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Chapter one


1.1 Background for the Study

According to research by numerous authors, entrepreneurship is every country’s economic engine. Entrepreneurs demonstrate the requisite spirit and desire to create value and generate income while also hiring young people to assist drive the business forward. 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 unrivalled mastery over the air, land, and sea through the power 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 his inventive ability. In summary, imagination is the ultimate missing link in many company failures and a critical component of success.

Candler provided this link by providing the necessary imagination, which transformed the Coca-Cola formula into a fortune. Thus, behind many fortunes is someone who had a creative concept.

According to Adebayo (2008), it is considered that the current level of unemployment in the country can be reduced significantly if adequate information and understanding of entrepreneurship are completely disseminated 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 revive the battered economy, successive Nigerian governments devised various rolling plans, such as the austerity measures of the Muritala/Obasanjo administration (1976-1979), the Structural Adjustment programme of Babangida’s regime (1985-1993), the deregulated, and the Abdulsalam Abubakar administration (1998-1999), respectively.

Nonetheless, all of these national measures have failed to stimulate the predicted economic and industrial growth; instead, the country has experienced a severe decrease in Gross Domestic Product (GDP) hyperinflation and an increase 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 Obasanjo’s presidency (1999-2007) focused its policies on restructuring the Nigerian economy.

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

According to Onah (2001), national decision makers have realised that productive entrepreneurship is critical to national economic development since it improves job creation, economic growth, the adoption of new technologies, and innovative skills.

Drying et al. (2004) suggested that all of the aforementioned elements contribute to poverty reduction in the country. Given Africa’s large unemployed young population, productive entrepreneurship could be a viable option for establishing long-term livelihoods.

According to Audretsch (2002), it may also serve as a means of integrating unemployed youngsters into society. However, understanding the benefits and hazards of young entrepreneurship in various circumstances is a necessary prerequisite for achieving this agenda.

1.2 Statement of Problem

It is worrisome how organisations use semantics such as re-engineering, retrenchment, and restructuring to sack individuals at various levels. Ecobank and other financial companies have laid off thousands of Nigerian youngsters, likely around April 2016.

It is bothersome and distressing that these young people would return to the streets and reapply for employment that do not exist; this is bad for the Nigerian economy.

According to Adeboye (2015), entrepreneurship and innovative ingenuity have resulted in the development of enterprises in the following areas: agricultural/agro-allied activities involving food, restaurants, vegetable farmers, poultry and livestock, fruits and vegetables sellers, fast food vending, petty traders, and so on.

Solid minerals engineering includes quarrying, gem stone cutting, polishing, and crushing. Power generating and haulage (cargo and passengers) are two aspects of power and transportation.

In the information and telecoms industry, GSM accessories are manufactured and repaired, as well as recharge cards are printed and sold.

Hotels, accommodations, drink/bar vendors, ticketing centres, film and video production, and photography are all part of the hospitality and tourism industry. Tailors, seamstresses, fashion designers, shoemakers, and hairdressers are all part of the fashion and leisure industry.

Pipeline building and maintenance, welding, drilling, and byproduct refining are all part of the oil and gas industry. Waste management tasks include rubbish collection/disposal, recycling, and drainage/sewage construction.

Welders, mechanics, and vulcanizers are examples of machinery and tools used in engineering and fabrication. Building and construction includes bricklayers, carpenters, painters, gardening and landscaping, electricians, plan and design services and material sourcing (Agbeze).

Despite the fact that entrepreneurship development has long been seen as a bulwark for job creation and technological advancement in Nigeria, the sector has also suffered from neglect, with negative consequences for the economy. Finding long-term employment has become a critical strategic concern, thus this study aims to determine whether entrepreneurship might help.

1.3 Goals and Objectives of the Study

The overarching goal of this study is to objectively analyse entrepreneurship as a panacea to successful employment, while the specific objectives are to:

i) Identify the variables that promote entrepreneurial development.

ii) Determine if entrepreneurship activity can result in gainful employment.

iiii) Determine whether entrepreneurship education will increase entrepreneurial engagement.

iv) Investigate how entrepreneurship might produce profitable employment.

1.4 Relevant Research Questions.

The central subject of this study is how entrepreneurial development has increased profitable employment. This study will also attempt to answer the following sub-questions:

1. What variables promote entrepreneurship development?

2. How may entrepreneurial engagement lead to successful employment?

3. How would entrepreneurship education increase entrepreneurship engagement?

4. How may entrepreneurial development result in profitable employment?

1.5 Relevant Research Hypotheses.

Hypothesis 1.

H0: Entrepreneurial growth has not proven to be a panacea for creating profitable jobs in Nigeria.

h1: Entrepreneurial growth has proven to be a panacea for creating profitable jobs in Nigeria.

Hypothesis 2.

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

H1: Small and medium-sized businesses have greatly increased employment in Nigeria.

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 scope of this study includes entrepreneurship development as a solution to profitable employment. The survey will take into account all micro, small, and medium-sized business owners in the Eti-Osa area. By selecting this group of entrepreneurs, I will be able to evaluate the effect of entrepreneurship development on lucrative employment.

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.

Panacea is a treatment or remedy for any ailment, difficulty, or sickness.

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