Entrepreneurship As An Instrument For Improving Economic Growth Of A Nation. (A Case Study Of Sam’S Choice Ventures Sango-Ota, Ogun state)
TABLE OF CONTENT
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVE OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 FORMULATION OF HYPOTHESIS
1.6 SIGNIFICANCE OF THE STUDY
1.7 SCOPE OF THE STUDY
1.8 LIMITATION OF THE STUDY
1.9 OPERATIONAL DEFINITION OF TERMS
2.0 HISTORY OF ENTREPRENEURSHIP DEVELOPMENT IN NIGERIA
2.1 THEORIES OF ENTREPRENEURSHIP
2.2 ECONOMIC DEVELOPMENT
2.3 OBSTACLES TO ECONOMIC DEVELOPMENT
2.4 DETERMINANTS OF ECONOMIC GROWTH AND DEVELOPMENT
2.5 IMPACT OF ENTREPRENEURSHIP
2.6 PURPOSE OF ENTREPRENEURIAL DEVELOPMENT
2.7 THE ROLES OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
3.1 RESEARCH DESIGN
3.2 POPULATION OF THE STUDY
3.3 DETERMINATION OF SAMPLE SIZE
3.4 SAMPLING TECHNIQUES
3.5 METHODS OF DATA ANALYSIS
DATA ANALYSIS AND PRESENTATION OF RESULT
4.1 DISTRIBURTION AND COLLECTION OF QUESTIONNAIRE
4.2 TEST OF HYPOTHESIS
SUMMARY OF THE FINDINGS CONCLUSION AND RECOMMENDATION
5.1 SUMMARY OF FINDINGS
Entrepreneurship is a means by which fresh enterprises can be carried out and already existing ones can be restructured in order to attain corporate objectives. According to peter drucker” (1909) stated that innovation is the specific instrument of entrepreneurship. It is the marriage of new knowledge, embodied in an innovation, with the successful introduction of that invention into the marketplace. Drucker (1909) also explained that purpose of business is to create and keep a customer. Entrepreneurship is the means by which an entrepreneur coordinates other factors of production for the purpose of creating goods and services that possess utility at a profit. An entrepreneur simply means anyone who owns a business enterprise with the aim of profit making. Entrepreneurship is a process that involves risk bearing.
1.2 OBJECTIVE OF THE STUDY
1, To accelerate industrial development by enlarging the supply of entrepreneurs.
- For industrial development of rural and less developed areas where local entrepreneurs from nearby cities and towns are not easily attractable.
- Enlarging the small and medium seals enterprise sector which offers potential for employment generation and wider disposal of industrial ownership.
- How to provide productive self-employment to a number of educated and less educated young men and women coming out of school and colleges.
5 Improving performance of small enterprises by enlarging the supply of carefully selected and
trained-well around entrepreneur and diversified sources of entrepreneurship and business
1.3 PROBLEMS OF THE STUDY
- Unemployment: Unemployment is a situation where someone of working age is not able to get a job but would like to be in full time employment.
- Unmanaged accumulated resources: The country is endowed richly with a variety of human, mineral and material resources. These are not exploited and it does not contribute to economic development.
- Lack of incentives and innovation: there is no power to motivate people to perform action. And people are not encouraged again to create or established a business based on lack of incentives.
1.4 RESEARCH QUESTIONS
- To what extent will employment generation lead to economic growth in Nigeria?
- To what extent will management of accumulated resources increase economy growth in Nigeria? 3- To what extent will innovation and incentive for entrepreneur contribute to economic growth?
1.5 RESEARCH HYPOTHESES
H0: There is no significant relationship between employment generation and economic growth.
H01: There is relationship between employment generation and economic growth.
H0: There is no significant relationship between management of accumulated resources and economic growth.
H1: There is significant relationship between management of accumulated resources and economic growth.
H0: There is no significant relationship between innovation and incentive for entrepreneurs and economic growth.
hi: There is significant relationship between innovation and incentive for entrepreneurs and economic growth.
1.6 LIMITATION OF STUDY
Time and period given to complete a research work is short and also it convinces that information conduct is not adequate enough.
Finance is another problem encountered by the research since it is carried by the study due to difficulties of fund; the research was carried out in effective and efficient way. Reluctant of the SAM’S CHOICE staff to give relevant and current information despite reassurance that the information collected would be used for academic purpose only form another limitation to the study.
1.7 SCOPE OF STUDY
The scope of the study is to develop human resource or human capital formation task in which talent entrepreneurial or potential are located and commercial managerial input in order to strength and accelerate the growth of small medium scale and growth of Nigeria economy.
Entrepreneurship development is not the same as management or an extended and practical knowledge to manage production, finance, marketing and personal of an existing enterprising with the view to reduce cost and maximize profit.
1.8 SIGNIFICANCES OF STUDY
The research is of immense importance to all, as a result the research:
- Assist one to known the significance of Entrepreneurship development as a whole
- Assist the firms to realize the importance of development Entrepreneurship to achieved organization goals,
iii. Enable Nigeria firms identify their goals and find out the various means which these goals can be achieved.
- Enable Nigeria to known how to develop a new product.
- Assist Nigeria to develop domestic product.
1.9 DEFINITION OF TERMS
Business growth: is the process of improving some measure of an enterprise’s success.
Development: The process of becoming bigger-better, more important of the result of previous process.
Economic growth: can be defined as a sustained increase in a country’s real GNP and per capital real GNP.
Economy: This is the concerns of the trade, industry, and the making of money within a country.
Employment: is a relationship between two parties, usually based on a contract, one being the employer and other being the employee.
Enterprise: is the sum total of activities that an entrepreneur perform it outcomes of his performances in the goal of the entrepreneur turns to be enterprise building.
ENTREPRENEUR: is an individual that organize and manage a business undertaking or assuming the risk for the sake of profit.
Entrepreneurship: is a process activity. It involves the following organization context, risk, innovation and resources. It can produce the following out comes new ventures or an enterprise, value, new product or process, profit or personal benefit and growth [Michael] [Peggy]. Growth: refers to a positive change in size, often over a period of time.
Incentives: an incentive is something that motivates and individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making. Innovation: is about finding a better way of doing something. Innovation can be viewed as the application of better solutions that meet new requirement, in-articulated needs, or existing market needs.
Instrument: is a device that measure a physical quantitysuch a flow, temperature, level, distance, angle, orpressure.
Risk- bearing: the ability of large firm to spread thecosts of uncertainty of production over a large level of output and thereby reduce units costs.
Shokan (1996) also gave the definition of Small business by the Federal ministry of industries as” those enterprises that cost more N500, 000(pre- SAP value) including working capital, to set up”.
1.10 BRIEF REVIEW OF THE STUDY
Sam’s choice venture, a division of Sam’s choice water was incorporated by Nation Agency for Food and Drug Administration (NAFDAC) in the year 2000. In 2001 the venture launched its products into the market with success. The manager name Samuel Dipeolu which the venture name was formulated from his real name. The capital to start the business was said to be Seven hundred thousand Naira (#700,000) stated with the label of Samuel water with NAFDAC-REG 7Vo-aI-19521, with their first plant located at No 10 Sam Dipeolu Street behind Tecno bungalow Ifo, Ogun State. Then there accepted places of sales are papa, Ilogbo, Joju, Sango Ota and the likes.
But due to high demand of its products in some areas of its sale in 2007 another industry was cited in No 6 Obelowo close, Ota commissioned by Mr. Mugisu Akinpelu the Ogun state chairman of NURTW in the same year. But the NAFDAC registration number is still the one in existence but later as development and growth occurs; the name of the venture was changed from Samuel water to Sam’s choice venture which is still the name in existence. Sam’s choice venture is given because of the new products, transportation means and wideness of the business.
Sam’s choice sited at Ota consist of 30 working and non – active staff producing sachet water, table water for individual, consumers and occasional event’s Their materials are available resources which are from different companies, for instance, the plastic bottle used for table water was bought from polygon useable products, Sango with effective and efficient of this subordinate. Sam’s choice venture is liable of producing at least five thousand within eight hours of production and produces more if an event contract was issue to them. Due to high demand of consumers the venture was strutted into various departments which control and managed the resources (human and materials) available to see that the business survives.
Currently the company Is undergoing another major expansion by bringing another production machines and talents already aiming at meeting the demand of its product and to double its production capacity, which has already been completed in 2012.
To efficiently managed their resources, the venture has introduce a new entrepreneurship system so as to aids it production growth and the nation economic development.