In nigeria, studies have been carried out on the effect of entrepreneurship development on the problem of high unemployment rate, high level of poverty and slow economic growth rate adejumo, 2001. D, department of business administration, micahel okpara university of agriculture, umudike, abia state, nigeria. The role of entrepreneurship in transforming the nigerian economy 1. This third factor, the creation of market niches, is the key link between entrepreneurship and economic growth. Smes financing and its effects on nigerian economic growth taiwo, j. Ozkan, 2010, an entrepreneur is someone who is willing to bear the risk of a business venture where there is a significant chance for making profit. Thurika,b acentre for advanced small business economics casbec at erasmus university rotterdam beim business and policy research, zoetermeer cfaculty of economics and business administration, university of maastricht. Assessing the prospects and problems of entrepreneurship. The standard of education in nigeria has been declining, the level of unemployment continues to rise and the nations economic development is stagnant. The study investigates the relationship between foreign direct investment flows and economic growth in nigeria. Nigerian entrepreneurship ecosystem mapping report final. Entrepreneurship plays a vital role in the development of a countrys economy as this is the key contributor to innovativeness, product improvement, reduction of unemployment and poverty entrepreneurship, which is basically the practice of starting a business in order to earn a profit on newfound opportunities, can go a long way to stabilize the economy of a nation as well as generate. The study found entrepreneurship can play a significant role in achieving economic growth for the country to overcome her economic crisis.
Maritime entrepreneurship and economic development in nigeria. Grangercausal effect on growth in 4 out of 10 sectors, and past growth has a. Doc the impact of entrepreneurship on economic growth. The study became necessary because as never before, the civilian governments since 1999 have employed several strategies to ensure increased flow of fdi into nigeria because of its perceived benefits as lauded in the theoretical literature as the panacea for economic. Its educational institutions appear to engage more in unproductive paperwork and teaching than in entrepreneurship education that would help to equip young graduates to become selfemployed and. The writeup was inspired by a statement from the finance minister of nigeria after national bureau of statistics nbs disclosed nigeria economy was in a.
Most, however, agree that entrepreneurship is vital for stimulating economic growth and employment opportunities in all societies. The impact of entrepreneurship on economic development in nigeria. Introduction the nature of the research on the relationship between entrepreneurship and unemployment as a legitimate academic pursuit has received increased attention among re. Assessment of the contribution of women entrepreneur. This is particularly true in the developing world, where. This reflect in nigeria s national policy on education which states that education is the most important instrument for propelling change, as no fundamental change can occur in any society except through educational revolution that impact on. Mar 27, 2020 impact of entrepreneurship on the economy of a country by francis nwokike entrepreneurship plays a vital role in the development of a countrys economy as this is the key contributor to innovativeness, product improvement, reduction of unemployment and poverty. Evidence from small and medium scale enterprises smes financing abdulkemi, idris zubair director zonal offices coordination department securities and exchange commission abuja abstract. Several studies have revealed that the increasing rate of women participation in entrepreneurship hasa positive correlation with increase in the economic pressure resulting in. This study examines the impact of women entrepreneurs on economic growth in benue state, northcentral nigeria. The methodology adopted was the narrativetextual case study ntcs method, which is preferred because of the absence of sequential data related to entrepreneurship and sustainable economic growth in nigeria. Concerning the role of entrepreneurship in stimulating economic growth.
Entrepreneurship can generate employment, innovation, increase production, and diversify the economy source of revenue while fostering the development of small and medium enterprises in nigeria. Women entrepreneurs in nigeria are major contributors to economic growth because without any doubt, they are generating employment iyiola and azhu, 2014. Economic transition, entrepreneurship, georgia, unemployment. Pdf effect of support for entrepreneurship development on. Relationship between entrepreneurship and unemployment. Impact of youth entrepreneurship in nation building. Is small and medium enterprises smes an entrepreneurship. This paper introduces entrepreneurship phases in studying the impact of some government policies on entrepreneurial activities. Impact of entrepreneurship on the economy of a country. With respect to precision and thoughtfulness, this original research article covers the impact of entrepreneurship growth in the nigeria economy with respect to development. Only a small fraction of firms generates nontrivial effects on economic growth through the development of new products, new technologies, or new internal forms of organization. This study provides an econometric analysis of the role of entrepreneurship in economic growth in nigeria.
The role of entrepreneurship in economic development of nigeria. But while some truly innovative entrepreneurs create fastgrowing businesses socalled gazelles that have an important impact on economic growth, whether replicative entrepreneurs see different types of entrepreneurs have a measurable effect on economic growth seems less likely. Key constraints include the cost of starting a business and minimum paidin capital requirements, with women entrepreneurs facing additional hurdles. Given the generally held view that entrepreneurship development is the key to poverty eradication, employment generation and rapid economic. By penetrating the knowledge filter and facilitating the spillover of knowledge that might otherwise not be commercialized, entrepreneurship provides the missing link to economic growth. Entrepreneurship supports economic growth and development through market innovations and there is a bidirectional relationship between entrepreneurship. Entrepreneurship is basically the practice of starting a business in order.
Given the relative neglect of entrepreneurship by development scholars it deals with i recent theoretical insights from the intersection of. Theory, evidence and policy this paper provides an overview of the state of the art of the intersection of development economics and entrepreneurship. Entrepreneurship has to do with activities of individual persons. A term paper on the role of entrepreneurship in economic development of nigeria. Entrepreneurship is important to the economy for a number of reasons, including creating jobs and promoting social change. Entrepreneurship and growth have a dynamic relationship in which one generates the other. In the last two decades, economic growth rate has been very low and in many years less than the population growth rate. Entrepreneurs introduce innovations and induce economic growth. The role of entrepreneurship development in nigeria economy abstract generally this study seeks to explore the role of entrepreneurship development in nigeria economy, with a case study of the hungry man restaurant. It was also found that entrepreneurship can enhance economic growth and development primarily by generating employment and foster the growth of micro, small and medium enterprises in nigeria. To find out if there is significance in the role played by entrepreneurship in nigeria, also to emphasize the need for entrepreneurship in an economy. The study also assesses the areas where the country has developed enterprise and innovations. Key constraints include the cost of starting a business and minimum paid in capital requirements, with women entrepreneurs facing additional hurdles.
Government policies and entrepreneurship phases in emerging. The study adopts secondary data as a source of data. Both startups in innovative industries and university research in engineering science are found to advance economic growth. The concept of economic growth is relevant at levels of firms, regions, industries and nations, hence, linking entrepreneurship to economic growth means linking the individual level to aggregate levels. Nigeria economy has great potential for economic growth and development given her vast natural resources in agricultural lands and minerals as well as abundant manpower. Role of entrepreneurship in economic development of nigeria. Entrepreneurship growth development do not promotes economic advancement. To find out if there is significance in the role played by entrepreneurship in nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation of. The impact of entrepreneurship on economic growth, development on october 17, 2016 12. Pdf effect of support for entrepreneurship development. The role of entrepreneurship in transforming the nigerian. The impact of entrepreneurship on economic development in. One fundamental problem faced in the literature on taxation and entrepreneurship is in defining entrepreneurship.
Determinants of economic growth in nigeria kazeem b. Due to the current economic downturn in nigeria, there have been a lot of calls and push for entrepreneurship. This study examined the role of entrepreneurship as the driver of economic growth. Evidence from enterprise development in nigeria farayibi, adesoji oladapo1 abstract this study provides an econometric analysis of the role of entrepreneurship in economic growth in nigeria. No wonder they have been given serious attention in many parts of the world as well as in the academic field. Several studies have examined entrepreneurship using smes from different jurisdictions using different techniques. European journal of business, economics and accountancy vol. Maritime entrepreneurship and economic development in nigeria with abstract, chapter 15, references and questionnaire.
The effect of entrepreneurship has been found to be statistically significant. Examine whether entrepreneurship development positively promote the economic growth rate of the nigerian economy. The impact of entrepreneurship growth in the development. This position was further reinforced by adjebengasem 1989 where it was argued that governments in most developing economies such as nigeria were criticized for paying inadequate attention to the need for accelerated economic growth and for not harnessing the abilities of their own citizens for technological innovations and entrepreneurship. In recent years, all her efforts to grow the economy, nigeria s rate of economic growth has remained very volatile and sluggish. Entrepreneurs and their impact on jobs and economic growth. The role of entrepreneurship in economic growth abstract this study confirms that the level of entrepreneurship in a given country has a significant positive effect on the level of economic growth in that country. The primary objective of this proposed study is to examine the role of entrepreneurship as the driver of economic growth during the recession.
Entrepreneurship education and economic development in. The government, organisations, different individuals, etc. Ajide1 this paper investigates the role of frazer economic freedom index on fdi growth relationship over the period spanning 1980 through 2010 using annual time series data. This new focus of entrepreneurship as a conduit transmitting the spillover of knowledge generates a series. Entrepreneurship is at the heart of national advantage porter, 1990, p. Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. The following research questions will be answered in order to identify and examine entrepreneurship development programme in nigeria and proffer solutions to them.
The impact of entrepreneurship growth in the development of. Entrepreneurship and economic growth mises institute. Contrary to some established theories, this study has found. Entrepreneurship for sustainable economic growth in nigeria. Discusses entrepreneurship along three key dimensions. Entrepreneurship and small business development are the heart of many countries economy, and countries that give entrepreneurship special attention stand better chances of improved economy and industrialization. Concerning the role of entrepreneurship in stimulating economic growth, many links have been discussed. This case study is to examine the effect of the impact of entrepreneurship on economic development in nigeria. This means that any serious attempt to designing and implementing entrepreneurship policies, programmesand initiatives must take into consideration these dynamics in addition to economic growth. In nigeria, studies have been carried out on the effect of entrepreneurship development on the problem of high unemployment rate, high level of poverty and economic growth. Mueller 18 tests whether entrepreneurship is an important medium for knowledge flows and economic growth. The impact of women entrepreneurship on economic growth in benue state nigeria kpelai, s. Entrepreneurship makes a positive contribution to economic growth and development and vice versa, mainly through the process of structural transformation.
Generally this study seeks to explore the role of entrepreneurship development in nigeria economy, with a case study of the hungry man restaurant. Third, entrepreneurial insights create new market niches that go along with innovation. Mueller 18 tests whether entrepreneurship is an important medium for knowledge flows and economic growth for the west german regions between 1990 and 2002. Methodology the study adopted a narrative textual case. Nigeria adopted entrepreneurship education to accelerate economic growth and development. It also examines the effect of entrepreneurship in fostering economic growth and development. The role of entrepreneurship in transforming the nigerian economy. Pdf entrepreneurship as a driver of economic growth. A multivariate regression approach was employed to estimate augmented growth models. The impact of women entrepreneurship on economic growth. It is necessary and possible to position nigerian universities to stimulate economic growth through a deliberate agenda of production of entrepreneurial graduates. Impact of entrepreneurship development programme on economic. The impact of entrepreneurship on economic growth, development. To examine the contribution of entrepreneurship to the economic development through employment generation, the creation of added value, gdp, and export activities.
Entrepreneurs often create new technologies, develop new products or process innovations, and open up new markets. A panacea for sustainable development in nigeria 82 search of whitecollar jobs. Consider, for example, one innovative insight in the rapidly developing computer industry. The study also analysed challenges faced by business startups or small and medium enterprises smes. Entrepreneurship and economic development in nigeria. Entrepreneurship, innovation and economic growth past experiences, current knowledge and policy implications 1 february. Relationship exists between socio economic, political and environmental factors and the development of entrepreneurship in nigeria. To find out if there is significance in the role played by entrepreneurship in nigeria, also to emphasize the need for entrepreneurship in an economy, examining the participation. No wonder they have been given serious attention in many parts. This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in nigeria, employing the johansen cointegration and granger causality tests. This study examined the trend between entrepreneurship, unemployment and economic growth over the period 19812011. The project focuses on how entrepreneurship will contribute to economic development and how economy would be improved through entrepreneurship.
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