THE ROLE OF ENTREPRENEURSHIP ON THE ECONOMIC GROWTH OF NIGERIA

ABSTRACT

Generally this study seeks to explore the role of entrepreneurship growth in Nigeria Economy, with a case study of the hungry man restaurant. To find out if there is significance in the role played by entrepreneurship in Nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation of government in the growth of entrepreneurship in the country. This review the deliberate act or policy of government at all level in the federation initiated and executed, aiming at promoting the growth and development of entrepreneurship in the society. The researcher used both primary and secondary data collection to gather information for analysis. Base on statistical test carried out using X,2 hypothesis shows that the inconsistency of the government to provide serious support for business sectors has contributed to the undergrowth of the economy. Recommendations were made that government should at all level established a strong support to small scale industries in the society.

ABSTRACT

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

1.2 Statement of the Problem

1.3 Research objectives

1.4 Research questions

1.5 SIGNIFICANCE OF THE STUDY

1.6 SCOPE OF THE STUDY

1.7 LIMITATION OF THE STUDY

1.8 DEFINITIONS OF RELEVANT TERMS

CHAPTER TWO

LITERATURE REVIEW

2.1 EMPIRICAL REVIEW

2.1.1 EVOLUTION OF ENTREPRENEURSHIP IN NIGERIA

2.3 Recent growth of entrepreneurship in Nigeria

2.5 The relationship between entrepreneurship and economic growth

2.9 ENTREPRENEURSHIP AS AN ENGINE OF GROWTH

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Research design

3.2 Population

3.3 Sample Size

3.4 Sources of data

3.5 Administration of research instrument

3.6 Research limitations

DATA ANALYSIS

4.1 Identification of respondents

4.4 Impacts of entrepreneurship on economic growth in Nigeria

CHAPTER FIVE

CONCLUSION AND RECOMMENDATIONS

5.1 conclusions

5.2 RECOMMENDATIONS

REFERENCES

CHAPTER ONE

INTRODUCTION

1.1 Background Of The Study

Some entrepreneurship growth, their faith could usually be determined at an early stage of operation, if it is not right at the beginning, for example whether employing more capital will yield profit or not. It can be best known because the output of work will show much earlier whether it is going to be profitable or not, but in large manufacturing business, this will not show up till at later stage where it will continue until much lain the production process.

Entrepreneurship growth being both machine and labour intensive, manufacturing and service industry or business, provides job opportunities to a wide range of people

1.2 Statement Of The Problem

The business environment is dynamic and competitive in such an environment an organization can be best achieved it’s good through a well established leadership style and good managing director that will manage business organization such as; Entrepreneurship growth. The small scale business would have been a source to Nigeria economic growth. But today, entrepreneurship growth are not yielding positive result due to poor performance and lack of government intervention.

Therefore, this project will source for various solutions to these problems that militate against entrepreneurship growth. These are Entrepreneurship growth which includes:

1. Poor management
2. Lack of management skills
3. Individualism of management of entrepreneurship growth
4. Difficulty in sourcing the services of qualified personnel
5. Lack of training and growth of personnel
6. Finance problems.
7. Poor Management:

The most critical problem affecting of almost all indigenous enterprise in Nigeria is poor management. The lack of efficient organizational structure and the practice of modern management techniques. If enterprises could be ascribe to two factors, first, if the limited understanding modern management practices by owners managers could be with their strong desire to run the business alone.

1. Lack of Management Skills:

Also the problem facing entrepreneurship growth include stress primarily arise from the need of hire skilled and qualified personnel to assist in the running of the industries demands the greatest problems of entrepreneurship growth is lack of necessary skill in the management group. In every entrepreneurship growth, the entrepreneur is one person management team. This makes it difficult for the effective operation of the enterprises.

1. Individualism of management of entrepreneurship growth:

This is the characteristics of individualism among entrepreneurs. The owner bears the management burden alone. The jobs varies and likes managerial responsibilities are few, if any. The managers are called “Jack of all trades and master of none”.

1. Difficulty in services of qualifies personnel:

Another factor which leads to managerial problems with entrepreneurship growth is difficulty in securing the services of qualified personnel.

1. Lack of training and growth of personnel:

Lack of training and growths of personnel is another factor which compounds the managerial problems of entrepreneurship growth in Nigeria. Training provide employees change in job requirement and new technology. It equally serves as motivation of incentive for the existing employees, which increase their productivities. In essence, lack of training and growth for the existing workers made replacement of vacant for the existing position difficult.

1. Financial Problem:

The capital for entrepreneurship growth industries are very small. This is because most Nigerian business men and women operate in a low income economy. They are unable to generate sufficient funds through personnel savings which involved huge capital equipment or other fixed assets.

1.3 Research objectives

The primary objective of this proposed study is to examine the role of entrepreneurship as the driver of economic growth during the recession. This aim will include:

1. To examine the contribution of entrepreneurship to the economic growth through employment generation, the creation of added value, GDP, and export
2. To assess the concept and principles of
3. To determine the challenges business start-up faces in an economic
4. To determine causes of economic recession in
5. To evaluate the application of entrepreneurship as a remedy for economic growth in a

1.4      Research questions

The research survey questionnaire was designed from these following variables to seek the opinion of respondents to determine the reliability of the study.

• What are the impacts of entrepreneurship on economic growth in Nigeria?
• Does entrepreneurship play any significant role in economic growth during a recession?
• Does the application of entrepreneurship serve as a potential remedy to present Nigeria economic recession?
• What are the challenges of business Start-ups / SMEs in Nigeria?

1.5 SIGNIFICANCE OF THE STUDY

At the end of the research work, the reader will be in better position to appreciate the importance of Entrepreneurship growth, especially as a motivating factor to the growth of Nigeria economy. The work also aim at making theoretical and practical contributions to already existing theories and ranging from skill and unskilled source of income to the resident population in Nigeria and also makes faster contribution to Nigeria balance of payment and growth. Nigeria is highly concentrated with entrepreneurship growth has shown greater increase in recent years, but the problem here is that, most of this entrepreneurship growth operation which include:

1. Lack of application of effective managing, organizing, coordinating, directing and controlling of men, materials, machines, money and others so as to source the main achievement of objective for which is profit. This management therefore, leads to employment of unskilled personnel substandard facilities and equipments, limited resources for control and accountability.
2. Lack of proper motivation of employees: All these result to eventually loss turnover and loss revenue. As a result of the immense contribution of the Entrepreneurship growth, to the economic of this country, there is need for government and help in the provision of infrastructural facilities as well as technical assistance and also making loan available

1.6 SCOPE OF THE STUDY

This research work covers the period of 2015-2016, and does not go beyond the topic: The role of Entrepreneurship Growth in Nigeria economy, a case study of The Hungry Man Restaurant Wuse II Abuja. The personnel involved in this research work were drawn randomly from the upper, middle and lower management level of the organization. However, the researcher will not go beyond the objective of the research since it was clear that, if one should be allowed to carry out every bit of the work he might spend a life time doing the research and perhaps might not be able to complete it.

1.7 LIMITATION OF THE STUDY

During the process of carrying out this research work, a number of factor imposed constraint, such as lack of access to relevant materials while some of data needed were regarded as highly confidential by cooks of the Hungry Man Restaurant Wuse II Abuja. Also, the researcher was faced with inadequate finance for transportation in search for relevant materials.

1.8 DEFINITIONS OF RELEVANT TERMS

For easy and concise understanding of this work, it is necessary that vital terms be defined.

1. Entrepreneur: An Entrepreneur means a person who starts, organize a commercial enterprise especially one having financial risk. Meredith etal (1999) look at an entrepreneur as an individual who has the ability to see and evaluate business opportunities gather the necessary resources to take advantage of them and initiate appropriate action to ensure success and he is a risk taker.
2. Entrepreneurship Growth: This is the coming into existence in society of the class of individuals, who are not limited to pace odds.
3. Small scale business:Ejiofor (1987.7,)defines small scale business as those enterprises that have relatively little capital investment, that produce in small quantities and as a result of controlling a small share of market that employs not more than fifty workers (50) and in which management marketing and entrepreneurship functions are used in the proprietor.
4. Management: According to Akapla (1990:3) management is define as a process of combining and utilizing of an organization inputs (man, materials and money) by proper planning, organizing, directing and controlling for the purpose of producing output (goods and services).
5. Indigenization: Ejiofor (1989:26) says it is the mass transfer of ownership and contra of economic organization from foreigners to nationals. It is a situation whereby a deliberate effort is made with a back up of government regulations to transfer proprietory interest of man.
6. Planning: Planning can be define as a process which managers visualize and determine in advance, the objectives of an enterprise or organization and select future cause of action for their accomplishment.

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