ABSTRACT
This
study examines the importance of entrepreneurship development in a developing
economy like Nigeria. The need for moderate standard of living and employment
creation to help the Nigerian industrial workers is one of the reasons for this
research. Possible solutions were given to solve the problem of
entrepreneurship development in Nigeria. Questionnaires, personal interview and
observation were carried out on staff of Igueben Local Government council,
customers and owners of some selected business in Edo State without bias.
Hypotheses were formulated and tested. The statistical technique used to
analyze the data collected includes simple percentage and chi-square. It was
discovered that small scale industries are making meaningful contribution to
socio-economic development and growth in Nigeria, especially in the areas of
employment generation and utilization of local raw materials etc and based on
these, the need of entrepreneurship development research needs to be looked
into. It is to conclude that business operators should be assisted by way of
finance and information management.
TABLE
OF CONTENTS
Title Page i
Certification ii
Dedication iii
Acknowledgment iv
Table of Contents v
List of Tables viii
List of Figures ix
Abstract x
Chapter
One: Introduction 1
1.1
Background to the Study 1
1.2
Statement of the Problem 3
1.3
Research Questions 3
1.4
Research Hypotheses 4
1.5
Purpose of the Study 4
1.6
Scope of the Study 5
1.7
Significance of the Study 5
1.8
Limitation of the Study 6
1.9
Operational Definition of Terms 6
Chapter
Two: Literature Review 9
2.1 Nature
of Entrepreneurship 9
2.2 Concepts
of Entrepreneurship 10
2.3 Classification/Types
of Entrepreneurs 12
2.3.1 Clearance Dandof Classification 12
2.3.2 Classification on the Basis of Ownership 15
2.3.3 Classification Based on the Scale of
Enterprise 15
2.4 Entrepreneurial
Marketing 17
2.5 Entrepreneurial
Process 20
2.6 Entrepreneurial
Management 23
2.7 Entrepreneurship
Eco-System 25
2.8 Importance
of Entrepreneurship in a Developing Economy 26
2.9 Causes
of Entrepreneurship Failure 30
2.10 Common
Feature of Entrepreneurs 33
2.11 Summary
of the Chapter 34
References
36
Chapter
Three: Research Methodology 38
3.1 Research
Design 38
3.2 Population
of the Study 39
3.3 Sample
Size and Sampling Technique 39
3.4 Source/Method
of Data Collection 40
3.5 Method
of Data Analysis 40
Chapter
Four: Data Analysis, Interpretation and Discussion 43
4.1 Data
Presentation 43
4.2 Data
Analysis 43
4.3 Testing
of Hypotheses 51
4.4 Discussion
of Findings 60
Chapter
Five: Findings, Conclusion and Recommendation 61
5.1 Findings 61
5.2 Conclusion 61
5.3 Recommendations 62
References
64
Appendix
I 66
Appendix
II 67
LIST
OF TABLES
Table 4.1: Distribution of Respondents on the basis on Sex 43
Table 4.2: Distribution of Respondents on the basis of
Age 44
Table 4.3: Distribution of Respondents on the basis of
Marital
Status 44
Table
4.4: Distribution of Respondents on the
basis of
Academic qualification 45
Table
4.5: Respondents view on does
entrepreneurship development
increase the growth of a
developing economy? 46
Table
4.6: Respondents view on does
entrepreneurship
development contribute to a
developing nation? 46
Table
4.7: Respondents view on what are the entrepreneur’s
possible challenges in the
development of a nation? 47
Table
4.8: Respondents view on does the policy
of the government
enable entrepreneur to carry out
their normal business
activities? 48
Table
4.9: Respondents view on is entrepreneurship
development
in any way important to the economy? 48
Table
4.10: Respondents view on does the
government in any
way pay attention to entrepreneurship
development? 49
Table
4.11: Respondents view on what do you
think is the major
cause of entrepreneurship failure in
business? 50
Table
4.12: Respondents view on does the
government in any
way pay attention to entrepreneurship
development? 51
LIST OF FIGURES
Figure 2.1: Concepts of Entrepreneurship 11
Figure 2.2: Classification of Entrepreneur 12
Figure 2.3: Entrepreneurial Process 21
CHAPTER
ONE
INTRODUCTION
1.1 Background to the Study
The
role of entrepreneurship in economic development involve more than just
increasing for capital outfits and income, it involves indicating and
constituting change in the structure of business and society. This change is
accompanied by growth and increase in output, which allows more wealth to be
divided by various participants. Therefore, this project “the importance of
entrepreneurship development in a developing economy” using Edo State as a case
study (some selected business) is aimed at finding out the contributing of
small scale enterprise to the economic growth and development of our country,
Nigeria.
As such, the project also tends to look at its
contribution to rural industrializations, encouragement of indigenous
entrepreneurship, income distribution and utilization of local raw materials,
although the ultimate aim to economic development is to create opportunities
for personal fulfillment through economic activities.
The present situation of Nigeria economy, when
compared with what was obtainable decades ago, give and indicate that Nigeria
is fast developing economically among other things, creation of employment
opportunities, create condition which proved to be helpful in reducing the gap
between the rich and poor.
Despite the improvement of development in our economy
(Nigeria) generally this research work hopes to cover the contribution of
entrepreneurship development to Nigeria economy.
The above premise therefore calls for the aim of this
research the importance of entrepreneurship development in a developing
economy, using Edo State as a case study.
1.2 Statement of the Problem
The
following are some of the statement of the problems in this study:
i.
The importance of entrepreneurship
development in a developing economy,
ii.
The contributions of entrepreneurship to
the economy,
iii.
For this reason, the work stated in the
question therefore is, the role entrepreneurship play in the economy.
iv.
It is in view of this, that this study is
embarked upon the look of areas that can really make contribution to the
national economy which entrepreneurship development is part and parcel of using
Edo State as a case study (some selected business).
1.3 Research Questions
The
research questions include:
1.
How has entrepreneurship
development increase the growth of a developing economy?
2.
Does
entrepreneurship development contribute to a developing nation?
3.
What are the
entrepreneur’s possible challenges in the development of a nation?
1.4 Research Hypotheses
Hypothesis I
Hi: There is a positive
relationship between entrepreneurship
development and the increase of the growth of a developing economy.
Hypothesis
II
Hi: There is a positive
relationship between entrepreneurship
development and its contribution to a developing nation.
Hypothesis
III
Hi: There is a positive
relationship between entrepreneur’s
possible challenges and the development of a nation.
1.5 Purpose of the Study
1. To
determine how entrepreneurship
development increase the growth of a developing economy.
2. To determine how entrepreneurship development contributes to a
developing nation.
3. To determine the possible entrepreneur’s challenges in the
development of a nation.
1.6 Scope of the Study
This
research work “the importance of entrepreneurship development in a developing
economy will be restricted to Edo State (some selected business). It is however
important that a research of this nature should conduct adequate courage of all
small scale business in the Edo State and even other States to find out the
general contribution of entrepreneurship development.
Therefore, the reason for restricting this research
investigation to some selected enterprises in Edo State in the federation has
contributed to the growth of entrepreneurship development in Nigeria.
1.7 Significance of the Study
This
research work however be useful to several individuals and bodies among which
are:
1.
It will enable the researcher to
contribute its quota in the academic discipline.
2.
It will also be useful to the forthcoming
students and government agencies when the need for economic growth and
development arises.
3.
It will also be useful to the present and
potential entrepreneur.
1.8 Limitation of the Study
A
number of limitations against this study, some of these factors are:
a.
Inadequate
Cooperation: The cooperation of the respondents was
inadequate. The problem was encounter during the visit to some selected
business; either the manager/owner is not around or come back again. Some
respondents deliberately refuse to attend to the questionnaire and therefore
making the exercise difficult.
b.
Time
Factor: Time was also a great problem faced by the
researcher. This project was combined with other academic activities and thus
made it quite difficult for the researcher to devote enough materials that were
necessary for this research.
c.
Educational Background of the Respondent: Educational background also posed a problem to the
study, as most of the respondent possessed only the elementary educational
qualifications, as side they could not respond to technical questions presented
to them adequately.
1.9 Operational Definition of Terms
Entrepreneur: According
to Bygrave, (2014) entrepreneurs are people who have ability to see and
evaluate business opportunities to gather the necessary resources and to take
advantage of them and initial appropriate action to ensure success.
Entrepreneurship: Entrepreneurship is
the catalyst for national development. Therefore it aims is achieving
sustainable human development for the people particularly those at the grass
root (Drucker, 2009).
Enterprise: According to Osoba-Enakali,
(2008) enterprise is the development of businesses by the people of a country
rather than by the government.
Small Scale Enterprise: Small scale
enterprise are those enterprise that have relatively little capital investment,
that produce in small quantities and as a result control a small share of the
market, that employ not more than fifty (50) workers and in which management,
marketing and entrepreneurial function are rested in proprietor (Okechukwu,
2009).
Development: This can be seen as the
state of improving, expanding or enlarging refining. It can also be seen as a
process in which something passes by degree to a different place especially a
more advance or mature stage. Finally, it is a state of which things are
improving (Ojemu & Olugbemide, 2009).
Economy: Saga & Ray, (2009) opined
that economy is seen as the relationship between production, trade and the
supply of money in a particular country or region.
Developing Economy: Developing
economy means the increasing in value of an economy i.e. increase in output. It
is the physical movement of economy workforce for upliftment of a nation
(Oshorun, 2009).
Marketing: This is the activities, set
of institution and process for creating communication, delivery and exchange
offering for customers, clients, partners and society at large (AMA, 2013).
Entrepreneurial: Drucker, (2009) opined
that entrepreneurial is the practice of taking entrepreneurial knowledge and
utilizing it for increasing the effectiveness of new business venturing as well
as small and medium-sized business.
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