An Assessment of Entrepreneurial Development Schemes on Start-ups in Benue State

CHAPTER ONE INTRODUCTION 1.1

Background to the Study The Nigerian economy has been characterized with a lot of

inefficiencies;public sector dominance, over reliance on oil as the major revenue earner and this has typically affected the country’s course of development. However, since the mid-1980s, Nigeria has introduced some structural economic reforms, abolished polices and structures which prevented entry into certain industries, and opened up its markets.The government have also introduced and pursued a number of entrepreneurship encouragement policies aimed at reducing the high rates of unemployment and poverty in recent years. Though, Nigeria is still plagued by many development challenges, "preliminary evidence suggests a favourable response by the private sector to the new entrepreneurial opportunities thus created" (Elkan, 1988). The importance of entrepreneurship development through new business formation that stimulates economic growth has been recognized years back (Schumpeter, 1934). According to the Global Entrepreneurship Monitor Report (2000), about 70 percent of an area’s economic performance and well-being is dependent upon how entrepreneurial activities are carried out. Ogundele, Olajide and Ashamu (2008) argued that Entrepreneurship activities are very fundamental to any meaningful development of an economy.

Many policy makers and leaders in the societies always clamour for the development of entrepreneurs that would bring a turnaround in the economy. This explains the reason behind the government conscious policy statements that are often made in this direction. However, it has to be noted that the benefit and relevance of entrepreneur to accelerated economic growth cannot be achieved in isolation without the existence of the right opportunities that serve as the wheel of its development. Entrepreneurship, as used in this study, refers to innovative individuals who observe business opportunities or create business opportunities which they exploit in order to provide product or service to the society at a benefit to the entrepreneur. It is the trust of this study therefore that without the opportunity, there cannot be entrepreneurship. Where entrepreneurs observe there are no opportunities, they will create one to make themselves relevant. In view of the forgoing, this study seeks to assessed entrepreneurial development on startups schemes in Benue State. 1.2

Statement of the Problem Studies carried out so far on the subject of entrepreneurship in Nigeria

have concentrated mostly on the examination of the relationship between entrepreneurship and economic development (Abdullahi, 2012, Carree,&Thurik, 2002, Carree,&Thurik, 2005, Ekpudu, Igonoh, &Agbaji, 2010). Although the basis for this choice is understandable, it however creates a problem of exclusion, and forecloses a comprehension of the relationship between

entrepreneurship and business startups especially in Nigeria and Benue State in particular. Against this backdrop, this research addresses this gap by studying the impact of entrepreneurship development programmes on business startups in Benue state. 1.3

Objectives of the Study The principal objective of the research is to investigate the relationship

between entrepreneurship and business startups in Benue State. The specific objectives include: 1. To investigate whether there is a significant relationship between entrepreneurship development programmes and business formation in Benue State. 2. To investigate whether there is a significant relationship between entrepreneurship development programmes and SMEs development in Benue State. 3. To investigate whether there is a significant relationship between entrepreneurship development programmes and employment generation in Benue state. 1.4

Research Questions For the purpose of guiding the researcher in the study, the following

research questions are formulated.

1. To what extent is the relationship between entrepreneurship development programmes and business formation in Benue State? 2. To what extent is the relationship between entrepreneurship development programmes and SMEs development in Benue State? 3. To what extent is the relationship between entrepreneurship development programmes and employment generation in Benue state? 1.5

Research Hypotheses The following null hypotheses have been formulated to serve as a guide

in the investigation. Ho1: There is no significant relationship between entrepreneurship development programmes and business formation in Benue State. Ho2:

There is no significant relationship between entrepreneurship development programmes and SMEs development in Benue State.

Ho3: There is no significant relationship between entrepreneurship development programmes and employment generation in Benue state. 1.6

Significance of the Study The research attempts to reveal the relationship between entrepreneurship

and business startups in Benue State. Government, the general public, and stakeholders will be made to understand the role of entrepreneurship and its paramount importance in business development through job creation, selfactualization, innovation and healthy business competition.

The study will also, highlight some entrepreneurship activities in Nigeria so that prospective entrepreneurs will be well informed of the various opportunities available to them. The study will also shed light on how a prospective entrepreneur can start up his own outlet with a general guide on a business plan for small business. Furthermore, the study will shed light on entrepreneurial skills that would enable the risk taker have a better competency for business success. Some relevant information on gender involvement in various entrepreneurial activities in Benue State shall be discussed. Finally, the study will arrive at a conclusion that may be beneficial to researchers, academics, students, policy makers, and the public on related issues. The recommendations made may also be beneficial for future reference and constructive criticism that would increase knowledge. 1. 7

Scope of the Study The scope of this study covers the role of entrepreneurship in enhancing

business startups in Benue State. Much more specifically, it is concerned with finding out the relationship between entrepreneurship development programmes and business startups, SMEs development, and employment generation. By geographical coverage, the study covers Makurdi metropolis of Benue State. The scope of the study in relation to time covers a period from 2008-2014. The

choice of this period is due to it potentials to provide and up to date findings that reflects current realities. References Abdullahi, S. A. (2012). Entrepreneurship and Economic Growth: An Analysis of Impact of Public Policy onEntrepreneurship Development in Nigeria. International Conference on Business and Management6 – 7 September 2012, Phuket – Thailand 440 . Carree, M. A. and Thurik A. R. (2002).The Impact of Entrepreneurship on Economic Growth.International Handbook of Entrepreneurship Research..Gena. Edward Elgar Publishing Ltd. Carree, M. and Thurik R. (2005).Understanding the Role of Entrepreneurship for Economic Growth.Gena. Edward Elgar Publishing Ltd. Ekpudu, J. E., Igonoh, D. O, &Agbaji, J. S. (2010). The challenges of Adopting Entrepreneurship Development as Panacea for sustainable Wealth Creation in Nigeria, NASHERJ, vol. 8. No3, pp 58-64. Elkan, W. (1988).Innovation And Entrepreneurship In Africa: Research Observe, Word Bank. Emmanuel, C. L. (2010). Entrepreneurship: A conceptual Approach. Agege, Pumark Nigeria Limited. Global Entrepreneurship Monitor Report (2000). Exposure to Credit Risk.Wharton School Center for Financial Institutions. Ogoh J. D. (2012). Entrepreneurship Development and Economic Growth in Makurdi Metropolis, Benue State University. (Unpublished) Okoli, J.N. (2009). Preparedness of STM Teachers to Develop Entrepreneurial Skills in Secondary School Students Through STM Education. 50 th annual conference of STAN.Paper 4. Shumpeter, W. (1934).The Theory of Economic Development: An Inquiry Into Profits, Capital, Credit, Interest And The Business Cycle (Original Title In German) 1911.

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