and Okunleye, B.A. 27-55. Section 2 provides the evolution of entrepreneurship in Nigeria, recent development of entrepreneurship in Nigeria and the Entrepreneurs will make the AfCFTA work by forging new value chains and exploiting opportunities to scale up via increased trade in regional markets. 25-36. (4) Finding a new location of resources supply or the supply of partly finished goods. Idam, L.E. 3, pp. Literature review and theoretical discourse 3. Hence, our first step is to analyze the sequence of fusing the series, using the joint test for a unit root employing the PhilipPerron (PP) test for the individual unit root process. Results and discussion 5. The difference is that technopreneurship is either involved in delivering an innovative hi-tech product (e.g. (2019), The causes and impact of business failure among small to micro and medium enterprises in South Africa, Africa's Public Service Delivery and Performance Review, Vol. Dosi, G. (1988), Sources, procedures, and microeconomic effects of innovation, Journal of Economic Literature, pp.
Busenitz, L.W. This paper attempts to enumerate the roles and importance of entrepreneurship in the socioeconomic development of Nigeria as well as identify the causal factors that militate against the effectiveness of government efforts at entrepreneurship development. The necessity of entrepreneurship in eradicating poverty, creating employment and quickening advancement in the economy is widely believed. Bushe, B. The exchange of knowledge enables the successful onboarding and succession of new employees in small businesses. The paper also concludes with possible measures towards promoting gender equality in Nigeria, which of course, is necessary for national and manpower development. Opportunity-driven entrepreneurship is typically around a business idea to fill a need or gap, while innovation-driven is to improve on a process, market, service, or product or service (Gonzlez-Perna et al., 2015). Their significance derives from the following consideration set out by Sullivan, et al (1980:56): However, in Nigeria, entrepreneurship education is still at its early stages (Akpomi, 2008; Anene and Iman, 2011; Ekpoh and Edet, 2011). The education sector curriculum should also be upgraded at all levels with entrepreneurial training. S1, pp. Fairlie, R.W. To start with are the Western-based economies that occurred between 1970 and 2000. An increase in the number of working population contributes to the output of entrepreneurs. (2011), Environmental factors and entrepreneurship development in Nigeria, Journal of Sustainable Development in Africa, Vol. Carree, M. and Roy, A. Information gathered from the survey conducted by (GEM, 2012), Clausen (2006) shows the level of variation in materials that are linked to emerging entrepreneurship. AN APPRASAL OF CONTRIBUTION OF EDUCATION TO THE GROWTH OF SMSE LAGOS STATE. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/legalcode. Combining available resources with creative ideas enables entrepreneurs to add value, commercialize new goods, invent new jobs and establish new firms. 65-73. entrepreneurship into a comprehensive concept where marketing becomes a process used by firms .
Entrepreneurship is critical to Africa's transformation - African (2017), Comparing OLS and rank-based estimation techniques for production analysis: an application to Ghanaian maize farms, APSTRACT: Applied Studies in Agribusiness and Commerce, Vol. Furthermore, Busenitz (2001) views resources as comprising the capacity to identify opportunities and coordinate and merge resources for production. The population for the study comprises 1,694 Small and Medium Scale Enterprises (SMEs) operating within Minna Metropolis of Niger State. (1934), The Theory of Economic Development, Harvard University Press, Cambridge, Massachusetts, MA. entrepreneurship, to assess the practice of entrepreneurship development in Nigeria, to examine the role of entrepreneurship in Nigeria's economic growth and development. 130-125. The methodology adopted for this paper is the narrative-textual case study (NTCS); it is a social science research method that relies on information and data from several sources for problem identification and problem solving. Unfortunately, the various policies and programmes have failed to achieve the desired results. To learn more, view ourPrivacy Policy. and Kramer, M.R. 1 No. Their ability to manage the knowledge transfer process plays an important role in their survival (Durst and Wilhelm, 2012, p. 646). (2014) examined to what extent entrepreneurship in Nigeria has helped to reduce youth unemployment using no data and empirical literature review method. Entrepreneurship is both economic and social application of innovation, that it, it is the practical implementation of innovation to serve socio-economic developmental purposes Naud, W.A. Small and Medium Enterprises play a vital role in the economic development of Nigeria and are known to be the main engine of economic growth and a key factor in promoting private sector This process, however, results in the displacement of information pertaining to the long run. Wilken, P. (1979), Entrepreneurship: A Comparative and Historical Study, Ablex, Norwood, New Jerssey, NJ. POSTGRADUATE SCHOOL) WOMEN ENTREPRENEURS AND THE DEVELOPMENT OF SMALL SCALE ENTERPRISES IN SOKOTO METROPOLIS: A CASE STUDY OF SOME SELECTED WOMEN ENTERPRISES, Survival Approaches of Small-Scale Food Processing Enterprises in Imo State, Nigeria, Entrepreneurship Education and Unemployment Reduction in Benue State, Nigeria, Project on the impact of microfinanace bank in economic growth and development of Nigeria.doc, SMALL AND MEDIUM SCALE ENTERPRISES AS A PANACEA FOR EMPLOYMENT CREATION IN NIGERIA; A STUDY OF SME IN AGO-IWOYE, OGUN STATE, Entrepreneurship development and employment generation in Nigeria: Problems and prospects, the role of entreprenuership in economic developement: The Nigerian perspective, VOCATIONAL AND TECHNICAL EDUCATION AS A TOOL FOR ADDRESSING YOUTH UNEMPLOYMENT IN NIGERIA, IMPACT OF MICROFINANCE INSTITUTIONS ON S20200111 64488 1iw8j69, African Journal of Business Management Curbing the unemployment problem in Nigeria through entrepreneurial development, Managing the Delays in Publishing Financial Reports of State Owned Enterprises and Parastatals in Cameroon, IMPACT OF MICROFINANCE INSTITUTIONS ON SMALL SCALE ENTERPRISES DEVELOPMENT IN NIGERIA, SMALL SCALE BUSINESS ENTREPRENEURSHIP AND ECONOMIC DEVELOPMENT IN NIGERIA: A SURVEY ANALYSIS OF ENTREPRENEURIAL ACTIVITIES IN ANAMBRA STATE, Entrepreneurship Education and Economic Growth of Benue State (2007 -2016, Rural Entrepreneurship Development and Poverty Alleviation: A Review of Conceptual Issues, Microfinance Bank as a Catalyst for Entrepreneurship Development in Nigeria: Evidence from Ogun State, KIU Journal of Humanities Vol. (2016), Ownership structure and the performance of small and medium enterprises in Nigeria, International Journal of Research in Social Sciences, Vol. It is recommended that the government, at all levels, should provide an enabling business environment that will encourage entrepreneurship. 24 No. 258-271. 31-35. Some empirical research indicated the intimate relationship of environmental conditions and the creation of entrepreneurship (Wilken, 1979; Thornton, 1999; Abimbola and Agboola, 2011). Hunjra, A.I., Chani, D., Irfan, M., Javed, S., Naeem, S. and Shahzad Ijaz, M. (2014), Impact of micro economic variables on firms performance, International Journal of Economics and Empirical Research, Vol. Economic growth, however, occurs with a rise in the quality of manufactured products and services in a nation. Entrepreneurship, entrepreneurship education and unemployment Entrepreneurship rests on a theory of economy and society and innovation is its specific tool (Drucker 2015). The desire to explore opportunity by an entrepreneur depends on his innate skills, training and competitiveness of the environment. Academia.edu no longer supports Internet Explorer. The ECM was adopted due to the presence of unit root and mixed order of integration of not more than I(1). Ahiauzu, A. The jobs created, the new technologies developed, the improved production method, the increase in output both in terms of quantity and quality are all the ingredients for economic growth and development. Peruzzi, V. (2017), Does family ownership structure affect investment-cash flow sensitivity? A country's tax structure is usually made to enhance economic growth and development.
(PDF) Entrepreneurship Development in Nigeria, Prospects and Challenges Small businesses also provide the employed with alternative sources of income, which eventually leads to more job opportunities. Research in entrepreneurship development indicates that there is a lack of a theoretical model to examine rural entrepreneurship development particularly in the developing countries. Management training that would include knowledge around systems, processes and structures should be made affordable and accessible to SME owners and employees by industry experts to develop the capacity to scale-up and enhance the survival rate of SMEs. (2016), The State of Small Business Lending: Innovation and Technology and the Implications for Regulation, Working Paper, (17-042), Harvard Business School Entrepreneurial Management, pp. Enter the email address you signed up with and we'll email you a reset link. Drucker was also in agreement with Knight (1921), who considered entrepreneurship as the ability to ascertain and work with changes despite uncertainty and prevailing changes in the market. 7 No. The availability of entrepreneurs leads to job creation which diminishes unemployment and provides a significant source of happiness. Gujarati, D.N. By using our site, you agree to our collection of information through the use of cookies. A lot has been said about the increasing need to have qualified professionals or manpower for the economy to be pushed forward through SMEs and this can partially be achieved through universities and training institutions. It involves the error term to link the short-run behavior of the GDPRt to its long-run value. Among the emerging markets, 7 out of 10 new jobs are created by small businesses (World Bank, 2015; Page and Sderbom, 2015). SMEs vary by ownership. The fixed regime of policies of government should be made not to be counter-productive as to ensure optimal impact of tax incentives. (2003), Basic Econometrics, McGraw Hill Book Co, New York, NY.
PDF Entrepreneurship Education in Nigerian Universities: a Tool for - Core PDF The Effect of Entrepreneurship on Economy Growth and Development in Nigeria (5) The establishment of a new organization within an industry (for example through fructification) or ending a monopoly position (Schumpeter, 1934). Learning and organizing in new ventures, Journal of Evolutionary Economics, Vol. 17-27. OECD (2015), In it Together: Why Less Inequality Benefits All, OECD Publishing, Paris. Small businesses are fast becoming engines of innovation (De Massis et al., 2018). Naude (2013) was also in agreement with the capacity of entrepreneurship to enhance the economy and the creation of employment in developed, underdeveloped and emerging economies. Baron and Henry (2010) stated that entrepreneurs are not limited to the recognition of possibilities. Ahmad, N. and Du, L. (2017), Effects of energy production and CO2 emissions on economic growth in Iran: ARDL approach, Energy, Vol. 521-537. European Journal of Business and Innovation Research . 4378-4393. With a rise in the number of entrepreneurs, and with the needed skills and abilities to innovate or create, there will inevitably be a rise in economic growth. 27 Nos 9-10, pp.
PDF Technopreneurship: A View of Technology, - Global Journals Results derived revealed that: a significant relationship between Business sustainability and Development of SMEs exists within the years under study. (1942), Capitalism, Socialism, and Democracy, Harper, New York, NY. Findings from the GEM show that countries with an increased level of entrepreneurship reap the benefits through the economy's growth. The results show that entrepreneurship generates significant employment and also has significant effects on the standard of living in Niger state. importance of entrepreneurship has continued to surface in the development agenda plan of many economies, this importance has also been extended to entrepreneurs . (2013), Youth unemployment in Nigeria: a time for creative intervention, International Journal of Business and Marketing Management, Vol. The paper examines how the persistent increase in small and medium enterprise formation improves the growth and development of the Nigerian economy, employing the ECM approach. Small businesses offer several benefits to an economy. A common denominator in a good number of studies is the important role of three key factors namely, risk- taking, innovation and identification and use of opportunities, with varying degrees of emphasis (Rusu, Isac, Cureteanu & Scorba, 2012). 16 No. Similarly, the uncertainties that pervade economic environments push small business owners to explore other market opportunities, develop new products and seek new market openings for survival and enhanced performance (Dosi, 1988). development of principles and practice of entrepreneurship in Nigeria. The Nigerian tax policy consists of different range of statues which might change for the purpose of public expenditure collection depending on the government in power. 7507. Oluyomibo, P.S. 477-502. (3) The discovery of a new market- a new market hitherto has not been operated in before.
PDF Entrepreneurship Development and Unemployment Reduction in Nigeria Entrepreneurship has been instrumental in economic growth, balanced regional development, and job creation in most dynamic economies, where technology is changing at a faster rate and the product lifetime cycle is shrinking. 7 No. The coefficient of determination (R^2) of 0.79 indicates that 79% of the total variation in GDP is explained by our exogenous variables. entrepreneurship to Nigerian economic productivity from a structural standpoint; assesses the role of the oil sector; and explores the role of innovation in developing economic policy. (2010), Entrepreneurship and economic development in Nigeria: the way forward, Achieving Sustainable Development in Africa. TLF and population (POP) are used as control variables to prevent multicollinearity. UNDP (2016), United nations development programme, Human Development Reports [online], available at: http://hdr.undp.org/en/content/human-development-index-hdi (accessed March 2016). However, an increase in population growth does not lead to an improvement in economic growth. and Versloot, P.H. 1, pp. Bygrave, W.D. For small and medium businesses (SMEs) to thrive, entrepreneurship has to be well developed.
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