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ENTREPRENEURSHIP SCHEMES AND ITS IMPACT AMONG THE YOUTHS IN ONDO STATE, NIGERIA

 Format: MS WORD   Chapters: 1-5

 Pages: 68   Attributes: COMPREHENSIVE RESEARCH

 Amount: 3,000

 Mar 01, 2020 |  12:49 pm |  1368

TABLE OF CONTENTS

Title page                                                                                                                               

Certification                                                                                                                           

Dedication                                                                                                                             

Acknowledgement                                                                                                                 

Table of content                                                                                                                     

Abstract                                                                                                                                 

                                                                       

CHAPTER ONE - Introduction

1.1       Background to the Study                                                                                          

1.2       Statement of the Problem                                                                                          

1.3       Objective of the Study                                                                                              

1.4       Scope of the Study                                                                                                    

1.5       Research Questions                                                                                                    

1.6       Significance of the Study                                                                                          

1.7       Definition of  Terms                                                                                                                                                  

CHAPTER TWO - Literature Review

2.1       The Concept of Entrepreneur

2.2       Entrepreneur development

2.3       Entrepreneurship Development in Nigeria

2.4       Challenges of Entrepreneurship in Nigeria

 

CHAPTER THREE - Methodology

3.1       Research Design                                                                                                        

3.2       Population of the study                                                                                             

3.3       Sample and Sampling Technique                                                                               

3.4       Research Instrument                                                                                                  

3.5       Validity of Instrument                                                                                               

3.6       Method of Data collection                                                                                         

3.7       Methods of Data Analysis                                                                                         

                                                                       

CHAPTER FOUR - Data Analysis and Discussion

4.1       Demographic Information of Participants                                                                 

4.2       Answers to the Research Questions                                                                                      

4.3       Discussions/Findings                                                                                                 

                                                           

CHAPTER FIVE - Summary, Conclusion and Recommendations

5.1       Summary                                                                                                                    

5.2       Conclusion                                                                                                                 

5.3       Recommendations                                                                                                     

References                                                                                                                            

Appendix                                                                                                                              

                                                                                                                                  

 ABSTRACT

The study investigated Entrepreneur schemes and its impacts on youths in Ondo State, Ondo West Local Government. In order to obtain necessary information for the research work, a self-designed questionnaire was prepared and administered to 100 randomly selected Entrepreneur. Simple percentage was used to analyze the data obtained through the research instrument. The findings revealed that Government don’t make plans and policies which will encourage youth involvement in Entrepreneurship; Government policies and plans for youth in Entrepreneurship are not enough; The agencies set in place for implementing Government plans and policies for Entrepreneurs are few; Youths going into Entrepreneurship faces lot of challenges; Entrepreneurship can ensure stability in the economy and also provide jobs for others; Government are not doing enough to empower and encourage youths in Entrepreneurship

 CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Entrepreneurship is the act of being an entrepreneur, or "the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits". Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation. Early-19th-century French economist Jean-Baptiste Say provided a broad definition of entrepreneurship, saying that it "shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". Entrepreneurs create something new, something different—they change or transmute values. Regardless of the firm size, big or small, they can partake in entrepreneurship opportunities. The opportunity to become an entrepreneur requires four criteria. First, there must be opportunities or situations to recombine resources to generate profit. Second, entrepreneurship requires differences between people, such as preferential access to certain individuals or the ability to recognize information about opportunities. Third, taking on risk is a necessity. Fourth, the entrepreneurial process requires the organization of people and resources. (Casson 1982)

The entrepreneur is a factor in and the study of entrepreneurship reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th centuries. However, entrepreneurship was largely ignored theoretically until the late 19th and early 20th centuries and empirically until a profound resurgence in business and economics since the late 1970s. In the 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl MengerLudwig von Mises and Friedrich von Hayek. According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products including new business models. In this way, creative destruction is largely responsible for the dynamism of industries and long-run economic growth. The supposition that entrepreneurship leads to economic growth is an interpretation of the residual in endogenous growth theory and as such is hotly debated in academic economics. An alternative description posited by Israel Kirzner suggests that the majority of innovations may be much more incremental improvements such as the replacement of paper with plastic in the making of drinking straws. (Casson 1982)

The exploitation of entrepreneurial opportunities may include:

·         Developing business plan

·         Hiring the human resources

·         Acquiring financial and material resources

·         Providing leadership

·         Being responsible for both the venture's success or failure

·         Risk aversion

While entrepreneurship is often associated with new, small, for-profit start-ups, entrepreneurial behavior can be seen in small-, medium- and large-sized firms, new and established firms and in for-profit and not-for-profit organizations, including voluntary-sector groups, charitable organizations and government.

Entrepreneurship may operate within an entrepreneurship ecosystem which often includes:

·         Government programs and services that promote entrepreneurship and support entrepreneurs and start-ups

·         Non-governmental organizations such as small-business associations and organizations that offer advice and mentoring to entrepreneurs (e.g. through entrepreneurship centers or websites)

·         Small-business advocacy organizations that lobby governments for increased support for entrepreneurship programs and more small business-friendly laws and regulations

·         Entrepreneurship resources and facilities (e.g. business incubators and seed accelerators)

·         Entrepreneurship education and training programs offered by schools, colleges and universities

·         Financing (e.g. bank loans, venture capital financingangel investing and government and private foundation grants)

Historical view Entrepreneurship

In the 2000s, usage of the term "entrepreneurship" expanded to include how and why some individuals (or teams) identify opportunities, evaluate them as viable, and then decide to exploit them. The term has also been used to discuss how people might use these opportunities to develop new products or services, launch new firms or industries, and create wealth. The entrepreneurial process is uncertain because opportunities can only be identified after they have been exploited. Entrepreneurs exhibit positive biases towards finding new possibilities and seeing unmet market needs, and a tendency towards risk-taking that makes them more likely to exploit business opportunities.

The worldwide economic depression of the early 80’s caused a rapid deterioration of the Nigeria economy. The output shrank to an all time local and commercial activities, which were consequently reduced, leading to the loss of employment opportunities in the country. Therefore, by the end of 1985, the unemployment situation in Nigeria had increased its proportions and as such most Nigeria graduates were faced with hardship due to unemployment in the country. This situation therefore calls for entrepreneurship in Nigeria economy which also leads to entrepreneurial development in the higher institution.

However, at this juncture a brief history of entrepreneurship in Nigeria will gives more insight on the study. Statistics have it that Africa is the poorest and less developed continent in world. Many state-owned enterprises in Africa were created when it was believed that the fastest route to development occurred when the state took on the role of entrepreneur.

            Although Nigeria was at one time characterized by such inefficiency, but has recently pursued entrepreneurship encouragement policies. And the initial indications suggest that the policies have been successful. In Nigeria, the state-owned enterprises traditionally clogged business opportunities and restructure private entrepreneurs from entering the market. However, in the mid 1980’s Nigeria abolished its marketing board, which prevented entry into certain industries and its market to competition from domestic entrepreneurs.

 Although Nigeria is still ploughed by many development problems preliminary evidence suggest a favourable response by the private sector to the new entrepreneurial opportunities. Although there is only limited consensus about the characteristics of entrepreneurship, the concept is almost as old as the formal discipline of economics itself. Early 18thcentury French economist named Richard Canadian first introduced the term entrepreneur. In his writings 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. (Schumpeter,1951) short after that the French economist J. B. added to the Castilian definition by including the idea that entrepreneurs has to be leaders. That an entrepreneur is one who build a single product organism. (Schumpeter, 1951)

            The necessity of entrepreneurship for productivity was formally recognized   by Alfred Marshall in 1990. In his famous practice principle of economics, Marshall ascertains that there are four factors of production; Land, Labour Capital and organization. These factors are properly utilized by an entrepreneur. Thus entrepreneur creates new commodities or improves the plan of producing an old commodity. (Marshall1994).

            Hence early entrepreneurs were characterized with production and manufacturing. In this case, the producers most often started with small capital. Early entrepreneurship started with trade by barter even before the advent of money. However, modern entrepreneurship in Nigeria started with the coming of the colonial masters, who brought in their wears and made Nigerians their Middlemen. In this way modern entrepreneur was conceived. Most of the modern entrepreneurs were engaged in retail trade or sole proprietorship.

In a depressed country like ours, global development is entering a phase where entrepreneurship will increasingly play a more important role. There is a need for the Nigerian economy to sustain growth through sustainable access to resources, knowledge, markets, and industrialization putting a premium on innovative entrepreneurship.

There is no doubt that Nigeria is naturally blessed with entrepreneurship opportunities; yet the realization of the full potential of these opportunities has been dampened by the adoption of inappropriate industrialization policies at different times. Several policy interventions that were aimed at stimulating entrepreneurship development via small and medium scale enterprises promotion, based on technology transfer strategy, have failed to achieve the desired goals as it led to the most indigenous entrepreneurs becoming distribution agents of imported products as opposed to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture and expert services (Thaddeus, 2012).

Entrepreneurship is the cornerstone and at the heart of the free enterprise economy (Popoola, 2014). Entrepreneurship is an activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services, ways of organizing, markets, processes, and raw material through organizing efforts that previously had not existed (Shane and Venkataraman, 2000; Venkataraman, 1997).

Economic development here refers to a qualitative process that describes changes in the overall economy aiming to enhance the economic well-being of a community regardless of its size. In economic literature, economic development is frequently described as being a three-legged stool where each leg represents one economic development strategy. The first leg usually refers to business attraction; the second one to business retention and the third one to entrepreneurship development. However, because this analogy assumes the existence of equality and separation among economic development strategies, more useful analogy is that of a pyramid as Dabson (2005) pointed out.

The 2012 Global Entrepreneurship Monitor (GEM) has empirically identified Nigeria as one of the most entrepreneurial countries in the world. The study showed that 35 out of every 100 Nigerians (over a third) are engaged in some kind of entrepreneurial activity or the other. It is therefore imperative at this point in time to critically evaluate not just the principles of entrepreneurship but the practice and its crucial role in fostering economic growth and development in a developing economy like Nigeria.Entrepreneurship is not synonymous with small business. Certainly, small firms are an outstanding vehicle for individuals to channel their entrepreneurial ambitions. The small firm is an extension of the individual in charge (Lumpkin and Dess 1996). However, entrepreneurship is not restricted to persons starting or operating an (innovative) small firm. Enterprising individuals in large firms, the so-called ‘entrepreneurs’ or ‘corporate entrepreneurs’, undertake entrepreneurial actions as well. Nigeria’s GDP growth rate of between 6 – 8 percent in the last ten years shows the country is one of the fastest growing economies in the world. The implication is that any good business established is capable of generating unusual and above average returns. It is one of the few countries with the highest returns on investment anywhere in the world- money, market, capital market, mutual funds, real estate and property, entrepreneurship, etc (Popoola, 2014). Furthermore, for entrepreneurs to play an appropriate role, the role of the state remains important; if not more so than before. Strong states, as regulators and gatekeepers, play a particularly vital role. In the absence of appropriate ‘rules of the game’, entrepreneurship may result in undesirable social outcomes, including corruption, crime, speculation and financial crises, and may worsen the vulnerabilities of people during natural disasters (UN Report, 2011).

 

1.2       Statement of the Problem

            The present state of inflation in Nigeria affects income earners especially those with fixed income and very poor ones in the society find it difficult to match with the increasing prices of goods and services. This continues as long as price rises and there is fall in the purchasing power. Standard of living must be emphasized. More values of money is being required by individuals for the purpose of desired products during an inflation period as opposed to normal economic situations. This brings about decline in the purchasing power.  This result in a problem as the ability of individuals to purchase “products” in the light of continued rising prices become reduced.

Also of importance is the issues of inflation giving rising to the different society wish income as the distinction factor. There is a large gap between income of fixed income earners and profit earner. This is because the income profit earners rise with the rising prices of products as opposed to those of fixed income earners. Promoter of small and medium enterprises are people with ideas, dreams and imaginations but majority of the entrepreneurs lack the needed financial means to translate their dreams and aspirations into concrete that will earn them the desire wealth.In spite of the roles play by SMEs in the Nigeria economy, the sub-sector has continued to suffer from the other numerous of problems. The main problem of this study is to identify the issues and problems that militate against entrepreneurship development among Nigeria youths. The research work is to study entrepreneur scemes among youths in Ondo State.

1.3       Objective of the Study

 It is the aim of the study to find out or know more about the Entrepreneur schemes among the youths in Nigeria. The study will also elaborate more on how the following concept is related to the entrepreneur schemes among the youth in Small scale business, Nigeria economy and to business organizations.

            The study will also find out how government plans and policies will encourage or discourage entrepreneur schemes among youths in the country and also find out how established entrepreneurs are encouraging the upcoming entrepreneurs. Other objectives include

·         Identify the problems that militate against sustainable entrepreneurship development in Nigeria.

·         Examine critically the sources of these challenges.

·         Proffer solutions to these issues and problems that militate against entrepreneurship development in Nigerians

1.4       Scope of the Study

            It is an obligation on the part of the researcher to survey and evaluate the entrepreneur schemes among youths in Nigeria. The researcher will also find out more information about entrepreneurship in the country. However, the study of the researcher covers will only cover a very tiny part of the country due to reasons that are beyond the capability of the researcher. Ondo west local government will be used as the study area for the purpose of this research.

1.5       Research Questions

            The following research question will guide the researcher in the course of the study

        I.            What field are youths going into for entrepreneur?

      II.            Are Government policies and plans for youth in entrepreneur encouraging?

   III.            What are the Problems youth face in entrepreneur?

    IV.            What is the essence of Entrepreneurship in an economy?

      V.            What has the government done for entrepreneurs in the country?

 

1.6       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 Ondo State. However, this project when completed will be of immense benefits to the following: - The Nigerian economy in general; The small-scale industries; The general public; Creation of job opportunities in the country; Also there will be increase in the managerial skills.

This study would be of immense benefit to both the financial institution and small and medium sale industries in Nigeria, as well as the counties policy makers who have desire to place Nigerian on a sound economic and industrial footing. When this research is concluded, it would have contributed to the study of knowledge already pilling on the issue nterprener among youths in Nigeria. Since it is also the aspiration of our national policy on education to train our youths to be self-reliant or self-employed after school, this study will therefore stimulates their zeal to involve in the establishment of SMEs. Finally, the findings of this study will serve as a reference material to scholars who intend to embark on a project of this nature.

 

1.7       Definition of Terms

·         Entrepreneur: This is a person who starts a business and takes the finance risks and personal risks involved in keeping the business going.An entrepreneur is an individual agent who buys means of production at a certain price in order  to combine them into new produc 

·         Entrepreneurship: Entrepreneurship is the process of designing, launching and running a new business, which is more often than not, initially a small business, offering a product, process or service for sale or hire. The people who create these businesses are called entrepreneurs. Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit 

·         Economy: An economy is an area of the productiondistribution, or trade, and consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasizes the practices, discourses, and material expressions associated with the production, use, and management of resources'. 

·         Small Scale Enterprise: An enterprise with a labor size of 11-1000 workers or a total cost of not more than 50 million including working capital but excluding cost of land (Sule, 1986:). Medium Scale Enterprise: An industry with a labor size of between 10-300 workers or a total cost of over 50 million but not more than 200 million including working capital but excluding cost of land (Clifford, 1972) 

·         Business: Business includes any trade, industry, professional and any occupation carried on for profit (Jerome 1996) 

·         Growth: According to Anyanwu (1998) growth refers to an increase in output as a result of bank loans invested in small and medium scale business.

·         Youth: Youth is best understood as a period of transition from the dependence of childhood to adulthood’s independence. That’s why, as a category, youth is more fluid than other fixed age-groups. Yet, age is the easiest way to define this group, particularly in relation to education and employment, because ‘youth’ is often referred to a person between the ages of leaving compulsory education, and finding their first job.

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