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Prospect and Challenges of Entrepreneurship in Nigeria Economy

Prospect and Challenges of Entrepreneurship in Nigeria Economy

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Reference ID: PS-15033-TM

DEDICATION

This research material titled “Prospect and Challenges of Entrepreneurship in Nigeria Economy” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Business Administration and Management (BAM), Book Authors and Profound Scholars of existing or related project material on “Prospect and Challenges of Entrepreneurship in Nigeria Economy” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Prospect and Challenges of Entrepreneurship in Nigeria Economy

    CHAPTER ONE

    1.0 Introduction

    An Entrepreneur has been described as an actor in the market that his actions tend to influence many people in the market. No entrepreneur or enterprise, successful or big, can continue to hold a place of leadership unless it recognizes the modern marketing trend in business. It operates in a world of galloping change which creates new problems risk and opportunities and for which they have to mobilize the enterprise’s resources before changes make their impact felt. It must be noted that no matter the qualities and how goods an entrepreneur is, he would not be successful if he can’t market his product. Not only that, an entrepreneur must put many factors into consideration as well in other succeed.

    Small and medium-sized enterprises (SMEs) dominate the market in terms of sheer number of organization. Their role in the business world is difficult to overstate.

    Despite this, there is a high failure rate among organizations, which can be explained to a significant degree by a lack of marketing understanding in this sector.

    The concept of marketing in Entrepreneurship can not be overlooked by a entrepreneur. This area is where the entrepreneur gets to know key things about his customers, their needs, wants, purchasing habits, market geography etc. It is on this basis that this work looks into the aspect of marketing in Entrepreneurship activities.

    1.1 Entrepreneur And Entrepreneurship

    To understand the meaning clearly, there is need to explain

    • Who is an entrepreneurs?
    • What distinguishes him from other people?

    An Entrepreneur is an individual who set-up a business or businesses, taking on financial risks in the hope of profit.
    In other words, such an individual engages in the process of identifying, developing and bringing a ‘vision’ to life. The vision may be an innovative idea, an opportunity or simply a better way to do something. An entrepreneur is also viewed as an innovator. He introduces new ideas, new products, new techniques, opens up new markets. The entrepreneurs thus perceive business opportunities and take advantage of the scarce resources to use them.
    He is that person who undertakes the voyage of creating value by pulling together a unique package of resources to exploit an opportunity. He has the capacity and capability to build something from practically nothing.

    Entrepreneurs have also been described as people who have the ability to see and evaluate business opportunities, gather the necessary resources to take advantage of them and initiate appropriate action to ensure success. Meredith at al (1991).

    According to Kao (1995), an entrepreneur is a person who undertakes a wealth-creating and value-adding process, through incubating ideas, assembling resources and a framework within the environment and must act in their interest and the interest of the society (Kao, 1995).

    Entrepreneurs are achievement – oriented, like to take responsibility for decisions and dislike repetitive and routine work. Creative entrepreneurs posses high levels of energy and great degrees of perseverance and inauguration, which combined with a willingness to take moderate, calculated risk, enable then to transform what began as a very simple ill – defined idea characteristics.

    • Innovator, Initiative and creativity
    • Task – result oriented
    • Leader and resources coordinator
    • Risk – taker and self confidence
    • High need for achievement and foresight.

    Manfred (1997) stressed most importantly that entrepreneurs are the driving force of any nation. They are value adders and represent the wealth of a nation and its potentials to generate employment.

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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