Entrepreneurship Development: Challenges and Prospects for Nigeria’s Emerging Economy. John Aderibigbe +2348033746076 firstname.lastname@example.org. Introduction.
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Entrepreneurship Development: Challenges and Prospects for Nigeria’s Emerging Economy
Entrepreneurship is the willingness and ability of an individual to seek out investment opportunities, establish and run an enterprise successfully (Inegbehebor, 1987). The entrepreneur is essentially a person who owns or controls a business through which income is gained. National Directorate of Employment (NDE) (1989) in Onyebueke and Ochonogo (2002) defined entrepreneurship as the art which involves recognizing a business opportunity, mobilizing resources and persisting to exploit that opportunity. The entrepreneur takes risks, is focused and energized by an inner drive. The ability to develop a new venture or apply a new approach to an old business is sole idea of entrepreneurship.
According to Anayakoha (2006), the entrepreneur is one who chooses or assumes risks, identifies business opportunity, gathers resources, initiates actions and establishes an organization or enterprise to meet such demand or market opportunity. From this definition, the entrepreneur is seen as an independent, self-sufficient individual who is willing to sink or swim with his/her idea. It can thus be asserted that an entrepreneur is a person who in the bid to survive makes profit and owns his/her own business. He/she effectively utilizes his/her abilities and potentials confidently.
As normal economic agents, the manufacturing firms started to reduce their workforce. In the public sector, embargo was placed on employment. More importantly with the simultaneous rapid expansion in the educational sector, new entrants into the labour market increased beyond the absorptive capacity of the economy (Central Bank of Nigeria, 2003). These developments have eventually worsened the unemployment situation in the country.
The Global Entrepreneurship Monitor, a research program aimed at assessing the national level of entrepreneurial activity in selected countries, conducted an entrepreneurship and economic growth study on 48 countries in 2008. According to the study, the economic growth of a country is directly and highly correlated to the level of entrepreneurial activity in industrialized countries.
Year Interest Rate Exchange Rate
(Prime %) N/US$(+)
1990 25.5 9.0001
1991 20.1 9.7545
1992 29.80 19.6609
1993 36.09 22.6309
1994 20.19 22.6309
1995 20.20 81.2
1996 19.10 81.2
1997 18.40 82.0
1998 18.30 83.8
1999 28.60 101.81
2000 25.80 121.43
2001 31.20 134.41
2002 30.00 134.05
Source: Federal Office of Statistics (FOS) & Central Bank of Nigeria (CBN).
Corruption Perception Index
New Zealand 1
South Africa 55
Source: Transparency International Corruption Index Report, 2009
Entrepreneurship education will enable potential entrepreneurs and create avenues for people to: manage innovations; manage entrepreneurial process; and develop their potentials as managers of creativity in given fields. It provides practical applications for students. Training in entrepreneurship has been used by nations like Germany to set up unique engineering-oriented business programmes in the university where their potential engineers are encouraged to seek out ideas and subsequently develop the promising ones from invention phase to commercialization.
There are several factors that hinder entrepreneurship education in Nigeria. they include:
(Oviawe and Ekhovbiye, 2008).
The quintessential account of innovators turned entrepreneurs are Larry Page and Sergey Brin of who founded Google while they were students at Stanford University. Brin is the son of Russian immigrants of modest means. They are both still students on the doctoral program at Stanford from which they are on sabbatical. The company was incorporated as Google Inc. on 4 September 1998 at a friend's garage in California with start-up capital of approximately $1.1 million. IN a very short time, the Google search engine attracted a loyal following among a growing number of Internet users, who liked its simple design and useful results. As of March 31, 2009, the company has 19,786 full-time employees with assets totaling over $31billion.
A typical line of inquiry could analyze the decisions of individuals to become either wage-earners or self- employed or focus primarily on personal factors, such as psychological traits, formal education and other skills, financial assets, family background and previous work experience that may influence or affect entrepreneurs. An analysis of entrepreneurship at the firm level would focus on market-specific determinants of entrepreneurship, such as profit opportunities and opportunities for entry and exit. The macro perspective focuses on a range of environmental factors, such as technological, economic and cultural variables as well as government regulation.
"I had to make my own living and my own opportunity! But I made it! Don’t sit down and wait for opportunities to come. Get up and make them". Madam C.J. Walker (December 23, 1867 – May 25, 1919) an African-American businesswoman, hair care entrepreneur and philanthropist. She made her fortune by developing and marketing a successful line of beauty and hair products for black women under the company she founded, Madam C.J. Walker Manufacturing Company.