IMPACT OF GOVERNMENT INDUSTRIAL POLICIES ON THE DEVELOPMENT OF ENTREPRENEURSHIP
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IMPACT OF GOVERNMENT INDUSTRIAL POLICIES ON THE DEVELOPMENT OF ENTREPRENEURSHIP
Chapter one
INTRODUCTION
1.1 Background of the Study
The current industrial and economic strategy has an impact on private sector initiatives, particularly development entrepreneurship, which has created many job opportunities as economic development has progressed.
As a result, we cannot disregard the primary target groups: small, medium, and micro-scale firms, which account for around 85% of the state undertaking.
This includes a variety of activities such as woodworking, carpentry, craft and welding, fashion design, soap and concrete moulding, garri processing, tailoring, and more.
Entrepreneurship is recognised as a significant aspect in the development process because it initiates change and facilitates adjustment in the dynamic fabric, increases employment income, and raises the level of skill in the state.
The government recognises this fact and has implemented a variety of industrial policies in an effort to accelerate entrepreneurship, which is critical to unlocking the state’s immense potential.
The primary goals of such policies are to accelerate the pace of industrial development; hence, in order to foster dynamic and efficient entrepreneurship, the government is stated to have implemented a package of ancestries and fiscal measures.
These are intended to encourage investment, employment, and the use of raw materials to generate wealth and jobs. This ensures both long-term development and expansion, as well as successful enterprise administration.
1.2 Statement of the Problem
Stakeholders and organisational management do not place a high value on the use of industrial policies as a strategy for sustained economic development.
However, a business is an example of an organisational structure in which economic resources are turned into commodities and services through numerous business processes. A
t this point, most organisations do not rely on industrial policies to offer feedback on the operation of development to entrepreneurship for the direction and maintenance of the system on which it exchanges input and output with its environment. This study aims to highlight the importance of industrial policies and entrepreneurial growth.
1.3 PURPOSE OF THE STUDY
To highlight the identified reasons that impede the growth of entrepreneurship in Akwa Ibom State.
To research how government industrial policies affect the growth of entrepreneurship in Akwa Ibom state.
To investigate and establish how the negative consequences of industrial policy can be mitigated and eliminated.
1.4 RESEARCH QUESTIONS.
Does the presence of industrial policies impede entrepreneurship development in Akwa Ibom State?
Is government industrial policy influencing entrepreneurial development in Akwa Ibom State?
Can the harmful effects of industrial policies be eliminated from entrepreneurship?
1.5 Research Hypotheses
In order for the researcher to get a dependable conclusion regarding this study, it is necessary to formulate the hypotheses (i.e., null and alternative) so that one can be accepted and the other rejected, hence facilitating the dependability of this research effort.
Ho: The presence of industrial policies does not impede entrepreneurial development in Akwa Ibom State.
H1: The factor of industrial policy impedes entrepreneurship development in Akwa Ibom.
Ho: The government’s industrial policy has no impact on entrepreneurial development in Akwa Ibom.
H1: Government industrial policy has no influence on entrepreneurial development in Akwa Ibom State.
1.6 Significance of the Study
Given the importance of entrepreneurship development in our society, the findings of this study will aid the government in measuring the impact of its industrial policies on entrepreneurs.
Government: It will help the government recognise the importance of entrepreneurship development policies to businesses and, as a result, seek to tackle the problems of information management. It will also assist the government in developing business policies based on management information systems.
Private organisation: This research effort will allow private organisations to look in word and restructure their organisations to fulfil the demands of management information at the same time. Its importance to modern business.
Education institution: It is believed that at the conclusion of this investigation, educational authorities will recognise an urgent necessity.
Student: This research effort will be an important academic tool for pupils who wish to write more about this issue.
1.7 SCOPE OF THE STUDY.
This study focuses on the impact of industrial policies on the development of entrepreneurship in Akwa Ibom State and is limited to small businesses, primarily in Ikot Ekpene (Siba groupings of companies). The study’s breadth is also constrained due to a lack of financial resources and time during the research phase.
1.8 Limitations of the Study
The study’s limitations are the constraints that the researcher faced when conducting the investigation. In carrying out this research, some basic challenges were faced, which to some extent flexed the debts of the research. Primary among these problems are:
Time constraint: A study of this sort should last at least a year, but in this case, it was completed in less than six months, making it difficult for the researcher to do additional research as planned.
Finance: Work of this sort necessitates financing for the collection of materials for study, but due to restricted resources that are easily accessible and affordable, an in-depth inquiry was hampered, making it difficult to compare facts.
Lack of Statistical Data: The information required is either completely unavailable or cannot be disclosed to the public. Despite these shortcomings, the desire to do solid study outweighs the cost.
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