CO-OPERATIVE MOVEMENT AND ENTREPRENEURIAL DEVELOPMENT
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CO-OPERATIVE MOVEMENT AND ENTREPRENEURIAL DEVELOPMENT
Chapter one
INTRODUCTION
1.1 Background of the Study.
Cooperative movement and entrepreneurial development have been key drivers in the economic development of every nation, including Nigeria; they advocate the necessity for the integration of varied resources to drive the country’s economic sector.
According to the New World Encyclopaedia, a cooperative movement is an antonomias association of passing restricted voluntary agreements to achieve their mutual economic, social, and cultural needs and goals through a cooperatively and democratically run company.
Cooperative movements thrive in underdeveloped countries, just as they do in other third-world countries. The movement is a vital means of gradually achieving economic and cultural backwardness, establishing an independent economy, and ending fended links.
If handled properly, the movement might function as a communal management school as well as a means of teaching and educating the public.
Nigeria has seen its fair share of the cooperative movement, with local agricultural cooperative organisations gaining popularity and contributing to the country’s entrepreneurial development.
However, the business dictionary describes an entrepreneur as a person who organises and manages any firm, particularly a business, with significant initiative and ink. According to the above definition, entrepreneurship is the act of developing, establishing, and mining a new business.
Nowonder Shame (2000) defines entrepreneurship as the ability and willingness to conceive, organise, and manage a commercial endeavour, as well as any of its aspects, in order to complete a project.
As a result, entrepreneurial development could be viewed as a way to grow and invest while managing potential dangers. The cooperative movement, as an economic process, aspires to contribute to such growth not only in Nigeria but also in Akwa Ibom State.
Nonetheless, there are challenges outside in obtaining adequate entrepreneurial growth through cooperative movement, one of which is the lack of popularity of cooperative investment in Nigeria.
1.2 Statement of Problems
People today struggle to transform their lives and improve their businesses. In this case, corporations constitute a powerful, lively, and reliable economic alternative.
For many years, the cooperative movement has served as an effective means of regulating people’s livelihoods. The movement offers a unique tool for attaining one or more economic objectives.
As governments around the world outsource services and withdraw from market regulation, cooperatives are being viewed as useful risk-management mechanisms for members in agricultural or other similar cooperatives.
The practice also assists salary/wage earners in saving for the future through a soft-felt monthly contribution deducted from source. Cooperatives generally provide an economic boost to the community as well.
Incidentally, the cooperative movement is not particularly popular in Nigeria. Worker cooperatives have only recently gained popularity among working-class residents, the majority of whom struggle to save a portion of their salaries/wages for rainy days.
Cooperative societies were supposed to be associations for only farmers, small traders, and other high-income individuals.
This explains why there are so many cooperative farmers, especially in southern Nigeria.
The difficulty is that many people are unaware of the importance of cooperative movements in entrepreneurial development, and how they are viewed around the world as a third force, an alternative and balancing power to both large business and big government.
Financial constraints, bad management, and weak government policies towards entrepreneurial development make it difficult for the cooperative movement to realise its aims.
In light of this, this study is important to determine the function of cooperative movement in entrepreneurial development, utilising the Non-Academic Staff Union of the University of Uyo as a case study.
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