The problem and prospects of entrepreneurship development in enugu state (a case study of enugu south local government area)

Project Abstract

Entrepreneurship plays a vital role in the economic development of any region. Enugu State, located in the southeastern part of Nigeria, has been striving to promote entrepreneurship as a means to spur economic growth and reduce unemployment rates. This study focuses on the problem and prospects of entrepreneurship development in Enugu State, with a specific case study of Enugu South Local Government Area. The research employs a mixed-methods approach, combining qualitative and quantitative data collection techniques to provide a comprehensive analysis. Data was collected through surveys, interviews, and observations to gather insights from both entrepreneurs and key stakeholders in Enugu South Local Government Area. The findings reveal various challenges hindering entrepreneurship development in the area, including limited access to finance, inadequate infrastructure, bureaucratic hurdles, and a lack of entrepreneurial skills among the populace. Despite these challenges, the study also highlights the promising prospects for entrepreneurship development in Enugu State. The region boasts a growing market demand for goods and services, a supportive policy environment, and a young and vibrant population eager to engage in entrepreneurial activities. Furthermore, the state government has shown commitment to promoting entrepreneurship through various initiatives such as capacity building programs, access to finance schemes, and infrastructure development projects. To fully leverage these prospects and address the identified challenges, the study recommends a multi-faceted approach. This includes the need for targeted training programs to enhance entrepreneurial skills, the establishment of a dedicated fund to provide financial support to budding entrepreneurs, streamlining of bureaucratic processes to ease business registration and licensing, and the creation of a conducive business environment through improved infrastructure and policy support. Overall, this research contributes to the existing literature on entrepreneurship development by providing valuable insights into the specific context of Enugu State, Nigeria. By understanding the unique challenges and opportunities facing entrepreneurs in Enugu South Local Government Area, policymakers, business support organizations, and aspiring entrepreneurs can work together to create a thriving entrepreneurial ecosystem that drives economic growth and social development in the region.

Project Overview

<p> </p><p><strong>INTRODUCTION</strong></p><ol><li><strong>BACKGROUND OF THE STUDY</strong></li></ol><p>&nbsp;</p><p>The entrepreneur plays a vita role in the process of economic growth and development.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Iwu Eze A. [1986] in a paper presented in on entrepreneurship development in Nigeria said 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 woman 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 concubine the functions of management to achieve the go alls].</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; He also noted that during the colonial period, only few of Nigerians could boast of personal or family capital to start off any meaningful business and hence the next place of call for business and financial was bank. It is a well known flat that banking operations during the colonial era were highly and sparsely limited urban centers. The bank at that time existed to serve the internets of the colonial civil servants who had appreciated incomes to warrant banking transaction Nigerians who had no collaterals or big financials to guarantee their loans could not hope on banks to start off any business.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; During the colonial era, the Nigerian businesses scene was dominated even at the grassroots levels by inclines, Greeks, Ghanaians, Sierra Lonians and others. These foreign nationals had a better exposition from the Nigerians and with this advantages, 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 indigenization and enterprise promotion dance of 1972 and it’s revision in 1977. The objective was to foster economic self-reliance and maximize external intervention in politics.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Against, the national development plans were introduced and also in July 1986 SAP [structural adjustment programme] was introduced. Entrepreneurship constitutes a vital engine in the economic growth and development of nations including Nigeria because it helps in the stimulation of indigenous entrepreneurship, leads to the transformation of traditional industry, creates employment opportunities, generates incomes [locally and externally] contributes to regional activity and co-operation etc.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; According to Ani N.B. [1999,5,7] said that entrepreneurship started when people produced more products than they needed and as such, had who also these surpluses with others who also wanted to dispose of their surpluses. For instance, if a black smith produced more hoes then he needed, he exchanged the surplus he had with what he specialization. This process is known as trade by barter before the advent of any form of money.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Modern entrepreneurship in Nigeria started with coning of the colonial masters and during the era, Nigeria was not their own masters. An entrepreneur often needs starting capital, which is normally small and derived from personal savings or from family sources.</p><p>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; Concrete attempts at encouraging the growth and development of entrepreneurship have led to the establishment of some government agencies as industrial development [I.D], small scale industry corporation [SSIC], Nigerian bank for commerce and industries [NBC], national economic reconstruction fund [NERFUNA] directorate of foods, roads and viral development [DFRRI] etc.</p><p>All these have been made to ensure the sustain ace and growth of small and medium scale enterprises in the country.</p><ol><li><strong>STATEMENT OF THE PROBLEM</strong></li></ol><p>&nbsp;</p><p>Entrepreneurship developed which forma the bedrock of all business evolutions and economic miracles of the nation has its peculiars problems, which go a long way in satisfying its growth and development among which are:</p><p>a. &nbsp; &nbsp; &nbsp; The most problems of entrepreneurship development are lack of fund and difficulty in securing loans from banks. Financial limitations constitute a serious set back to the entrepreneurship, they complain that banks are reluctant to grant them credit and even alleged that they often have to offer loans{s}. This inability of an entrepreneur to provide tangible collateral securities for loans make him a misfit in the competitive struggle for limited funds in our snappy economy [Onuoha B.C.1994.183 –184]</p><p>B. &nbsp; &nbsp; The desire for quick returns in business and application of fraudulent practices are inimical to sustain entrepreneurship growth.</p><p>C. &nbsp; &nbsp; Lack of adequate planning, many enterprises do not hire trained and qualified manager to run their business for them.</p><ol><li>The absence of infrastructure facilities for smooth 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 roads etc.</li></ol><ol><li><strong>PURPOSE OF THE STUDY</strong></li></ol><p>&nbsp;</p><p>The purpose of this study is to find out the followings:</p><p>a. &nbsp; &nbsp; &nbsp; To determine the various enterprise and their activities in the area of study.</p><p>b. &nbsp; &nbsp; &nbsp; To examine the nature of the management practices and their sources of fund.</p><p>c. &nbsp; &nbsp; &nbsp; To determine area of government assistance and to pinpoint area where assistance is lacking.</p><p>d. &nbsp; &nbsp; &nbsp; To determine major problems on countered by these entrepreneurs.</p><p>e. &nbsp; &nbsp; &nbsp; To make recommendation based on the findings, which will be great help to other entrepreneurs and new aspirants into the business.</p><ol><li><strong>SCOPE OF THE STUDY </strong></li></ol><p>&nbsp;</p><p>This research intends to consider the problems and prospects of entrepreneurship development in Enugu South local government area. This study will give a broader view of problems and prospects of entrepreneurial development in this area and to make recommendation on findings.</p><ol><li><strong>RESEARCH QUESTIONS</strong></li></ol><p>&nbsp;</p><p>In order to solve the research problems, the following research questions will be asked:</p><p>a. &nbsp; &nbsp; &nbsp; What is the nature and extent of government control assistance over entrepreneurial business?</p><p>b. &nbsp; &nbsp; &nbsp; What problems do entrepreneurs encounter in setting up their business?</p><p>c. &nbsp; &nbsp; &nbsp; What are the various types and activities of entrepreneurial business in Enugu south?</p><p>d. &nbsp; &nbsp; &nbsp; What are the prospects of entrepreneurial business in Enugu South?</p> <br><p></p>