Impact of Pos on Promoting Entrepreneurship in Nigeria (a Case Study of Calabar Municipal)
CHAPTER ONE
OBJECTIVE OF THE STUDY
The focus of this study in general is to examine the impact of POS on Promoting Entrepreneurship in Nigeria. Specifically the study will;
- Examine the importance of POS in financial transactions
- Determine the challenges in establishing POS business
- Investigate if POS has promoted entrepreneurship
CHAPTER TWO
LITERATURE REVIEW
INTRODUCTION
Our focus in this chapter is to critically examine relevant literature that would assist in explaining the research problem and furthermore recognize the efforts of scholars who had previously contributed immensely to similar research. The chapter intends to deepen the understanding of the study and close the perceived gaps.
Precisely, the chapter will be considered in two sub-headings:
- Conceptual Framework
- Chapter Summary
CONCEPTUAL FRAMEWORK
Entrepreneurship
Entrepreneurship is generally described as the ability of an individual or a group of individuals to create or discover an opportunity and utilize it to the benefit of the society, which, in turn, will bring success to the innovators and their organization. According to Dau and Cuervo-Cazurra (2014), the authors take a legalistic view of entrepreneurship and define it ‘as the creation of fresh businesses a stable collection of people who coordinate their efforts to produce fresh value-added economic activity’. The relationship between entrepreneurship and economic growth of a country has increasingly gained a lot of interest from economists and policy makers over the years. However, while some view it as a direct relationship, others see it as an indirect kind of relationship. According to Sarkar (2014), this interest has been fuelled by the desire to understand how entrepreneurship influences the economy of a country. Both the economists and policy makers recognize the effect of entrepreneurship on the economy of a country. In fact, entrepreneurship has been considered as the engine of economic growth and it has come to be perceived as a catalytic agent for expansion and promotion of productive activities in every sphere of economic life all over the world. The role and significance of entrepreneurship development in numerous nations worldwide were quite significant. Numerous countries leaders and scholars have proposed that entrepreneurship can be a remedy for empowerment, job creation, economic transformation, and poverty eradication. Nigeria as a country has numerous business and investment potentials due to the abundant, vibrant and dynamic human and natural resources it possesses. The performance and effectiveness of entrepreneurs in the country as an instrument of economic growth and development has long been under scrutiny. This intense scrutiny has been against the backdrop of the low performance and inefficiency that characterized small business particularly in assessing its role on economic growth and development. A nation’s ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities. Good entrepreneur can create a strong economy. Nigerians have equally made their marks in diverse fields such as science, technology, academics, business and entertainment. Entrepreneurship activities and innovative ingenuity in Nigeria have developed enterprises in areas such as agriculture/agro-allied, solid minerals, transportation, information, and telecom, hospitality and tourism business, building and construction etc. According to Nkechi, Emeh, and Okechuku (2012), these human and natural resources notwithstanding, Nigeria is still one of the poorest countries in the world and has one of the highest rates of youth unemployment in Africa despite its alleged strong economic growth. In respect of the above sad and deplorable situation, the government has done little to reduce the misery and frustrations of the citizenry. This has foisted a state of hopelessness on majority of young and old people who have resorted to any means including crime to succeed in life. They resort to vices because they are not gainfully engaged. In order words, they are unemployed; not because they lack the qualification but because the system has been crippled politically, economically, socio-cultural and even religiously Nkechi etal (2012). The need for entrepreneurship development in the country today is necessitated by the fact that entrepreneurship development is a major factor in economic growth and development and also the permanent cure for extreme hunger and poverty necessitated by unemployment. Entrepreneurship is the act of being an entrepreneur. Entrepreneurs are people who have the ability to see as argued by Abdullahi (2008), stands as a vehicle to improve the availability of life for individuals, families, communities and to sustain a healthy economy and environment.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of sixty five (65) questionnaires were administered to respondents of which fifty (50) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 50 was validated for the analysis.
CHAPTER FIVE
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS:
Introduction
This chapter summarizes the findings on the impact of POS on promoting entrepreneurship in Nigeria using businesses in Calabar Municipal, Rivers State as case study. The chapter consists of summary of the study, conclusions, and recommendations.
Summary of the Study
In this study, our focus was to examine impact of POS on promoting entrepreneurship in Nigeria using businesses in Calabar Municipal, Rivers State as case study. The study specifically was aimed at examining the importance of POS in financial transactions, determining the challenges in establishing POS business, and investigating if POS has promoted entrepreneurship. The study adopted the survey research design and randomly enrolled participants in the study. A total of 50 responses were validated from the enrolled participants where all respondent are owner/managers of selected businesses in Calabar Municipal, Rivers State.
Conclusions
Based on the findings of the study, the researcher concluded that;
- The importance of POS in carrying out financial transactions are found to be; it helps in solving urgent need of physical cash, easy deposition of money into accounts, easy transfer of cash across states in Nigeria, increases consumers buying power, and easy payment of bills.
- Robbery, connectivity, transactional insecurity, high cost of pos terminal, power outage and transaction irregularities, among others are the major challenges in establishing POS business in Nigeria.
- On ways through which POS has promoted entrepreneurship in Nigeria, POS aids entrepreneurs in goods and financial status overview, it provide them with in-depth analyses about customers’ buying behaviour, POS itself has served as a businesses opportunity to potential entrepreneurs, It provides detailed receipts and it aids entrepreneurs in managing their inventory.
- POS has to a certain favourable extent promoted entrepreneurship in Calabar.
Recommendations
With respect to the findings of this study, the researcher recommends that all the relevant authorities should ensure that there is an improvement of National security, provision of connection and network infrastructure to strengthen connectivity, digital or internet Security should be enhanced; reduction of POS terminal cost and adequate power supply, meeting the above listed will help to expose more potentials to the use POS, thereby promoting it in the society. More so, regulatory agencies should carry out enlightenment programs that will inform both customers, potential entrepreneurs and businesses on the benefits of adopting electronic payment systems, especially POS terminals. This is expected to further encourage its adoptability and usage.
REFERENCE
- Achugamonu BU, Taiwo JN, Ikpefan OA, Olurinola IO, Emena OU. Agent banking and Financial Inclusion: The Nigerian experience, Proceedings of the 28th International Information Management Association Conference-Vision 2020: Innovation Management, Development Sustainability, and Competitive Economic Growth. 2016;4418-4430.
- Adams, D. A., Nelson, R. R., & Todd, P. A. (1992). Perceived usefulness, ease of use, and usage of information technology: A replication. MIS Quarterly, 16(2), 227-247.
- Adeoti, O. O. (2013). Challenges to the efficient use of point of sale (POS) terminals in Nigeria. African Journal of Business Management, 7(28), 2801-2806. doi: 10.5897/AJBM12.1129
- Adeoti, O. O., & Oshotimehin, K. O. (2011). Factors influencing adoption of point of sale terminals in Nigeria. Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2 (5), 388-392
- Adeoti, O. O., & Oshotimehin, K. O. (2012). Adoption of point of sale terminals in Nigeria: Assessment of consumers’ level of satisfaction. Research Journal of Finance and Accounting, 3(1), 1-5.
