ENTREPRENEURSHIP ENGAGEMENT AS THE FULCRUM OF ECONOMIC GROWTH IN DEVELOPING NATION - NIGERIA (A STUDY OF SELECTED SMES IN LAGOS, NIGERIA)
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- NGN 3000
Background of the study
The country of Nigeria is naturally endowed with entrepreneurial prospects; yet, the realisation of the full potential of these chances has been hampered by the implementation of incorrect industrialization policies at various points throughout the country's history. Because it led to the majority of indigenous entrepreneurs becoming distribution agents of imported products rather than building in-country entrepreneurial capacity for manufacturing, mechanised agriculture, and expert services, several policy interventions that were aimed at stimulating entrepreneurship development via small and medium scale enterprises promotion, based on technology transfer strategy, failed to achieve the desired goals (Thaddeus, 2012). These policy interventions were based Since 1991, when the last remaining remnants of the communist economic system collapsed, almost the whole globe has adopted the free market economic system. According to Popoola (2014), an economy based on free enterprise relies heavily on entrepreneurship as both its foundation and its driving force. According to Shane and Venkataraman (2000) and Venkataraman (1997), entrepreneurship is defined as "the activity that involves the discovery, evaluation, and exploitation of opportunities to introduce new goods and services, ways of organising, markets, processes, and raw material through organising efforts that previously had not existed." This can be accomplished through the introduction of new goods and services, ways of organising, markets, processes, and raw materials. In addition, research conducted by UNIDO-Nigeria in 2012 indicate that Micro, Small, and Medium Enterprises (MSMEs) have the potential to drive the economy of Nigeria. Furthermore, figures indicate that there are presently over 17 million MSMEs that employ over 31 million Nigerians. Over seventy-five percent of Nigeria's total workforce is employed by micro, small, and medium-sized businesses (MSMEs), so developing and effectively implementing policies that are friendly to MSMEs represents innovative ways of building the capacity to engage in entrepreneurial activities and creating job opportunities, which plays a central and invaluable role in assisting Nigeria in realising its quantity advantage. MSMEs account for more than eighty percent of enterprises in Nigeria. In addition, research conducted by the Global Entrepreneurship Monitor (GEM) in 2012 concluded that Nigeria is one of the nations that have the highest rate of entrepreneurial activity worldwide. According to the findings of the survey, more than a third of Nigerians, or 35 out of every 100 people, are involved in some kind of entrepreneurial endeavour or another. It is thus necessary at this moment in time to critically review not only the principles of entrepreneurship, but also the practise and its vital role in encouraging economic growth and development in an economy that is still growing like Nigeria. Specifically, it is imperative that this evaluation take place in Nigeria. Simple intuition, common sense, and straightforward economic observation provide the most direct support for the assumption that entrepreneurial activity is associated with increased economic development. The mere definition of entrepreneurship entails engaging in activities with the goal of transforming ideas into marketable products or services. According to UNCTAD (2004), entrepreneurial activity is a source of innovation and change, and as such it stimulates gains in productivity and economic competitiveness. The term "small business" is not identical with the term "entrepreneurship." Small businesses are, without a doubt, an excellent medium via which people may realise their aspirations of becoming entrepreneurs. According to Lumpkin and Dess (1996), a small business is an extension of the person in command of the company. However, being an entrepreneur does not need one to launch or run an innovative small business in order to be considered one. Individuals who are enterprising and work for major companies and are referred to as 'intrapreneurs' or 'corporate entrepreneurs' often engage in entrepreneurial activities. The fact that Nigeria's Gross Domestic Product (GDP) growth rate has ranged between 6 and 8 percent over the course of the last 10 years demonstrates that the nation is one of the economies that is expanding at the quickest pace in the globe. The conclusion is that each successful firm that is started has the potential to provide returns that are exceptional in comparison to those seen in other businesses. According to Popoola (2014), it is one of the few nations that offers one of the greatest returns on investments everywhere in the globe, including money, the market, the capital market, mutual funds, real estate and property, and entrepreneurial endeavours. In addition, in order for business owners to play the role that is proper for them, the function that the state plays must continue to be vital; if anything, it must be even more important than it was before. Strong governments, which serve as regulators and gatekeepers, play a very important role in this regard. According to a report published by the United Nations in 2011, the lack of proper 'rules of the game' may lead to undesired societal consequences such as corruption, crime, speculation, and financial crises. It can also make people more susceptible to the effects of natural catastrophes. What we know about entrepreneurship points to a significant or revolutionary shift; yet, it is unknown whether or not this shift results in the production of wealth or employment possibilities. Even though there have been quite a few investigations and studies conducted on the subject of the connection between entrepreneurialism and economic growth and development, there is still a need to evaluate the situation of the economy in Nigeria. The fundamental issue is, what is the contribution of micro, small, and medium companies (MSMEs) to the nation's Gross Domestic Product (GDP), and more crucially, how has the proliferation of MSMEs improved the living standards of the more than 170 million Nigerians. Against this background, the study sought to examine entrepreneurship engagement as the fulcrum of economic growth in developing nation - Nigeria (a study of selected smes in lagos, Nigeria).
Statement of the problem
According to Oteh (2009), an economist looks at entrepreneurship in the context of combining resources, labour, materials, and other assets in such a way that the value of the combined assets is larger than the value of the individual assets. When seen through the lens of management, entrepreneurship may be understood as the process of bringing about a change, an innovation, or a new order. An entrepreneur is a person who is generally motivated by the urge to gain or reach a certain objective, to explore, to accomplish, or possibly to escape the control of others, according to an analysis that would be performed by a psychologist on such a person.Nigeria, the nation with the most people on the African continent, has been struggling economically for many decades. As a direct consequence of this deplorable circumstance, Nigeria's level of prosperity has significantly declined, employment prospects have evaporated, and the country's poverty rate has continued to rise. There are a lot of people that have the drive to start new businesses, but they don't have the knowledge, resources, or support they need to be successful. The emergence of new businesses has been impeded by a number of factors, including corruption, economic instability, inadequate infrastructure, and inadequate managerial capability. Therefore, the study examines entrepreneurship engagement as the fulcrum of economic growth in developing nation - Nigeria.
Objective of the study
The broad objective of the study is to examine entrepreneurship engagement as the fulcrum of economic growth in developing nation - Nigeria. The specific objectives is as follows:
- To examine whether government policy has helped in developing entrepreneurs’ skill in Nigeria.
- To find out whether promotion of entrepreneurship have any correlation to economic growth.
- To investigate whether entrepreneurship has contributed to poverty reduction in Nigeria.
Research Questions
The following questions have been prepared for the study:
- Have government policy helped in developing entrepreneurs’ skill in Nigeria?
- Does promotion of entrepreneurship have any correlation to economic growth?
- Have entrepreneurship contributed to poverty reduction in Nigeria?
Research hypotheses
H01: Government policy have not helped helped in developing entrepreneurs’ skill in Nigeria.
H02: Promotion of entrepreneurship have no correlation to economic growth.
Significance of the study
The study is significant to the Nigerian government as it will expose them to the potentials entrepreneurship has in reducing unemployment rate and also increase the internally, generated revenue in the country.
This study will also be significant to the academic community as it will contribute to the existing literature.
Scope of the study
The study will examine whether government policy has helped in developing entrepreneurs’ skill in Nigeria. The stdy will also find out whether promotion of entrepreneurship have any correlation to economic growth. Finally, the study will investigate whether entrepreneurship has contributed to poverty reduction in Nigeria. Hence, the study is delimited to selected smes in lagos, Nigeria.
Limitation of the study
Just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data.
Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires.
Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher.
Definition of terms
Entrepreneur: an entrepreneur is a person who creates a new business in the face of risk and uncertainty for the purpose of achieving profits and growth by identifying opportunities and assembling the necessary resources to capitalize on them.
Economic growth: an increase in the capacity of an economy to produce goods and services, compared from one period of time to another
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