Strategies for Promoting Entrepreneurship Development in Nigeria

“Strategies for Promoting Entrepreneurship Development in Nigeria (A Case Study of Enugu State)”

DEFINITION AND CONCEPT OF ENTREPRENEURSHIP

Although there is no generally accepted definition of entrepreneurship, various authors have given various definitions Ugbaja (2003:4) defines entrepreneurship as process of setting up, financing and managing a business outfit by, an individual whose objective is to make profit by exploiting business opportunities and taking risks.

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In this own definition, Nwatus (2003:7) sees entrepreneurship as the economic process of creating incremental wealth. The wealth is created by individuals who take risks by committing money to ventures whose success is uncertain Ujam (2001: 1) defines, it as the process of creating something different with value by giving the necessary time and effort and assuming the financial, psychic and social risk and reviewing the resulting reward or loss.

Entrepreneurship is creating and building something of value from practically nothing. It is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently committed. According to Ujam (2001:3) it involves the creation and distribution of value and benefits to individuals, groups or organizations and society. It is rarely a get-rich-quick activity but one of building long-term value and durable cash-flow streams.

Ugbaja (2003:7) expresses that entrepreneurship which involves personal energy by initiating and building an enterprise. It requires a vision and passion commitment and motivation to transmit this vision to other stakeholders such as partners, customers, suppers employees and financiers. It requires a willingness to take risk and doing everything possible to influence the odd.

The quest for rapid entrepreneurship development in Nigeria increased among young graduates and school leavers who could not find employment in the public sector, or even in the organized private sector. Short of alternative and with the zeal to be self-determining most Nigerians are non launching themselves into various micro, small and medium-scale enterprises. According to Ogudu (2002:17) entrepreneurship development has assumed a great dimension in Nigeria since the 1990’s.

  • NATURE AND DIMENSIONS OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA

Entrepreneurial activities includes production (primary and secondary) and provision of services; according to Ike (2003:12) such activities are of micro small and medium scale and are essentially established by individuals who are determined to be independent or less independent on the government for their living.

In primary production, it includes pulling farming and animal husbandry, farming and quarrying – in the secondary production (manufactures) it includes cottage soap and cosmetic production, block making, food processing and other activities that transform intermediate products into finished products. In the tertiary production it includes publishing restaurant and fast food operations, commercial transportation, laundry, and dry-cleaning, trading advertising public relations consultancy among others.

According to Ogbodo (2003:46) entrepreneurship development concentrates on small-scale manufacturing and services. These include cabinet and furniture making upholstery, tailoring textile production of soaps, detergents, anticipates, deodorants, perfumes pomades and chemical proanlts; others include such services as hotels, bar and restaurant services barbing and hair- dressing, technical and mechanical services, installations distribution tailoring among others.

Entrepreneurial partnership includes education, medicine, pharmacy, research law, architecture engineering, social work and consultancy services, trend has been establishment of sole proprietorship or partnership in ownership of nursery and private schools, health clinics and maternity homes, patent medicine stores and production of drugs, research centres law officers, architectural, engineering, advertising and management consultancy services.

For the less educated Nigerians all about entrepreneurship development in engaging in petty trading in various commodities and setting up small-scale enterprise. At least, the fast growing sub-sector is the communication where a substantial number of young men and women are establishing G.S.M call enters Oduma (2004) this is because of the relative cheapness of establishing and operating such business. Other area is the fast food where many young female school-leavers and graduates and making themselves self-employed.

  • STRATEGIES FOR PROMOTING ENTREPRENEURSHIP DEVELOPMENT

Many authors have examined the problems of rapid development in entrepreneurship and have suggested strategies for its promotion. In his work Schumpeter (2000:52) states that a important way to promote entrepreneurship development in   developing countries is to increase the market incentives for entrepreneurs according to Schumpeter (2000:52) one of the primary determinants of the supply of entrepreneurs is the willingness of an individual to be com an entrepreneur.

Willingness is largely determined by the anticipated economic benefits that will accrue to an entrepreneur if his enterprise is profitable. Market regulations limit the incentives that could encourage potential entrepreneurs to start their own enterprises. For example price ceilings that are set below market equilibrium lower the amount of revenue that an entrepreneur could earn in a certain industry. If the anticipated economic benefits are lower than the opportunity cost, then the potential entrepreneur will not start his own business. Thus, Schumpeter (2000:53) submits that policies should be implemented to increase and improve the incentives for entrepreneurs. A good policy measure is tax incentive.

In a related development Hannis (2001:59) states that improving the availability of credit and capital is a good strategy for promoting entrepreneurship development. According to Hannis (220:59) in order for an individual to start his own business, it is necessary for him to, have the credit or capital to finance the start-up costs- one of the primary problems facing would be entrepreneurs in developing counties is a lack of such capital without initial capital, many entrepreneurs would not have the funds to start enterprises of their own. According to him, government can provide the solution by encouraging the development of venture capital companies and implementing micro-credit programs supporting this  view Ugbaja (2003:10) notes that the federal government of Nigeria has over the years putting place institutional arrangement for the provision of micro credit to potential entrepreneurs in Nigeria.

Developing entrepreneurship encouragement programme is another strategy for promoting entrepreneurship development. This is the view of Carpenter (2002 :12) who states that by enacting legislations that is entrepreneurship-friendly government can make it more culturally acceptable and less risky to be an entrepreneur. Additionally, entrepreneurship encouragement programmes like the NDE’s skills acquisition programme, family Economy Advancement Programmes and family support programme can assist potential entrepreneurs in finding capital, setting up a business plan and complying with the various business and tax regulations.

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This article was extracted from a Project Research Work Topic

STRATEGIES FOR PROMOTING ENTREPRENEURSHIP IN NIGERIA (A CASE STUDY OF ENUGU STATE)

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