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ENTREPRENEURIAL DEVELOPMENT AND IT’S EFFECTS ON BENUE STATE ECONOMY A CASE STUDY OF OKPOKWU LOCAL GOVERNMENT AREAS

Project topic for Business Administration department.

CHAPTER ONE

INTRODUCTION

Background of the Study  

According to Drucker P. F. (1985), the word entrepreneur was first used in the early 18th century by an Irishman named cantillon who was then living in France. The word therefore originated from the French word, “entrepreneur”, which means “to start a Business”. The entrepreneur has been described as the person who perceives business opportunities and takes advantage of the scarce resources to use them. He bears the non-insurable risk in his enterprise and directs human business.

According to Brown and Ulijin (2004, p.5), Entrepreneurship is a process of exploiting opportunities that exist in the environment or that are created through innovation in an attempt to create view. An entrepreneur is a prime mover in the private enterprise. The entrepreneur is a fourth factor of production after land, labour and capital, (John Stuart Mill; 1948). He is, in economics, regarded as a special type of labour that assembles all the other factors of production. The world as we know is becoming a global village; great forces are pursing the combination of national economic welfare. The dynamic role of private and public enterprises in Nigeria as a mechanism for growth has recognized its effects in achieving macroeconomic objective such as full employment, income distribution development of local technology as well as diffusion of management skills and stimulation of indigenous entrepreneurship cannot be over emphasized.

At the emerging of a modern day Nigeria in the early 60’s and 70’s white collar jobs were at the disposal of some graduates, with the idea in mind, the issue of self resourcefulness tending towards entrepreneurial development was at the ebb, thereby industrial output reduced to an extent on local and commercial activities which are consequently the opportunities in the country then. Therefore, the inability of the graduates not been able to meet their needs resulted to unemployment and increasing incidence of social ills among the youths.

The introduction of Structural Adjustment Programme (SAP) in 1986 had a lot of effects in the private and public enterprises of the nation economy which lay off a large of number of their work force. This consequently led to economic hardship couple with unemployment. For this reason, the need for self–reliance and resourcefulness and development of new initiative for economic survival has led to individuals to set up enterprises of various sizes and structure to meet up with the trend in the economy and to earn a living. This has indeed led to entrepreneurial development in Nigeria.

Entrepreneurial development holds a lot economic growth and development and for a nation to say it is independent, it must be economically independent and is based upon the development of the entrepreneurship spirit. The establishment of a new business involves  a thorough understanding of entrepreneurial process’s this process does not just involve problem solving but also an entrepreneur must find, evaluate and develop opportunities by overcoming the strong forces that every new venture faces. Also, some useful sources of business opportunity are consumers existing companies, distribution channels, research and development, as well as the state government involvement in promoting entrepreneurship.

STATEMENT OF THE PROBLEM

Entrepreneurial development in the state has not been of expected standard, which has resulted to some consequences like; low standard of living, high rate of unemployment, increase in crime rate, lack of goods and services, low wealth creation and increase in poverty rate.

OBJECTIVES OF THE STUDY

The main objective of this study is to access the effects of entrepreneurial development on the Nigerian economy. However, the specific objectives include;

To find out the strategies with which the state government has been using to encourage entrepreneurship.

To show how development of entrepreneurship contributes to the economy of Benue State.

To identity challenges encountered by the state government in entrepreneurial development while developing entrepreneurship.

RESEARCH QUESTIONS

For this study, the following research questions were raised to help drive the study.

What are the strategies favored by the state government in fostering entrepreneurial development?

How does entrepreneurial development contribute to the nation’s economy?

What are the challenges faced by the state government in her effort of entrepreneurial development?

RESEARCH HYPOTHESES

To achieve the major objectives of this study, the hypotheses are tested:

Ho:       Skill acquisition centers have not contributed significantly to entrepreneurial development.

H1:       Skill acquisition centers have contributed significantly to entrepreneurial development in the nation’s economy.

Ho:       Entrepreneurial development does not contribute to the nation’s economy.

H2:       Entrepreneurial development contributes to national development

Ho:       Poor educational background of entrepreneurs is not a challenge to the nation’s economy.

H3:       Poor educational background of entrepreneurs is a challenge to the nation’s economy.

SIGNIFICANCE OF THE STUDY

This research intends to be beneficiary to the followings:

Researcher: The research will benefit from this work since the study is part of the requirement for the award of a degree of Bachelor of Science (B.Sc) in Business Administration.

Students Lecturers: This research will serve as a secondary source of data to students, lecturers and workers etc, because it will broaden their knowledge on entrepreneurial development.

Government: The government stands a chance to benefit from this research, if they carefully study the findings of this work, it will guide them towards providing employment opportunities.

SCOPE OF THE STUDY

This study is based on the effects of entrepreneurial development on the nation’s economy in Okpokwu Metropolis of Benue State.

LIMITATIONS OF THE STUDY

A lot of challenges militated against gathering the necessary data for the study, they include;

1.         Uncooperative Attitude of the Respondents: This also was faced by the researcher, due to the attitude of some key personnel in the field, they treated the researcher with suspicion. However, in spite of the forgone, the researcher is confident that the data collected arrived at an acceptable conclusion.

2.         Time Constraint: The time available for the conduct of this study was equally occupied with other important academic work e.g. examination.

3.         Financial Constraints:  The cost of obtaining materials for the project work was very high and the distance between the school and the source of information for this study is another area of concern.




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