THE PROBLEM AND PROSPECT OF ENTREPRENEURSHIP DEVELOPMENT IN ENUGU SOUTH LOCAL GOVERNMENT ENUGU STATE
1.1 BACKGROUND OF STUDY
The entrepreneur plays a vital role in the process of economic growth and development.
Iwu Eze. A (1986) in a paper presented on entrepreneurship development in Nigeria and that an entrepreneur is a contractor, an organizer of an enterprise for the public, a resourceful person with a dream.
Entrepreneurs are bold men and women who have initiative and the ability to lead, manage and take the consequences. They are men of action, risk takers, missioners, creative and highly respected of their ability to effectively and efficiently combine the function of management to achieve the goals he also noted that during the colonial period only few of Nigeria could boast of personal or family capital to start off any meaningful business and hence. The net place of call for business and financial was bank. It is a well known fact that banking operation owing the colonial era were highly and sparsely limited urban centers. The bank at that time existed to serve the interest of the colonial civil warrant banking transaction Nigerians who had no collateral or big financial to guarantee their loans could not hope on banks to start off any business.
During the colonial era, the Nigeria business scene was dominated even at the grass roots level by inclines. Greeks, Ghanaian, Sierra Ionians and others. These foreign national, has and better exposition from the Nigerians and with this advantage. It was easy to dislodge them when the colonials left the scene in 1960. Then, in other to give Nigerians an opportunity in participating and shaping their country economic future, the federal government introduced homogenization and enterprise promote, dance of 1972 and its revision in 1977. The objective was to faster economic self reliance and maximizes external intervention in politics.
Agents the national development plans were introduced and also in July 1986 SAP (Structural adjustment programmes) was introduced. Entrepreneurship constitutes a vital in the economic growth and development of nation including Nigeria because it helps in the stimulation of indigenous entrepreneurship leads to the transformation of traditional industry, creates employment opportunities, generates income (local and externally), contributes to regionally activity and cooperation etc.
According to Ani N.B.(1999,5,7) said that entrepreneurship started when people produced more products than they needed and as such, who also had these surpluses with others also wanted to dispose of their surpluses. For instance, if a black smith produced more hoes than he needed. He exchanged the surpluses he had with what he did not have. This process is known as trade by barter before the advent of any form of money.
Modern entrepreneurship in Nigeria started with the coming of the colonial masters and during the era, Nigeria was not their own master. An entrepreneur often needed starting capital which is normal small and derived from personal savings or from family sources.
Concrete attempts at encouraging the growth and development of entrepreneurship have led the establishment of some government agencies as industry development (ID) small scale industry corporation (SSIC), Nigerian bank for commerce and industry (NBCI), National economic reconstruction fund (NERFUND), directorate of food roads and rural development (DFRRI)etc. all these have been made to the sustenance and growth of small and medium scales enterprise in the country .SSS
1.2 STATEMENT OF THE PROBLEM.
Entrepreneurship developed from the bedrock of all business evolution and economic miracles of nation has its peculiar problems, which go a long why in satisfying it growth and development among which are;
A. The most problem of entrepreneurship development are lack of fund and difficulty in secondary loans from bank. Financial limitations constitute a serious setback to entrepreneurship; they complain those banks are reluctant to grant them credit and even alleged that they often have to offer loans. This inability of an entrepreneur. It provides tangible collateral. Securities for loans make him a misfit in the competitive struggle for limited funds in our snappy economy (Onuoha B.C1994.183-184).
B. The desire for return in business and application of fundamental practices are inimical to sustain entrepreneurship growth
C. Lack of infrastructure facilities for Smith running of the business example, regular and electricity supply, a functioning telephone system which could reduce the number of time the entrepreneur is on the road, good road e.t.c
D. The absence of infrastructure facilities for Smith running of the business example, regular and electricity supply, a functioning telephone system which could reduce the number of times the entrepreneur is on the road, good road etc.
The purpose of this study is to both the following
A. To determine the various enterprise and their activities in the area of study
B. To examine the nature of the management practices and their sources of fund
C. To determine major problem on countered by these entrepreneurs.
D. To make recommendation bore on the findings, which will be great help to other entrepreneurs and new aspirants into the business.
1.4 SCOPE OF THE STUDY
This research intends to consider the problem and prospects of entrepreneurship Area. This study will give a broader view of problem and prospects of entrepreneurial development in this area to make recommendation on findings
1.5 RESEARCH QUESTIONS
In order to solve the research problem, the following research question will be asked.
A. What is the nature and extend of government control assistance over entrepreneurial business?
1.6 SIGNIFICANCE OF THE STUDY
Irrespective of the role of entrepreneurs in economic development of the Nigeria, enough has not been done in terms of education, awareness and finance assistance.
The study of great importance to entrepreneurs as a guild in business in addition, the study will as well serve as literature for further studies and will serve as a useful guide in entrepreneurship, the policy makers in business organization will find it useful also in making decisions.
1.7 LIMITATION OF THE STUDY
This research on the problem and prospects of entrepreneurship development in Enugu South is not an exception to the usual constraints association with research work. The constraints are:
A. Time; has been a major constraints that has milted against the realization of the objective of the research; especially as the researcher had to carry it in his midst of academic pressure.
B. Financial: financial the life of any business and any research work, has posed a major that has immensely militated against the realization of researchers of objectives the researcher faced in adequate finance from the acquisition of the necessary stationery for the work.
C. Negative attitude of some people interviewed some of the
people interviewed were not ready to give out the required information's needed due to the fact that they think, the researcher want to know about their privacy, this issue militated against the realization of researchers objectives.
1.8 DEFINITION OF TERMS
For easy and concise understanding of this work, it is necessary that vital terms be defined
A. Entrepreneur: An entrepreneurs means a person who starts, organize a commercial enterprise especially, one having financial risk. Meredith et al (1991) looks art an entrepreneur as an individual who has the ability to see and evaluate business opportunities gather the necessary resources to ensure success and his taker.
B.Entrepreneurship development: This is the communicationexistence in society of the class of individuals, who are limited to peace odds.
C. Small scale business: Ejiofor(1979.71). Defined small scale business as those enterprise that have relatively little capital investment that produce in small quantities and as a result control a small share of market that employ not more than fifty worker (50) and in which management marketing and entrepreneurship function are used in the proprietor.
D. Management: according to Akpala(1990.3) management is
defined as process of combining and utilizing of an organization inputs 9men, material and money) by proper planning, organizing, directing and controlling for the purpose of producing outputs (goods and service designed by customers so that the organizational goals or objectives are accomplished.
E. Individualization:Ejifor (1989) indigssenization is the masstransfer of ownership and control of economic organization from foreigners to nationals. It is a situation where a deliberate effort is made with a lack up of man.
Planning: Planning can be defined as a process which Managers visualize and determine in advance the objectives of an enterprise or organization select future cause of action for their accomplishment