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ENTREPRENEURSHIP DEVELOPMENT IN THE SOUTH EAST, NIGERIA
- BACKGROUND OF THE STUDY
The study “entrepreneurship in the South East, Nigeria”, case study Onitsha entrepreneurship in the south east zone has not been so wonderful. There are some challenges, issues that affect the state. Entrepreneurial forces are relatively strong in this state as the lack of jobs and a rise in powerful leave few other options for the people. Although difficulty due to lack of resources, there are non – profit making organizations such as the “Fate Foundation” that are dedicated to promote entrepreneurship. Apart from the information about the state that is often negative, there appears to be recognition of the critical role and place of technology in the development and advancement of the state.
However an important distinction between developed and developing states often lies in the wide disparity between policy implementation. Often, signs of this disparity are found in the extent that polices are clear and measured often developing states adopt excellent policies and guide lines that could, if well implemented changes the futures of their citizens but alas, they are very often not followed through if the government follows-through with its new laws guiding education and technology with action and implementation and the people attain their education goals and professional potential with the tools available to the world today. We will witness the transformation of the state into an emerging economic giant.
These are attained goals
- entrepreneurship activity in the state is primarily based on necessity
- Nigerians economic decline. Since the 1980s has created a hostile environment that is unfavorable to entrepreneurial success.
- The state infrastructure limits entrepreneurial effectiveness and is a barrier to success.
- The high cost of doing business in the state such as the lack of adequate electricity and basic needs by a large amount of t he population stifle entrepreneurial activities in the state.
- The policies of the Nigerian government are a barrier to the success of large-scale entrepreneurial success for many people in the state (Onitsha). The government is plagued by corruption and graced. The plagued by corruption and greed. The government systematically ignores laws that are already in place to promote free enterprise.
- The lack of enforcement of Nigerian patent laws discourages entrepreneurs from commercializing their ideas and inventions.
Entrepreneurship is the act of being an entrepreneur, which undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature of organization in response to a perceived opportunity.
- STATEMENT OF THE PROBLEM
The growth and development of most nations of the world can be anchored environment for the growth and sustenance of entrepreneurship. However one of the witnesses of Nigeria industrial development is lack of small and medium scale sub-sector.
The efforts and measure taken over the years by the government have not yielded the desired result. Therefore, it is important to give adequate attention to these very business sectors in other to make a continuous to our nation. Most explanations for business failure are based essentially upon attributes of the environment in which the company operates. This is reflected mostly in the absence of basic infrastructure for the smooth operation of business. Other problems include managerial problems, pernicious inflation, restrictive regulations flagging innovation and even social problems etc.
For growth and development what we need is an entrepreneurial society in which entrepreneurship activities are steady and continuous. Just as management has become the specific organ of our society, so innovation and entrepreneurship have to become an integral life sustaining activity in our organization and our economy.
- OBJECTIVES OF THE STUDY
The objectives of the study are as follows:
- To identify the problem of entrepreneurs in the south east zone by surveying some selected manufacturing industries in Onitsha.
- To identify the fundamental principles that exists in south east entrepreneurship endeavor.
- To examine the prospects of entrepreneurs in the south east zone.
- RESEARCH QUESTION
To establish the general purpose of the study we make use the concept of research question.
1 What are the problems responsible for the failure of most entrepreneurship in the south east zone?
2 What are the fundamental principles that exist in south east zone entrepreneurship endeavor?
3 What are the prospects of the south east zone entrepreneurs be examined?
- HYPOTHESES OF THE STUDY
To guide the direction of this study, the following hypothesis were developed.
- H0: The problem that contributes to the failure of entrepreneurship in south east zone is not management incompetence.
H1: The problem that contributes to the failure of entrepreneurship in south east zone is management incompetence.
- H0: There is evidence to show that fundamental principles of innovative capital investment and hard work exist in south east zone entrepreneurship endeavor
H2: There is evidence to show that fundamental principles of innovative capital investment and hard work does not exist in south east zone entrepreneurship endeavor
- H0: Prospects of poverty reduction and GDP improvement of the south east zone entrepreneurs are high
H3: Prospects of poverty reduction and GDP improvement of the south east zone entrepreneurs are low
- SIGNIFICANCE OF THE STUDY
Recently concern for economic growth and development has place entrepreneurship in a new perspective. This study is appropriate at this time in the development of entrepreneurship as a means of improving productivity of the nation.
It is our hope that this study would enable the entrepreneur in the south east zone knows more about the factors that accounts for the failure of most entrepreneurs and how these problems can be solved or tackled. This will help groom better and more successful entrepreneur in the future. It will also emphasize the need for entrepreneurial development in the south east zone to aid economic development given the over dependence of Nigerians in petroleum.
Furthermore, the study would enable existing/potential entrepreneurs recognize their organizational strength and capitalize on it for their continuous existence. This in effect will mitigate the enormous waste of human and capital resources resulting from high failure rate of entrepreneurs.
- SCOPE OF THE STUDY
This study centres on the south east entrepreneurs, problems and prospects using manufacturing industries in Onitsha. Some of the selected manufacturing industries in Onitsha used as case study are as follows:
- Ano plastics and metal industries Nigerian limited, Osha/Owerri Rd, Onitsha, Anambra
- Ibeto industries petrochemicals, union auto parts, holding, hotels, agencies, cements. Plot D bridge head industrial layout Onitsha, Anambra state.
- International beer and beverage industrial Nigerian limited (IBBI) brewers of tiger rock. Industrial layout bridge head, P.M. 1620, Onitsha Anambra state.
1.8 LIMITATION OF THE STUDY
It is worthwhile to note that in the course of this study the researcher encountered the following limiting problems highlighted below:
- time constraint: during the time allocated within which this research work has too be constructed, completed and submitted for assessment the researcher was faced with other activities especially academic matters.
- Nonchalant attitudes of some respondents: some of the people interviewed and administered with questionnaires lack the requisite knowledge with which to supply needed information. Some were indifferent to the researcher for fear of being exposed.
This research was intended to identify the factors that contribute to the failure of entrepreneurship in south east. It was not possible to cover the whole entrepreneurs in Onitsha because of time constraint placed on the researcher and also, the distance involved. Hence a sample of various entrepreneurs into manufacturing was selected from the various industries. Every research project work suffers form scarcity of resources. Financial resources imposed their own frustrations and limitations other types of resources e.g textbooks, journal etc are also in short supply. Within this study claims no exception.
1.9 DEFINITION OF TERMS
- Entrepreneur: An entrepreneur is one who assumes the risk of organizing and managing his/her own business with the hope of making profits and rendering services.
- Entrepreneurship: This is the actor of being an entrepreneur, which undertakes innovations, finance and business acumen in an effort transform innovations into economic goods.
- Prospects: Oxford advanced dictionary of current English defines prospects as something one hopes for or look forward to gain.
- Innovation: It is the successful exploitation of new idea and technology.