CONTRIBUTIONS OF ENTREPRENEURSHIP PROGRAMME TO ECONOMIC DEVELOPMENT
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CONTRIBUTIONS OF ENTREPRENEURSHIP PROGRAMME TO ECONOMIC DEVELOPMENT
Chapter one
1.0 Introduction.
Human civilization is inextricably linked to the process of positive socioeconomic change. Human attempts were made to unearth the treasures of resources via inbuilt curiosity and further enhance them to develop value-added products or services in order to provide mankind with a tranquil, conformable, and rich life with better living standards.
Intangible human assets, such as creativity and knowledge, become a driving force that will result in industrialization as a process that must drive economic growth and induce social transformation.
The faster rate of such change and forces can only be realised through successful entrepreneurship programmes that focus on change management and industrial policy.
Entrepreneurial programmes focus on innovative propensity and management competence, as well as newer and more recent managerial skills in society at a given time, which influences a nation’s future economic development.
1.1 Background of the Study.
Entrepreneurship contributes significantly to a country’s economic growth and development. It is currently regarded as a purposeful activity that involves the beginning, promotion, and distribution of health and services.
Furthermore, development agencies see entrepreneurship as a huge employment opportunity, politicians see it as a key strategy for preventing social unrest, farmers see it as a tool for increasing farming earnings, women see it as a job opportunity near their homes that provides autonomy, independence, and a reduced need for social support, and economists see it as a way to improve people.
However, entrepreneurship is a vital force in economic development and a necessary component of socioeconomic transition. Thus, there is a growing real-world role to play in assisting Africa in dealing efficiently with existing and emerging development and reducing poverty.
In Nigeria, entrepreneurship programmes are becoming a focus at all levels of school for a variety of reasons, including self-employment and self-reliance. Poverty reduction and youth empowerment are key national concerns that rely substantially on the establishment of new job opportunities.
This results in a stronger emphasis on entrepreneurship programmes and development, with a focus on both rural and women’s entrepreneurship, in order to boost economic growth. This will contribute to the promotion of national development.
This project will concentrate on the reasons why entrepreneurship development programmes are a force for economic improvement, the contributions of entrepreneurial programmes to economic development, and the identification of various problems encountered while improving entrepreneurial skills and knowledge.
1.2 Statement of Problem
The problem statement for this research is as follows:
§ Insufficient financial backing for entrepreneurial businesses.
§ Ineffective information hinders corporate growth.
§ Insufficient productive resources required for the business.
§ Entrepreneurs struggle to build the requisite managerial skills for firm viability.
§ Entrepreneurs face many risks during their commercial activity.
1.3 Objectives of the Study
The following aims will be achieved by this research.
§ Assess the impact of entrepreneurship programmes on the economy.
§ Determine the characteristics of successful entrepreneurs.
§ Identify funding sources and available information for entrepreneurs.
§ Examine how entrepreneurship contributes to Nigeria’s economic development.
§ To recognise the issues and risks involved in entrepreneurship.
1.4 Statement of the Hypothesis
For the purpose of this study, it is necessary to formulate a hypothesis in order to reach a relevant conclusion in reaching the specified goal.
Hypothesis #1:
H0: There is no significant link between entrepreneurship programmes and economic progress.
H1: There is a considerable link between entrepreneurship programmes and economic development.
Hypothesis 2:
H0: There is no meaningful link between entrepreneurial activity and country growth.
H1: Entrepreneurs have a major association with national development.
Hypothesis 3:
H0: There is no significant link between entrepreneurial activity and economic development activities.
H1: There is a considerable link between entrepreneurial activity and economic development activities.
1.5 Significance of the Study
This project effort will be extremely beneficial to the average amount of teenagers because it will develop self-sufficiency. As a result, numerous opportunities exist, such as funding sources and strategic company management skills, to help entrepreneurial businesses thrive in society.
1.6 Scope and limitations of the study
This work is specifically meant to examine the various contributions of the entrepreneurship programme to economic development and is limited to Fol-Hope limited’s employees and management.
The project work will not be completed without obstacles encountered during the process, which influences the process of data collection. Entrepreneurship is also difficult to measure empirically, and the time available for gathering information, combined with other academic commitments, limits the ability to do thorough research on this topic.
1.7 Definition of Terms
This study attempts to evaluate the numerous ideas employed in the research in order to provide a thorough clarification. They are as follows.
ENTREPRENEUR: According to Richard Cantillon (1725), it is an agent who acquires means of production at specific rates in order to combine them and create a new product.
According to the American Heritage Dictionary (1980), an entrepreneur is someone who organises, operates, and takes risks for profit.
ENTREPRENEURSHIP: Amit et al. (1993) defined entrepreneurship as the dynamic process of extracting value from a novel, unique, and valuable combination of resources in an unpredictable and confusing environment.
Schumer defines it as the relentless pursuit of opportunity to create wealth through the innovative development of a product or the use of scarce resources.
PROGRAMME: This is a method for delivering a detailed learning skill.
Development is a process of economic, political, socio-cultural, technological, and administrative transformation. It is the movement of a programme from good to better position. That is the transition from underdeveloped to developed status.
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