ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT
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ENTREPRENEURIAL DEVELOPMENT AND ITS IMPACT
Chapter one
INTRODUCTION
Background of the study.
The early years’ global economic downturn caused a rapid decline in Nigeria’s economy, which impacted Bayelsa state. The output shrank to all-time lows in local and commercial activities, resulting in the loss of employment opportunities in the country.
This state of unemployment in the country thus calls for entrepreneurship in the Nigerian economy, which will lead to entrepreneurial development in higher education.
However, at this point, a brief history of entrepreneurship in Nigeria will shed more light on the subject. Potential entrepreneurs may not need to be given a fish, but rather instruction on how to catch one, because information is the most valuable thing you can have.
According to statistics, Africa is the world’s poorest continent and the least developed. Many state-owned enterprises (firms) in Bayelsa state were founded when it was believed that the fastest way to develop occurred when the state took on the duties of entrepreneurs.
Although Bayelsa state was once known for its inefficiencies, it has recently pursued programmes to stimulate entrepreneurship. And these policies were successful. Nigeria is still plagued by numerous development issues.
Preliminary research suggests that the private sector will respond favourably to the new entrepreneurial opportunity. Even if there is relatively minimal agreement on the qualities of entrepreneurship.
The concept is now as old as the formal discipline of economics itself. In the early 18th century, a French economist named Richard Canadian first introduced the term entrepreneur.
In this context, he formally described the entrepreneur as the agent who buys the means of production at specific prices in order to combine them into a new product. J.B, a French economist, expanded the term by stating that entrepreneurs must be leaders and are also responsible for creating a single product organism.
Schumpeter (1951) The necessity of entrepreneurship for productivity was officially organised by Alfred Marshall in (1990) his famous practice principle of economic development, which states that an entrepreneur uses four factors of production: land, labour, capital, and organisation.
Investment opportunities help to create and run a profitable business. As a result, early entrepreneurs were identified as producers and manufacturers.
In this example, manufacturers frequently began trading by barter even before the advent of money; nonetheless, contemporary entrepreneurship in Nigeria began with the arrival of colonial masters
who introduced their clothes and made Nigerians their merchants. This is how modern entrepreneurs were conceived. The majority of modern entrepreneurs worked in the retail trade or as solitary proprietors.
1.2 Statement of the Problem
When comparing entrepreneurship development in Bayelsa state to other towns that began on the same platform as Onitsha with barter trade and then advanced to their current state of economic growth, those towns are faster in their entrepreneurship development than Bayelsa state. Why are these differences?
This research will find out about these impacts.
The common challenge encountered by entrepreneurs in Bayelsa state when establishing businesses
To determine the basic orientation that should be provided to Bayelsa state entrepreneurs.
3. Determine the rate of employment and identify the numerous business options that can benefit the Bayelsa state economy through entrepreneurship.
4. To find out how the government programme has helped various entrepreneurs in the city.
1.3 PURPOSE OF THE STUDY
The study’s aims are:
To determine the extent to which enterprises in Bayelsa State research entrepreneurship.
Understanding the challenges that entrepreneurs face in their businesses.
3. To understand the significance of entrepreneurial growth for enterprises in Bayelsa state.
To understand the promotional techniques employed by corporations to increase productivity.
5. To determine the extent to which lack of research occurs in their company.
1.4 Research Hypotheses
To ensure the study’s success, the researcher developed the following research hypotheses:
H0: entrepreneurs face no challenges with their businesses.
H1: Entrepreneurs experience obstacles in their businesses.
H02: companies utilise no promotional tools to increase productivity.
H2: Firms utilise promotional techniques to boost productivity.
1.5 Significance of the Study
The study’s relevance cannot be overstated, as it is projected to have an impact on our economy and enhance employment creation in the country, particularly in Bayelsa state. However, when completed, this project will greatly help the following:
-The Nigerian economy in general.
-The small-scale industries
The general public
-The creation of work prospects in the state will result in an increase in managerial skills.
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