TESTING THE WATERS OF ENTREPRENEURSHIP A WAY OUT FOR NIGERIAN ECONOMY
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TESTING THE WATERS OF ENTREPRENEURSHIP A WAY OUT FOR NIGERIAN ECONOMY
Chapter one
1.0 Introduction
Background of the study
With the number of businesses predicted to double by 2015, consider the vast opportunities that this represents, as well as the millions of people who will find fulfilment and security in pursuing it. Jeffy Timmons provided Ten General Principles to help you start thinking about your own entrepreneurial motivations and abilities.
They are based on his observations of thousands of people who have previously experimented with entrepreneurship. Timmons provides some preliminary steps for getting started on the journey.
(1) Do something that gives you energy. Have fun with what you do, and you will be unstoppable.
(2) The entrepreneur sees the cup as half full, not half empty.
(3) Do not take unnecessary chances, but do take a calculated risk if it is the appropriate opportunity for you.
(4) Business fails, but successful entrepreneurs learn. The goal is to keep the tuition cheap.
(5) Henry Ford stated that failure is an opportunity to begin more intelligently.
(6) Make your remarks about opportunity and results rather than money, which is an important issue.
(7) Make heroes of others. A team builds a business, while an individual earns a living.
(8) Integrity and dependability are the long-term lubricant and glue of entrepreneurship.
(9) Make the pie bigger, don’t waste time attempting to carve smaller pieces, and share the wealth with those who helped you make it.
(10) Prepare for longhand.
Who then is an entrepreneur? In Nigeria, most individuals understand context to indicate a source of income. It is a term commonly associated with the innovative modern industrial business leader. It can be described as a purposeful activity.
It entails the utilisation of both human and non-human resources to achieve specific goals and objectives. It is defined in terms of an entrepreneur’s role as the individual who sees business possibilities and takes use of limited resources to capitalise on them.
Testing the waters of entrepreneurship is an economic subject that has sparked great debate among Nigerians. The economic downturn, as well as the financing of businesses that has gone beyond simple personal savings and loans from friends, make the average Nigerian’s heart skip a beat when it comes to starting a business.
1.1 Statement of the Problem
The Nigerian economy, which is still under development, is deteriorating rapidly. The economy has numerous challenges, ranging from a lack of enough funding to internal and external corporate environmental issues.
Funding in the form of initial outlay and working capital is the primary necessity and prime mover of an entrepreneur; without it, the entrepreneur’s fate dwindles, and the average Nigerian considers taking a paid job or working for the government. The issues that are likely to emerge are:
(i) Inadequate capital – this refers to the method by which a business obtains startup or working capital.
(ii) Management Ability – Technical and technological know-how is missing in Nigeria, as the average Nigerian has a limited management knowledge.
(iii) Research and innovation – a lack of initiative in generating new ideas and methods of doing things.
(iv) absence of a business plan, use of outdated business methods, such as inability to keep stock-invention control, absence of credit management, and insufficient financial and tax records.
(v) Inadequate professional qualifications, unwillingness to work long hours, and lack expertise.
(vi) Ownership structure is also a key issue, as most are lone traders.
1.2 Purpose of the Study
In general, it has been acknowledged that regular Nigerians are hesitant to venture into the world of business because many prefer paid jobs. As a result, the purpose of this study was to
1. Encourage the entrepreneurial spirit in Nigeria.
2. Make recommendations for measures to remove hurdles to entrepreneurship.
3. Encourage the use of existing local resources to benefit Nigerians by improving production, storage, preservation, processing, recycling, packaging, and marketing.
4. It will promote production and development consciousness, facilitating rural industrialization and urbanisation.
5. Determine the pros and risks involved with entrepreneurship.
6. Ensure the mobilisation of domestic savings for investment.
7. As a result, people’s level of living and quality of life will increase.
1.3 RESEARCH QUESTIONS.
1. Do you believe that Nigerians testing the waters of entrepreneurship will help to reform, refocus, and revitalise the Nigerian economy?
2. What are the most likely challenges or hazards associated with entrepreneurship.
3. What are the expected benefits to the Nigerian economy?
4. How do I establish a business?
1.4 Hypothesis.
H1: Inadequate starting capital makes business in Nigeria challenging.
Ho = Limited starting capital does not make business in Nigeria difficult.
H1 = The political environment in Nigeria promotes the funding of small businesses.
Ho = The political environment in Nigeria’s economy is not conducive to the financing of small businesses.
H1 = Inter-communal clashes, as well as an uncertain exchange rate, are barriers to successful entrepreneurship in Nigeria.
Inter-communal violence, for example, and an uncertain exchange rate are not barriers to successful enterprise in Nigeria.
H1: Entrepreneurship will boost the Nigerian economy.
Ho = Entrepreneurship will not transform the Nigerian economy.
1.5 Methodology
The methodology used for this project discusses how the researcher study was conducted. The research design outlines the data requirements, population, and sample. Questionnaires were distributed along with data, and variance analysis and percentages were used as analytical methods.
1.6 Scope and Limitations of the Study
As one might anticipate, a study of this sort would require time, money, and logistical challenges due to distance in distributing questionnaires and getting reliable responses from respondents.
Suspicion of the researcher, even when I go into primary data, hindered this study in certain ways. The most, if not all, businesses have no interest in disclosing their secrets to an outsider. They may suspect supply or competition.
1.7 Significance of the Study
The project work is crucial since it will provide numerous definitions of entrepreneurship, as well as reveal government rules and legal aspects of business. The presence of government has a significant impact on the establishment and running of businesses in Nigeria.
Aside from being the greatest institutional customers, they seek to control and facilitate business in Nigeria through the interchange of rules and regulations that govern company activities.
Protective: The government protects businesses from unfair trade practices and competition, as well as the company’s employees, through legislation such as price regulation and incorporation decrees.
Regulatory: This includes regulations against fraudulent and misleading advertisements, false or inadequate product labelling, company regulation, pay, and working hours, among other things. NAFDAC is a good example of how to standardise techniques and protect the sector in Nigeria.
Facilitator: Seek to remove barriers to the development and operation of businesses and give incentives to encourage action by entrepreneurs, such as tax breaks, loans, and the removal of export taxes.
The study is essential since it will inspire the young stars who read this literary work to establish their own businesses.
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