Entrepreneurship growth development do not promotes economic advancement. This new focus of entrepreneurship as a conduit transmitting the spillover of knowledge generates a series. This study provides an econometric analysis of the role of entrepreneurship in economic growth in nigeria. The effect of entrepreneurship has been found to be statistically significant. Generally this study seeks to explore the role of entrepreneurship development in nigeria economy, with a case study of the hungry man restaurant. Several studies have examined entrepreneurship using smes from different jurisdictions using different techniques. Introduction the nature of the research on the relationship between entrepreneurship and unemployment as a legitimate academic pursuit has received increased attention among re.
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. Entrepreneurship for sustainable economic growth in nigeria. 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. Determinants of economic growth in nigeria kazeem b. Entrepreneurs often create new technologies, develop new products or process innovations, and open up new markets. Impact of youth entrepreneurship in nation building. Introduction nigeria, the most populous country in africa, is naturally endowed with millions and millions of acres of arable land, 38. Evidence from small and medium scale enterprises smes financing abdulkemi, idris zubair director zonal offices coordination department securities and exchange commission abuja abstract. This is as a result of the importance of entrepreneurship in economic development of the nation. 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. No wonder they have been given serious attention in many parts of the world as well as in the academic field. Most, however, agree that entrepreneurship is vital for stimulating economic growth and employment opportunities in all societies. Role of entrepreneurship in economic development of nigeria. This paper introduces entrepreneurship phases in studying the impact of some government policies on entrepreneurial activities.
Concerning the role of entrepreneurship in stimulating economic growth, many links have been discussed. This study examined the role of entrepreneurship as the driver of economic growth. 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. Is small and medium enterprises smes an entrepreneurship. Entrepreneurship education and economic development in.
European journal of business, economics and accountancy vol. 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. 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. 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. No wonder they have been given serious attention in many parts. Entrepreneurship supports economic growth and development through market innovations and there is a bidirectional relationship between entrepreneurship. Key constraints include the cost of starting a business and minimum paidin capital requirements, with women entrepreneurs facing additional hurdles.
The following research questions will be answered in order to identify and examine entrepreneurship development programme in nigeria and proffer solutions to them. Both startups in innovative industries and university research in engineering science are found to advance economic growth. Maritime entrepreneurship and economic development in nigeria. Entrepreneurship is basically the practice of starting a business in order. The impact of entrepreneurship on economic growth m. 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. In recent years, all her efforts to grow the economy, nigeria s rate of economic growth has remained very volatile and sluggish. In order to consider this link we first pay attention to a definition of entrepreneurship inspired by hebert and link 1989, bull and. To examine the contribution of entrepreneurship to the economic development through employment generation, the creation of added value, gdp, and export activities. Nigeria adopted entrepreneurship education to accelerate economic growth and development. Entrepreneurship and economic development in nigeria. The role of entrepreneurship in economic development of nigeria.
Discusses entrepreneurship along three key dimensions. The impact of women entrepreneurship on economic growth. Consider, for example, one innovative insight in the rapidly developing computer industry. Third, entrepreneurial insights create new market niches that go along with innovation. The study adopts secondary data as a source of data. 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. 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. Entrepreneurs introduce innovations and induce economic growth. 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. The study found entrepreneurship can play a significant role in achieving economic growth for the country to overcome her economic crisis. 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. The role of entrepreneurship in transforming the nigerian economy. Economic transition, entrepreneurship, georgia, unemployment. Impact of entrepreneurship development programme on economic.
Entrepreneurship, innovation and economic growth past experiences, current knowledge and policy implications 1 february. Entrepreneurship is at the heart of national advantage porter, 1990, p. Mueller 18 tests whether entrepreneurship is an important medium for knowledge flows and economic growth for the west german regions between 1990 and 2002. The government, organisations, different individuals, etc. Given the generally held view that entrepreneurship development is the key to poverty eradication, employment generation and rapid economic. Entrepreneurship and growth have a dynamic relationship in which one generates the other. 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. 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. A term paper on the role of entrepreneurship in economic development of nigeria. Nigerian entrepreneurship ecosystem mapping report final. Entrepreneurship and economic growth mises institute.
As nigeria pursues various economic development plans including the national economic empowerment and development strategy. This paper examines the effect of support for entrepreneurship development on economic growth and development in nigeria with a view to ameliorating some problems militating against the development of nigeria. Assessing the prospects and problems of entrepreneurship. Examine whether entrepreneurship development positively promote the economic growth rate of the nigerian economy. The research study covered the five 5 years 2011 2015.
A panacea for sustainable development in nigeria 82 search of whitecollar jobs. Entrepreneurship is important to the economy for a number of reasons, including creating jobs and promoting social change. The impact of entrepreneurship growth in the development. This third factor, the creation of market niches, is the key link between entrepreneurship and economic growth. This study examined the trend between entrepreneurship, unemployment and economic growth over the period 19812011. The role of entrepreneurship in transforming the nigerian economy 1. D, department of business administration, micahel okpara university of agriculture, umudike, abia state, nigeria.
Due to the current economic downturn in nigeria, there have been a lot of calls and push for entrepreneurship. Entrepreneurship makes a positive contribution to economic growth and development and vice versa, mainly through the process of structural transformation. Entrepreneurship has to do with activities of individual persons. Key constraints include the cost of starting a business and minimum paid in capital requirements, with women entrepreneurs facing additional hurdles. The impact of women entrepreneurship on economic growth in benue state nigeria kpelai, s.
One fundamental problem faced in the literature on taxation and entrepreneurship is in defining entrepreneurship. The impact of entrepreneurship on economic growth, development. 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. This is particularly true in the developing world, where.
Smes financing and its effects on nigerian economic growth taiwo, j. 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. 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. 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. It is necessary and possible to position nigerian universities to stimulate economic growth through a deliberate agenda of production of entrepreneurial graduates. Entrepreneurs and their impact on jobs and economic growth. Concerning the role of entrepreneurship in stimulating economic growth.
Assessment of the contribution of women entrepreneur. 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. Contrary to some established theories, this study has found. Theory, evidence and policy this paper provides an overview of the state of the art of the intersection of development economics and entrepreneurship. 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.
Relationship between entrepreneurship and unemployment. 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. Methodology the study adopted a narrative textual case. Relationship exists between socio economic, political and environmental factors and the development of entrepreneurship in nigeria. 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. Women entrepreneurs in nigeria are major contributors to economic growth because without any doubt, they are generating employment iyiola and azhu, 2014.
Pdf effect of support for entrepreneurship development on. 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. The study also analysed challenges faced by business startups or small and medium enterprises smes. The impact of entrepreneurship on economic development in. Given the relative neglect of entrepreneurship by development scholars it deals with i recent theoretical insights from the intersection of. Doc the impact of entrepreneurship on economic growth. 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. Maritime entrepreneurship and economic development in nigeria with abstract, chapter 15, references and questionnaire.
The project focuses on how entrepreneurship will contribute to economic development and how economy would be improved through entrepreneurship. In the last two decades, economic growth rate has been very low and in many years less than the population growth rate. With respect to precision and thoughtfulness, this original research article covers the impact of entrepreneurship growth in the nigeria economy with respect to development. The role of entrepreneurship in transforming the nigerian. 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. The impact of entrepreneurship on economic development in nigeria. It also examines the effect of entrepreneurship in fostering economic growth and development. The primary objective of this proposed study is to examine the role of entrepreneurship as the driver of economic growth during the recession. This study examines the impact of women entrepreneurs on economic growth in benue state, northcentral nigeria. Government policies and entrepreneurship phases in emerging. 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. Several studies have revealed that the increasing rate of women participation in entrepreneurship hasa positive correlation with increase in the economic pressure resulting in.
The study also assesses the areas where the country has developed enterprise and innovations. Pdf effect of support for entrepreneurship development. More time to devote to work translates to economic growth. D department of business managementbenue state university, makurdi abstract. The standard of education in nigeria has been declining, the level of unemployment continues to rise and the nations economic development is stagnant. Grangercausal effect on growth in 4 out of 10 sectors, and past growth has a. 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. This case study is to examine the effect of the impact of entrepreneurship on economic development in nigeria. 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. A multivariate regression approach was employed to estimate augmented growth models.
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