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Chapter one


1.3 Background for the Study

As a nation, we are eager to boost growth in all sectors of the economy.Folaranmi (2007) remarked that only when this is accomplished will we begin to see significant improvements in Nigerians’ living standards.Without a doubt, man may achieve everything he desires via the exercise of his inventive faculties.

Creative ideas are the foundation of all fortunes. Over the last century, man has made incredible and mind-boggling advances in harnessing nature’s resources. Notable among these is his unwavering conquest of the air, land, and sea with the help of his imagination.

According to Napoleon (1966), man’s only reasonable constraint is his ability to develop and employ his imagination. He has not yet achieved the pinnacle of development in the use of his imaginative power.

In summary, imagination is the ultimate missing link in many company failures and a critical component of success. Candler gave this link when he had the necessary imagination to turn the Coca-Cola formula into a fortune. ‘Ihus, many fortunes are the result of someone’s inventive concept.

According to Adebayo (2008), it is expected that the country’s current satanic scrounge of unemployment can be reduced to a very low level if adequate information and entrepreneurship expertise are completely communicated and understood by everyone.

Entrepreneurship is also widely recognised as the primary engine (powerhouse) that propels a country’s economic success. In an attempt to rebuild the shattered economy, successive Nigerian governments implemented various rolling plans, such as the Muritala/Obasanjo Administration’s austerity measures (19761979).

And the Structural Adjustment Programme of Babangida’s dictatorship (1985-1993), the deregulated, and Abdulsalam Abubakar’s administration (1998-1999), respectively.

Nonetheless, all of these national measures have failed to stimulate predicted economic and industrial growth; instead, the economy has seen a major decrease in Gross Domestic Product (GDP) hyperinflation and a spike in our external portfolio.

It is important to highlight that the bulk of these policies suffer from one reason or another, ranging from policy contradictions, policy somersaults, non-continuity, to lack of purpose and vision.

According to Afolaranmi (2003), it was against this backdrop that the Obasanjo regime (1999-2007) prioritised the restructuring of the Nigerian economy.

Thus, his economic reforms were primarily focused on market orientation, private sector leadership, self-employment, self-reliance, and technological innovation (Adesoto, Akesinro, & Oladejo, 2013).

To this goal, one of the weapons utilised by the Obasanjo government was the promotion of small and medium-sized firms (SME) as well as the development of its citizens’ creative and entrepreneurial abilities.

1.4 Statement of the Problem

Almost all emerging countries, including Nigeria, are undergoing one type of crisis or another. The crises range from hunger, unemployment, bad infrastructure, high living costs, and low per capita income.

Nigeria, as a developing country, has implemented a variety of policy measures to address the stated problems of business venture proliferation. However, the problem of business venture proliferation at the level of small and medium-sized enterprises is frequently blamed on Nigerians.

As a result, when individuals see a profitable or seemingly profitable business, they rush to reproduce it until it becomes oversaturated and unprofitable. There are clear difficulties preventing the development of entrepreneurship, including but not limited to the following: Epileptic power supply, foreign exchange concerns, to name a few.

1.3 Goals and Objectives of the Study

The overarching purpose of this study is to critically examine the impediments to entrepreneurship growth in Nigeria, while the specific objectives are to:

i) Identify the causes contributing to Nigeria’s absence of an entrepreneurial culture.

ii) Determine whether entrepreneurship has elevated the standing of self-employment as a career option in society.

iii) Determine whether entrepreneurship has truly permitted and accommodated the many components necessary for enterprise culture.

iv) Look into the impact of small and medium-sized firms on successful employment.

1.4 Research Questions/Hypothesis.

The central subject of this study is how entrepreneurial development has fared in the face of obstacles in Nigeria. This study will also attempt to answer the following sub-questions:

i) What factors contribute to the lack of an entrepreneurial culture in Nigeria?

ii) Has entrepreneurship raised the standing of self-employment as a viable career option in society?

iii) Has entrepreneurship facilitated and accommodated the many components required for an enterprise culture?

iv) What is the impact of small and medium-sized firms on profitable employment?

1.5 Research Hypotheses.

In order to conduct appropriate research, the following The null hypothesis will be examined.

Hypothesis 1.

H0: Entrepreneurial development hasn’t faced any substantial difficulties.

Hypothesis 2.

Ho: The establishment of small and medium-sized enterprises has had little impact on Nigeria’s employment rate.

1.6 Significance of the Study

The significance of this study will include, but is not limited to, the following:

i) It will shed light on the importance of entrepreneurship as a long-term solution to profitable employment.

ii) It will also promote a knowledge of how a profitable employment may be reached by an entrepreneur’s creativity and innovation.

iii) It will also have a favourable impact on students in general by instilling a sense of self-reliance.

1.7 Scope of Study

The subject of this study is the problems that entrepreneurship development in Nigeria is facing. The survey will include all micro, small, and medium-sized business owners from the Elens Consult. By selecting this group of entrepreneurs, the study would be able to identify the problems that entrepreneurial development faces in Nigeria.

1.8 Definitions for Terms

Entrepreneur: a person who organises and manages any activity, particularly a business, typically with significant initiative and risk.

Creativity is the act of making new and inventive ideas a reality. Creativity is defined as the ability to view the environment in novel ways, to discover hidden patterns, to link seemingly unconnected phenomena, and to produce solutions.

Entrepreneurship is commonly defined as the process of creating, launching, and operating a new business, which often begins as a small business, such as a start-up company, offering a product, process, or service for sale or hiring.

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