Entrepreneur and Economic Development of Nigeria: Problems and prospects

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2010

_SIMEON ABUMERE IYOHA PG/EDU0003886_

[ ASSIGNMENT FOR BUS 815-ENTREPRENEURIAL DEVELOPMENT 2008/2009]

_ENTREPRENEUR AND ECONOMIC DEVELOPMENT OF NIGERIA: PROBLEMS AND PROSPECTS_



INTRODUCTION

"No amount of pay would be enough for an employee of an organization to live a comfortable life that he would please"- this assertion is a common place phrase that new inductee of banks are tutored with on entering into the financial systems of Nigeria banks and this mantra is soon forgotten as soon as they start earning decent income that would be enough to take care of their basic needs.

The reason for this introduction is to bring to for the current level of Entrepreneurship in relation to economic development of Nigeria.

Without creative ideation by Entrepreneurs we won't have development- the question you would likely ask would be:-How is entrepreneurship good for economic growth? This question would seem to have a simple answer: Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify competition, and may even increase productivity through technological change. High measured levels of entrepreneurship will thus translate directly into high levels of economic growth. However, the reality is more complicated. If, by entrepreneurship, one allows inclusion of any type of informal self-employment, then high levels of entrepreneurship may actually mean either that there are substantial bureaucratic barriers to formally creating a new business, or simply that the economy is creating too few conventional wage-earning job Prospects. Under these circumstances, we might reasonably hypothesize that high levels of entrepreneurship would correlate with slow economic growth and lagging development. A cursory look at the advanced Nations of the World, like the United States, Canada, Germany, China and the host of others presents the fact that the all got to where they are by being creative and innovative (popular lingo in field Entrepreneurial development).

In the late 70's, then developing Nations like Singapore and Malaysia embraced this idea by putting up structures to aid Entrepreneurial growth and today they have since left the developing Nation's tag. Malaysia even came to Nigeria to pick up palm seedling for R & D but today they are the World leader is palm produce.

We can therefore make bold to say that key to the secrets of developed Nations of the World underlies the fact that the developments were essentially powered by the Entrepreneurs.

In this text we would be looking at various view of how Entrepreneurial growth can fuel Economic development in Nigeria as well as the Prospects and Problems in portends to our beloved Country Nigeria.

LITERATURE REVIEW

Entrepreneurial development can be defined as the practice of encouraging the creation and growth of start-up companies--represents another emerging set of innovative development practices.

In this review we shall be focusing on two key questions;

What roles do Entrepreneurs play in advancing the Economy of a Nation

The Level of interest in Entrepreneurship in Nigeria.

ROLE OF ENTREPRENEUR IN ECONOMIC ADVANCEMENT

How is entrepreneurship good for economic growth? This question would seem to have a simple answer: Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify competition, and may even increase productivity through technological change. High measured levels of entrepreneurship will thus translate directly into high levels of economic growth. However, the reality is more complicated. If, by entrepreneurship, one allows inclusion of any type of informal self-employment, then high levels of entrepreneurship may actually mean either that there are substantial bureaucratic barriers to formally creating a new business, or simply that the economy is creating too few conventional wage-earning job Prospects. Under these circumstances, we might reasonably...
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