ENTREPRENEURIAL DEVELOPMENT AND CO-OPERATIVE SOCIETIES IN AKWA IBOM STATE (A CASE STUDY OF WEST ITAM MULTI-PURPOSE CO-OPERATIVE SOCIETY)

ENTREPRENEURIAL DEVELOPMENT AND CO-OPERATIVE SOCIETIES IN AKWA IBOM STATE (A CASE STUDY OF WEST ITAM MULTI-PURPOSE CO-OPERATIVE SOCIETY)

CHAPTER ONE

1.1     Introduction

Entrepreneurial development and co-operative movement constitute a vital engine in the economic growth and development of nations including Nigeria. This is because it helps to line up various sectors of the economy, make more effective use of resources (raw materials, capital and labour), generates income (locally and externally) contributes to regional activity and co-operation.

The exploitation of entrepreneurial opportunities may include actions such as developing a business plan, hiring the human resources, acquiring financial and material resources, providing leadership and being responsible for the ventures success or failure. Entrepreneurial; spirit is characterized by innovation and risk-taking. While entrepreneurship is often associated with new, small, for-profit start ups, entrepreneurial behavior can be seen in small, medium and large sired firms, new and established firms and in-for-profit and not for profit organizations including voluntary sector groups, charitable organization, co-operative societies and government.

Entrepreneurship development focuses on the individual who wishes to start or expand a business. Entrepreneurship development concentrates more on growth potential and innovation and is promoted to help alleviate the unemployment problem to overcome the problem of stagnation and to increase the competitiveness and growth of business and industries.

Entrepreneurial development is usually more effective when linked to finance, etc. for example, involving the development banks at an early stage of the support process helps to prepare the entrepreneur or co-operative societies for the credit process and facilitates the banks appraisal of the business plan. Most successful entrepreneurs and/or co-operative societies depend on supportive and co-ordinate government policies.

When entrepreneurs in Nigeria come together and form co-operative society, it becomes more formidable and recognized by government or credit institutions, to grant access to loans for business investment which in turns will leads to growth and development in Nigeria.

Co-operative is one of most primitive fools of savings. Essentially helps people imbibe a saving culture. Co-operative allows you set aside a certain amount of money while you are still in gainful amount of money while you are still in gainful employment which allows you to fall back on that savings you have and run with it for other business you may want to do on your own. So you can transit from being in paid employment to being self- employed. If you save in a commercial bank you still may not reach the requirement of getting a loan there but with co-operative, as long as you adhere to the rules and regulations and you can save consistently in a minimum period prescribed in the be-law, you are sure of getting credit. This will enable you to, for instance, pay rents, buy electronic appliances or/and invest in business which help grow and the develop Nigeria economy.

1.2     Background of Study

According to David Reahman, entrepreneur is a person who undertake or assumes responsibility in economic parlance. The entrepreneur is the individual who assumes responsibility for the operation of a business including the production facilities. To social science discipline of economics, entrepreneur is identified as the fourth factor of production. The others are land, labour and capital, whereas both land and labour receive wages for its effort, the entrepreneur is the only factor that can receive positive reward for its effort.

The encyclopedia American International Edition (1929) on co-operative on the other hand implies the working together which has its origin in England during the period of the great industrial revolution of (1957). At time

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