The Impact of Entrepreneurial Development on the Economic Development of a State
Chapter One
OBJECTIVE OF THE STUDY
The objectives of the study are;
- To know the extent to which firms in the Enugu urban study entrepreneurship
- To know the problems encountered by entrepreneurs in their firms.
- To know the importance of entrepreneurial development on the firms in Enugu urban.
- To know the promotional tools used by the firms to improve productivity
- To know the extent to which lack of research occurs in their firm
CHAPTER TWO
REVIEW OF RELATED LITERATURE
CONCEPTUAL REVIEW
The word “entrepreneur” is derived from the French verb entreprendre, which means to undertake. Economic scholars from the time of Adam Smith, through the neoclassical era, the English Economists, the American economists down to the German School all have their various perspective of the role and function of the entrepreneur in economic development. There is agreement however that creation of wealth is not a function of land, labour and capital alone. While the importance of these basic productive factors is recognized, more important is the role of the entrepreneur or the organizer. Mustapha, (2013) sees entrepreneur asthe organizer whose input gave value to the other resources when combined in the production process. Schumpeter (1934) emphasized the role of the entrepreneur as innovation and technical change- i.e. the introduction of new combinations of factors in new process or for new output The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. Odusina (1975) cited in Udu, Udu, and Eze (2008) argue that entrepreneurship is the process of using available capital in any form for business endeavours in an open and free-market economy for the sole purpose of making profits. Udu (2008) see entrepreneurship as a process by which economic and commercial activities necessary for the improvement of the standard of living of the society are created by entrepreneurs, individuals, institutions, corporations and governments. Paul (2013) argues that entrepreneurship is more than “starting a business.” It is a process through which individuals identify opportunities, allocate resources, and create value. This creation of value is often through the identification of unmet needs or through the identification of opportunities for change. It is the act of being an entrepreneur which is seen as “one who undertakes innovations with finance and business acumen in an effort to transform innovations into economic goods hence Entrepreneurs see “problems” as “opportunities,” and then take action to identify the solutions to those problems and the customers who will pay to have those young people and build on their strong spirit of risk-taking through entrepreneurship development. Entrepreneurship development has also led to employment generation, growth of the economy and sustainable development. The current number of colleges and universities offering small business management and entrepreneurship development programme has grown from one university in 1947 to over 1600 in the 1990s (Handlesman, 2013, Hills,2012).
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought the impact of entrepreneurial development on the economic development of a state.
Sources of data collection
Data were collected from two main sources namely:
(i)Primary source and
(ii)Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment; the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
Population of the study
Population of a study is a group of persons or aggregate items, things the researcher is interested in getting information the impact of entrepreneurial development on the economic development of a state. 200 staff of Innotex gobal LTD and Innoson technical industrial company LTD was selected randomly by the researcher as the population of the study.
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
Introduction
Efforts will be made at this stage to present, analyze and interpret the data collected during the field survey. This presentation will be based on the responses from the completed questionnaires. The result of this exercise will be summarized in tabular forms for easy references and analysis. It will also show answers to questions relating to the research questions for this research study. The researcher employed simple percentage in the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain the impact of entrepreneurial development on the economic development of a state. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of entrepreneurial development on the economic development of a state.
Summary
This study was on the impact of entrepreneurial development on the economic development of a state. Five objectives were raised which included: To know the extent to which firms in the Enugu urban study entrepreneurship, to know the problems encountered by entrepreneurs in their firms, to know the important of entrepreneurial development on the firms in Enugu urban, to know the promotional tools used by the firms to improve productivity, to know the extent to which lack of research occur in their firm. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of selected Innotex global LTD and Innoson technical industrial company LTD. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made electricians, technical officers, senior staff and junior staff were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
From the findings, the study concludes that the role of entrepreneurial activities on economic development cannot be over-emphasized because it enhances the socio-economic wellbeing of the people in Enugu State. Therefore, entrepreneurial activities are a solution to the incessant rate of crime inherent in Enugu State. This is predicative of the fact that, as more and more people are involved in business activities, less attention would be given to illicit activities in the State.
Recommendation
Considering the avalanche of findings, the study therefore made the following recommendations: The government should revamped the initiated programmes by appointing men of good will that have passion for entrepreneurship to head some of the establishments in an attempt to enhance their activities taking cognizance of the vital role it plays on the economic development of the State. The Federal Government should look into the activities of the micro-finance bank in order to address the ever-increasing interest rate that is posing challenges to the entrepreneurs in Enugu State. Most people who may have conceived a creative idea that can revamp the economy, could not put it into use, simply because, they cannot borrow money from the banks.
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