ROLE OF ENTREPRENEUR IN THE DEVELOPMENT OF NIGERIA
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ROLE OF ENTREPRENEUR IN THE DEVELOPMENT OF NIGERIA
Chapter one
INTRODUCTION
Background of the study
Entrepreneurship begins with action, the creation of a new organisation, including the antecedents to its creation, scanning the environment for opportunities, identification of the opportunities to be pursued, the evaluation of the feasibility and viability of the new venture, and finally venture performance and growth. However, according to Hisrich, Peters, and Shepherd (2008), they state that
Entrepreneurship is the process of
Creating something new and valuable
By dedicating the required time and
endeavour, assuming financial and social.
Taking risks and reaping personal rewards.
Satisfaction and independence.
An entrepreneur develops a company idea, screens it, evaluates it, and takes risks to ensure the success of the firm. An entrepreneur is one of the factors of production who coordinates and organises other factors of production (land, labour, and capital) in order to produce goods and render services to the public; he or she bears the risk and makes major business decisions; and he or she risks capital by starting a business with the sole goal of maximising profit.
Hence, according to (NWACHUKWU 2005), he believes that entrepreneurs are
“People who have the ability to see,
Evaluate business prospects and gather.
the resources required to make advantage
of them and initiates appropriate actions.
Ensure success.
An entrepreneur motivates himself or herself by intending to start a new endeavour, combining resources, materials, labour, and assets to increase their worth and introduce improvements.
Innovations and new orders to maximise output at a minimum cost, resulting in profit. An entrepreneur is motivated by commitments to his or her efforts because business is fraught with uncertainty, including the possibility of success or failure. According to Olson (1987), he described an entrepreneur thus
”A risk-taking individual who establishes
manages a firm for profit.
“And growth”
An entrepreneur only succeeds when he or she can find business prospects that necessitate environmental scanning, as the environment is a source of information and material resources.
The entrepreneur must monitor, re-evaluate, and communicate information from both the internal and external environments to determine whether the firm will be market-oriented, profit-oriented, ethical, practicable, motivational, focused, and specific. Before becoming successful, an entrepreneur must be daring. According to Nzelibe (1999),
Entrepreneurs are men and women who
Are you courageous, vigilant, and visionary?
And are actively involved in the network of
Exchange that encourages and promotes
The economy
Motivated entrepreneurs play an important part in the development of the Nigerian economy. According to Baumol (1990),
Entrepreneurial activity and new enterprises
Formation is unquestionably considered.
As the engine of economic progress, innovations
“and development.”
The significance of new firm formation for economic growth and development has been recognised since then. According to the [Global Entrepreneurship Monitor Report 2000],
Approximately 70% of the country’s
Economic performance is primarily based on
The entrepreneurs’ business ventures,
The country’s entrepreneurial strategy is built on developing native entrepreneurial talent and then growing indigenous firms. This, in turn, would create job possibilities and increase a country’s economic value, while also keeping precious resources inside the economy. According to Petrin (1992),
”To stimulate economic progress.
Building up a country is necessary.
critical mass of generation entrepreneur.
According to (Okenwa 2005), he reiterates that
”An entrepreneur is somebody who
willing and able to accept commercial risk.
the goals and objectives of maximising earnings.
He went on to say that an entrepreneur is a dreamer or visionary who turns that idea or vision into a purpose that he will use his mental and physical abilities, as well as other assets, to achieve.
(Alaeze, 2009) in a study on the relevance of entrepreneur development states that:
Entrepreneurs intend to create and unleash
principles by bringing together the diverse
resources such as human resources and capital.
technology to begin a process and create a product.
or offer a service.
According to a study undertaken by (Alaeze 2009), rural poverty has become as severe as that seen in cities, and has steadfastly resisted a variety of migration strategies aimed at creating job opportunities for members of the public.
Poverty, death, crime, kidnapping, cultism, and other social problems are reduced, existing resources are used, and the general public’s level of living improves.
To the government, motivated entrepreneurs play an important role in generating revenue through taxes, as well as aiding in economic development and growth by using their own private resources to establish business ventures such as shops, supermarkets, and so on to beautify the country, thereby promoting the country and its available resources.
It is obvious that there would be no development in the Nigerian economy without motivated entrepreneurs motivating themselves to establish business ventures and take appropriate risks for the success of the business
as well as a willingness to exert high levels of effort to achieve organisational goals conditioned by the ability to satisfy some individuals’ needs.It is an internal energizer capable of steering behaviour in a specific direction.
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