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1.1 BACKGROUND OF THE STUDY
Entrepreneur and Entrepreneurship are concepts that continue to generate both national and international interest today. This interest is predicated upon the realization of the massive, positive impact entrepreneurs and entrepreneurship have on a nation’s economy and by extension, the global economy, since the world today is exponentially becoming a globe village, a development which is being fostered by giant strides in information and technological advancement.
More also, according to (Henrich and Smoter 1986): The word “entrepreneur” emanates from a French background and it literary means “between taker” or “go between”. Although from this original meaning, the concept has undergone different though restrictive meanings overtime. Its “entrepreneur” an actor and person in charge of a large scale production projects (in the middle ages), a person who bore risks of profit or loss by entering into a ‘contractual agreement with the government to execute a service or supply stipulated products in a fixed-price situation (17th century), a person who needed funds for his operations (18th century), a person who organizes and operates a business for his personal gain, and an innovator (19th and 20th century), but today, the concept is used in an extremely inclusive sense which is generally associated with a person who does all the above and even beyond.
Thus, entrepreneurs are the people that drive the development of an economy. They make things happen and without them nothing actually happens. Entrepreneurship is the drives of economic social, cultural and political change, although they are most often commonly thought of in connection with the creation of economic enterprises.
On the other hand, entrepreneurship is the process of identifying, marshalling of people and resources to create, develop, and implement solutions to problems to meet people’s needs. Today these two concept “entrepreneur and entrepreneurship” dominates the overall business activities in a country’s economy and it is pertinent to note that most great countries of the world today have experienced and suffered depression (decline) at one time or the other, which gave birth to industrial revolution and market expansion that ushered a greater level of development and better standard of living, as “entrepreneur and entrepreneurship” acting as a tool for curbing depression (decline) in an economy.
However, both concepts “entrepreneur and entrepreneurship” is a part and parcel of our heritage starting from our forefathers who performs their functions, by identifying business opportunities, establish and run a business either for personal or commercial purpose.
1.2 STATEMENT OF THE PROBLEM
Many economies have declined as a result of ignorance by the government to support the theory and practice of entrepreneurship development. The reasons amongst others for the decline of an economy to be identified as follows:
1. Lack of skills acquisition centre
2. Government poses to be a hindrance to “entrepreneurship development” by not rendering help.
3. Financial constraint
4. High demand of collateral security from small-scale industries on loans granted by the bank, which tends to scare away entrepreneurs.
In addition, all these points tend to inhibit the practice and development of Entrepreneurship in an economy.
1.3 PURPOSE OF THE STUDY
The main purpose of this study is to critically examine the place of entrepreneurship development in a declined economy. Specifically, the study will focus on the following:
Ø How entrepreneurship development can be fostered
Ø To examine the role of an entrepreneur in an economy
Ø To Examine the features of a depressed economy and what a depress (decline) economy is
1.4 RESEARCH QUESTIONS
The study paves way for the following research questions:
1. Does financial constraint tends to inhibit the practice and development of entrepreneurship in an economy?
2. Can ignorance of entrepreneurship development seen or perceived as a yardstick for an economy to decline?
3. Is government reluctance towards entrepreneurship development seen as a hindrance to entrepreneurship development?
4. Does high demand of collateral security on loans granted by the bank tends to affect the development of entrepreneurship by scaring away entrepreneurs?
5. How does lack of skills acquisition centre affects the growth of entrepreneurship?
1.5 SCOPE OF THE STUDY
The research work is carried out in Ozoro in Isoko North Local Government Area of Delta State.
The purpose of choosing this locality is that there are noticeable small-scale business enterprises, proximity to school and act as such a good representative for the research work, which is beneficiary.
1.5 SIGNIFICANCE OF THE STUDY
This study will be relevant to four (4) categories of people: The policy makers (government), entrepreneurs, we the members of this project group, and future researchers.
§ To the policy makers (government), this research will reveal the indispensability of entrepreneurship development in an economy and expose the majors to be executed by the government to foster entrepreneurship development to solve prevailing economic problems.
§ For entrepreneurs, the study will educate them, the unaware to become aware of the instrumental role they play in economy upliftment as well as knowing various government programmes on assistance that tends to emanate overtime.
§ For we the members of this project group, this study will educate us immensely on the concept of entrepreneurship development, as well as an achievement to us.
§ Finally, future researchers in this area of study and other similar topic relating to entrepreneurship will find this study as a reference material, and a panacea to their problem.
1.6 LIMITATION OFTHESTUDY
This project work was constrained by time and academic work, which prevented us from going into much detail. Difficulties in obtaining information from respondents.
Financial constraint makes it difficult and cumbersome to carry the study beyond this vicinity to more industrialized vicinity for: proper research.
1.7 OPERATIONAL DEFINITION OF TERMS
Decline: A continuous decrease in the number, value, quality etc of something.
Research: This is the work carried out to improve on what has been done or initiate new beneficial ideas.
Panacea: This stipulates a solution to a prevailing problem.
Inhibit: To prevent something from happening or make it happen more slowly or less frequently.
Development: This is the growth and increment in the practice of entrepreneurship, as well as increment in the size of business and infrastructure.
Economy: This is the system by which a country’s wealth is produce and utilized.
Constraint: This is something that limits or restricts something or a freedom to do something.
Hindrance: This is the problem of progress in an economy.
The term entrepreneurship has no unified, specified and generally accepted definition, just like other social science concepts, rather its definition varies overtime at different place or position depending on the point of view and level of comprehension of the concept that is peculiar to various authors.
According to Timmons, Smollen and Dingle (1977) “entrepreneurship is the marshalling of people and resources to create, develop and implement solutions to problems to meet people needs.”
According to Jnegbenebor (1989) “entrepreneurship is the willingness and ability of an individual to seek our investment opportunities establish and run an enterprise successfully.
According to Anuku (2004), entrepreneurship is the ability of a person to identify an investment opportunity and risk her, money and other resources to establish and operate the enterprise profitably.
According to Esene R.A. (2006), entrepreneurship is sometimes called enterprises or organization, or establishments which consist of organizing ability of an individual (entrepreneur) and his willingness to bear financial risks.
Entrepreneurship development has manifest to deliver and enhance economic situation by eliminating the epidemics that is becoming too rampant in most nations across the globe and fostering economic growth and development. Thus becoming the major catalyst and economic structure of any nation.
Entrepreneurship is a concept that is associated with several activities such as; combination of resources, acceptance of risks, which was diagrammatically expressed in respect to the relationship of the above activities.
From the foregoing analysis, some other activities that is associated with entrepreneurship amongst other are — ideas, execution and value. This led to the equation as postulated by old
(Opportunities Industrialization Centres International) parlance, it is presented thus: Entrepreneurial Idea + Execution = Value
Idea: This is at the abstract realm, It results from deep thinking that produces great ideas. Every business is a product of idea. The basic difference between the successful and unsuccessful business is the quality of good idea.
Execution: Having a good idea is one thing, translating the idea into reality is another thing. Thus no matter how wonderful and viable a plan is, if it remains in the abstract realm, it simply has nothing to offer to the society as well as the owner. This therefore, should be implementing properly in other to move the scenario from the abstract realm to the physical realm.
Value: This is giving for value. This is satisfying the identified, unsatisfied or partially satisfied need which prompted the whole process. If, the end result does not satisfy needs, then it is of no value. Thus value here is from both ends. The entrepreneur gives out value and receives value in return.
2.2 THE CONCEPT OF ENTREPRENEURSHIP
The entrepreneurship is often referred to as an organization or an enterprise created by the businessman in order to achieve certain identifiable goals. Being creative and innovative in terms of business ideas and the ability to organize and mobiles the six Ms of management is essential. Being creative and innovative in ideas is one thing, and the ability to transform these creative and innovation ideas from the abstracted realm to reality in order to produce the expected result is another.
Therefore, entrepreneurship has been defined as the apparent willingness and ability of an individual to seek at investment opportunities, establish and run a business successfully. The concept of entrepreneurship has been associated with several activities concerned with the establishment of the business venture, aggregation of the scare resource required for production and distribution, organization and management of the attainment of the objectives of the enterprises, risk became an innovation. Obviously, an effective performance of the above activities is critical to the growth of the business enterprises.
Thus, entrepreneurship development is a vital factor in the process of economic development of any nation.
The word entrepreneur originated from the French word entreprendere meaning to undertake in 1878. However, in 1885, it came to be used in what was called political economy which means a contractor acting as intermediary between capital and labour. Thus, according to Jlangan in the Guardian of September 2006, “an entrepreneur is an economic leader, who possesses the ability to recognize opportunities for successful introduction of new commodities and techniques, and new sources of supply and to assemble the necessary plant and equipment management and labour force and organize them as a running concern” In other words, an entrepreneur has the ability to take the , factors of production, that is land, labour and capital, and use them to produce new goods and services. Some entrepreneurs are not inventors; they just use information that is already available to produce something new. An example is Henry Ford of America. He did not invent the concept of division of labour. Division of labour was invented and discussed extensively by Adam Smith in his book “An iniquity into the causes and wealth of Nations published in 1776” But Henry Ford applied the concept of division of labour to the production of cars in large numbers at low prices so that cars came to be within the reach of the average American.
An entrepreneur could be highly educated, trained and skilled person or he may be an illiterate person, who possesses high business acumen, which other people do not have. Entrepreneurs make tough and risky decisions in order to produced new goods and services. They usually start small although it is not all cases and all businesses. They are the proprietors of small business and they employ few workers to work with them.
“Entrepreneurship is the process of combing factors of production that is land, labour and capital, to produce goods and services”. As said earlier, in economics, land does not refer to the ground we traverse everyday alone, it includes rivers, trees, minerals under the earth surface, etc. capital is produced factor of production while labour covers all categories of workers. In the past, economists regarded entrepreneurship as a factor of production along with land, labour and capital but today the other side is the case (disapproving). This is because entrepreneurship cannot be measured like the usual factors of production — land, labour and capital. Moreover, entrepreneurship is believed to be available in plentiful supply. This means that, like air, it is not an economic good. It is believed that if profit opportunities, funds, etc exist, there will always be entrepreneurs to take advantage of them. Entrepreneurship is very vital because it is the source of new jobs created En an economy and consequently the source of economic growth and development. From the above discourse, entrepreneurship has four social benefits.
- It fosters economic growth
- It increases productivity
- It creates new technologies, new products and services and
- It changes and rejuvenates market competition.
The development of entrepreneurship is faced with many problems and these problems account for the failure of many small scale businesses.
The following are the seven (7) functions of entrepreneurship as comprehensively documented by Megbenebor (1989)
· Identifying opportunities
· Choice of opportunities
· Decision on choice of form of enterprises
· Factors combination
· Business directorship
· Risk beaming
Conclusively, the following amongst others are some of the problems ravaging against entrepreneurship development.
· Financial or capital shortages
· Infrastructural problems
· Lack of modern technology
· Organizational constraint
· Lack of adequate or skilled manpower
· Poor record keeping
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