ENTREPRENEURIAL DEVELOPMENT INITIATIVE AND MICRO ENTERPRISE SUSTENANCE (A STUDY OF AWKA METROPOLIS)

CHAPTER ONE

INTRODUCTION

1.1.       BACKGROUND OF STUDY

In recent times entrepreneurs have been referred to as necessary pre-requisite to mobilize capital exploit natural resources and create markets to carry on trade (Harbison &myers 2004). Entrepreneurs are agents who perform a vital role in the economic growth of a country and are linked to the overall industrial development of a linked tothe overall industrial development of a nation, some of this characteristics are risk-takers, decision-maker, perseverance, organizers and planner, innovative function, and Gap filling ability.

In today’s world where technological change, liberalization, outsourcing, and restructuring rule the business enterprises, the subject of entrepreneurship has gained greater interest. This is because entrepreneurship is seen as a method for bridging the gap between science and the marketplace, creating new enterprises, and bringing new products and services to the market.   Entrepreneurial activities impact on both the overall economy by building economic base and providing jobs.  The role of entrepreneurship in economic development is wide as it involves initiating and constituting change in the structure of business and society.  This change is accompanied by growth and increased output, which allows more wealth to be divided by the various participants, Hisrich and Peters (2002). Entrepreneurs are driven by the desire to be their own bosses, do what they want to do, and turn passions into profit-making businesses. An Entrepreneur is one who initiates a new business in the face of risks and uncertainty for the purpose of satisfying human needs and making a profit. An Entrepreneur carves out a niche for himself by scanning the environment, identifying opportunities and threats and combining and utilising the necessary resources to capitalize on opportunities identified. 

ENTREPRENEURIAL DEVELOPMENT INITIATIVE AND MICRO ENTERPRISE SUSTENANCE (A STUDY OF AWKA METROPOLIS)