvigorate large scale enterprise and also public enterprises, To harness
resources that might otherwise be latent and to stimulate growth in these
sectors which supply it with input. Entrepreneurship sustains and encourages
economic development and dynamism that enables a country to adjust successfully
in a rapidly changing global economy. The first step is to develop our human
and natural resources thus increasing our per capital income.
1.1 BACKGROUND OF THE STUDY
Before launching into the
main focus of this study: Entrepreneurship development as a strategy for economic
development, we shall take a look at the development of entrepreneur (i.e. its
origin and trend). But first of all,
What is entrepreneur?
Entrepreneur has been defined by so
many different scholars in so many ways according to the perspective in which
they view it from.
Some have defined it from the angle
of power (Joseph, A. Schumpeter), knowledge (Lasson), Religion (David
McClelland) etc. But in this research work, we are going to take a look at two
school of thought: “Ambition” and “Vision”.
Ambition
An entrepreneur to
Kirzner, is someone who is alert to profitable opportunities for exchange.
He/she is able to identify suppliers and customers and act as an intermediary.
The entrepreneur here, has some additional knowledge which is not possessed by
others and so, he takes advantage of it and establishes a venture.
Vision
Everett Hagen sees an entrepreneur as a reactive
problem solver, interested in solving practical problems in most cases, through
the application of creative technologies. In his book “the theory of social
change” argues that creative personality in an individual is characterized by a
high need for achievement, law, order, autonomy and problem solving. Economic
development to him, is basically a process of ecological change brought about
by the technological activity of individual “concerned”. At times entrepreneurs
are motivated by some internal forces as a duty to do something unique before
they die.
From the above definitions, we can say that an
entrepreneur is one who sees opportunities in every circumstances and turns it
into a business venture which usually brings about profiting monetarily. He
sees a business opportunity in line with his dream and applies himself
rigorously in order to achieve his life’s ambition or mission. He achieves this
through creative thinking and this creative thinking, erupts or is put to play,
as a result of the desire to fulfil purpose (vision) or ambition. It could also
be as a result of the crave for power and social or political reasons as the
case may be.
But whichever way, the most important thing and which
is common amongst all the definitions, is that a going concern business must be
established and managed to a success irrespective of the challenges.
Origin/ History of
Entrepreneur in Nigeria
The word entrepreneur originated from the French
language meaning “one who takes between” And it was first used to describe
people engaged in military expeditions. Since 1700, the word entrepreneur was
frequently applied by the French to contractors handling Government projects
like roads, bridges, harbor and fortification contracts.
And
by 1755, the term entrepreneur was applied to business for the first time by
Richard Cantillion an Irish man living in France.
Historically, entrepreneurship started from the
ingenuity of man when people produced more products than they needed and
because of the need for other products and services, they had to exchange their
surpluses with others who also wants to dispose off their surpluses and acquire
other items they need too and through this exchange of products,
entrepreneurship started. But as at this time, it was known as trade by barter.
A typical Nigerian entrepreneur is a self made man who
might be said to have strong will to succeed. For this reason, they were always
willing to start small. He might engage the services of others like friends,
mates, in-laws etc to help him in his work or production. Through this way,
Nigerians in the older days were engaged in entrepreneurship and our occupation
was primarily peasant farming. The initial entrepreneurial endeavours made by
Nigerians therefore, started when the Europeans colonized us and started palm
oil/ kernel and timbre trade. When the colonial masters made the country a
colony of the British empire, they saw the need for extending their trading
area to the hinter lands of the country and started the construction of
railways. Privileged by their trading activities and the construction of
railways, structural network, some Nigerians were made trading agents and others
were engaged in the construction work for which they had opportunities to
acquire some skills. These Nigerians subsequently, decided to have their own
business forms. With the advent of modern entrepreneur (20th – 21st
century), these people have now adapted to the extent that some of the
entrepreneurs have dabbled into import – export, shipping, warehousing,
financial services, banking, packaging, canning, outsourcing, haulage,
logistics, assembling, manufacturing and international entrepreneurship with
one of them Alhaji – Aliko Dangote, displacing Oprah Winfrey (a U.S. syndicated
T.V. Host) to become the richest black man in the world, with Mike Adenuga
trailing behind – All Nigerians. By Nnamdi Ebo 15.12.12.
The arrival of Shell Petroleum Development Company
(S.P.D.C) and other foreign firms to explore mineral oil in the Niger Delta in
1950’s, also gave Nigerians the impetus to stand out as contractors to these
companies and these made a great impact in the economy in terms of development.
Historical Background of
Entrepreneurship Development
Because of the development experienced in the Nigeria
economy during the colonial reign, entrepreneurship development was highly
encouraged after the colonial masters left the country in 1960. Foreign
Nationals like the Sierra- Leonians, Greeks, Ghanaians and others that
dominated the business scene even at the grassroot level during the colonial
era, were dislodged in order to give Nigerians the full opportunity in
participating and shaping their country economic future.
The federal government introduced indigenization and
enterprise promotion dance of 1972 and its revision in 1977. The objective was
to foster economic self reliance and maximize external intervention.
Also in 1985/1986, the alarming proportion of
unemployed school leavers and graduates in the country, with effect to the
expansion of educational programmes that sprang up as a result of the oil boom
of 1970’s without a corresponding increase in job opportunities, worsened by
the mass retrenchment of workers brought about by the contraction of the civil
service necessitated by the recession in the oil market, made the federal
government to launch entrepreneurship development programmes.
And since then, there has been the encouragement of
entrepreneurship in Nigeria through
various ways in all the arms: our educational institutions, organizational
trainings and even government schemes and policies and allocations too.
1.2 STATEMENT OF THE PROBLEM
Entrepreneurship
development which forms the bedrock of all business evolutions and economic
miracles of the nation has its peculiar problems in Delta State. And the
statement of the problems of this research work are:
1. There
is so much complaints of youth about lack of governmental efforts in solving
the problem of unemployment, low standard of living and crimes.
2. The
youths in Delta State are still ignorant of the fact, that entrepreneurship is
the driver of development to any nation and therefore their attitude towards it
is very poor.
3. People
still lack the sound technological know-how of entrepreneurship development.
(Still ignorant of how to put their potentials to work).
4. Entrepreneurs
and entrepreneurship development facilitators in Delta State are faced with
numerous challenges.
1.3 OBJECTIVE OF THE STUDY
The need to develop
entrepreneurship in the Nigeria economy cannot be over emphasized because
there, lies our hope of National growth and development. The objective
therefore, of this research work includes the following:
1. To
discuss the efforts of government on entrepreneurship development as a strategy
to eradicating unemployment, low standard of living and crime rate. And also,
pinpoint areas where assistance are lacking.
2. To
create awareness of the importance and benefits of entrepreneurship development
in any economy. This is to encourage entrepreneurship in Delta State.
3. To
bring awareness or dwell on the technological know-how of starting and running
a specialized or mastered field of trade. (i.e. the technological knowhow of
entrepreneurship development).
4. To
discuss the challenges faced by entrepreneurs and entrepreneurship development
facilitators, and profer solution.
1.4 RESEARCH QUESTIONS
In order to achieve a
focus for the study, the following research questions were formulated.
1.
Is government putting
efforts to solving the problem of unemployment, crime and low standing of
living?
2.
Are the youth still
ignorant of the fact that entrepreneurship development is the driver of the
economy of the developed countries?
3.
Do people still lack the
technological know how of entrepreneurship development?
Are
entrepreneurs and entrepreneurship development facilitators faced with numerous
challenges?
1.5 STATEMENT
OF HYPOTHESIS
Hypothesis are often
statements about population parameters like: expected value, and variance. It
is an assumption or a guess which we make about a population parameters.
In
science, a hypothesis is an idea or explanation that will need to be tested
through study and experimentation. We can also say that it is the statement
created by researchers when they speculate upon an outcome.
According to Osuala, a hypothesis is a conjectural
statement of the relationship between two or more variables and always in a
declarative sentence form. In order for a hypothesis to be adjudged worthy in
effectiveness of addressing a particular problem, it must:
a.
Be based on existing data
and possibly expected to predict previously unknown data.
b.
Be falsifiable for it’s
acceptance as true science.
c.
Be testable taking into
account current knowledge and techniques and be realistic.
d.
Explaining existing data
in simpler terms than any competing hypothesis.
e.
Be derived from the
problem stated.
f.
Be able to exhaust the
problem under investigation.
g.
Permit the development of
a research design capable of providing the data necessary for testing its
validity.
h.
Needs to be logical.
i.
Must use precise
language.
Types of Hypothesis
Basically we have two
types of hypothesis:
1. The null hypothesis and
2. The alternative hypothesis
The null hypothesis represented by
Ho (usually a negative statement) is a statement or theory put forward either
because it is believed to be true or because it is to be used as a basis for
argument but has not been proved and it is to be tested.
It is null because the underlying
assumption is that there is no difference between the true parameter and the
hypothesis value.
The alternative hypothesis denoted
by H1, (usually a positive statement) is a statement of what a
statistical hypothesis is setup to establish, and it is a statement the
researcher or tester is interested in. Hypothesis are formulated such that Ho
and H1 are opposites (when one is true, the other is false).
Hypothesis Research Statement
Hypothesis I
H1: Government is putting efforts to solving the problem of
unemployment, crime and low standard of living.
Ho: Government
is not putting effort to solving the problem of unemployment, crime and low
standard of living.
Hypothesis
II
Ho: Youths
are still ignorant of the fact that entrepreneurship development is the driver
of the developed countries economy.
H1: Youths are no more ignorant of the fact that entrepreneurship
development is the driver of the developed countries economy.
Hypothesis
III
Ho: People
still lack the technological know-how of entrepreneurship.
H1: People no more lack the technological know-how of
entrepreneurship development.
Hypothesis
IV
Ho: Entrepreneurs
and entrepreneurship development facilitators are faced with numerous
challenges.
H1: Entrepreneurs and entrepreneurship
development facilitators are not faced with numerous challenges.
.
1.6 SIGNIFICANCE OF THE STUDY
This research work will
serve as a guide to researchers who may
wish to conduct research on related topics with this study in the future.
It will help intending and existing entrepreneurs on
the technological know-how of entrepreneurship for a successful business.
It will help beginners and existing entrepreneurs in
business, to know where and how to go about the issue of fund raising in
business.
It will guide the entrepreneurs in making credit
demands that are in compliance with government monetary policy. Policy makers
will equally benefit tremendously from this study as suggestions and
recommendations to be made in this study will avail them of the necessary tools
for training and policy formation, to maintain the growth and development of
entrepreneurship in Nigeria.
This research work will give information on the
possible areas for improvement. The work will be of great benefit to students
of business administration and management and other scholars.
It will also provide necessary tools or strategies for
entrepreneurship development.
It will help beginners in business to prepare and
guide against the challenges ahead.
In addition, it is expected that the findings will
help to bridge the gap that may exist or may have existed and to make
entrepreneurship business more effective and efficient in the cause of carrying
out business activities.
It will also serve as a lecture material for
entrepreneurship development facilitators.
1.7 SCOPE OF THE STUDY
The scope of this study
is within the operations performed and also contributed by entrepreneurs in
Delta State to the development of our Nigeria economy. And the main focus which
is the case study of this work, is Umusukay Global concept Warri, Delta State.
The emphasis of this study is on how
entrepreneurial development could be enhanced to foster economic development.
1.8 LIMITATION OF THE STUDY
This research work on
entrepreneurship development as a strategy for economic development in Delta
State, is not an exception to the usual constraints associated with research
work. The constraints are:
1. Time:
Time has been a major constraint that has militated against the realization
of the objectives of the research, especially as the researcher had to carry it
out in the midst of academic pressure.
2. Finance:
Being the life wire of any business and any research work, has posed a
major barrier that has immensely militated against the realization of the
researchers objectives. The researcher faced inadequate finance for the
acquisition of the necessary stationeries for the work.
3. Negative
Attitude of Some Persons interviewed: Some of the people interviewed were
not ready to give out the required information needed. Therefore, the survey or
study, is restricted to Umusukay Global Concept Warri, one of the growing
empowerment and event management organization in Delta State.
4. Textbooks
1.9 DEFINITION
OF TERMS
1. Strategy: It can be defined as a means
to an end. It can also be seen as a procedural pattern or design/technique in
which a manager adopts to carry out his job functions in order to achieve
organizational goals.
2. Entrepreneurship: It is the pursuit of
creative and innovative ideas to meet an identifiable need and create wealth in
the process through managerial skills such as planning, organizing, directing
and controlling of available resources e.g man, machine, money and material.
3. Development: The gradual growth of
something so that it becomes more advance and stronger.
4. Scholar: Someone who studies an
academic subject and knows a lot about it.
5. Economy: The state of a country or
areas in terms of the production.
6. Government: The system by which a state
or country is governed.
7. Programme: A list of training and
development courses including seminar, workshop and conferences provided to
enhance people. Better still, to empower people.
8. Citizen: An inhabitant of a town or
city.
9. Tremendously: Great or huge
contribution.
10. Output: The amount of something
produced by a person or machine.
11. Society: The aggregate of people living
together in a more or less ordered community.
12. Administration: The organization and
running of a business or system.
13. Community: A small area or town and the
people who lives in it.
14. Entrepreneur: Is one who has the
ability to see opportunities in every situation and turns it into a money
making venture by gathering the
necessary resources to nurture it to success. He is a risk taker.
15. Technology: Ability to create something
new or unique.
16. Innovation: Creating new ideas.
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