RELEVANCE, IMPORTANCE OF ENTREPRENEURSHIP IN THE ECONOMIC GROWTH AND DEVELOPMENT OF NIGERIA

Abstract

Entrepreneurship is a much talked about word, but not just a word is a process! This project examines the relevance of entrepreneurship in the economic growth and development of Nigeria. Background of the study, definitions and concepts as well as historical background of the study of entrepreneurship are examined with a brief history of Lawal Obelawo Plastic Industry Ltd Osogbo. The write up further attempts a concise treatise on the entrepreneurs as agents of economic change characteristics of entrepreneurs, risk involved in entrepreneurship, sources of funds and information as well as problems and strategic management of entrepreneurial business. The relevance of entrepreneurship in the economic growth and the specific functions of entrepreneurs are spelt out with the statement of hypothesis stated in order to justify the data collected so as to give appropriate conclusions and recommendations.

CHAPTER ONE

1.0     Introduction

          Economic growth and development of a nation is placed majorly on entrepreneurship development. Hence human efforts were put to unearth the treasures of resources by in built curiosity and further augment them to generate value added products or services to offer mankind the peaceful, conformable and rich life with better living condition.

          The intangible human assets inform of creativity and knowledge become driving force that will yield industrialization as the process of accelerating economic growth and induction of social change. The faster rate of such change can only be achieved through effective entrepreneurship development which focus on change management and industrial policies.

          Entrepreneurs a critical factor in economic development and an integral parts of the socio-economic transformation. Thus, the process of economic development is now attached to the existence of entrepreneurs in a nation.

          This research work aims to critically analyze the effect of entrepreneurship enterprise on the economic of a nation and its relevance to the economic growth of Nigeria.

1.1     Background of the Study

          The emergence of entrepreneurship in the country got localized and spread effect, while the concept of growth theory seems to be closely related in explaining the theory of entrepreneurship development and it also receive new meaning for attaining economic development within the shortest possible time. The entrepreneurial motivation is one of the most important factors which accelerate the pace of economic development by bringing the people to undertake risk bearing activities.

          Africa being the poorest, Less-Developed Countries (LDC), there is an increasing realization that industrialization has a critical role to play in helping African to deal effectively with current and emerging development challenges, accelerate economic development and reduce poverty.

          The entrepreneurial development has been viewed by both institutions and individuals as the urgent need to promote the nation. Development agencies see entrepreneurship as an enormous employment potentials, politicians see it as the strategy to prevent social unrest, farmers see it as a means for improving farming earnings, economist sees it as a means of improving the standard of living of the people to all entrepreneurship stands as a vehicle to improve the quality of life for individuals and to sustain a healthy economy and development.

          In Nigeria, poverty reduction and youth empowerment is a major challenge which depends heavily on the creation of employment opportunities, this pose a greater challenges on entrepreneurship development with focus on both rural and women empowerment.

          Entrepreneurship, then become a vibrant assertion of they facts that individual can be developed, the human existence can be improve and their ideas can be converted into action though in organized and systematic program for entrepreneurs.

          In many of the developing countries, a lot of attention is being paid to the development of entrepreneurship because it is not attached to a particular community.

          However, steady growth can be observed in the business of long cherished history of entrepreneurial development in the country. Thus, this research work aims at developing entrepreneurship and multiplying them in the society has been to enable the society to generate productive human resource mobilize and sustain the process of development. Hence, to encourage Nigerian youth in taking up business to change economic situation.