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BUSINESS ADMINISTRATION

The impact of entrepreneurial development on the economy of Bayelsa State.

The impact of entrepreneurial development on the economy of Bayelsa State.

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ABSTRACT

This y examines the impact of entrepreneurial development on Bayelsa state’s economy. The entire population for the y consists of 200 employees of selected Bayelsa state SMBs. The researcher utilized questionnaires as the data gathering instrument. Descriptive Utilizing a survey research design, this y was conducted. The y utilized 133 respondents who were managers, technical officers, senior employees, and junior staff. The acquired data were tabulated and evaluated using straightforward percentages and frequencies.

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FIRST PART

 

INTRODUCTION

Background of the y

The global economic decline in the early years precipitates a rapid decline in the Nigerian economy, which impacts Bayelsa state. This scenario of unemployment in the country demands for entrepreneurship in the Nigerian economy, which would result in the development of entrepreneurship in higher education. However, a brief history of entrepreneurship in Nigeria would provide additional context for the y at this point. Because information is the most valuable item, it may not be necessary to provide future entrepreneurs with a fish, but rather with instructions on how to catch one. According to statistics, Africa is the poorest and least developed continent in the world. Many state owned enterprises (firms) in Bayelsa state were established when it was believed that the state taking on entrepreneurial tasks was the quickest road to development. Although Bayelsa state was once characterized by such inefficiencies, it has recently implemented regulations to stimulate entrepreneurship. These policies have been effective. Nigeria is still plagued by numerous development issues. Initial research suggests that the private sector will respond positively to the new entrepreneurial opportunities. Despite the fact that there is scant agreement on the qualities of entrepreneurship. In the early 18th century, a economist named ard Canadian introduced the phrases entrepreneur in this coritting. He formally identified the entrepreneur as the agent who acquires the means of production at a specified price in order to combine them into a new product. A economist named J.B added to the term the notion that entrepreneurs must be leaders; he or she is also the one who creates a single-product organism. Schumpeter (1951) Alfred Marshall’s (1990) renowned practical premise of economic marriage establishes that an entrepreneur utilizes four factors of production: land, labor, capital, and organization. Opportunities for investment create and operate a business successfully. Consequently, early entrepreneurs were distinguished by production and manufacturing. However, modern enterprise in Nigeria ceased with the arrival of the colonial masters, who brought their clothing and maximum Nigerians as intermediaries. In this manner, modern entrepreneurs were born. Most modern entrepreneurs worked in retail trade or operated as solo proprietors.

 

1.2 STATEMENT OF THE PROBLEM

 

When comparing the development of entrepreneurship in Bayelsa state to other towns that began on the same platform as Onitsha with trading through barter and subsequently moved to their current state of economic prosperity, those other towns have developed entrepreneurship more rapidly than Bayelsa state.

This research will determine these results.

 

The prevalent difficulty encountered by Bayelsa state entrepreneurs in establishing a firm.

Determine the fundamental orientation that should be provided to entrepreneurs in the state of Bayelsa

3. Determine the employment rate and the business prospects that would benefit the economy of the state of Bayelsa through entrepreneurship.

4. to determine how programs have assisted the city’s diverse entrepreneurs.

1.3 PURPOSE OF THE STUDY

 

The y’s aims are as follows:

 

Determine the extent to which Bayelsa firms y entrepreneurship.

To understand the issues entrepreneurs face in their businesses.

To understand the significance of entrepreneurial development to Bayelsa state businesses.

To understand the promotional strategies organizations employ to increase productivity.

5. To determine the extent to which their company lacks research.

1.4 RESEARCH HYPOTHESES

 

The researcher formulated the following research hypotheses for the successful completion of the y:

 

Entrepreneurs confront no difficulties in their businesses.

H1: entrepreneurs experience issues in their businesses.

 

H02: companies do not employ any promotional tactics to increase production.

 

H2: companies make use of promotional tactics to increase production.

 

1.5 Importance of the Research

 

The significance of the y cannot be overstated, as it is anticipated to have an effect on our economy and enhance employment creation in the country, particularly in Bayelsa state. However, when this project is d, the following will receive enormous benefits:

-The economy of Nigeria in general

 

-Small-scale businesses

 

-The general population

 

-Job possibilities will be created in the state, and managerial skills will improve.

 

1.6 SCOPE AND LIMITATIONSOF THE STUDY

 

This y’s scope is limited to entrepreneurial development and its impact on Bayelsa’s economy. The researcher faces a constraint that restricts the y’s scope;

 

a) AVAILABILITY OF RESEARCH MATERIAL: The researcher has insufficient research material, consequently limiting the scope of the investigation.

b) TIME: The time allotted for the y does not allow for a broader scope because the researcher must mix it with other academic activities and examinations.

1.7 DEFINITION OF TERMS

 

The following terminology should be understood to mean the following in this y:

1 - BUSINESSES:

 

This is a manufacturing, processing, or service industry engaged in factory or production-type operations, employing up to fifty (50) full-time workers, and the is encouraging people to establish their own to reduce unemployment in the state, reduce the rate of importation of goods, and produce more exportable goods.

DIRECTORATE OF NATIONAL EMPLOYMENT (NDE):

 

They are one of the organizations that assist graduates with loans for the operation of .

 

MARKETING S OF A COMPANY:

 

Is the combination of one or more of the aspects used to communicate its offering to the market. The purpose of promotion is to inform, persuade, and remind. It educates prospective buyers on the marketability and nature of things.

 

ENTREPRENEUR: A person who establishes a business and assumes the financial and personal risks associated with maintaining the business. An entrepreneur is a person who purchases production methods at a set price in order to merge them into a new product.

 

1.8 STRUCTURE OF THE STUDY

 

This y project is divided into five chapters for simple comprehension:

 

The introduction comprises the (overview, of the y), historical context, description of the problem, aims of the investigation, research hypotheses, relevance of the y, scope and limitations of the y, definition of words, and historical context of the y. The second chapter focuses on the theoretical framework upon which the investigation is based, therefore the literature review. The third chapter discusses the y’s research strategy and methodology. Chapter four focuses on data collection, analysis, and findings presentation. The y’s summary, conclusion, and suggestions are presented in Chapter 5.

 

The impact of entrepreneurial development on the economy of Bayelsa State.

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