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THE IMPACT OF
ENTREPRENEURIAL DEVELOPMENT ON THE ECONOMIC DEVELOPMENT OF A STATE
Abstract
This study is on the impact of entrepreneurial development on
the economic development of a state. The total population for the study is 200
staff of selected Innotex global LTD and Innoson technical industrial company
LTD. The researcher used questionnaires as the instrument for the data
collection. Descriptive Survey research design was adopted for this study. A
total of 133 respondents made electricians, technical officers, senior staff
and junior staff were used for the study. The data collected were presented in
tables and analyzed using simple percentages and frequencies
CHAPTER ONE
INTRODUCTION
1.1 Background of
the study
The world economics fall of the early years cause a quick
fall of the Nigeria economic. The output shrank to all time local and
commercial activities, which were consequently reduced, leading to the loss of
employment opportunities in the country, this situation of unemployment in the
country therefore calls for entrepreneurship in Nigeria economy which will lead
to entrepreneurial development in the higher institution. However, at this
juncture a brief history of entrepreneurship in Nigeria will give more insight
on the study. The actual potential entrepreneurs may not need to be given a
fish but rather information on how to catch a fish because information is the
greatest asset you need. Statistics have it that African is the poorest in the
world and also the less developed continent. Many state owned enterprises
(firms) in Enugu urban were created when it was believed that the fastest route
to development occurred when the state took on the roles of entrepreneurs
Although Enugu urban was at one time characteristerized by such inefficiency,
but has recently pursed entrepreneurship encouragement policies. And these
policies have been successful. Nigeria is still ploughed by many development
problems preliminary evidence suggests a favorable respond by the private
sector to the new entrepreneurial opportunity. Even though there is only
limited consensus about the characteristics of entrepreneurship. The concept is
now very old as the formal discipline of economic itself early 18th century,
French economist named Richard Canadian first introduced the terms entrepreneur
in this coritting he formally described the entrepreneur as the agent who buys
the means of production at certain prices in order to combine them into new
product- A French economist J.B added the definition by including the idea that
the entrepreneurs have to be leaders, is also the one who build a single
product organism Schumpeter (1951) The necessity of entrepreneurship for
productivity was formally organized by Alfred marshal in (1990) his famous
practice principle of economic marital ascertain that there are four factors of
production, land, labour capital and organization which are utilized by an
entrepreneur. Investment opportunities establish and run an enterprise
successfully. Hence early entrepreneurs were characterized with production and
manufacturing. In this case, the producers most often started with trade by
barter even before the advent of money however, modern entrepreneurship in
Nigeria sated with the coming of the colonial masters, who brought in their wears
and max Nigerians their middlemen. In these way modern entrepreneurs was
conceived. Most of the modern entrepreneurs were engaged in retail trade or
sole proprietorship.
1.2 STATEMENT OF THE
PROBLEM
When comparing entrepreneurship development in Enugu urban
with other towns started on the same platform as Enugu with trade by barter and
then advanced to their present state of economic growth- those towns are faster
in their development of entrepreneurship then Enugu urban why this differences?
This research work will find out to these effects
1. The general problem encountered by entrepreneurs in Enugu
urban in establishing business
2. To find out the basic orientation that should be given to
Enugu urban entrepreneurs
3. To discover the rate of employment and find out the
various business opportunities that will be help to the Enugu urban economy
through entrepreneurship
4. To also find out how government program has been of help
to various entrepreneurs in the city
1.3 OBJECTIVE OF THE STUDY
The objectives of the study are;
1. To know the
extent to which firms in the Enugu urban study entrepreneurship
2. To know the problems encountered by entrepreneurs in their
firms.
3. To know the important of entrepreneurial development on
the firms in Enugu urban.
4. To know the promotional tools used by the firms to improve
productivity
5. To know the extent to which lack of research occur in
their firm
1.4 RESEARCH HYPOTHESES
For the successful completion of the study, the following
research hypotheses were formulated by the researcher;
H0: there are no problems encountered by entrepreneurs in
their firms.
H1: there are problems encountered by entrepreneurs in their
firms.
H02: there are no promotional
tools used by the firms to improve productivity
H2: there are promotional tools used by the firms to improve
productivity
1.5 SIGNIFICANCE OF THE STUDY
The importance of the study cannot be over emphasized, since
it is expected to affect our economy and also increase the creation of job
opportunities in the country especially in Enugu state. However, this project
when conducted will be of immense benefit to the following:
-The Nigeria economic in general
-The small scale industries
-The general public
-Creation of job opportunities in the state also there will
be increase in the managerial skills.
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of this study is restricted to the Impact of
Entrepreneurial Development on the economic development of a state with regard
to two selected firms in Enugu urban which includes.
1. Innotex global LTD
2. Innson Technical
Industrial Company LTD
The researcher encounters some constrain which limited the
scope of the study;
a) AVAILABILITY OF
RESEARCH MATERIAL: The research material available to the researcher is
insufficient, thereby limiting the study
b) TIME: The time frame allocated to the study does not
enhance wider coverage as the researcher has to combine other academic
activities and examinations with the study.
c) Organizational privacy: Limited Access to the selected
auditing firm makes it difficult to get all the necessary and required
information concerning the activities.
1.7 DEFINITION OF TERMS
The following terms used in this study should be taken to mean
the following:
1 SMALL SCALE INDUSTRIES:
This is a manufacture processing or services industry
involved in a factory or production type of operations, employing up to fifty
(50) full time workers, it also stated, the government are encouraging people to
establish their own small enterprises to reduce the problem of unemployment in
the state and also reduce the rate of importation of goods, more so to produce
exportable products.
2 NATIONAL DIRECTORATE OF EMPLOYMENT (NDE):
They are one of the agencies which provide loans to graduates
for the operation of small scale business.
2 PROMOTIONAL
TOOLS OF A FIRMS:
Is the combination of one or more of the elements it chooses
to use to communicate its offering to the market. Promotion has the objective informing,
persuading and reminding. It forms the potential buyer about the alienability
and nature of products.
The elements or tools that make up promotional tools are:
a. Advertising
b. Personal Selling
c. Sales Promotion
d. Rubric Relations and Publicity
a. ADVERTISING: Advertising is defined as any paid form of
non-personal sales presentation of a product services, ideas, by and identified
sponsor. The media used in advertising to transmit information include
newspapers, magazines, television, direct mail, radio and outboard bill board.
Advantages of advertising include the reading a large number of people
efficiently and the ability to communicate specific product benefit it’s to
prospective buyers. Advertising allows a company to control what it wants to
say, how it wants to say it and when to send the message. However, it has the
disadvantage of no immediate feedback Edoga (2005, P193) advertising is paid
form of non-personal communication about an organization, goods, service or
idea by an identified sponsor.
b. PERSONAL SELLING: This is another major element in the
promotional tools, it is person to person communication in which immediate
feedback is provide to the audience as it is a conversation between two or more
parties. Kotler (2000,P 550) personal selling is a face to face interaction
with one or more prospective purchasers for the purpose of making presentations
answering questions and procuring orders.
c. SALES PROMOTION: This is defend as any promotion activity
other than advertising, personal selling, public relation or publicity, direct
marketing which is aliened at moving sales above its immediate level. Edoga
(2005:194) sale promotion consists of marketing activities other than personal
advertising public relations that re-stimulate consumer purchases and dealer
effectiveness.
d. PUBLIC RELATION AND PUBLICITY: This is defined as an
organization effort aimed at building good will or mutual understanding between
an organization and the public. Publicity on the other hand is a tool on public
relations. An advantage of publicity credibility. The disadvantages of
publicity related to the lack of the user’s control over what is said, to which
or when. Adirika (1996:90) public relation is a planned and sustained effort by
an organization to create and maintain favorable relationship between the
organizations and its numerous public while publicity is news worthy item or
event about company and its product.
e. GROSS NATIONAL PRODUCT (GNP): This is one of the needs for
entrepreneurship in the growth national of the economy. Is the total naira
value or state in a particular year
f. ENTREPRENEUR: This is a person who starts a business and
takes the finance risks and personal risks involved in keeping the business
going or .An entrepreneur is an individual agent who buys means of production
at a certain price in order to combine them into new product.
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy
understanding, as follows
Chapter one is concern with the introduction, which consist
of the (overview, of the study), historical background, statement of problem,
objectives of the study, research hypotheses, significance of the study, scope
and limitation of the study, definition of terms and historical background of
the study. Chapter two highlights the theoretical framework on which the study
is based, thus the review of related literature. Chapter three deals on the
research design and methodology adopted in the study. Chapter four concentrate
on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and
recommendations made of the study
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