THE ROLE OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA ECONOMY
Generally this study seeks to explore the role of entrepreneurship development 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 development 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 underdevelopment of the economy. Recommendations were made that government should at all level established a strong support to small scale industries in the society.
1.0 Background Of The Study
Some entrepreneurship development, 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 development being both machine and labour intensive, manufacturing and service industry or business, provides job opportunities to a wide range of people.
- 1.1 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 development. The small scale business would have been a source to Nigeria economic development. But today, entrepreneurship development 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 development. These are Entrepreneurship development which include:
- Poor management
- Lack of management skills
- Individualism of management of entrepreneurship development
- Difficulty in sourcing the services of qualified personnel
- Lack of training and development of personnel
- Finance problems.
- 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.
- Lack of Management Skills:
Also the problem facing entrepreneurship development 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 development is lack of necessary skill in the management group. In every entrepreneurship development, the entrepreneur is one person management team. This makes it difficult for the effective operation of the enterprises.
- Individualism of management of entrepreneurship development:
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”.
- Difficulty in services of qualifies personnel:
Another factor which leads to managerial problems with entrepreneurship development is difficulty in securing the services of qualified personnel.
- Lack of training and development of personnel:
Lack of training and developments of personnel is another factor which compounds the managerial problems of entrepreneurship development 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 development for the existing workers made replacement of vacant for the existing position difficult.
The capital for entrepreneurship development 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.
1.2 OBJECTIVE OF THE STUDY
Entrepreneurship development are established and managed for the achievement of some objective, some of these objectives that entrepreneurship development pursuers are at different times include:
- To emphases the need for entrepreneurship development in an economy
- To highlight some of the problems involved in entrepreneurial process.
- To examine the participation of government in the development of entrepreneurship in the country
- To ascertain the role of entrepreneurship development in an economy.
1.3 SIGNIFICANCE OF THE STUDY
At the end of the research work, the reader will be in better position to appreciate the importance of Entrepreneurship development, especially as a motivating factor to the development 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 development. Nigeria is highly concentrated with entrepreneurship development has shown greater increase in recent years, but the problem here is that, most of this entrepreneurship development operation which include:
- 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.
- 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 development, 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
1.4 RESEARCH QUESTIONS
For the purpose of easy analysis, the following research questions are formulated:
- What roles does an Entrepreneurship development industry play in Nigeria economy?
1.5 RESEARCH HYPOTHESIS
Hypothesis is a statement about an issue or a phenomenon with or made on the basis of a limited study of the phenomenon, with the view to use such a statement as a guide to research into the phenomenon, the outcome of this study is based on null hypothesis (Ho) and alternative (Hi). This hypothesis was arrived at the basis of whether to accept or reject any of the hypothesis.
Ho: Entrepreneurship Development does not play any role in Nigeria economy.
Hi: Entrepreneurship Development industries play an important role in a Nigeria economy
Ho: Managerial skills of capacity does not play positive effect in Management of Entrepreneurship development in Nigeria
Hi: Management skills or capacity does plays a positive effect in management of Entrepreneurship development in Nigeria.
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 Development 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 whjile some of data needed were regarded as highly confidential by staff 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.
- 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.
- Entrepreneurship Development: This is the coming into existence in society of the class of individuals, who are not limited to pace odds.
- 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.
- 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).
- 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 backup of government regulations to transfer proprietary interest of man.
- Planning: Planning can be defined 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.