(A SURVEY OF SELECTED SMALL SCALE BUSINESS IN BORI RIVERS STATE)
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ABSTRACT
This study deals with the impact of entrepreneurship on industrial development in Nigeria. The study is designed to investigate the importance of entrepreneurial business in Bori Rivers State. The research design is basically a quasi- experimental which field survey is utilized; questionnaire and personal interview were used. The simple random sampling procedure was used. The sample, size is 20 respondents. The data were analyzed by the use of percentages. The findings showed that entrepreneurship will lead to job creation, utilization of local resources, and equitable distribution of industry which has significant relationship with industrial development. It was recommended that individuals should be involved and have passion on entrepreneurial business; also government should encourage and empower people to engage actively in small scale businesses. It was concluded that entrepreneurship has tremendous impact on industrial’ development of a nation.
CHAPTER ONE
BACKGROUND OF THE STUDY
1.1 INTRODUCTION
Historically the word entrepreneur originated from the French works, Interprets and literally meant a “go between” t he earlier use of the word affected this sense of a middleman also directed and organized resources provided by others. In the 17th century, the concept was extended to include some elements of risk and profit. Entrepreneurs were regarded as those who entered into a contracted arrangement with government to perform certain services such as the collection of revenue to or the operation of banking and trading services. The entrepreneur would earn profit or loss from the services provided Lekue (2011). Entrepreneurship plays a vital role in industrial development. Because the catalytic role of entrepreneurship and small business enterprise is economic and technological development of nation. Entrepreneurship is different from management. Paul H. Wilken (1979) notes that: Entrepreneurship involves management involved combining to produce. Management therefore, refers to the ongoing-co- ordination of the production process, which can be visualized as continual combining of the factors of production. But entrepreneurship is a discontinuous phenomenon, appearing to initiate change in the production process and then disappearing until it appears to initiate another change. Entrepreneurship may also be defined as the ability to use the factors of production to produce new goods and services. It is also seen as the managerial process of organizing, operating and assuming the risk of a new business venture. According to Hisrich Robert (1985), entrepreneurship is defined as a process of creating something different with value by devoting the necessary time and effort assuming financial psychological and social risk and receiving the resulting rewards of monetary and personal satisfaction. Who then is an entrepreneur? Early Schumpeter, the Moravia-born economist writing in Vienna gave us the modern definition of an entrepreneur as the person who destroys the existing economic in order by introducing new product and services by creating new form of organization, or by exploiting new raw materials. According to Schumpeter (1949), that person is most likely to accomplish this destruction by founding a new business but may also be it within n existing one.
An entrepreneur is a person who is involved in entrepreneurship.
Entrepreneurs create wealth and mangers administer it. Finally, entrepreneurs deals with change. According to Rober wilken (1979), entrepreneurs contribute change that can be categorized into file types:
- Initial expansion: The original production of goods
- Subsequent expansion: The subsequent change in the amount of goods produced.
iii. Factor innovation: The increase in supply or productivity of the factors of production.
- Production process: The use of new production technique.
- Market innovation: Change in the size or composition of the market
The work of Schumpeter 1991 appeared to be the foundation stone in theorizing the entrepreneurial function relating to the development of industry and economic development of industry and economic development in general.
Schumpeter postulated that entrepreneurial activities involve the carrying out of new combinations of productive resource through innovative process. In making this postulation it is believed that he was influenced by the work of Weber in his 1904 paper on the conceptualization of the process of economic development (1911) and Weber (1904) is one who sets in motion a revolutionary process of creating destruction and thereby earns economic reward (profit) as a result of innovation. The representatives of entrepreneur as innovator therefore seen as the individual industrial trader also is motivated by an atavistic willpower and characterized by the intuitional capacity to be things in a way which after words proves correct.
Besides the innovative role of entrepreneurship, the employment creation possibilities and the possible reduction of the absolute rate which entrepreneurship has enhanced in Nigeria economy, the contributions of the Nigeria entrepreneur to the industrial development in Nigeria have been overwhelming.
Based on the foregoing discussions, it can be concluded that entrepreneurship is a key to economic development, the achievement of industrial development, regional growth, reduction of poverty and employment generation in any society depends on the state of entrepreneurial development.
According to Charantimath (2007), entrepreneurs are thus the seed of industrial development and fruits of industrial development among other include greater employment opportunities of unemployed youths, increase in per capital income, high standard of living and increased revenue to the government through payment of taxes.
Therefore, this study is intended to examine the relationship between entrepreneurship and industrial development with emphasis on small scale business in Bori, Rivers State.
1.2 STATEMENT OF PROBLEM
Entrepreneurship has played a significance role in business or company’s performance and industrial development nevertheless, there are many problems facing entrepreneur in course of producing their product.
It is at the point that the researcher decided to investigate the problems/ entrepreneurship.
Pertinent among the problems are:
1.3 PURPOSE OF THE STUDY
The aim of this study is to examine the following
- To examine the relationship between entrepreneurship and industrial development.
- To examine the relationship between creation of employment opportunities and industrial development.
iii. To examine the relationship between innovation and industrial development.
- To examine the relationship between utilization of local resources and industrial development.
1.4 RESEARCH QUESTION
In the course of this research, we shall be guided by the following research questions;
- To what extent does staff training create industrial development?
- To what extent does creation of organizational structure related to industrial development?
- To what extent does marketing research related to industrial development?
- Lack of staff training
- Lack of organizational structure
- Lack of marketing research. Marketing research is defined i formulized means of gathering information, recounting information, analyzing the information and interpreting information by human being so as to enable management n appropriate marketing decisions in order to solved an existir anticipated problem.
- Lack of adequate financing
- Low managerial depth
- Excessive government regulations
- Socio-cultural problems
- High interest rules on loans.
All these are the problems militating against entrepreneurshi industrial development therefore the problem of this study find out how entrepreneurship will influence industrial development of in Bori, Rivers State.
- Lack of staff training
- Lack of organizational structure
- Lack of marketing research. Marketing research is defined as c formulized means of gathering information, recounting the information, analyzing the information and interpreting the information by human being so as to enable management make appropriate marketing decisions in order to solved an existing c anticipated problem.
- Lack of adequate financing
- Low managerial depth
- Excessive government regulations
- Socio-cultural problems
- High interest rules on loans.
All these are the problems militating against entrepreneurship at industrial development therefore the problem of this study is find out how entrepreneurship will influence industrial development in Bori, Rivers State.
- How does adequate finances relate to industrial development?
- How does socio-cultural problems related to industrial development
1.5 SIGNIFICANCE OF THE STUDY
Knowledge and skill on how businesses are operated for optimal result must grow to lope with the changes in the environment.
Research study is a process whereby information is discovered and validated. This study will enable the student know the important of impact of carrying out this research work in future.
More so, this research work will reveal the effect or impact of entrepreneurship on industrial development
1.6 SCOPE OF THE STUDY
This study look into entrepreneurship in Bori, Rivers State of Nigeria, the content includes;
- The activities of entrepreneur that create employment opportunities as it relates to industrial development.
- Entrepreneur function of innovation realization of local or domestic resources, equitable distribution of industries.
1.7 LIMITATION OF THE STUDY
All things being equal, research studies requires much time for collection of valid information or data and their relevant materials to make the study a thorough one. The time left for carrying out research study and other courses the student is expected to do is rather a short period to produce an authentic study.
More so, the finance to carry out the research is in limited supply.
Finally, the respondents interest to fill the questionnaire to carry out this study is discovering. Despite all these constraints, the work will still be reliable and useful to users.
1.8 DEFINITION OF TERMS
CREATION OF EMPLOYMENT: This is the process business firm that create on employment opportunity for the unemployed
Development: This is a specific state of growth or advancement. It is a change in the state of a thing for better
ENTREPRENEUR: This is a person that takes the courage and risk in starting and managing a new business, with a new product. He convert a new idea or innovation into a successful innovation.
ENTREPRENEURSHIP: It is the ability of an entrepreneur to sue the factors of production to produce new goods and services. It is also seen as a process that is dynamic in the creation and innovation of new values through time inference that centers on financial, psychological and sociological environment.
EQUITABLE DISTRIBUTION OF INDUSTRIES: This is the process of establishing industries in different part .of the country.
INDUSTRIAL DEVELOPMENT: This is the growth and
Advancement in the current fraud or process in an industry as a result of new innovation, idea and process.
INDUSTRY: Economic activity concerned with the processing of raw materials and manufacture of goods in factories, and manufacture of goods in factories, and a several companies producing and rendering the same goods and services respectively.
INNOVATION: This is the ability of a person. To introduce new ideas, though or way of doing things better than the former way of doing things.
RELATION OF EMPLOYMENT: This is the process of establishing business firm that create on employment opportunities for’ the unemployed.
UTILIZATION OF LOCAL RESOURCES: This is the ability to identify local raw material mobilize and use them to produce goods and services.