IMPACT OF ENTREPRENEURSHIP ON ECONOMIC DEVELOPMENT

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CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study
MOST of the obvious example is starting of new business, in the combination with land, labour and capital. Entrepreneurial spirit is characterized by innovation and risk taking. It is an essential parts of a nation?s ability to succeed in an ever changing and increasingly competitive global market place.
There is a distribution between theoretical and operational definitions of entrepreneur. The theoretical definitions are wide covering a number of entrepreneur activities, whereas the operational definition covers singular aspect. The economic operationalaspect Chandler [1990] defines entrepreneur as dealing with uncertainties making a distinction between risk which can be calculated and uncertainty which cannot. Schumpeter [1934] for change and economic development, and entrepreneurship as the undertaken of new ideas and new combinations, that is innovations. Rucker [1985] describes the entrepreneur as a person who is willing to risk his capital and other resources in new business venture, from which he expects substantial rewards if not immediately, then in the foreseeable future. Okpara (2000)sees entrepreneur as an individual who has the zeal and ability to find and evaluate opportunities .He further observed that they are calculated risk takers, who enjoys the excitement of challenges not necessarily gamblers. The risk of entrepreneur has been assessed as a driving force of decentralization, economic restructuring and movement in the direction of market economy.
Small and Medium Enterprises [SMEs] occupies place of pride in virtually every country or state because of their significant roles in the development and growth of various economics. Small or Medium Enterprises have aptly been referred to as the engine of growth and catalysts for socio economic transformation of any country. They represent a veritable vehicle for the achievement of national economic objective of employment generation and poverty reduction at low investment cost as well as the development of entrepreneurial capabilities including indigenous technology. Other intrinsic benefit of vibrant small and medium entrepreneurs include access to the infrastructural facilities occasional by the existence of such small and medium entrepreneurs in their surroundings the stimulation of economic activities such as suppliers of various items and distributive trades for items produced and or needed by the small and medium entrepreneurs and their dependent as well as those who are directly or indirectly associated with them. It is however worrisome that despite the incentives, policies, programmes and support aimed at revamping the small and medium entrepreneurship. They have performed rather below expectation in Nigeria.
The significant of small and medium entrepreneurship derives from the following consideration set out by Sullwan (2000).
? Numerically, they account for a very high percent of the total number of business establishment in the country.
? Though their contribution to value added is disproportionately low,more value added is retained in the case of small scale enterprise than in the case of larger scale firms.
From this view point, the development of small and medium enterprises can be seen as one of the necessary condition for economic development presently, small and medium enterprise in Nigeria is sub optimized.These problems have reduced remarkably the volume and variety production andemployment possible for small and medium enterprises well hence have not played the expected vibrant and vital role in the economic growth and development of Nigeria.
1.2 Statement of Problem
Among the factors that influence the standard of an economy, employment is an main factor, as the population of the world grows so grows unemployment, that is why we need to depend on the government .This is where the option of being self-employed comes in and creating employment opportunities for others. There are several graduates who are not gainfully employed not to talk of others that are not formally educated, they all need prerequisite skills to make them self-dependent.
Unemployment as one of the devastating problem of developing countries which Nigeria is one. In order to guide against the tragedy which may occur due to unemployment .Labour forces needs to use their endowment with the available resources to generate a tangible output not only for his benefit but for the country.
To mention but few entrepreneurship have helped in the following ways;
i. Employment creation
ii. Innovation i.e. creation of new ideas
iii. Investment encouragement
iv. Income generation
v. Encourages privatization
vi. Poverty evaluation
vii. Reduction of financial and economic crises
viii. Revenue generation
ix. Increase in national income

1.3 Objectives of the Study
Given the statement of problems outlined above, the overall objective of this research is to indenting ways and means which will establish and sustain the vibrancy for Nigeria small or medium enterprise can play the expected vital role as the engine of growth in our economic development efforts .In order to achieve this, the research attempt to achieve the following objectives;
i. To ascertain the influence of management managerial capacity in the development and growth of SMEs in Nigeria.
ii. To identify the major constraint between access to finance and managerial capacity in the development and growth of SMEs in the country.
iii. To evaluate the extent to which managerial capacity, access to finance, infrastructure influences the growth of SMEs in Nigeria.
iv. To identify the major problems or
v. Governmental constraints that militates against the growth and development of SME in the country.
vi. To correct the view of dependence on white collar hobs, even with no formal education one can earn a living.
vii. To create government awareness in order to encourage entrepreneurs.

1.4 RESEARCH QUESTION
1. How could skills, human resources be useful to create employment?
2. How can government be aware in order to in turn encourage the practice of entrepreneurship?
3. What are the challenges of entrepreneurs?
4. Why do some SMEs fail and what helped some to succeed?
1.5 Statement of Hypothesis
1. Should the importance of entrepreneurship be overemphasized?
2. What influence does SMEs have on the economy as a whole?
3. What is government?s impact on creation of awareness of people to entrepreneur?
4. Have government in any way influenced small and medium entrepreneurship in Nigeria
1.6 Scope of the Study
Unfortunately in Nigeria much attention is not given to small scale enterprises, but entrepreneurship is oriented towards different ways of realizing opportunities, so their participation in the growth and development of Nigeria should not be downgraded.
This research will examine areas of small and medium enterprises, how some have succeeded and way some failed. It will emphasis the impact of small and medium enterprise on the economy of Nigeria.
1.6 Significance of the Study
Due to expansion there is need to be expansion of human capacities through high quality system of entrepreneurship education, training, skills acquisition and lifelong learning is important for helping youths and graduates find jobs and enterprises to find the skilled workers they need.
The relevant and business skills need to be provided to those who choose to be self-employed or short their own venture or mighty do so later. The importance of entrepreneur ship has been recognized for several decades Wellber (2010) put forward that the protestant ethic is spirit of capitalism. Other writers have discussed from different perspectives, the importance of entrepreneurship to different countries in the industrial era
Entrepreneurship has help to redress the problem of unemployment and poverty among the nation. It will make them not only to be job creators but also wealth creators. According to small business services (2005), the possession of entrepreneurial skills to create new knowledge based social enterprises isvital to addressing these social and environmental issues effectively. In the phase of global meltdown entrepreneurship is a central pillar to economic growth and development generation and poverty alleviation (2009). Hence, our nation cannot afford to toy with the issue of entrepreneurship. Therefore need to acquire and develop specific entrepreneurial skills cannot overemphasized because entrepreneurship is vital to creating employment and indeed a special from employability.
1.7 Operational Definition of Terms
Entrepreneur: is the person creating idea, identifying opportunities and managing business or venture and its resources for tangible output.
Entrepreneurship: Is the activities of establishing a venture, business or enterprise from generated idea in order to earn a living meet other wants and make profit.
Economy: is the level of maintaining production trade and money in order to standardize the standard of living in the geographical area.

1.8 Historical Backrground of Femo West Africa Limited, Eruwa, Oyo State
Femo West Africa Limited located in Eruwa Ibarapa local government area of Oyo state was established as a private business organization in 1977 by the Chief Adeseun Ogundoyin (Late) with a cost of over #250 million for the manufacturing of the following products.
i. Tropical army tarpaulin camouflage and
ii. Fabric lather for automotive covers shoe and bag industries
iii. Floor covering ? linoleum, carpet/tiles
iv. Muslim praying mats
However, the importance of this business organisation is:
(i) To reduce rural ? urban migration
(ii) To develop rural areas
(iii) To create employment opportunities for the unemployment youths
(iv) To reduce foreign exchange outflow by sourcing for the made in Nigeria raw materials.
However, products produced by this organization are of international standard and as a result of this, the company received an African award in Paris on 25th February 1991 for the standard nature of its products.
The company has the capability of manufacturing the following of its produce annually.
i. Tropic Tarpaulin:- 1.5 million linear metres
ii. Army Carmoflauge:- 2million linear meters
iii. Coated fabric:- 2.2 million linear meters.
iv. Muslim praying mat: – 2 million linear meters.
Although it is not easy to survive in business in Nigeria nowadays, Femo West Africa Limited has plans that will make it survive in this dutiful economic environment.

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IMPACT OF ENTREPRENEURSHIP ON ECONOMIC DEVELOPMENT

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