EVALUATE THE ROLE OF ENTREPRENEURSHIP IN THE ECONOMIC DEVELOPMENT OF AKWA IBOM STATE
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- NGN 3000
ABSTRACT
This study was carried out to to evaluate the role of entrepreneurship in the economic development of Akwa Ibom state, Using 10 selected SMEs in Uyo, Akwa Ibom State as case study. Specifically, the study aimed at ascertaining the role of entrepreneurship and managerial capacity in the economic development in Akwa Ibom State of Nigeria; identify the factors affecting entrepreneurship and managerial capacity in contributing to the economic development of Akwa Ibom State; evaluate the extent to which entrepreneurship and managerial capacity have contributed to the economic development of Akwa Ibom State; identify problems or constraints that militates against the growth and development of entrepreneurship in Akwa Ibom State. The study employed the survey descriptive research design. A total of 50 responses were validated from the survey. From the responses obtained and analysed, the findings revealed that Entrepreneurship plays a crucial role in the economic growth and development of any nation. In order words, there is a veritable link between entrepreneurship development and economic development. Furthermore, the T-Test result shows there is no significant difference between the role of entrepreneurship and economic development in Akwa Ibom State. The study recommend Policy makers should recognize the essence of entrepreneurship to economic development. Entrepreneurship deserves equal emphasis as is being placed on science and technology; it is the entrepreneur that translates the innovation in science and technology into wealth. Thus, entrepreneurship should be recognized as an important factor of production just as land (raw materials), labor and capital (liquid and physical), since it is only the entrepreneur that can combine all the other factors to produce wealth.
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