The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through Small and Medium Enterprises (SMEs) development in Nigeria. On the global ease of doing business report, Nigeria has always fared badly, ranking 146 in 2019 and 131 in 2020 (World Bank, 2020) with only marginal improvement in recent years. Descriptive statistics and one sample t-test were employed for the data analysis and test of hypotheses respectively. Either way, small businesses' existence provides job opportunities for the unemployed who are willing to earn a living legitimately. Furthermore, this paper seeks to explore the link between small enterprise development and econo. The presence of many entrepreneurs certainly increases the level of goals and or aspirations in a country and increases opportunities while influencing people's ambition. 1, pp. They must be able to perceive (1) buying and selling opportunities in different markets, (2) the possibility of transforming input into output and (3) the profitable activities. In contrast, the ownership mix allows for a more relaxed management style, trusting others with key responsibilities (Obasan et al., 2016). development of principles and practice of entrepreneurship in Nigeria. It is recommended that the government, at all levels, should provide an enabling business environment that will encourage entrepreneurship. 31-35. In a manner that is sustainable and capable of resulting in economic enhancement for the country. Entrepreneurs typically set up and manage SMEs. Knowledge of the functions performed to achieve economic advancement demands knowing essential components of the concept of entrepreneurship (Wennekers and Thurik, 1999). Leibenstein (1968), in his X-efficiency theory, argues that when an input is not used effectively, the difference between the actual output and the maximum output attributable to that input is the measure of the degree of X-efficiency. The paper also concludes and recommends some possible suggestions to enhance gender equality and youth employment through the use of entrepreneurial development as an alternative to gender inequality and manpower development in our society. Furthermore, hypothesis four which tested the impact of population on GDP, also has a p-value above 0.05. 3, pp. 1 No. Tax incentives have varying impact in various economies. 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. entrepreneurship in Nigeria is still netted in a clog of challenges with consequences for the economic development of the country (Nwankwo & Francis, 2017). However, from our empirical analysis, it was revealed that while the annual increase in the total number of SMEs fosters economic growth, it is not indispensable; instead, aiding the existing businesses to innovate and develop better is what ought to be revealed that when businesses expand as a result of innovation, more employment is created, thus, lessening the gravity of unemployment. Hence, having outlined all variables for our empirical investigation, we at this moment specify the functional relationship that exists among our outlined variables as follows: EMPt=Employmentthroughentrepreneurshipbusinessattimet, TMSMt=TotalMicro-SmallandMedium-scaleEnterprisesattimet, The econometric form of the model is therefore given as. Entrepreneurship also involves taking risk, creating and organizing factors of production to produce goods and services for members of a society (Kanothi and Ngatia, 2009). This paper provides understanding of the entrepreneurial intentions of small sampled Nigerian graduates. 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. 323-346. 4378-4393. The coefficient of determination (R^2) of 0.79 indicates that 79% of the total variation in GDP is explained by our exogenous variables. 7 No. To learn more, view ourPrivacy Policy. Due to the importance of small businesses, governments in developing and developed nations see them as a means of employment, innovation and wealth creation (Mills and McCarthy, 2016). 35 No. Their ability to manage the knowledge transfer process plays an important role in their survival (Durst and Wilhelm, 2012, p. 646). They play a key role in promoting prosperity by creating new jobs and increasing a region's economic prosperity (Maksimov et al., 2017). 217-226. Introduction 2. Visser, W. (2017), Innovation pathways towards creating integrated value: a conceptual framework, International Humanistic Management Association, Research Paper Series No. Over the past threedecades, nations that have experienced a fall in the level of poverty are those that have adopted entrepreneurship (Naude, 2013). The conclusion is that to accelerate development in rural areas, it is necessary to promote entrepreneurship. Entrepreneurs will make the AfCFTA work by forging new value chains and exploiting opportunities to scale up via increased trade in regional markets. It is a regular forum for intellectual research and discourse on current and contemporary issues in Management, Social Sciences, Development Studies, Engineering, Environmental Sciences, and other related disciplines. In Figure 1, the conceptual link between entrepreneurship, which often reflects in the formation of SMEs, is shown, and the conditions in which they operate, their ability to operate in a competitive environment, are demonstrated Also, the crucial elements of entrepreneurship, both micro and macro levels, are highlighted. 2, pp. Entrepreneurial industries was selected one from each Geo political zone in Nigeria with population of 387 on the whole descriptive survey design was used and correlation coefficient was used in determining the relationship between these variable and economic development in Nigeria. It is obvious from the paper that youths found great value in skills acquisition because the fight against poverty cannot be won by just receiving money from rich people every day, rather take from them wealth-job creating skills for self-sustenance. SME formation is necessitated by a couple of drivers as follows: (1) necessity (Fairlie and Fossen, 2018), (2) Innovation (Visser, 2017; Adeosun and Shittu, 2021) and (3) opportunity (Aparicio et al., 2016). 1, pp. Lingering unemployment scenarios, which have become a global phenomenon, constitute a leading motivation for creating small businesses globally. The countrys population living in extreme poverty rose from 54.7% in 2004 to 60.9% in 2010 (NBS, 2011). (1942), Capitalism, Socialism, and Democracy, Harper, New York, NY. Knight, F. (1921), Risk, Uncertainty, and Profit, Houghton Mifflin, Buston, Massachusetts, MA. Employment through entrepreneurial business does not positively impacts GDP. These factors were used along with diverse forms of reiteration (Rusu et al., 2012). Naude, W. (2011), Entrepreneurship and Economic Development, United Nations University, available at: http://unu.edupublications-WIDER.Angel-Article. While some are sole proprietorships, others are family-based, that is, couples, while others are partnerships consisting of friends or business associates (Peruzzi, 2017). This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Identifying the function of entrepreneurship in the event of growth in the economy demands a scope due to the existence of common parameters and connections (Bygrave and Minniti, 2000). There are so many studies of how entrepreneurship has enhanced economic growth. 52 No. Onwusiribe Ndubuisi Chigozirim, Onwumere Joseph (Ph.D.) and Ozioma- Eleodinmuo Priscillia. Aparicio, S., Urbano, D. and Audretsch, D. (2016), Institutional factors, opportunity entrepreneurship and economic growth: panel data evidence, Technological Forecasting and Social Change, Vol. Entrepreneurship is one of the economic variables that attract the attention of governments and researchers both in the developed and developing countries in the last two decades. Since then, the Department has enjoyed full accreditation status and has been producing high class administrators capable of assuming leadership roles in all fields of human endeavors. WDI (World Development Indicator) (2016), available at: www.knoema.com (accessed 3 December 2016). Small businesses account for 70% of industrial employment and about 50% of manufacturing output (Ogunmuyiwa and Okunleye, 2019).
PDF Entrepreneurship in Nigeria - EA Journals ), Frontiers in Economics, Springer, Berlin, Heidelberg, New York, pp. It was however discovered that most students were not very confident about their intentions due to fear of capital, failure, and lack of experience in business management. The specific impact of entrepreneurship education on the society for national transformation among which are the provision of employment opportunities, increase in Gross Domestic Product (GDP),. entrepreneurship into a comprehensive concept where marketing becomes a process used by firms . 1, p. 53. The paper is organized as follows: Section 1 introduces the paper; Section 2 presents highlights of historical Nigerian economic policies; Section 3 discusses W To learn more, view ourPrivacy Policy. Citizens with small finance, little or no education, and little or no experience can get some income via entrepreneurship (Baumol et al., 2007, p. 3). 2, pp. The second hypothesis was tested to show whether SMEs impact on GDP has a p-value above 0.05. The National Youth Service Corps (NYSC) scheme should look deeply into entrepreneurial hubs with start-up grants for members to initiate their ventures. (2003), The role of social and human capital among nascent entrepreneurs, Journal of Business Venturing, Vol. SMEs are crucial in many countries because they present people with the opportunity to be lifted from poverty (Hossain et al., 2018). It is interesting to note that some individuals or families have multiple businesses registered and run different areas of commerce. If the quantity of the trace statistics or the max eigenvalue is above the critical value, it can also be concluded that a long-run equilibrium correlation exists, else the residual is not co-integrated which means no long-run equilibrium between selected variables.
PDF Role of Entrepreneurship Education in Nigeria 2, pp. The trace statistics and max-eigenvalue test indicated three co-integrating eqn(s) at the 0.05 level. Entrepreneurial orientation in rural areas is based on stimulating local entrepreneurial talent and subsequent growth of indigenous activities. Massaro, M., Handley, K., Bagnoli, C. and Dumay, J. Visit emeraldpublishing.com/platformupdate to discover the latest news and updates, Answers to the most commonly asked questions here. Review of Economics and Political Science. 11, pp. The conclusion is reached by the Granger representation theorem of Engle and Granger. Does Bank Credit Have Any Impact on Nigerias Domestic Investment? Carree, M. and Roy, A. 0,1,2,3,4and5 are the parameters while tis the stochastic error term representing all other variables not specified in the model.
(PDF) Entrepreneurship Education in Nigeria: Challenges and Prospects Aldrich, H.E.
PDF Entrepreneurship Curriculumof University Students in Nigeria This paper looks at the theoretical basis for business mentoring, examines the influence of foreign direct investment (FDI) inflow on domestic entrepreneurship in Nigerias manufacturing sub-sector from 1973 to 2010 while employing OLS technique. At the same time, departing team members can be assured that their knowledge will remain within the business, accessible by their colleagues. In recent times, small businesses have increasingly become important knowledge transfer channels (Omotayo, 2015).
Economic growth, however, occurs with a rise in the quality of manufactured products and services in a nation. Combining available resources with creative ideas enables entrepreneurs to add value, commercialize new goods, invent new jobs and establish new firms. (1999), The sociology of entrepreneurship, Annual Review of Sociology, Vol. This paper therefore recommends that policies on investment should be geared towards wooing foreign investors into the manufacturing sub-sector while giving the diversification of the countrys productive base a top priority. 286-301. https://doi.org/10.1108/REPS-07-2020-0089, Copyright 2021, Oluyemi Theophilus Adeosun and Ayodele Ibrahim Shittu, Published in Review of Economics and Political Science. Also, there is an evidence of long-run equilibrium bi-directional relationship between RER and RGDP. It is recommended that the government provide support capable of augmenting innovation and widening its spheres. Entrepreneurship education is the type of education given to a person which helps him to acquire the cognitive knowledge, psychomotor and affective skills to explore and exploit an opportunity. and Kramer, M.R. 69-87, doi: 10.1108/RAMJ-09-2020-0051. 10, pp. 117-131. Small business is important for the growth of products and services' productivity while it creates employment at a smaller financial cost, particularly in the rapidly developing service sector. PDF | On Jul 4, 2019, Louisa N Amaechi published Entrepreneurship and Economic Development in Nigeria | Find, read and cite all the research you need on ResearchGate
Mumu Living Dining Table,
Articles I