ROLE OF ENTREPRENEUR IN THE STIMULATION OF ECONOMICS GROWTH: A CASE STUDY OF UGO COMMUNITY ORHIONMWON LOCAL GOVERNMENT AREA OF EDO STATE

ROLE OF ENTREPRENEUR IN THE STIMULATION OF ECONOMICS GROWTH: A CASE STUDY OF UGO COMMUNITY ORHIONMWON LOCAL GOVERNMENT AREA OF EDO STATE

ABSTRACT

The study examine the role of entrepreneur in the stimulation of economic growth in Ugo Community, Orhionmwon Local Government Area of Edo State the research instrument used includes questionnaires interview and participant observation, in order to collect the data for the study, some research question addressed these includes.

1. How does the entrepreneur stimulate economic growth of the study area?
2. Does the entrepreneur focus on the function of the individual alone?
3. What are the roles of the banking industries in the economy?

The data collected were analyzed using simple percentage tabulation method sixty (60) respondents were randomly selected from the study area. Finally some recommendation was proffered to alleviate the identified problem.

CHAPTER ONE

INTRODUCTION

1. BACKGROUND OF THE STUDY

Since ancient times man has designed ways of surviving in his environment gathering food and hunting for games. As years go by, he modifies his survival techniques from being a wonderer and shifting cultivating to a sedentary/intensive farming, arts and crafts. His pragmatic disposition has resulted in innovative and better ways of harnessing the opportunities and potentials of environment for welfare maximization and economic development. The industrial revolution of the late 1780s in Europe and early 19^th century in America influences significantly work ethnics, organizational behave, thinking and management of productive resources (land, labour, capital and entrepreneur). Thus, the phenomenon growth of the economy is attributed to enterprising management of resources where entrepreneurship factor is a very important factor of production that co-ordinates sometime idle factors of production such as land labour and capital (Eshiobo 2010).

In the work of say in 1803, as cited by Hisrich and Peters (2002), an entrepreneur is someone who consciously moves economic resources from area of low yield of to area of high yield. He redeploys people, materials money and co-ordinates the processes necessary for efficient large scale industrial trade development. Joseph Schumpeter (1987) addled that the entrepreneurship is the motive behind capital development.

Entrepreneurship pervades all economics (though more with free market or capitalist economics) and its considered as the bedrock of modern economic development through innovation and technological brake through and by developing untried technologies. The entrepreneur in his entrepreneurial activities can bring about increase in production create employment income facilities rapid growth of small, medium and large scale enterprise to reduce poverty and hunger among people given this background it is thus imperative to explore the extent to which enterprise/industries in Nigeria, entrepreneurship generally are vital to the economy of a nation with respect to economic growth and poverty reduction in as much as the government of a country is required to provide the enabling environment for entrepreneurship development in term of favourable financial economic, social-cultural legal policies and functional infrastructure (Coleman and Kofi, 2008 Tganija 2008; Stephen and Wilton 2006, William and Thawachai 2008) entrepreneur themselves have roles to place so as to compliment government effort in enterprise/industrial development.

ROLE OF ENTREPRENEUR IN THE STIMULATION OF ECONOMICS GROWTH: A CASE STUDY OF UGO COMMUNITY ORHIONMWON LOCAL GOVERNMENT AREA OF EDO STATE