ENTREPRENEURSHIP DEVELOPMENT IN THE SOUTH EAST NIGERIA

Amount: ₦5,000.00 |

Format: Ms Word |

1-5 chapters |




ABSTRACT

This project is a review “Entrepreneurship Development in the South East, Nigeria”.

The problem  identified  are lack  of attention  to  business,  absence  of basic  infrastructure  for  the smooth  operation  of  business,  managerial  problems,  pernicious  inflation,  restrictive  regulations flagging  innovation  and  even  social  problems.  This  write  up  showed  the  relevant  literature concerning the project topic. The objectives of the study are as follows: to  identify the problem of entrepreneurs in the south east zone by surveying some selected manufacturing industries in Onitsha, to  identify the  fundamental  principles  that  exist  in south  east  entrepreneurship  endeavor  and  to examine the prospects of entrepreneurs in the south east zone. The review of this topic will address the research questions which are below.

The descriptive survey method was used and the research tool was questionnaire. 395 staffs answered

the questionnaire. Frequency percentages and criterion mean score of 2.5 were used in data analysis using Chi-square formula and presentation was done by the use of tables. Yaro Yamani’s Statistical formula  was  used  for  the  sample  size  determination  of  199  from  a  total  population  of  395 respondents.   The findings  from the study showed  that the power  sector has proven the greatest challenge  to any aspiring entrepreneur  in Nigeria and the  availability of capital  is central to the establishment and continued existence of any enterprise

Finally,  solutions  and recommendations  were proffered  that government  should  come up  with  a proactive programme to support, the entrepreneurs  through loan facility. The  conclusion was that government through the CBN should come up with programme to assist the young entrepreneurs.

CHAPTER ONE

1.1      BACKGROUND OF THE STUDY

The study “entrepreneurship in the South East, Nigeria”, case study Onitsha entrepreneurship in the south east zone has not been so wonderful. There are some challenges, issues that affect  the state. Entrepreneurial forces are relatively strong in this state as the lack of jobs and a rise in powerful leave few other options for the people. Although difficulty due to lack of resources, there are non – profit making organizations such as the “Fate Foundation” that are dedicated to promote entrepreneurship. Apart from the information about the state that is often negative, there appears to be recognition of the critical role and place of technology in the development and advancement of the state.

However an important distinction between developed and developing states often lies in the  wide disparity between policy implementation.  Often, signs of this disparity are found in the  extent that polices are clear and measured often developing states adopt excellent policies and  guide lines that could, if well implemented  changes the futures of their citizens but alas, they  are very often not followed  through  if  the  government  follows-through  with  its  new  laws  guiding  education  and technology  with  action  and  implementation  and  the  people  attain  their  education  goals  and professional potential with the tools available to the world today. We will witness the transformation of the state into an emerging economic giant.

These are attained goals

  entrepreneurship activity in the state is primarily based on necessity

  Nigerians economic decline. Since the 1980s has created a hostile environment that is unfavorable to entrepreneurial success.

  The state infrastructure limits entrepreneurial effectiveness and is a barrier to success.

  The high cost of doing business in the state such as the lack of adequate electricity and  basic needs by a large amount of t he population stifle entrepreneurial activities in the state.

  The policies of the Nigerian government are a barrier to the success of large-scale entrepreneurial success for many people in the state (Onitsha). The government  is plagued  by corruption and graced. The plagued by corruption and greed. The government systematically ignores laws that are already in place to promote free enterprise.

  The lack of enforcement of Nigerian patent laws discourages entrepreneurs from commercializing their ideas and inventions.

Entrepreneurship  is the act  of being an entrepreneur,  which undertakes  innovations,  finance  and business acumen in an effort to transform innovations into economic goods. This may result in new organizations  or  may be  part  of  revitalizing  mature  of  organization  in response  to  a  perceived opportunity.

1.2      STATEMENT OF THE PROBLEM

The growth and development of most nations of the world can be anchored  environment for  the growth  and  sustenance  of entrepreneurship.  However  one of the  witnesses  of Nigeria  industrial development is lack of small and medium scale sub-sector.

The efforts and measure taken over the years by the government have not yielded the desired result. Therefore, it is important to give adequate attention to these very business sectors in other to make a continuous to our nation. Most explanations for business failure are based essentially upon attributes of the environment in which the company operates. This is reflected mostly in the absence of basic infrastructure  for the smooth operation of business. Other problems  include managerial problems, pernicious inflation, restrictive regulations flagging innovation and even social problems etc.

For growth and development what we need is an entrepreneurial society in which entrepreneurship activities  are steady and  continuous.  Just  as management  has  become  the  specific  organ of our society, so innovation and entrepreneurship have to become an integral life sustaining activity in our organization and our economy.

1.3      OBJECTIVES OF THE STUDY

The objectives of the study are as follows:

1.        To  identify  the  problem  of  entrepreneurs  in  the  south  east  zone  by surveying  some selected manufacturing industries in Onitsha.

2.        To identify the fundamental principles that exists in south east entrepreneurship endeavor.

3.        To examine the prospects of entrepreneurs in the south east zone.

1.4      RESEARCH QUESTION

To establish the general purpose of the study we make use the concept of research question.

1          What are the problems responsible for the failure of most entrepreneurship in the south east zone?

2         What are the fundamental principles that exist in south east zone entrepreneurship endeavor?

3         What are the prospects of the south east zone entrepreneurs be examined?

1.5      HYPOTHESES OF THE STUDY

To guide the direction of this study, the following hypothesis were developed.

1.        H0: The problem that contributes to the failure of entrepreneurship in south east zone is not management incompetence.

H1: The problem that contributes to the failure of entrepreneurship  in south east zone is management incompetence.

2.        H0: There is evidence to show that fundamental principles of innovative capital investment and hard work exist in south east zone entrepreneurship endeavor

H2: There is evidence to show that fundamental principles of innovative capital investment and hard work does not exist in south east zone entrepreneurship endeavor

3.        H0:  Prospects  of  poverty  reduction  and  GDP  improvement  of  the  south  east  zone entrepreneurs are high

H3:  Prospects  of  poverty  reduction  and  GDP  improvement  of  the  south  east  zone entrepreneurs are low

1.6   SIGNIFICANCE OF THE STUDY

Recently  concern  for  economic  growth  and  development  has  place  entrepreneurship  in  a  new perspective. This study is appropriate at this time in the development of entrepreneurship as a means of improving productivity of the nation.

It is our hope that this study would enable the entrepreneur in the south east zone knows more about the factors that accounts for the failure of most entrepreneurs and how these problems can be solved or tackled. This will help groom better and more successful entrepreneur in the future. It will also emphasize  the  need  for  entrepreneurial  development  in  the  south  east  zone  to  aid  economic development given the over dependence of Nigerians in petroleum.

Furthermore, the study would enable existing/potential entrepreneurs recognize their organizational strength and capitalize on it for their continuous existence. This in effect will mitigate the enormous waste of human and capital resources resulting from high failure rate of entrepreneurs.

1.7      SCOPE OF THE STUDY

This study centres on the south east entrepreneurs,  problems  and prospects  using  manufacturing industries in Onitsha. Some of the selected manufacturing industries in Onitsha used as case study are as follows:

1.   Ano plastics and metal industries Nigerian limited, Osha/Owerri Rd, Onitsha, Anambra  State.

2.   Ibeto  industries  petrochemicals,  union  auto  parts,  holding,  hotels,  agencies,  cements.  Plot  D

bridge head industrial layout Onitsha, Anambra state.

3.   International beer and beverage industrial Nigerian limited (IBBI) brewers of tiger rock. Industrial layout bridge head, P.M. 1620, Onitsha Anambra state.

1.8        LIMITATION OF THE STUDY

It is worthwhile to note that in the course of this study the researcher encountered  the  following limiting problems highlighted below:

a.      time  constraint:  during  the  time  allocated  within  which  this  research  work  has  too  be constructed,  completed  and  submitted  for  assessment  the  researcher  was  faced  with  other activities especially academic matters.

b.      Nonchalant attitudes of some respondents: some of the people interviewed  and  administered with questionnaires  lack the requisite  knowledge  with which to supply  needed  information. Some were indifferent to the researcher for fear of being exposed.

This research was intended to identify the factors that contribute to the failure of entrepreneurship in south east. It was not possible to cover the whole entrepreneurs in Onitsha because of time constraint placed on the researcher and also, the distance involved. Hence a sample of various entrepreneurs into manufacturing was selected from the various industries.  Every research project work suffers form scarcity of resources. Financial resources imposed their own frustrations and limitations other types of resources e.g textbooks, journal etc are also in short supply. Within this study claims no exception.

1.9       DEFINITION OF TERMS

1.   Entrepreneur: An entrepreneur is one who assumes the risk of organizing and managing his/her own business with the hope of making profits and rendering services.

2.   Entrepreneurship:  This is the actor of being an entrepreneur,  which undertakes  innovations, finance and business acumen in an effort transform innovations into economic goods.

3.   Prospects: Oxford advanced dictionary of current English defines prospects as something one hopes for or look forward to gain.

4.   Innovation: It is the successful exploitation of new idea and technology.



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