ENTREPRENEURSHIP DEVELOPMENT PROBLEMS AND PROSPECTS.

ENTREPRENEURSHIP DEVELOPMENT  PROBLEMS  AND PROSPECTS. (A CASE STUDY OF LINER VEGETABLE OIL UMUNZE ORUMBA SOUTH LOCAL GOVERNMET AREA

Abstract   

This project work sought to find out he major problem imiliating against entrepreneurship development questionnaires we sued to collect data from various entrepreneurship is in diverse field and under the three scale, small medium and large scale the data were analyzed using frequency distribution and percentages, the responses gotten from the questionnaires were of much help in the study, the questionnaire attempted at examining some features like the  problems, which exist in funding an enterprise, does raw material problems associated with the management of an enterprise and finally, the role of entrepreneurship development in Liner Vegetable Oil Umunze Orumba Local Government. The major findings of this study after analysis were that low capital base constitutes a major problem and prospect of an entrepreneurship development that raw material shortage have been causing breakdown in production that low academic qualification of both the proprietor and his work and have constituting management problems and that despite these concluded that the researcher is quite ceptimistic that entrepreneurship development in Liner Vegetable Oil Orumba South Local Government Umunze will soon revitalize the economy of the state of finally, it was recommended that entrepreneurs should have a strong financial basic, some are encouraged to adopted other source of funding and not depending only personal savings, government should intensity it efforts in the provision of infrastructure and also relax its stringement importation policies on raw material and finally banks should go beyond advancing loans to business enterprise, to monitoring of the effective use of the loans so advanced.     

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CHAPTER 1

INTRODUCTION

  • Background of the Study

In strict sense of history of entrepreneurship dates back to the period of our fore fathers who were engaged in crude farming.

First, the object of their farming enterprises was in safety only their immediate needs. This is referred to as subsistence farming later with increasing inability of the farmers to satisfy other needs they had to diversify into craft trade to provide their other needs, thus there were various forms of entrepreneurial activities from the beginning of man. With the coming of European missionaries and later trading the scope and from of entrepreneurial activities.  Previously unknown this made people to go from place to place to trade and with these marketers sprang up the coming of origination such as United Trading Company (UTC) also explained the frontiers of entrepreneurial activities.

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United Trading Company (UTC) come to trade and exploits the various abundance resources available in our land. In their desire to trade they entered into trade allowances with indigenous people. This gave people experience and background to establish enterprises of their own with the attainment of independence of Nigeria in 1960, the government of the country come to realize the need for accelerated economic development of the country through indigenous participation.

This came with the understanding that political independence without the economic independence is a mirage according to various governments. Since independence have fashioned out programmers, policies and laws aimed at encouraging entrepreneurial activities among our people (Ezeifedigbo 2000).

  • Statement of the Problem

Entrepreneurship development dominates higher proportion of companies existing in Nigeria now and if encountered would provide opportunity for economic development in Nigeria, investment opportunities are upon to both public and private sector the economy has not really explored the private sector of the Nigeria economy remains of failed groups for investment.

When due cognizance is taken of the Nigeria economy, remains to recognize the vital enterprises through entrepreneurship initiate for the socio-economic development of the nation especially in the areas of employment generation to absorb the unemployed that many have risen from privatization the investment opportunities abound Nigeria is a country with numerous business and investment potentials. Due to the abundant vibrant and dynamic human and natural resources. It possess taping these abundant and valuable resources required the ability to identify potentially useful and economically variables fields of endeavors.

Nigeria’s are an enterprising people and citizens have made their mark in diverse such as science technology academic business and entertainment, a series of policy initiatives in the financial sectors of the economy Nigerians believe that the future in deed book light by this study of entrepreneurship gives clear evidence that the potential of the entrepreneurs in Orumba South Local Government Area, Umunze have not been develop and tapped the research therefore is motivated to identify the problem and prospects that determine the entrepreneurs in this area from developing the utilizing their capabilities in enhancing their economic status and that of the area.

  • Purpose of the Study

The purpose of the study is to review critical perspective.

  1. The characteristic of entrepreneurship development.
  2. To know the causes of their failure.
  3. To know the input of entrepreneurship development.
  4. The objective of creation of employment and betterment in Linear
  5. Vegetable Oil Orumba South Local Government Umunze.
  6. The utilization of entrepreneur’s capabilities and potentials in Linear Vegetable Oil Orumba South Local Government Area, Umunze.
    • Significance of the Study
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Entrepreneurial capabilities are the pivot upon which economic industrial and social development values the important roles played by some all the medium scale enterprise in Nigeria library through the initiative of Nigeria entrepreneurs in the recent time have been increasingly realized over the past years not only are they important for vitality of the business sectors, but they also provide new jobs especially in the rural areas.

The study will be of immense benefit to the community of Orumba South Local Government to make positive efforts towards developing and enhancing their capabilities for the operational efficiency in their venture, it will help our national appreciate the crucial role entrepreneurs play in economy development. It will help in giving necessary experience and ability to Orumba South Local Government Area are in the act generating good ideas in Nigeria enterprises, the research will serve as a spring board for other research.

  • Assumptions of the Study

This concerned about the nature of something, something which is assumed to be true for the sake of argument although it’s truth has not been proved.

Recognizing the fact that the aims of an enterprises firms or organization is to win as central to everything the organization does as an entrepreneur. Note, here that what eventually becomes the reason of entrepreneurial problems and prospect is to delay the return of Liner Vegetable Oil in Orumba South Local Government  Area in Anambra State.

  • Research Questions

The following research questions are formulated to help to the proper investigation so as to provide rationally sound recommendations to identified problem and prospects.

  1. What are the reasons for establishing entrepreneurship development?
  2. What problem and prospects did you encountered within the acquisition or the required raw materials in Liner vegetable Oil Umunze Orumba South Local Government Area?
  3. What impact does entrepreneurship has in development economy?
  4. What problem and prospects exist in finding an enterprise in liner Vegetable Oil Umunze Orumba South Local Government Area?
  5. What are the problem and prospects associated with the management of an enterprise?

1.7   Scope/Delimitation of the Study

This study is concerned with the Entrepreneurship development problems and prospects (A case study of liner vegetable oil Umunze (Orumba South Local Government Area, Anambra State.

Many issues in the field of Entrepreneur are commonly to all type of organizations, public or private or otherwise. The scope of this study is restricted to what I have mentioned before.

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Nevertheless, the study has been undertaken despite the following constraints.

  1. The time for the study is very limited and is shared among Individual (Enterprises)
  2. Economizing the hardship in the country for employing workers (Unemployment)

Despite all these constraints, the researcher was able to act within the limit of his capacity to ensure that needed entrepreneurial development.

1.8   Definition of Terms

Entrepreneurship: Can be defined as the willingness and ability of individual in seek out investment opportunities established and run an enterprise successfully.

Entrepreneur: Is an individual who is willing and able to take business risk for gainful purpose.

It is also defined as a man or woman who started a business where was none before or people who started or put in their money effort and time into doing business so as to minimize profit.

Productivity: Is seen as quality of goods produce as to quantity of resources used.

Private sector: Is made up of business organization like sole-proprietorship, partnership co-operative society and effort stock company.

Public sector: Is made up of the public enterprises, public enterprises are business owned by the Federal, State and Local government as the case may be the Public interest.

————- this is an incomplete article ———– it’s a product of a high quality project researched work.

Project topic: ENTREPRENEURSHIP DEVELOPMENT  PROBLEMS  AND PROSPECTS. (A CASE STUDY OF LINER VEGETABLE OIL UMUNZE ORUMBA SOUTH LOCAL GOVERNMET AREA, ANAMBRA STATE).

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