Nigeria could be a critical role towards achieving sustainable economic growth and development. Theory, evidence and policy this paper provides an overview of the state of the art of the intersection of development economics and entrepreneurship. The impact of entrepreneurship growth in the development. The importance of entrepreneurship as a realistic tool for economic growth in nigeria is enormous, considering the experiences of developed economy like united. Development of trader entrepreneurs play an important role in the promotion of domestic trade and foreign trade. They are the primary vehicles by which new entrepreneurs provide the economy with a continuous supply of ideas, skills, and innovations cacci, 2003. The overarching question is whether promoting entrepreneurship. Given the relative neglect of entrepreneurship by development scholars it deals with i recent theoretical insights from the intersection of. Entrepreneurship has an important role to play in the development of a country. Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. Entrepreneurship will promote nigerias economic development. Numerous countries leaders and scholars have proposed that entrepreneurship can be a panacea for empowerment, job creation, economic transformation, and poverty reduction. For the purpose of data collection a sample of fifty small scale units.
Entrepreneurship plays a great impact in the development of nigerian economy as it is a business created by an individual or groups of individuals by innovating or. Nigeria has the 2nd largest gdp in africa, south africa has the largest. Small and medium enterprises smes in nigeria occupies an exceedingly significant position in the nigerian economy. Entrepreneurship brings about desired change and accelerates economic development. The fourth section examines how important small businesses are in the development of new products and new markets. The role entrepreneurship development has to play in the economic development of nigeria cannot be overemphasised. The role played by entrepreneurship in economic development. The impact of entrepreneurship on economic development in. As a startup founder or small business owner, you may think that you are simply working hard to build your own business and provide for yourself and your family.
The role of entrepreneurship development in nigeria economy abstract generally this study seeks to explore the role of entrepreneurship development in nigeria economy, with a case study of the hungry man restaurant. Roles of enterpreneurship in the nigeria economic term paper. Development, economy, entrepreneurship, government, innovation, nigeria, policy, recession, smes small and medium scaled enterprises. In developing countries, the primary barrier to economic growth is often not so much a. Or roles of entrepreneurship in economic development employment.
Schumpeter 1934, a development economist, sees entrepreneurship from the point of view of value creation and defines an entrepreneur as a risktaking innovator needed for rapid economic development, through the process of creative destruction, by which obsolete technologies and ideas are replaced by new ones. Apr 17, 2012 entrepreneurship promotes environmental friendly technologies like biogas digesters, energy saving stoves which use less firewood and also save time and money for the user, solarpowered led lanterns, like that being developed by the 2010 cnn heroes nominee, evans wadongo, etc. The role of entrepreneurship in transforming the nigerian. Generally this study seeks to explore the role of entrepreneurship development in nigeria economy, with a case study of the hungry man restaurant. The study investigated the role of small scale enterprises in the economic development of nigeria with specific reference to small scale operators in ijebuode local government area of ogun state. Authors contributions this work was carried out in collaboration between both authors.
The federal government has adopted several strategies and policies towards entrepreneurial development in nigeria, by establishing institution and agencies, which provide variety of. Finally section 5 indicates the conclusion and recommendation of the study. The impact of entrepreneurship growth in the development of. Roles of enterpreneurship in the nigeria economic in.
Actually, the role of entrepreneurship in the development of nigeria economy is a successful story. Entrepreneurial activities impact on both the overall economy by building economic base and providing jobs. The role of national directorate of employment nde in. They concluded that funding of smes in nigeria is very critical if they are to perform their role of growth and development of the nations economy. It was clear from his observation, job creation or employment opportunity in an economy can be traceable to entrepreneurship training and development.
The role of small and large businesses in economic. Achie the role of national directorate of employment nde in entrepreneurship development in nigeria 24 international journal of research in business studies and management v3 i4 april 2016 2. The government, organisations, different individuals, etc. Nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. Sections 5 and 6 deal with entrepreneurship in endogenous growth models and with empirical evidence, respectively. Entrepreneurship development in nigeria the guardian. Entrepreneurship promotes environmental friendly technologies like biogas digesters, energy saving stoves which use less firewood and also save time and money for the user, solarpowered led lanterns, like that being developed by the 2010 cnn heroes nominee, evans wadongo, etc. Three hypotheses were tested and it was found out that there is a significant relationship between the operations of smes and the growth of the. Entrepreneurship development as a viable alternative platform nigerian. Female entrepreneurs in nigeria are often hindered because of cultural barriers such as malefemale role definitions that label women inherently inferior to men. In the past, when nigeria used to import all what she or he needed from which of course had made the country face a lot of instability in all aspects of national like both socially, economically, political and morally.
Role of entrepreneurship in economic development of nigeria. This research work was designed to determine the role of small and medium enterprise in the development of nigeria economy. The role of entrepreneurship in economic development of. The impact of entrepreneurship growth in the development of nigerian economy money udih 1 and edjore emmanuel odibo 1 1federal university of petroleum resources effurun fupre, pmb 1221, delta state, nigeria. Due to the current economic downturn in nigeria, there have been a lot of calls and push for entrepreneurship. Entrepreneurships role in economic development the ewing. Naude 2011 draws the conclusion that entrepreneurship will contribute to growth and employment creation in advanced, emerging and least developed economies alike. This paper aims to develop a conceptual framework that examines the role government policy plays in the development of entrepreneurship and its impact on economic development. The ibo ethnic group in nigeria is recognized internationally for its culture of entrepreneurship. Contrary to some established theories, this study has found. Even though there are a lot of barriers limiting entrepreneurship in nigeria, it is still needed for the country to develop. According to beck and levin, 2005 smes enhance competition and entrepreneurship hence have external benefits on economy wide efficiency, innovation and aggregate productivity.
Having known the significant role of entrepreneurship in fetching economic and social. The role of entrepreneurship in economic development. The role of government policy in entrepreneurship development. Apr 30, 2018 the role of entrepreneurship development in nigerian economy. The second section explores the role that small businesses play in creating jobs. The role of entrepreneurship in economic development is wide as it involves initiating and constituting change in the structure of business and society. What is the role of an entrepreneur in economic development. A total of 100 smes were randomly selected from a cross section of a population of all smes spread around some states of nigeria and covering virtually all forms of enterprise. This is why alam and hossan 2003 see entrepreneurship as playing a key role in the process of economic development through. To look at the facilities provided by nde in the development of entrepreneurship in nigeria. Entrepreneurship plays a substantial role in economic development specifically in job creation opportunities. This study examined the role of entrepreneurship as the driver of economic growth.
To look at the expected role of government in improving the workforce of nde 4. Entrepreneurship plays a great impact in the development of nigerian economy as it is a business created by an individual or groups of individuals by innovating or taking risks with the aim of making profits or money. To find out if there is significance in the role played by entrepreneurship in nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation of. Pdf entrepreneurship as a driver of economic growth. They also considered the role of equity financing through venture capital and business angels financing. Nevertheless, economic development essentially means a process of upward change whereby the real per capita income of a country increases over a long period of time. Entrepreneurship development in nigeria 24 international journal of research in business studies and management v3 i4 april 2016 2. The word development is used in so many ways that its precise connotation is often baffling. Relationship exists between socioeconomic, political and environmental factors and the development of entrepreneurship in nigeria.
This is as a result of the importance of entrepreneurship in economic development of the nation. Entrepreneurship creates job opportunities, first for the entrepreneurs. In nigeria, studies have been carried out on the effect of entrepreneurship development on the problem. It is one of the most important inputs in economic development. Role in economic growth recently the role of smes in economic development and employment creation has occupied most of the discussions among government, policy makers, academicians researchers scholars and economists in kenya and other countries. The role and significance of entrepreneurship development in numerous nations worldwide were quite significant. Entrepreneurship in nigeria has helped the economy of the country over the years in a lot of ways. Entrepreneurships role in economic development the. The role of entrepreneurship in the growth and development of our dear nation cannot be overlooked and as a result of the consistent rise in the level of unemployment and the upward increase in the level of poverty in nigeria, it has become crucial for. Role of entrepreneurship in economic development of. The study also analysed challenges faced by business startups or small and medium enterprises smes. The third section compares job quality between small firms and larger firms.
The role of entrepreneurship in transforming the nigerian economy. Entrepreneurship plays an influential role in the economic growth and standard of living of the country. The objectives of the study includes to identify the roles. Let us take a look at some of the most important roles of entrepreneurship in economic development of our country. Impact of entrepreneurship development programme on economic. Mar 27, 2020 impact of entrepreneurship on the economy of a country by francis nwokike entrepreneurship plays a vital role in the development of a countrys economy as this is the key contributor to innovativeness, product improvement, reduction of unemployment and poverty. Government in encouraging entrepreneurship development. The performance of smes plays a major role, but there is a dearth of literature about their contribution which are not well researched in nigeria. Role of entrepreneurs in economic development of country. Financing smes which constitute over 50% of business in. However, existing literature on the smes financing and economic development provide a contrasting results. Impact of entrepreneurship on the economy of a country. Need for entrepreneurship development economic development essentially means a process of upward change whereby the real per capita income of a country increases over a period of time.
The role of smes in employment creation and economic growth. The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through sme development in nigeria. The following research questions will be answered in order to identify and examine entrepreneurship development programme in nigeria and proffer solutions to them. Entrepreneurship and small business a case of a developing country. Entrepreneurship is important as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs, but also for related businesses. They avail assistance from various financial institutions in the form of cash credit, trade credit, overdraft, short term loans, secured loans and unsecured loans and lead to the development of the trade in the country. The role of entrepreneurship in economic growth abstract this study confirms that the level of entrepreneurship in a given country has a significant positive effect on the level of economic growth in that country. Pdf this study provides an econometric analysis of the role of entrepreneurship in economic growth in nigeria. Entrepreneurship development background a worldwide consensus on the critical role of competitive markets and entrepreneurs in economic development has emerged in the last decade.
Entrepreneurship and economic development in nigeria. To find out if there is significance in the role played by entrepreneurship in nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation of government in the development of entrepreneurship in the country. The role of small and large businesses in economic development. Entrepreneurship and sustainable economic growth in nigeria. Impact of entrepreneurship development programme on. Some selected enterprises were used as a case study and questionnaires were administered in order to extract information on this project. Kauffmans currents features stories and insights that underscore the essential role of education and entrepreneurship in empowering all people to shape their futures, create vibrant communities, and grow an inclusive economy.
The role of smes in employment creation and economic. The general emphasis will be on the role of entrepreneurship for economic development at the macroeconomic. Business and management submitted by aderonke words 3204. Entrepreneurship plays a vital role in the development of a countrys economy as this is the key contributor to innovativeness, product improvement, reduction of unemployment and poverty entrepreneurship, which is basically the practice of starting a business in order to earn a profit on newfound opportunities, can go a long way to stabilize the economy of a nation as well as generate. Role of entrepreneurship in economic development mba. New insight has emerged regarding engagement with entrepreneurship in nigeria, which can improve efficiency as well as facilitate the development of contextual and effective policies. The effect of the choice between entrepreneurship and employment is dealt with in section 4. The role of entrepreneur was thus a practical response to a need for an organ that will cater for the interest and welfare of people in business and to business development in nigeria. Entrepreneurship development in nigeria information. Government in encouraging entrepreneurship development for. The role of entrepreneurship in transforming the nigerian economy 1. The writeup was inspired by a statement from the finance minister of nigeria after national bureau of statistics nbs disclosed nigeria economy was in a. Even though there are a lot of barriers limiting entrepreneurship in nigeria, it. A term paper on the role of entrepreneurship in economic development of nigeria.
449 106 256 984 1622 892 102 1289 230 1429 1142 1174 1416 1117 55 1544 1616 127 1183 1179 826 1297 388 1356 708 1192 1244 819 1387 325 995 446 1408