ENTREPRENEURIAL DEVELOPMENT AND GROWTH OF COOPERATIVE SOCIETIES
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ENTREPRENEURIAL DEVELOPMENT AND GROWTH OF COOPERATIVE SOCIETIES
Chapter one
INTRODUCTION
1.1 Background of the Study.
Entrepreneurial development and cooperative movements play an important role in the economic growth and development of countries such as Nigeria. This is because it helps to align diverse sectors of the economy, makes more efficient use of resources (raw materials, capital, and labour), creates money (both locally and externally), and adds to regional activity and collaboration.
The term entrepreneur can be defined as a businessman or woman who takes on the risk of combining the basic means of production, such as capital, labour, commodities and services, and time.
According to David Reaham, an entrepreneur is someone who takes on or assumes responsibility in economic terms. The entrepreneur is the person in charge of running a firm, including its production facilities.
Entrepreneurs, according to the social science discipline of economics, are the fourth factor of production. The others are land, labour, and capital. While both land and labour are compensated for their efforts, the entrepreneur is the only factor that can obtain a positive reward for its efforts.
The encyclopaedia American International Edition (2002) on cooperative, on the other hand, refers to collaborative activity that originated in England during the Great Industrial Revolution of 1957. At the time, widespread unemployment was created by the use of different labor-saving technology (machines) in industry.
Truly speaking, cooperative groups began when Robert Owen, in partnership with various philanthropists, politicians, and churches, began preaching a gospel of salvation to the working class, resulting in a doubling of the number of marketing and purchasing cooperatives by 1930.
This has given rise to a better understanding of the barriers to entrepreneurial success in rural settings, with a focus on West Itam Multi-purpose Cooperative Society as a case study.
The importance of entrepreneurship in sustaining national economic growth and development cannot be overstated (Onouha, 2004). There is no other approach to solve entrepreneurship difficulties but to identify the function of cooperative movements in facilitating the employment process in society.
1.2 Statement of Problem
Over the years, several government policies have been implemented to promote entrepreneurial development through cooperative societies, including the establishment of various financial institutions such as Agricultural Development Banks, Community Banks, Cooperative Banks, and Micro-Finance Banks, among others.
Despite the existence of these financial institutions, business development and cooperative societies struggle to thrive in Akwa Ibom State. In light of this, the purpose of this study is to determine the reasons, address the variables responsible, and then advise a course of action.
1.3 Objectives of the Study
This study was conducted to investigate the entrepreneurial growth and cooperative movement in Akwa Ibom State, with a focus on the West Itam Multi-purpose Cooperative Society.
In specific terms, this is aimed at:
Identify the problem with Akwa Ibom State’s entrepreneurial development and cooperative movement.
To examine the extent to which the entrepreneurial and cooperative movement has influenced the development of Akwa Ibom State.
To give recommendations for improving the entrepreneurial growth and cooperative movement in Akwa Ibom State.
1.4 Research Questions.
To address the study’s difficulty, the following research questions were developed:
To what extent have entrepreneurial development and cooperative movements contributed to Akwa Ibom State’s economic development?
What are the barriers to entrepreneurial development and cooperative movement in Akwa Ibom State?
What are the proposals for improving entrepreneurial growth and cooperative movement in Akwa Ibom State?
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