SOLD BY: THE ROLE OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA ECONOMY
(A CASE STUDY OF THE HUNGRY MAN RESTAURANT WUSE II – ABUJA).
ABSTRACT
Generally this study seeks
to explore the role of entrepreneurship development in Nigeria Economy,
with a case study of the hungry man restaurant. To find out if there is
significance in the role played by entrepreneurship in Nigeria, also to
emphasize the need for entrepreneurship in an economy, examining the
participation of government in the development of entrepreneurship in
the country. This review the deliberate act or policy of government at
all level in the federation initiated and executed, aiming at promoting
the growth and development of entrepreneurship in the society. The
researcher used both primary and secondary data collection to gather
information for analysis. Base on statistical test carried out using X,2 hypothesis
shows that the inconsistency of the government to provide serious
support for business sectors has contributed to the underdevelopment of
the economy. Recommendations were made that government should at all
level established a strong support to small scale industries in the
society.
CHAPTER ONE
1.0 Background Of The Study
Some entrepreneurship development, their
faith could usually be determined at an early stage of operation, if it
is not right at the beginning, for example whether employing more
capital will yield profit or not. It can be best known because the
output of work will show much earlier whether it is going to be
profitable or not, but in large manufacturing business, this will not
show up till at later stage where it will continue until much lain the
production process.
Entrepreneurship development being both
machine and labour intensive, manufacturing and service industry or
business, provides job opportunities to a wide range of people.
1.1 Statement Of The Problem
The business environment is dynamic and
competitive in such an environment an organization can be best achieved
it’s good through a well established leadership style and good managing
director that will manage business organization such as;
Entrepreneurship development. The small scale business would have been a
source to Nigeria economic development. But today, entrepreneurship
development are not yielding positive result due to poor performance and
lack of government intervention.
Therefore, this project will source for
various solutions to these problems that militate against
entrepreneurship development. These are Entrepreneurship development
which include:
- Poor management
- Lack of management skills
- Individualism of management of entrepreneurship development
- Difficulty in sourcing the services of qualified personnel
- Lack of training and development of personnel
- Finance problems.
- Poor Management:
The most critical problem affecting of
almost all indigenous enterprise in Nigeria is poor management. The lack
of efficient organizational structure and the practice of modern
management techniques. If enterprises could be ascribe to two factors,
first, if the limited understanding modern management practices by
owners managers could be with their strong desire to run the business
alone.
- Lack of Management Skills:
Also the problem facing entrepreneurship
development include stress primarily arise from the need of hire
skilled and qualified personnel to assist in the running of the
industries demands the greatest problems of entrepreneurship development
is lack of necessary skill in the management group. In every
entrepreneurship development, the entrepreneur is one person management
team. This makes it difficult for the effective operation of the
enterprises.
- Individualism of management of entrepreneurship development:
This is the characteristics of
individualism among entrepreneurs. The owner bears the management burden
alone. The jobs varies and likes managerial responsibilities are few,
if any. The managers are called “Jack of all trades and master of none”.
- Difficulty in services of qualifies personnel:
Another factor which leads to managerial
problems with entrepreneurship development is difficulty in securing
the services of qualified personnel.
- Lack of training and development of personnel:
Lack of training and developments of
personnel is another factor which compounds the managerial problems of
entrepreneurship development in Nigeria. Training provide employees
change in job requirement and new technology. It equally serves as
motivation of incentive for the existing employees, which increase their
productivities. In essence, lack of training and development for the
existing workers made replacement of vacant for the existing position
difficult.
- Financial Problem:
The capital for entrepreneurship
development industries are very small. This is because most Nigerian
business men and women operate in a low income economy. They are unable
to generate sufficient funds through personnel savings which involved
huge capital equipment or other fixed assets.
1.2 OBJECTIVE OF THE STUDY
Entrepreneurship development are
established and managed for the achievement of some objective, some of
these objectives that entrepreneurship development pursuers are at
different times include:
- To emphases the need for entrepreneurship development in an economy
- To highlight some of the problems involved in entrepreneurial process.
- To examine the participation of government in the development of entrepreneurship in the country
- To ascertain the role of entrepreneurship development in an economy.
At the end of the research work, the
reader will be in better position to appreciate the importance of
Entrepreneurship development, especially as a motivating factor to the
development of Nigeria economy. The work also aim at making theoretical
and practical contributions to already existing theories and ranging
from skill and unskilled source of income to the resident population in
Nigeria and also makes faster contribution to Nigeria balance of payment
and development. Nigeria is highly concentrated with entrepreneurship
development has shown greater increase in recent years, but the problem
here is that, most of this entrepreneurship development operation which
include:
- Lack of application of effective managing, organizing, coordinating, directing and controlling of men, materials, machines, money and others so as to source the main achievement of objective for which is profit. This management therefore, leads to employment of unskilled personnel substandard facilities and equipments, limited resources for control and accountability.
- Lack of proper motivation of employees: All these result to eventually loss turnover and loss revenue. As a result of the immense contribution of the Entrepreneurship development, to the economic of this country, there is need for government and help in the provision of infrastructural facilities as well as technical assistance and also making loan available
For the purpose of easy analysis, the following research questions are formulated:
- What roles does an Entrepreneurship development industry play in Nigeria economy?
Hypothesis is a statement about an issue
or a phenomenon with or made on the basis of a limited study of the
phenomenon, with the view to use such a statement as a guide to research
into the phenomenon, the outcome of this study is based on null
hypothesis (Ho) and alternative (Hi). This hypothesis was arrived at the
basis of whether to accept or reject any of the hypothesis.
Ho: Entrepreneurship Development does not play any role in Nigeria economy.
Hi: Entrepreneurship Development industries play an important role in a Nigeria economy
Ho: Managerial skills of capacity does not play positive effect in Management of Entrepreneurship development in Nigeria
Hi: Management skills or capacity does plays a positive effect in management of Entrepreneurship development in Nigeria.
1.6 SCOPE OF THE STUDY
This research work covers the period of
2015-2016, and does not go beyond the topic: The role of
Entrepreneurship Development in Nigeria economy, a case study of The
Hungry Man Restaurant Wuse II Abuja. The personnel involved in this
research work were drawn randomly from the upper, middle and lower
management level of the organization. However, the researcher will not
go beyond the objective of the research since it was clear that, if one
should be allowed to carry out every bit of the work he might spend a
life time doing the research and perhaps might not be able to complete
it.
1.7 LIMITATION OF THE STUDY
During the process of carrying out this
research work, a number of factor imposed constraint, such as lack of
access to relevant materials whjile some of data needed were regarded as
highly confidential by staff of the Hungry Man Restaurant Wuse II
Abuja. Also, the researcher was faced with inadequate finance for
transportation in search for relevant materials.
1.8 DEFINITIONS OF RELEVANT TERMS
For easy and concise understanding of this work, it is necessary that vital terms be defined.
- Entrepreneur: An Entrepreneur means a person who starts, organize a commercial enterprise especially one having financial risk. Meredith etal (1999) look at an entrepreneur as an individual who has the ability to see and evaluate business opportunities gather the necessary resources to take advantage of them and initiate appropriate action to ensure success and he is a risk taker.
- Entrepreneurship Development: This is the coming into existence in society of the class of individuals, who are not limited to pace odds.
- Small scale business: Ejiofor (1987.7,)defines small scale business as those enterprises that have relatively little capital investment, that produce in small quantities and as a result of controlling a small share of market that employs not more than fifty workers (50) and in which management marketing and entrepreneurship functions are used in the proprietor.
- Management: According to Akapla (1990:3) management is define as a process of combining and utilizing of an organization inputs (man, materials and money) by proper planning, organizing, directing and controlling for the purpose of producing output (goods and services).
- Indigenization: Ejiofor (1989:26) says it is the mass transfer of ownership and contra of economic organization from foreigners to nationals. It is a situation whereby a deliberate effort is made with a back up of government regulations to transfer proprietory interest of man.
- Planning: Planning can be define as a process which managers visualize and determine in advance, the objectives of an enterprise or organization and select future cause of action for their accomplishment
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