IMPACT OF ENTREPRENEURIAL DEVELOPMENT ON OUR ECONOMIC GROWTH AND DEVELOPMENT
IMPACT OF ENTREPRENEURIAL DEVELOPMENT ON OUR ECONOMIC GROWTH AND DEVELOPMENT
The title of this research paper is ‘Entrepreneurial Development and its Impact in Our Economy.' This study was undertaken in order to learn about the obstacles to entrepreneurship, its sources of finance, and the roles entrepreneurs play in Eboyi state as a test case.
A large number of previously completed works were reviewed. In order to meet the objectives, care was given in gathering relevant data, employing both primary and secondary data collection methods such as interviews, questionnaire administration, personal observation, and experiences.
The sample size was adequately split from the target population. Given the relevance of the study, the researcher attempted to state as much as possible about entrepreneurial trends and their impact on the economy.
The data acquired, which was then analysed and interpreted, assisted us in understanding the influence of entrepreneurial development on our economy in terms of job possibilities, social amenities, and so on.
As a result, the researcher discovered that entrepreneurship has a good impact on our economy by providing: – enough produce – job possibilities – export output – an increase in our foreign exchange earnings.
– Development of small and medium-sized businesses.
The researcher came to the conclusion as a consequence of the hypothesis testing, which revealed that actual entrepreneurship encourages large-scale production.
Finally, the researcher suggested that the government provide and maintain effective oversight of entrepreneurs as checks and balances. To boost the growth of entrepreneurship in Eboyi state and elsewhere, there should be an increase in the proper utilisation of credit facilities.
1.1 Background of The Study
The early 1980s global economic slump led a rapid deterioration of the Nigerian economy. The output decreased to an all-time low, and as a result, local and commercial operations were restricted, resulting in the loss of employment prospects in the country.
As a result, by the end of 1985, the unemployment situation in Nigeria had worsened, and most Nigeria graduates were facing hardship as a result of the country's unemployment.
This condition necessitates entrepreneurship in the Nigerian economy, which leads to entrepreneurial development in higher education.
However, at this point, a brief history of entrepreneurship in Nigeria will provide more context for the research. According to statistics, Africa is the world's poorest and least developed continent.
Many state-owned enterprises were established in Africa when it was believed that the quickest path to development came when the state assumed the role of entrepreneur.
Although Nigeria was once known for its inefficiencies, it has recently implemented entrepreneurship promotion initiatives. And early indicators suggest that the policies have been effective. State-owned firms in Nigeria have typically blocked economic prospects and discouraged private entrepreneurs from entering the market.
However, in the mid-1980s, Nigeria eliminated its marketing board, preventing home entrepreneurs from entering specific industries and markets.
Although Nigeria continues to face numerous development challenges, preliminary evidence suggests that the private sector is responding positively to new entrepreneurship prospects.
Despite the fact that there is relatively limited agreement on the criteria of entrepreneurship, the concept is nearly as old as the formal field of economics itself.
The term “entrepreneur” was coined by a French economist named Richard Canadian in the early 18th century. In his works, he clearly defined the entrepreneur as the agent who purchases manufacturing means at specific rates in order to merge them into new products. 1951 (Schumpeter)
Shortly after, the French economist J. B. expanded on the Castilian concept by proposing that entrepreneurs must be leaders. An entrepreneur is someone who creates a single product organism. 1951 (Schumpeter)
Alfred Marshall explicitly recognised the importance of entrepreneurship for productivity in 1990. Marshall establishes four variables of production in his famous basic principle of economics: land, labour capital, and organisation.
An entrepreneur makes good use of these factors. Thus, the entrepreneur generates new commodities or enhances the production plan for an existing item. (Marshall1994).
As a result, early entrepreneurs were associated with production and manufacturing. In this situation, most producers began with little amounts of cash. Even before the invention of money, early entrepreneurship began with barter commerce.
Modern entrepreneurship in Nigeria, on the other hand, began with the arrival of the colonial masters, who brought in their clothes and made Nigerians their middlemen. Modern entrepreneurs were created in this manner. The majority of modern entrepreneurs worked in retail or as lone proprietors.
1.2 Statement of The Problem
When we compare the development of entrepreneurship in Nigeria to that of other countries such as America, Japan, and China, we see that these countries began on the same platform as Nigeria, with barter commerce and subsequently moved to their current stage of economic prosperity.
In fact, they are developing entrepreneurship quicker than Nigeria. What is the significance of these distinctions? The following will be discovered as a result of this research:- 1) The basic challenge that Nigerian entrepreneurs face when starting a firm.
2) Determine the fundamental direction that Nigerian businesses should receive.
3) Determine the employment rate and identify the numerous business options that will benefit the Nigerian economy through entrepreneurship.
4) Discover how government programmes have aided various enterprises in the country.
1.3 Objectives of the Study
From all of the foregoing, the study's goal is to discover or learn about the following entrepreneurial benefits:- – Small-scale enterprise
– Nigerian economy
– To diverse employers and employees.
– To commercial organisations.
– Small-Scale Enterprise
Small-scale businesses will gain greatly if the government encourages entrepreneurs in the country and provides sufficient orientation on their obligations as entrepreneurs in business.
Furthermore, an enabling atmosphere should be developed to allow people to grow while also performing their tasks in the company setting. Thus, the country's small-scale industry will flourish if the government can also provide financial help to promote individual entrepreneurs.
The Nigerian Economy
The Nigerian economy will see a significant growth or improvement. Entrepreneurship will help industry, households, businesses, and the government. Decision making, organisational structure organisation, and plan development are all completed.
Thus, this will go a long way towards improving work prospects in the country, which will in turn reflect on the country's capital income, raising the GNP rate.
To A Variety Of Employers And Employees
Both employers and employees will value entrepreneurship. It will improve employers' managerial abilities, as well as their vision, purpose, and ambitions for the organisation.
In terms of employees, there will be job prospects for graduates and other school leavers, which will lessen the dependency ratio in a country that is not completely reliant on the government to supply jobs.
To that end, the government has implemented a number of programmes under the N.D.E. to stimulate both companies and employees. The N.D.E. offers graduates financing for the operation of small-scale businesses through this programme.
Organisations in Business
Entrepreneurship will also be extremely beneficial to business organisations because the Nigerian economy and environment will be an attractive investment location for most investors due to capable skilled workers
who will manage the affairs of the organisation or company without involving many foreign counterparts on the job. As a result, more job possibilities will be created in the country, raising the level of organisational profitability ratio.
1.4 Scope of The Study
The researcher has an obligation to survey and analyse the objective of entrepreneurial development and its economic benefits. The researcher will also learn about an entrepreneur's methods in the 1980s, as well as the causes and brains behind their failures and successes.
The researcher will also discover many economics experts who have made significant contributions to the global growth of entrepreneurs.
The researcher will also learn more about entrepreneurship in the country. However, the researcher's study focuses on the purpose of entrepreneurs in the country, specifically Enugu State.
1.5 Research Questions
i What is the essence of entrepreneurship in an economy?
ii What are the issues with entrepreneurship?
iv Do entrepreneurs benefit organisations?
iv What has the government done for the country's entrepreneurs?
1.6 Research Hypothesis
The hypothesis would be tested as follows:
i Ho – Entrepreneurs do not stimulate large-scale production in the economy.
Ho – The goal is to strengthen the nation's economy in order to create jobs and develop managerial abilities.
ii. Ho- Entrepreneurial issues are not limited to the following levels of managerial talent and inadequate infrastructure.
Ho, the following are Nigeria's entrepreneurial challenges: -Financial constraints, a lack of managerial skills, and a lack of focus.
iii Ho- Entrepreneurs benefit organisations in organisational planning.
Ho – Due to inefficiency in work performance, organisations do not gain greatly from entrepreneurs.
iv Ho- The government's proposals for credit facility providing are uninspiring.
Ho, the government's aim for entrepreneurs is to provide credit to diverse entrepreneurs throughout the country.
1.7 Sigificance Of The Research
The significance of the study cannot be overstated, as it is projected to have an impact on our economy and increase the creation of job prospects in the country, particularly in Enugu state.
However, when completed, this project will provide enormous benefits to the following: – – The Nigerian economy in general – Small-scale industries – The general public – Job creation in the country. – There will also be an improvement in managerial abilities.
1.8 Limitations of the Research
The study is limited to the benefits and impacts of entrepreneurial development in Enugu State.
Furthermore, there are various obstacles to overcome while studying or performing this research,
such as a lack of research materials. Also, the researcher is limited in time because it interferes with my study time for school projects and tests.
1.9 DEFINITION OF TERMS
The terminology used in this study should be interpreted as follows.
These are N.D.E. (National Directorate of Employment) articles.
BRAND NEW PRODUCT
These are new existing products in the market.
ENTREPRENEUR WITH GNP (Gross National Product).
This is a person who establishes a business and assumes the financial and personal risks that come with it.
Alternatively, an entrepreneur is an independent actor who purchases means of production at a fixed price in order to integrate them into a new product.