CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
The importance of entrepreneurship in the growth and development of our beloved country cannot be overstated, and given the persistent rise in unemployment and rising levels of poverty in Nigeria, it has become critical for Nigerians to stop looking for white collar jobs that aren’t available and start creating their own. Entrepreneurial forces are strong in Nigeria because most people regard entrepreneurial activity as necessary given the country’s dismal economic status. We don’t seem to realize that entrepreneurial development is the foundation of any nation’s economic evolution. The oil industry currently controls a substantial portion of Nigeria’s economy. Entrepreneurial activities have been found to have an impact on a nation’s economy and people’s quality of life through economic growth, job creation, and empowerment of the disadvantaged portion of the population, which includes women and the poor. SME’s (Small and Medium Enterprises) are seen as a source of pride in almost every country or state. SMEs have been aptly dubbed the engine of growth and catalysts for socio-economic transformation of any country due to their vital roles in the development and expansion of various economies. SMEs are seen as a real tool for achieving national economic goals such as job creation and poverty reduction at a cheap cost of investment. The following are some of the most important advantages of thriving SMEs: Various governments around the country have begun to look for ways to incorporate the private sector in the growth of their economies, which is one of the responses to the challenges of entrepreneurial development in developing countries. Nigeria has even gone so far as to include entrepreneurial studies in the academic curriculum of her educational system, as well as the National Directorate of Employment (NDE) scheme. Such policymakers believe that such decisions will instill an entrepreneurial mindset in individuals, preparing them for wealth generation through entrepreneurship (Fasua, 2006). Entrepreneurship is critical to a country’s economic progress, particularly in developing countries like Nigeria. Entrepreneurship is a pre-requisite for national growth. Marshall determined that there are four components of production: land, labor capital, and organization, in his renowned book, Practice Principles of Economics. An entrepreneur makes good use of these factors. As a result, the entrepreneur generates new commodities or enhances the production plan for an existing commodity. Marshall (Marshall, 1994). As a result, early entrepreneurs were known for their production and manufacturing skills. In a circumstance like this, the producers frequently start with a minimal amount of money. Even before the invention of money, business began with barter commerce. As a result, the majority of modern entrepreneurs worked in retail and as solo proprietors.
STATEMENT OF PROBLEM
In order to encourage and sustain growth in national economies, new and inventive techniques are emerging in response to present global economic difficulties. One model that has been identified as crucial to the creation and implementation of these initiatives is entrepreneurship. According to a study conducted by The Global Entrepreneurship and Development Institute, the United States is a global leader in assisting entrepreneurs with firm establishment, expansion, and growth. They also use venture money to fund new firms. Early-stage, high-potential, and risky start-up enterprises receive this form of financial capital. According to the 2014 figures, Australia and Sweden placed in second and third place, respectively. Because they comprehend the situation, some of these countries’ economies are ranked quite high.
OBJECTIVES OF THE STUDY
The study’s goal is to examine the role and influence of entrepreneurship on the development of the Nigerian economy critically. The precise aims, on the other hand, are to:
I To look into the impact of entrepreneurship on Nigeria’s economic growth.
ii) to analyze the contributions of Nigerian entrepreneurs to the country’s economic progress.
iii) to find out what elements influence entrepreneurs’ ability to grow their businesses. Nigeria’s economic advancement
RESEARCH HYPOTHESIS
The following research hypotheses will be tested:
I There is a strong link between Nigerian entrepreneurship and the country’s economic development.
ii) In Nigeria, a low level of entrepreneurial activity has no significant relationship with economic growth.
RESEARCH QUESTIONS
The following are some of the questions that this research will attempt to address:
I What is the impact of entrepreneurship on Nigeria’s economic growth?
ii) What are the contributions of Nigerian entrepreneurs to the country’s economic development?
iii) What factors influence entrepreneurs’ contributions to Nigeria’s economic development?
SIGNIFICANCE OF THE STUDY
The study’s findings will be extremely useful to the Nigerian government as well as budding entrepreneurs in Nigeria. It will act as a manual for them on how to use entrepreneurship to help the country develop economically and increase people’s living standards. It will also assist in closing any gaps that may have developed in entrepreneurial operations.
SCOPE OF THE STUDY
This study looked into the roles and effects of entrepreneurship on economic growth, as well as how entrepreneurship might boost economic growth. The focus of this research was limited to the contribution of small and medium size enterprises to the development of the Nigerian economy because evaluating entrepreneurship as a tool in the growth and development of the Nigerian economy seemed too broad for the time range of this research endeavor.
LIMITATION OF THE STUDY
This study of the influence and function of entrepreneurship on Nigeria’s economic growth was not immune to the common issues that plague Nigerian research. The researcher was faced with a financial difficulty because he did not have enough money to purchase the necessary stationery for the project. In addition, the timetable for completing the work was too short.
DEFINITION OF TERMS
During the research, the following terms were used:
Economy growth occurs when a country’s actual per capita income rises over time.
A person who begins or organizes a business with a financial risk is known as an entrepreneur.
National Directorate of Employment (N.D.E.)
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