Entrepreneurship The Solution To Unemployment Challenge In Nigeria

Entrepreneurship The Solution To Unemployment Challenge In Nigeria (A Study Of Ayamelum L.G.A. Anambra State) 

CHAPTER ONE

INTRODUCTION

In the early 1960’s some external influence particularly those of the United Nation drew government attention to the need for establishing specific institutions to provide services to the small industrial sector of the economy.

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This reason was that, if the small industries were properly developed and assisted they would from the correction of solid indoctrination. There by accelerating the overall economic development towards reducing unemployment in the country. Government concern to reduce unemployment led to the development of small industries in the country really started in the early 1970s.

When in the second national development plan (1970’s – 1074) the Nigeria government accorded high priority to the sector considering its significant potentials in the field of entrepreneurship. It was perceived that entrepreneurship is capable of promoting the development of indigenous manpower as well as ownership and participation in manufacturing industries in the country, creating job opportunities in rural and semi-urban area, mobilization of local resources both human and material and raising the standard of living of the people. Unemployment is a social evil that must be kept at an “unacceptable” level because it brings about loss of dignity human suffering poverty, family disintegration e.t.c.

However, the dynamic role of entrepreneurship (self reliance) as engine of growth in developing countries particularly Nigeria has long been recognized, it effect in achieving macro objective such as full employment. According to Chukwuma (2005) it was estimated that small scale enterprise employed over three millions job out of four millions jobs available on the country”. The reasons for this interest in small scale industries are obvious. Small scale business provides employment for substantial proportion of the labour force in every country of the world. It play strategic role in the economy of Anambra because it has reduced the high rate of reliance in government. There us a common believe among economist that small business help in a tremendous way to increase the productivity level of a country thereby increasing the output level and reducing unemployment.

Entrepreneurship is associated with different kinds of activities that have to do with the establishment and operation of business enterprises and such activities may includes identification of investment opportunities, deciding what opportunities to exploit for profit, promotion and establishment of business enterprise.

Entrepreneurship as an essential ingredients for reducing unemployment cannot be overemphasized since the small enterprise are the major source of product innovation an achievement of full employment.

  • Background of the Study

Ayamelum is a Local Government Area of Anambra State, Southeastern Anambra State. The towns that make up the local government are Omor, Umueje, Omasi, Igbakwu, Umumbo, Anaku, Umuerum, Ifite Ogwar etc. Ayamelum is in the epicenter of the present Anambra State and was first created by the Civilian Administration of Chief Jim Ifeanyichukwu Nwobodo in the 1980s with Anaku as Headquarters. It took its name from the pacific and famous Ayamelum River that flows northwards into Omambala (Anambra River).

Entrepreneurship in Ayamelum, it has emerged as one of the fastest growing agricultural subsector and has also moved from a ceremonial to staple food in many Anambra State homes within the last three decades. Audu et al opined that rice is the second largest crop produced in the world after wheat. This view is countered by Fashola et al. who reported that rice is the fourth largest crop produced after sorghum millet and maize. Nevertheless, the unprecedented increase in the price level of rice in March, 2008 affected the price of other commodities. This effect on the price of other commodities portrayed rise as the most important cereal in the world.

  • Statement of the Problems
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A research carried out entrepreneurship: The solution to unemployment challenges in Anambra State, showing that the rate of their failure in developing countries. The strategic problems of entrepreneurs include lack of financial resources, marketing problem and customers concretion, management and human resources, lack of systems and controls and technology skills.

In Anambra State, the policies guiding loans in some financial institution are not favourable to entrepreneurs. They are now left with the only option of getting loans with high interest rate thereby putting their business at risk of breaking down, adding to other problems they encounter in their business.

  • Research Questions

For the purpose of this research work, the following research questions will be made relevant in focusing attention on this major point of discussion.

  1. To what extent has entrepreneurship reduced the rate of unemployment in Nigeria?
  2. What are the ways by which entrepreneur could be more result oriented in reducing unemployment?
  • What are the constraints encountered by entrepreneur?
    • Purpose of the Study

The purpose of the research work is to review critically the role entrepreneurship play on reducing unemployment of the economy of Anambra State especially the study is to;

  1. To know the extent entrepreneurship reduced unemployment in Nigeria.
  2. To know the ways entrepreneurship could be more result oriented.
  3. Identify constrains to business financing and problems experienced.
    • Significance of the Study

This research is significance because it will help to bridge the gap between the bodies of knowledge. It is also relevant in the sense that it will serve as reference to future researchers on issues concerned with the present research problem. This work will be significant to people and government. Hence it will give them the insight in the role entrepreneurship play in reducing unemployment in Anambra State.

The study is tremendously important especially when one realizes the contribution of entrepreneurship consequently. The study encourages both student and individuals who have interest in entrepreneurial development since it is more or less labour capital intensive. It also requires the government to consider and improve the private sector. Finally the study encourages the utilization of local resources by entrepreneur in the pursuit of increasing national income.

  • Scope of the Study

This study is limited to entrepreneurship the solution to unemployment challenges in Anambra State. It will examine the extent entrepreneurship reduced unemployment in Nigeria.

  • Limitation of the Study

The following limitations are inherent in the study.

  1. The limitation inherent on his work is time and finance by the researcher. The time allocated to this work is so short, therefore the finding is only restricted to Ayamelum metropolis.
  2. Another limiting factor is the insincerity of the respondents in answering question administered to them through the questionnaires therefore there may be degree of error to occur in the final evolution date.
  3. Another limitation is that the researcher is not too conversant with the area of study and his inability to understand their local dialect effectively.
    • Definition of Terms

There are some words that are frequently used in this research work that might cause a problem to an average reader or individual who is not in the field of business study and management. Some of these words are defined for clarity and easy computation.

  1. Business: Is the total of all human activities goods and services for the purpose of satisfying human want.
  2. Profit: Is that revenue which exceed what a business organization spend on salaries react advertising and other cost.
  3. Entrepreneur: Is defined as an individual who is willing and able to bear this risk of uncertainty by investing his scarce resources into a new business and managing his business with a view to maximizing profit.
  4. Self Reliance: Reliance upon ones can am effort and ability to be self confident not dependent on others having confidence in and exercise of ones paver.
  5. Business Enterprise: Is in enterprise either public or private that engage in the production of distribution of goods and services that provides satisfaction for answers.
  6. Small Scale Business/Industries: This can be defined as a business that is independently owned and managed profit seeking enterprise with fewer than 100 employees.
  7. Entrepreneurship: Is defined as the process of generating ideas and venturing into business risks created by dynamic environment and making the best opportunities for profit purpose.
    • Organization of the Study
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Is all about the project or just a brief summary of all the project work in accordance arrangement of the work from introduction to the summary, conclusion and recommendation of the study which is chapter one to chapter five (5).

Chapter One: This research work entrepreneurship reveals the solution to the problems and challenges on unemployment in 1960’s in Anambra State.

Chapter Two: This chapter will review the related literatures consideration of the opinions, contribution shchors ideas. These work and commend of others in this research topic, other processes or research work related to it. In this chapter the word entrepreneur is being interpreted differently according to situation and value to be achieved per time.

Chapter Three: This chapter explains the research method adopted the sources of data technique used in gathering data and the method of data analysis adopted. This chapter also describes these methods and procedures used to bring this work to function. It also describes the design of the study, area o the study, population samples, instrument for data and so on.

Chapter Four: This chapter put all questionnaire and data collected. It put all the collected questionnaires, data, facts and figures presented on the role of entrepreneurship the solution to unemployment challenges in Anambra State.

Chapter Five: This chapter is all about summary, conclusion and recommendations of this project work.

CHAPTER TWO

LITERATURE REVIEW

2.1     Literature Review

          This chapter as the title indicate is the review of related literatures, consideration of opinion contributions of scholars ideas, works and comments of others on this research topic and other processes of research work related to it.

The word “entrepreneur” is a French word literally meaning between taker “during the middle age it was used to denote an actor with reference to war like action or in particular, a person in charge of large scale construction project as cathedral bearing no risk by simple carrying the task forward until resources were of hasted” (Kirsner, 1979:39).

Robert Hisrish (1985) defined entrepreneur as a process of creating something different with value by devoting the necessary time and effort assuming finical, psychological and potential satisfaction. Joseph Schumpter (1934) defined an entrepreneur as an innovator who carries out new combination to initiate and accelerate the process of economic development.

JB defined on entrepreneur as agent who unities all the factors of production! Land, labour capital and earns profit making payment for those factor of production.

Okenwa (1998) defined entrepreneur as an individual who is willing and able to take business risk with the aim and objective to maximize profit.

Nzelibe (1996) defined entrepreneur as man and woman who are courageous, alerts visionary and engaged in the network of exchange that stimulate and promote economy.

Drunkey, (1986) defined entrepreneur as most significant and hopeful event. He therefore defined entrepreneur as someone who always search for change respond to change and exploit it is an opportunity.

To a psychologist, entrepreneur is such as person that is typically drawn by certain drive, need to obtain or attain something, to experiments accomplish or perhaps to escape the authority of others way people take that Entrepreneurial challenges.

According to Wik (2002) he started that taking the risk of starting a business can be scared and thrilling of the same time. You might be scared but if you watch other people do it and they survive you too can do it yourself. Some of the many reason people are willing to take the risk of starting a business are the following.

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Opportunity: The opportunity to share in the Nigeria dream is a tremendous lure many people including those who are new to this states, may not have the necessary skill for working in today’s complex organization.

However, they may have the initiative and drives to work the long hour demanded by entrepreneurship. The same is true of many corporate lives to run business of their own.

  1. Independent: Many entrepreneurs simply do not enjoy working for someone else. Many manager for example, do not like the stress and demand of bigger firms, some have found more enjoyment and self satisfaction instating their own business.
  2. Profit: Profit is another important reason to become an entrepreneur. At one time the richest person in American is William Henry Gate, the entrepreneur who founded Microsoft Corporate.
  • Challenge: Some people believe that entrepreneur are excitement Junkies who flourish on taking risk Nancy Flex man and Thomas Scanlan, however, in the book “running your own business” contend that entrepreneur take moderate calculate risk, they are not just gambling. In general, though, entrepreneur seeks achievement more than power

2.1.1 What is take to be An Entrepreneur Characteristic

          For one succeed as an entrepreneur, one must learn about the managerial and leadership skill needed to run a firm however, you may have personality to assume to risk, take the initiative create the vision and rally others to follow you lead. A list of entrepreneurial attribute/characteristic you would look for in yourself includes the following;

  1. Self–Directed: The entrepreneur should be thoroughly comfortable and thoroughly self disciplined even enough he is his own boss. This is because he will responsible for his success of possible failure.
  2. Self–Nurturing: The entrepreneur must believe in his ideas even when no one else does and be able to replenish his own enthusiasm. When you are committed in your work, it causes the business to risk.
  • Action–Oriented: Creating business ideas are not enough the most important things is a burning desire to realize, actualize and build your dream into reality.
  1. Highly Energetic: An entrepreneur and his business must be emotionally, mentally and physical able to work long and hard. John Schnatter; founder of papa John Pizza says he devotes 17 hours a day to his business. It should be a man of energy he must take part in the business (direct and control).
  2. Tolerant of Uncertainty: Successful entrepreneur take only calculated risk i.e. Risk you cannot avoid but can minimize

Entrepreneurship The Solution To Unemployment Challenge In Nigeria

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