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Abstract
This research work examined entrepreneurship development and economic growth in rivers state. The specific objectives are to examine the extent to which entrepreneurship development enhance economic growth in rural communities in Rivers State, to find out whether entrepreneurship support agency contribute and attach importance to entrepreneurship development, to examine the extent to which entrepreneurship growth in Rivers State help to reduce the level of poverty in the State, to investigate the major challenges and prospects of entrepreneurship in Rivers State and to propose some plausible strategies that can promote effective entrepreneurship that will help develop the Nigerian economy. The population of the study was made to be eighty (80) entrepreneur from mile one and mile three. A self-designed questionnaire was used and administered for the collection of data from the respondents in mile one and mile three market Port Harcourt, Rivers State. The simple percentage was used to analyze the research question and Pearson moment product correlation was used to test hypothesis. Findings revealed that entrepreneurship enhances the production of new products in rural areas, entrepreneurship promotes economic growth in rural areas and that entrepreneurship contributes to individual development. Based on the findings, of the survey, we recommended that the government should introduce entrepreneurship at all levels of the tertiary institutions to help students develop skills that will promote economic growth in rural areas in Rivers State, entrepreneurship should be thought in primary, secondary and tertiary institutions to help develop individual competencies, the Government should see entrepreneurship support agency as a means of bringing to the knowledge of individual the importance entrepreneurship development, since entrepreneurial skill provides job opportunities in Rivers State Government should finance entrepreneurship to improve entrepreneurship development and tackle the challenges of unemployment and the Government should invest in entrepreneurship developments to enhance economic growth and development in Rivers State.
Table of Contents
Title Page i
Declaration iii
Certification iv
Dedication v
Acknowledgment vi
Abstract viii
Table of Contents ix
List of Tables xi
List of Figure xii
CHAPTER ONE 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of Problems 2
1.3 Purpose of the Study 3
4.4 Research Question 3
1.5 Research Hypotheses 4
1.6 Significance of the Study 4
1.7 Scope/Limitation of the Study 4
1.8 Definition of Terms 5
CHAPTER TWO 7
LITERATURE REVIEW 7
2.1 Conceptual Framework 7
2.1.1 Concept of Entrepreneurship 7
2.1.2 Dimensions of Entrepreneurship 8
2.1.3 Concept of Economic Growth 9
2.1.4 Measures of Economic Growth 9
2.1.5 The Relationship Between Entrepreneurship Development and 10
2.2 Theoretical Framework 10
2.3 Empirical Framework 10
CHAPTER THREE 12
RESEARCH METHODOLOGY 12
3.1 Research Design 12
3.2 Population of the Study 12
3.3 Sample/Sampling Techniques 12
3.4 Method of Data Collection 13
3.5 Research Instrument 13
3.6 Statistical Techniques for Data Analysis 14
CHAPTER FOUR 15
DATA PRESENTATION, ANALYSIS AND INTERPRETATION 15
4.1 Administered and Retrieved Questionnaire 15
4.2 Data Analysis 16
4.3 Hypothesis Testing 22
4.4 Discussion of Findings 24
CHAPTER FIVE 27
SUMMARY, CONCLUSION AND RECCOMMENDATIONS 27
5.1 Summary 27
5.2 Conclusion 27
5.3 Recommendations 28
References 30
Appendix I 31
Appendix II 32
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Entrepreneurship is pertinent to the analysis of how new ideas or ‘recipes’ for reconfiguring objects in the material and social world can be harnessed to enhance a nation’s wealth. In the longer term, a country’s economic progress depends on its ability to increase the value of what it produces with its resource base (people, land and capital). The point cannot be emphasized too strongly, however, that neither the ends to which these resources are put nor the means for achieving these ends (i.e. the set of resources and how they are used) are given or fixed. They are the result of entrepreneurial choices and are open to entrepreneurial initiative. Individual entrepreneurs and entrepreneurial teams bring to light the resources, technologies and trading opportunities that make economic development possible. Indeed, whenever entrepreneurs are the first to discover the availability and potential economic value of new resources, they are in effect bringing those resources into existence in economic terms (Kirzner 1989).
Nigeria as a country has numerous business and investment potentials due to the abundant, vibrant and dynamic human and natural resources it possesses. The performance and effectiveness of entrepreneurs in the country as an instrument of economic growth and development has long been under scrutiny.
From the foregoing therefore the study is determined to examine the relationship between entrepreneurship development and economic growth in Rivers State.
1.2 Statement of Problems
In Rivers State today many people finds it difficult to embark on entrepreneurship, due to lack of capital, fear of conflict, poor management and poor government in the State.
A nation’s ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities. Good Entrepreneur can create a strong economy. They are an important facet of industrial growth and development of a nation. According to Harper (2003) entrepreneurship is the main mechanism that creates wealth, explanations of economic growth and development often ignore (or fail to acknowledge explicitly) the entrepreneurial forces of change and adaptation that underlie economic performance. Surprisingly, the role of entrepreneurship in economic development has attracted less professional interest than the role of other factors, such as the accumulation of physical capital, expansion of the labour force, R&D, technological progress and education. Entrepreneurship is something we ignore at our peril.
In the last decade more Nigerians have attended entrepreneurial trainings, taken courses in entrepreneurship than ever before. With all this in place, however, the success rate of small and medium enterprises has been very low; businesses have barely survived, let alone thrived beyond incubation period. Some have down-sized to the barest minimum; others press on in anticipation of a better tomorrow, yet many more have been frustrated to closure. Government regulations and policies, insecurity and a seemingly irredeemable power sector haven’t made it any easier. examine the relationship between entrepreneurship development and economic growth in Rivers State.
1.3 Purpose of the Study
The main purpose of the study is to examine the relationship between entrepreneurship and economic growth in Rivers State.
1 To examine the relationship between creation of employment opportunities and economic development in Rivers State.
2 To examine the relationship between innovation and economic growth in Rivers State.
3 To examine the relationship between utilization of local resources and economic growth in Rivers State.
4 To examine the relationship between entrepreneurship and economic growth in Rivers State.
1.4 Research Question
This research seeks to investigate the relationship between entrepreneurship development and economic growth in Rivers State and therefore tries to answer the following research questions:
- Does employment creation opportunities associate with economic growth in Rivers State?
- Does innovation associate with economic growth in Rivers State?
- Does utilization of local resources and economic growth in Rivers State?
- Does entrepreneurship associate with economic growth in Rivers State?
1.5 Research Hypotheses
The following research hypotheses are postulated to guide the study:
H0: There is no significant relationship between entrepreneurship development and economic growth in Rivers State.
1.6 Significance of the Study
The study will serve as guide to entrepreneurial support agencies in particular and the Nigerian entrepreneurs as a whole in determining the best way of getting the best output from their businesses who are presently demoralized in the face of the prevailing socio-economic hardship.
The study is also aimed at contributing to the literature in entrepreneurship development programmes with reference to rural communities in Nigeria. Also, this work on completion will broaden the essence for entrepreneurship development in rural communities in Nigeria.
1.7 Scope/Limitation of the Study
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
Content Scope: The content scope of this study involves an investigation to ascertain the relationship between entrepreneurship development and economic growth in Rivers State. The independent variable is entrepreneurship development measure by employment, innovation and utilization of resources while dependent variable is Economic Growth, measures by infrastructure, Increased GDP and Return on Investment.
Geographical Scope: This study is delimited in Port Harcourt Metropolis with special reference to some selected small businesses in Mile one and Mile three market in Port Harcourt, Rivers State.
Unit of Analysis: The unit of analysis in this research involves the individuals at the time of carrying out the study.
The major challenge in this project is the in ability to get enough information or data. This is because of the nature of the research which has been stated above. Also, there was no enough time for a comprehensive research work but with limit time available, it was not possible to gather so much data and information as required.
Time: The time allocate for the research work was not enough to allow adequate research work and comparisons.
Accessibility: One of the major problem encountered was access to information concerning the area of study.
Finance: Usually, a study of this nature involved some level of expenditure therefore, finance was also a limiting factor.
1.8 Definition of Terms
Development: This is a gradual growth of something so that it comes more advances, stronger. It is also process of producing or creating something new.
Economic: This is the study of the production and consumption of goods and transfer of wealth to product.
Entrepreneurship: This is a person who assumes the risk of organization and managing a business in the hope of making a profit is earned, it is received by the entrepreneur.
Growth: This is defined as an increase in the Gross Domestics Product or per capital income of a country.
Employment Opportunities:- Employment opportunities is the teaming population of t small and medium scale business are the highest employer of labour.
Utilization of Resources:- Entrepreneurship helps to mobilize resources that would otherwise remain idle in the hand of people and used them for production activities which in turn aid industrial development.
Indigenous Entrepreneurship:- It is an establish individuals group of a business venture with small capital.
Economic Growth:- It is imperative to examine the behaviour of population overtime.
Infrastructural Development:- Infrastructure is the basic structures and facilities necessary for a country or an organization to function efficiently, e.g. buildings, transport, water and energy resources, and administrative systems.”
GDP:- Gross Domestic product is the summation of the total production that took place in an economy.
Return on Investment:- Return on Investment (ROI) is the ratio between the net profit and cost of investment resulting from an investment of some resource. A high ROI means the investment’s gains compare favorably to its cost.