CHAPTER ONE
INTRODUCTION
Since ancient times man has designed ways of surviving in his environment gathering food and hunting for games. As years go by, he modifies his survival techniques from being a wonderer and shifting cultivating to a sedentary/intensive farming, arts and crafts. His pragmatic disposition has resulted in innovative and better ways of harnessing the opportunities and potentials of environment for welfare maximization and economic development. The industrial revolution of the late 1780s in Europe and early 19th century in America influences significantly work ethnics, organizational behave, thinking and management of productive resources (land, labour, capital and entrepreneur). Thus, the phenomenon growth of the economy is attributed to enterprising management of resources where entrepreneurship factor is a very important factor of production that co-ordinates sometime idle factors of production such as land labour and capital (Eshiobo 2010).
In the work of say in 1803, as cited by Hisrich and Peters (2002), an entrepreneur is someone who consciously moves economic resources from area of low yield of to area of high yield. He redeploys people, materials money and co-ordinates the processes necessary for efficient large scale industrial trade development. Joseph Schumpeter (1987) addled that the entrepreneurship is the motive behind capital development.
Entrepreneurship pervades all economics (though more with free market or capitalist economics) and its considered as the bedrock of modern economic development through innovation and technological brake through and by developing untried technologies. The entrepreneur in his entrepreneurial activities can bring about increase in production create employment income facilities rapid growth of small, medium and large scale enterprise to reduce poverty and hunger among people given this background it is thus imperative to explore the extent to which enterprise/industries in Nigeria, entrepreneurship generally are vital to the economy of a nation with respect to economic growth and poverty reduction in as much as the government of a country is required to provide the enabling environment for entrepreneurship development in term of favourable financial economic, social-cultural legal policies and functional infrastructure (Coleman and Kofi, 2008 Tganija 2008; Stephen and Wilton 2006, William and Thawachai 2008) entrepreneur themselves have roles to place so as to compliment government effort in enterprise/industrial development.
These includes making good business decisions having the right motive making effort to acquire the right needed education and training, business experience or skills, innovation, market information , social networks and so on.
The development process of any country is determined by the way the production force in and around the economy is organized for most countries, the development of industry depend a great deal on of private sector. Entrepreneurship has played a major role in this regard entrepreneurship is known as the capacity and attitude of a person or group of persons to undertake ventures with probability of success degree or risks be a good leader in addiction to being highly innovation.
Since entrepreneurship has to deal with leadership ability always determines a person level of effectiveness. The personal and organization effectiveness is proportionate to this strength of leadership and there is no success in any entrepreneurship venture without leadership. Entrepreneurship in business management is regarded as the “prime mover” of a successful enterprise just as a leader in any organization must be the environment changes agent; many young Nigerians aspire to be successful entrepreneur. But due to certain constraints the ability of many prospective youth to find avenues to utilize their opportunities and skills has proved futile. Entrepreneurship in Nigeria is perceived as a major avenue to increase the economic growth, create job opportunities, and reduce import of manufactured goods and decrease the trade difficult that result from, such import. Two approaches have been used for entrepreneurship development in Nigeria. One of the approaches is concerned with the provision of generous credit facilities for small scale industrialism. The aim of the scheme was to give entrepreneurs seed money. The second approach was the establishment of training centre (IDC) the idea of this centre was to provide facilities for no-the-job training of entrepreneurs especially those in the informal sector which includes petty trader, artisans, peasant farmers etc. and train them in various aspects of industrial management, unfortunately, due to certain factors which shall be explained under are responsible for the non achievement of these policies.
Entrepreneurship activities bring about business and production innovation with resultant growth in enterprise and industrial organization development in Nigeria is a starter as the indigenous entrepreneur were never allowed to develop by the colonial entrepreneurs (Eshiobo SS 2010). The role of entrepreneurs in the country economic growth cannot be over emphasize, this than spawn the interest in investigating the type or category of entrepreneur available to the study area as this will go a long way in determining the role the entrepreneur plays in the stimulation of economic growth in the study area.
This study is embarked upon to determine the role of entrepreneur in the stimulation of economic growth in the study area knowing the contribution and role the entrepreneur’s plays will make the government, private and individuals appreciate them more.
The study will also reveal the problems the entrepreneur are facing as well as proffer solution that will assist the owner of a business organization in getting the best form its entrepreneurs.
This study is limited to the role of entrepreneurs in the stimulation of economic growth the study will investigate into the types of entrepreneur available to organizations in the study area as well as the problem faced by the entrepreneurs in Ugo Community Orhionmwon Local Government Area council of Edo State.
1.8 DEFINITION OF TERMS
Money: Is any commodity that is generally accepted as payment for goods and services and settlement of debts in a given country or socio-economic context.
Employment: The act of employing or state of being employed the work or occupation in which one is employed.
Economic: Is the social science that analyzes the production, distribution and consumption of goods and services.
Entrepreneurs: A person who organizes and manages a business undertaking assuming the risk for the sake of profit.
Indigenous: Means original and living naturally in an area or environment.
Income: The amount of money or it equivalent received during a period of time in exchange of labour or service.
A small scale business: This is a business that is privately owned and operated with a small number of employees and relatively low volume of sales.
Environment: The surrounding where one dwells.
Traders: A person who buy and sells thing as a job.
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