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Abstract
The study was examines entrepreneurship development and wealth creation in selected soft drink firms in Port Harcourt, rivers state. The survey research design was adopted. The population of the study was made to comprises one hundred and fifty (150) entrepreneurs randomly selected from mile one and mile three market. The Taro Yemens formula was used to determine the sample size of 120. Self-designed questionnaires on entrepreneurship development and wealth creation was used and administered for the collection of data from the respondents. In this study both the primary and secondary data were used. The method used to analyze the data was simple descriptive method stated in tables and expressed in percentage. The Chi-Square statistical tool was used to test the hypotheses. Findings amongst others reveal that entrepreneurship development improves the standard of living in Nigeria, entrepreneurship development can bridge income inequality in Nigeria and job creation can eradicate poverty in Nigeria and entrepreneurship development can enhance wealth creation in Nigeria. Based on the findings of the study we recommended that entrepreneurship development should be inculcated into the school’s curriculum to promote human empowerment and development and development through entrepreneurial skills and acquisition training and there should be collaboration between entrepreneurs and research institution for exploitation and research findings of those institutions to achieve technological development.
Table of Contents
Title Page 47
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Abstract 47
Table of Contents 47
CHAPTER 1 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the Problem 4
1.3 Objective of the Study 4
1.4 Research Questions 5
1.5 Significance of the Study 5
1.6Scope of the Study 6
1.7 Limitation of the Study 7
1.8 Definition of Terms 7
CHAPTER 2 9
LITERATURE REVIEW 9
2.1 Conceptual Framework 9
2.1.1 Concept of Entrepreneurship 9
2.1.2 Dimensions of Entrepreneurship 11
2.1.3 Concept of Wealth creation 15
2.1.4 Wealth creation 16
2.1.5 The Relationship between Entrepreneurship Development and 18
2.2 Theoretical Framework 19
2.3 Empirical Review 19
CHAPTER 3 24
RESEARCH METHODOLOGY 24
3.0 Introduction 24
3.1 Research Design 24
3.2 Population of the Study 25
3.3 Sample Size Determination 25
3.4 Sampling Techniques 26
3.5 Source and Method of Data Collection 27
3.6 Method of Data Analysis 29
CHAPTER 4 31
DATA PRESENTATION AND ANALYSIS 31
INTRODUCTION 31
4.1 Questionnaire Administration and Retrieval…………………..……..28
4.2 Data Analysis 32
4.3 Discussion of Findings 36
CHAPTER 5 44
SUMMARYS, CONCLUSIONS AND RECOMMENDATIONS 44
5.1 Summary 44
5.2 Conclusions 44
5.3 Recommendations 45
References 47
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Appendix II 47
CHAPTER 1
INTRODUCTION
1.1 Background of the Study
Entrepreneurship represents a key focus area for many policy makers given its role in economic development and subsequent employment growth. Entrepreneurs are seen as agents of change that accelerate innovation in the economy. The dire need for entrepreneurship development in Nigeria today more than ever, is necessitated by the rate of unemployment and its effects on both the people and the nation and the need for Small and Medium Scale Enterprises (SMEs). Entrepreneurship and economic development refer to the specific relationship between the art of starting and managing businesses and a sustained improvement in the national economy. The word entrepreneur originated from the French word “entreprende” which means to undertake (Ochepa, Sule, Adeyeye, & Kolo, 2017). Entrepreneurship is the art or process of starting a business as a result of identification of business opportunities, organization of resources, management and undertaking the risk of an enterprise (Hamza, 2013). Economic development refers to economic growth sustained over time. Economic growth is the expansion in economic activities (production, exchange and consumption) in a country as a result of efficiency in allocation of resources at a particular time. Hamza (2013) defined entrepreneurship as the process of using initiative to transform business concepts to new venture, diversify existing venture or enterprise to high growing venture potentials. However, entrepreneurship that can initiate economic growth leading to economic development involves businesses that strive within moral perpendicularity to improve the obtainable. It therefore excludes illegitimate and culturally unacceptable businesses such as product counterfeiting and black marketing, piracy of intellectual materials, human trafficking and child abuse among others. An entrepreneur is a person that can make profit even in a risky economic environment given inconsistencies in policies of government. Aggregation of the activities of this special breed of Nigerians is capable of leading to economic growth. Nigerians are ready to take initiative and search for a positive change in the status quo. Economic growth sustained and improved over time results in economic development. The American human psychologist, Abraham Maslow views the entrepreneur as one who can discern change, enjoy it and improvise without being forewarned. He further stated that the entrepreneur is a “here-now” creator, an improviser who is willing to operate against traditions (Hamza, 2013). An entrepreneur identifies the needs of a place or group of people and strives to meet them while making profit in the process (Anyadike et al., 2012). The creation of successful new ventures locally also helps to generate indigenous growth and reduce the reliance on the mercurial character of foreign direct investment (Adeolu and Taiwo, 2004). However, entrepreneurship consistent source of income earnings not only to the entrepreneur and labor but also other factor inputs and given the long-term focuses and the growth potential of entrepreneurial activities. Hamza (2013) reported that people of the Ibo community in Nigeria are considered one of the oldest entrepreneurs in history. Their trade involved crafts, marketing and talent utilization. There are so many opportunities entrepreneurs can harness in Nigeria.).
The term entrepreneurship is relative, as it means different things to different people. In spite of the conflicting views, there are common grounds such as risk taking, creativity, independence and reward/profit (Garba, 2010).
According to Ochepa, Sule, Adeyeye, & Kolo, (2017) the first level of entrepreneurship signifies small businesses, firms or establishments; the second level represents new businesses formation while the third level describes novelty, advancements and a network of complex production. Sociologists, psychologists, anthropologists and economists respectively view entrepreneurship from different focal points.
Entrepreneurship development contributes to wealth creation when it creates employment through the startup of new entrepreneurship or the expansion of existing ones and they increases social wealth by creating new markets, new industries, new technology, new institutional forms, new jobs and net increases in real productivity, increases income which culminates in higher standards of living for the population then it is logically to state that if the number of entrepreneurs of any given country increase the poverty indicators will decrease Entrepreneurship is viewed today as a key driver of economic growth (Ariyo, 2008). This is because small rapidly growing firms started by entrepreneurially minded individuals, create wealth and a significant number of jobs economies, thereby impacting greatly on social and economic development. From the foregoing, therefore the study is determined to examine the relationship between entrepreneurship development and wealth creation in Nigeria.
1.2 Statement of the Problem
To deal with the problem of poverty through poverty alleviation programme in an African country like Nigeria, knowledge of poverty profile is essential. It has been empirically established that low productivity in agriculture is the cause of high incidence of poverty in Nigeria (world bank, 1996). This is obvious as agriculture is the mainstay of Nigeria’s economy contributing about 42% to total GDP and employing about 77% of the working population. It therefore imperative that any policy measure aimed at alleviating poverty must take agriculture and rural development into consideration. Entrepreneurial innovation in Nigeria in faced with the given below problems: Capital constitutes a major constraint from the entrepreneurs in Nigeria and also most of the entrepreneurs run into the problems of commercialization which is more crucial Developing the equipment and machinery used by enterprises which cost money. Working capital is also hard to come by. Small business has problems securing bank loans. The infrastructure is lacking, and entrepreneurs sometimes have to provide generators, dig boreholes, etc. by themselves, it could be better the Nigerian government provide for these.
1.3 Objective of the Study
The main objective of the study is to examine the relationship between entrepreneurship development and wealth creation in Nigeria. Other specific objectives to be accomplished include:
1. To examine the relationship between idea process and wealth creation in soft drink firms in Rivers State.
2. To examine the relationship between innovativeness and wealth creation in soft drink firms in Rivers State.
3. To examine the relationship between risk-taking and wealth creation in soft drink firms in Rivers State.
1.4 Research Questions
The following question shall be use in course of this research study.
1. To what extent does idea process influences wealth creation in soft drink firms in Rivers State?
2. To what extent does innovativeness influences wealth creation in soft drink firms in Rivers State?
3. To what extent does risk-taking influences wealth creation in soft drink firms in Rivers State?
1.5 Research Hypotheses
H01: There is no significant relationship between idea process and wealth creation in soft drink firms in Rivers State.
H02: There is no significant relationship between innovativeness and wealth creation in soft drink firms in Rivers State.
H03: There is no significant relationship between risk-taking and wealth creation in soft drink firms in Rivers State.
1.6 Significance of the Study
This is on entrepreneurship and wealth creation in Rivers State.. The study is also proposed to provide a standard for entrepreneurs, the Nigerian government and the society, whom are faced with the difficulty in investigating entrepreneurship and wealth creation in Rivers State.
Finally, this study will help in-experience entrepreneurs who wish to establish and acknowledge the entrepreneurship development and wealth creation in Rivers State.
The findings of this study, will equally serve as a reference material for subsequent studies ‘that will be related to the variables investigated; more so regarding the techniques and methods utilized. Furthermore, the findings of this study will provide evidence for validity the outcomes of previous studies. In sum, both practicing managers, academics, students and organizational will immensely benefit from the outcomes of this investigation; even those outside the academic field inclusive.
1.6 Scope 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 wealth creation in soft drink firms in Rivers State. The dependent variable is wealth creation measured by infrastructural development, GDP and job creation. While dependent variable is entrepreneurship development, measures by idea process, innovativeness and risk-taking.
Geographical Scope: This study is delimited in Port Harcourt Metropolis with special reference to selected soft drink firms in Port Harcourt which include Just Drinks, Omega soft drink depot, and Odinukwe Stores.
Unit of Analysis: The unit of analysis in this research involves the individuals at the time of carrying out the study.
This study involves an investigation of entrepreneurship development in relation to wealth creation. Hence it is a micro level study.
1.7 Limitation of the Study
The major limitation of the study is the short time frame the research lasted, coupled with the tight academic time table, which prevented a very comprehensive study. The fund available to the researcher was also limited and therefore the study was limited to a small portion of the survey population.
Another limitation is the difficulties, encountered by the researcher in obtaining all needed information and materials from the right source and compilation of data for the project.
1.8 Definition of Terms
EMPLOYMENT: The state of being employed or having a job; is also the work in which one is engaged; an activity to which one devotes time, the percentage of number of people gainfully employed.
ENTREPRENEURSHIP : Entrepreneurship is the willingness and ability of an individual to seek out investment opportunities and take advantage of scarce resources to exploits the opportunities profitably.
INFRASTRUCTURE: The basis structure of features of a system or organization. Also is the stock of facilities, service, and equipment in a country, including factories, roads, and schools, that the needed for it to function.
IDEA PROCESS : The idea process dimension of entrepreneurship reflects a tendency of a firm to engage in and support new ideas, novelty, experimentation, and creative processes, thereby departing from established practices and technologies, and leading to new products, services, or technological processes.
POVERTY: Poverty is the state of being very poor.
PROACTIVENESS : Proactiveness reflects an action orientation and refers to a firm’s response to promising market opportunities.
RISK-TAKING: Risk-taking refers to a firm’s tendency to engage in high-risk projects and managerial preferences for bold versus cautious actions in order to achieve firm objectives.