Entrepreneurship As A Major Approach In Solving Unemployment Syndrome In Context

(A Study Of Garden Park Business Complex)

5 Chapters
|
84 Pages
|
12,375 Words

Entrepreneurship emerges as a pivotal strategy for addressing the persistent challenge of unemployment, particularly within the context of contemporary economic landscapes. By fostering an entrepreneurial mindset among individuals, educational institutions and governmental bodies can cultivate a culture of innovation and self-reliance, thereby mitigating the adverse effects of unemployment syndrome. Through entrepreneurial endeavors, individuals harness their creativity and resourcefulness to establish businesses, thereby creating job opportunities not only for themselves but also for others within their communities. Moreover, entrepreneurship serves as a catalyst for economic growth and development, stimulating investment, and fostering market competitiveness. By integrating entrepreneurship education into academic curricula and implementing supportive policies that facilitate business formation and expansion, societies can effectively combat unemployment and cultivate a dynamic and resilient workforce, poised to thrive in an ever-evolving global economy.

ABSTRACT

This research work actually carried out a holistic research study/survey on the subject matter “entrepreneurship as a major approach in solving unemployment syndrome in the Nigeria context, a study of Garden Park Business, Complex Owerri, Imo State of Nigeria. The research work exercise deeply browsed into the said subject matter, to televise to its readership how entrepreneurship has contributed in finding solutions to the hydra-headed virus known as unemployment, which has caused a collateral damage to the Nigeria society. The research exercise combed thoroughly into the subject matter under review, to publish the exact ecologies of unemployment syndrome in Nigeria and how entrepreneurship has come to the rescue through provision of employment opportunities to the teeming unemployment people within the Nigerian society. Accordingly, data collected for this research endeavour, were systematically presented and analyzed, in quantitative or empirical ways to the show the responses of the various respondents in statistical approaches, through various illustration table formats. Consequently, summary, conclusion and recommendations were made in the research exercise to draw an end of the entire research outing.

TABLE OF CONTENT

Title Page
Approval Page
Dedication
Acknowledgments
Abstract
Table of Contents

CHAPTER ONE
1.0 Introduction 1
1.1 Background of the study 6
1.2 Statement of the problem 8
1.3 Objectives of the study 9
1.4 Research questions 11
1.5 Research hypothesis 12
1.6 Significance of the study 13
1.7 Scope of the study 15
1.8 Assumption of the study 16
1.9 Definitions of terms 17
1.9.1 Brief historical background of Garden Park Business
Centre Owerri 18

CHAPTER TWO
2.0 Review of related literature 20
2.1 Introduction 20
2.2 Conceptual framework 21
2.3 Theoretical framework 41
2.4 Empirical framework 44
2.5 Researcher’s position 44

CHAPTER THREE
3.0 Research methodology 48
3.1 Research design 48
3.2 Sources of data collection 49
3.3 Population and sample size of the study 50
3.4 Sample size and sampling techniques 50
3.5 Data collection instrument 51
3.6 Validity and reliability of measuring instrument 51
3.7 Techniques of data analysis 52
3.8 Area of study 53

CHAPTER FOUR
4.0 Data Presentation and analysis 54
4.1 Introduction 54
4.2 Data Presentation 54
4.3 Data Analysis /interpretation 55
4.4 Test of hypothesis 62
4.5 Postulation and proof hypothesis 65
4.6 Discussion of the research findings 66

CHAPTER FIVE
5.0 Summary of findings, Conclusion and
Recommendations 67
5.1 Introduction 67
5.2 Summary of findings 67
5.3 Conclusion 68
5.4 Recommendations 69
Bibliography 72
Appendices 74-78

CHAPTER ONE

INTRODUCTION
It is an appreciable fact that this scholastic research study deems it necessary to conduct a forensic diagnose and analysis on “entrepreneurship as a major approach in solving unemployment syndrome in the Nigeria context a study of Garden Park Business Complex, Owerri, Imo State.
The work accordingly seeks to carry out a research survey on the aforesaid organization designed to find out how entrepreneurship is assisting in solving unemployment syndrome in Nigeria. It is believed that the rate of unemployment is graduating not only in arithmetical level but on geometrical proportion. Therefore, this research study shall attempt to browse deeply into the subject matter at stake, just to identify how entrepreneurship has contributed towards the reduction of unemployment rate in the Nigerian perspective.
Sincere the white collar jobs or government jobs are meant for the few connected individual or group of individuals, thereby creating an astronomical level of unemployment in Nigeria.
This intellectual exercise is affected to showcase on how entrepreneurship is the major approach in proffering solutions to the hydra-headed problems of unemployment in Nigeria.
As a result of the public organizations and agencies have placed embargo on employment of a new workers into the business empires, thereby provoking the high rate of unemployment in the Nigeria experience, the only way out to these virus of unemployment is to be self employed through the application of the doctrines and principles of entrepreneurship, which strongly remains to resourceful sources of employment.
Most time in Nigeria, there have been repeated reports or news that workers are being owned by the government or the public agencies due to lack of payment of the workers monthly salaries, irregular payment of workers, which have driven crazy the labour unions, that levels industrial actions or strikes by the labour union community thereby strangulating the wheel or process of nation – build or national development. A base on this premise, it will be very absorbed for one to depend on government works alone, because if he depends on when to get the public job, such a person economically doomed, because he cannot eke out a living. Accordingly, it is deemed appropriate that in a situation where unemployment syndrome, has reached unbearable and unacceptable proportion, it worthy to the fact that the only solution open to the solely unemployment background, is to float a private establishment through the creation of entrepreneurial environment.
Entrepreneurship is an attempt made by an individual or group towards being self-employed. Thereby restraining the high rate of unemployment entrepreneurship is an integral part of the private sector which is a reasonable source of socio-economic development of Nigeria. This research study agrees that the only gateway to the problems of unemployment is to resort to entrepreneurial activities to ensure that people are seriously engaged themselves to personnel or private business outfits, just to sustain their existence. Since the invasion of the unemployment situation in Nigeria, which has re-waged down the aspiration of being employed by the formal government institutions or agencies, the only option left open is to engage into entrepreneurship, which consolidates the activities of private sector, meant to be self-employed and to bring national development into a sharp focus.
Accordingly, the unemployment virus is graduating into a full scale problem, which has pushed the teeming number of unemployed into beggary solution, characterized with hardship and sufferings owning to the humble fact, this research work is actually designed to encourage entrepreneurs in a narrow perspective and entrepreneurial environment in a large circle. As a result of the backwardness of the third world nations, the only business activities to be adopted is the entrepreneurship which helps to put the human being into a right truck. Nigeria remains in the class of the third nations in today’s present world, due to the principle of entrepreneurship is not properly adopted and sustained. Here in Nigeria, everybody wish to secure the jobs of receiving salary monthly, without thinking how to be paying others salary monthly and not to be paid monthly, meaning that average Nigerian believed in getting admission into the public or government agencies, rather to be self-employed through entrepreneurship, which is a practical source of earning for oneself. Example of entrepreneurship through the adoption of entrepreneurial environments, propelled by highly celebrated entrepreneurs in Nigeria include: Dangote businesses community, ABC. Transport Company, Global Communication (GLO) Oando Oils, Young Shall Grow Transport Company, Ibeto group of Company, different bank and other financial institutions, private civil engineering companies Garden Park Business Centre Owerri, which to research study is rested upon, entertainment industries, information technologies, shipping and aviation industries and other entrepreneurship institutions that help the private sector of the Nigeria economy to develop and grow. The aforesaid blue astronomically to reduce the high level as promoting industrial development which leads to socio-economic fortune of Nigeria, as a nation, through the organized private sector.

1.1 BACKGROUND OF THE STUDY
The background of the study rested on “entrepreneurship as a major approach in solving unemployment syndrome in the Nigeria context, a study of Garden Park Business Centre Owerri, a service provider firm of local and global level. It is meant to carry out a research autopsy on the aforesaid subject matter, to actually give a majestic account of the role entrepreneurship towards curbing the high rate of unemployment in the Nigeria perspective. The research work actually conducted a research survey on the subject matter at stake, in order to identify and define the contributions of the entrepreneurship in fighting the high level of unemployment in Nigeria, which is in holistic bane on the Nigeria nations.
It is fairly believed that Nigeria is saddled on the throne of unemployment, which requires an urgent attention in order to find out a lasting solution to their great monster called unemployment. Entrepreneurship has made many Nigerians to run away from a pauperized state through the enthronement of entrepreneurship which as well provide enough employment opportunities to the teeming class of unemployed in Nigeria. The research deems it appropriate to run a research test on the subject matter under research investigation, to enable it identify the problems emanate from the high rate of unemployment, systematically designed to uniform its target leadership on the relevance and growing importance of encouraging entrepreneurship as way of alleviating the negative effects of unemployment in the Nigeria experience. It is sad to note that the Nigerian government both federal and state does not encourage entrepreneur by given grants to support them. Since the entrepreneurs are given the government a great assistance, by helping the public organizations and agencies in providing employment opportunities to the large number of unemployed class in Nigeria.
The so called government organizations or institutions have placed a blanket embargo on employment and those employed are not being paid their regular monthly salaries. So this research work is expected to pay a first attention on entrepreneurship as a major approach in solving unemployment syndrome in Nigeria.

1.2 STATEMENT OF THE PROBLEMS
This is crux of the matter or the purpose in which the researcher embarked on the research study. The research is structured around providing solutions to the lingering unemployment syndrome in Nigeria, which needs an urgent solution. The research study came as a result of indentifying and defining the problems informed by the high rate of unemployment in Nigeria, because it is practically observed that unemployment level in Nigeria is higher becoming unbearable and has been blown out of proportion.
It is noted here therefore, that unemployment problem shave dieted logical solutions and the researcher believes that the only way of curbing the hard fighting unemployment syndrome is to encouragement of entrepreneurship; which is a practical source of solving the high proportion of unemployment in Nigeria. Therefore, the problems of this research work rested on the question, what is the major approach of the entrepreneurship towards proffering solutions to the problem of unemployment in Nigeria, a study of Garden park Business Centre Owerri, Nigeria, which has actually answered the questions of the research.
In the light of the above development, the research study is continuously designed to x-ray, diagnose, examine and analyze the approaches made by the class of entrepreneurship towards solving unemployment syndrome in the Nigerian context. The existing question is now does the approaches adopted by the entrepreneurial community actually help in proffering solutions to the stubborn problem of unemployment in Nigeria? Finally the research work specifically anchors on providing possible solutions to checkmate the rate of unemployment syndrome, through the encouragement of the entrepreneurship.

1.3 OBJECTIVES OF THE STUDY
This is the golden opportunity of the researcher to identify the aims that really provoked him into embarking on this peripatetic endeavour consequently, the research aims or purposes of this work, resolves on:
• To identify the approaches of the entrepreneurship towards providing solutions to unemployment syndrome in Nigeria.
• To give an encyclopedic account of the high rate of unemployment virus in the Nigerian society.
• To find out if there is any cordial relationship between the government and entrepreneurship.
• To challenge the ecologies caused by unemployment syndrome in a practical approach.
• To know why unemployment rate continuous to shoot very high in Nigeria, despite the practical approaches made by the entrepreneurship.
• To motivate the entrepreneurs to continue provide employment opportunities to the league of the unemployed in Nigeria.
• To charge the private sector of the Nigeria economy to continue to provide an enabling environment for socio-economic development.
• To charge the appropriate authorities and public organizations to lift the blanket embargo on employment.
• To create a friendly entrepreneurial environment against the high rate of unemployment.

1.4 RESEARCH QUESTIONS
 How does the practical approach made by entrepreneurship, provides employment opportunities to teeming unemployed class?
 What extent has the entrepreneurship gone in proffering solutions to the unemployment syndrome in Nigeria?
 What is the level of cordial relationship between the government and entrepreneurship?
 What is actually behind the high rate of unemployment in Nigeria, despite the practical approaches adopted by the entrepreneurship to curb it?
 What approaches will be involved to alleviate or eradicate unemployment syndrome in Nigeria?
 What is the level of unemployment in Nigeria?
 How does the entrepreneurship bring approachable solutions of the problems of unemployment?
 How does the identification of the problems of unemployment rate, helps in proffering solutions to the unemployment syndrome?
 What is the relationship between the private and public organizations in Nigeria?
 What are the intensions of federal and state government over the looming unemployment cases?
1.5 RESEARCH HYPOTHESES
Hypotheses according to Ogunna (2003) are therefore indispensable elements of scientific social research. It can be validated by research funding, when hypotheses are proved by the researcher, it becomes a theory or principle. Researcher hypotheses according to Nwana (1998) in Iwueke (2014:22) are a formal affirmative statement predicting a single research outcome. Base on the premise, four hypotheses were formulated for this study which stated as follows:
HA1: There are significant impacts created by the entrepreneurship in proffering solutions to unemployment syndrome in Nigeria.
HA2: There are fundamental results, informed by the practical approaches of the entrepreneurship towards providing employment opportunities to the unemployed.
Ho1: There is no cordial relationship between government (public) and entrepreneurial organizations.
Ho2: High unemployment rate continues to escalate despite the practical approaches of the entrepreneurship to cushion the negative effects of unemployment.

1.6 SIGNIFICANCE OF THE STUDY
These are exact benefit derived from the study and the lessons taught by the study. It is very necessary because it corrects the wrongs which provoked the researcher to embark on the development of the study. Meanwhile, the significance of this narrows down to:
• The approaches adopted by the entrepreneurship towards fighting unemployment syndrome in Nigeria, have been fully identified.
• It gives an encyclopedia account of high rate of unemployment virus in the Nigeria context.
• It has charged the appropriate authorities (governments) in Nigeria to pay a prompt focus to the organizational ordeals of the Nigeria entrepreneurs.
• The practical challenges of the ecologies of unemployment related cases in Nigeria have been systematically noted down or registered.
• It ensures that the high rate of unemployment will be drastically reduced.
• The motivation of the entrepreneurship to continue to provide employment opportunities to the league of unemployed is rest assured.
• The private sector of the Nigeria economy has to continue to provide an enabling environment for socio-economic development, which is a bed rock to fight unemployment related cases.
• Government or the appropriate authorities have been charged to lift the blanket embargo on employment.
• A friendly entrepreneurial environment has been created to enhance the process of socio-economic development of Nigeria.

1.7 SCOPE OF THE STUDY
This research is delimited to the entrepreneurship as a major approach in solving unemployment syndrome in Nigeria context, a study of Garden park Business Centre, Owerri, Nigeria. The entire research study specifically rested upon the said Owerri entrepreneurial organization which provides employment to many people. This is provoked in order to identify the major approaches taken by entrepreneurs towards combating unemployment virus in Nigeria.
The research exercise actually structured its research investigation on the subject matter in order to identify the practical inputs of the entrepreneurship towards derailing the wheel of unemployment syndrome.
It is indisputable to note that Garden Park Business Organization has practiced the principle of entrepreneurship, which provided employment to the teeming youths. Accordingly, the way and manner by which Garden Park provides employment opportunities to the youths were brought into sharper focus by the researcher in question, which promotes the private firm under review to be reckoned with in this study.

1.8 ASSUMPTIONS OF THE STUDY
Iwueke (2014:23) believed that these represents the legal loopholes of any research study which the research assumes to be true, concerning the study and what is generally assumed to be true (Ibidi).
Accordingly, the basic assumptions of this study reflect on.
• Entrepreneurship is a great tool designed to combat unemployment virus.
• Entrepreneurial organizations provide employment opportunities to the employed.
• Entrepreneurship is a major approach against unemployment scourges.
• Encourage the federal state government to quickly lift blanket embargo on employment in the public organizations.
• Entrepreneurship is to provide employment to the reasonable number of unemployed.

1.9 DEFINITION OF TERMS
This defines the major terms used in the research study, it enable the readers to understand the meaning of such terms from the researchers angle or perceptive. Independent and dependent variables and major terms are defined in a clearly and briefly as Iwueke (2014:25) posited. The concept clarifications of this study boils on the following:
Entrepreneurship: Is a noun form of entrepreneur, a person who is self-employed, who makes money by establishing or floating a business organization, especially when it involves taking a financial vista. He is also identified as a risk taker.
As a major approach: A key method or manner of making things to be graphically noticed in all ramification, a way or direction by which things are looked upon.
Solving providing an answer to certain problems a way of bringing something under control.
Unemployment Syndrome: This is the state of joblessness, which creates hardship to people.
In the Nigeria Context: The style or fashion in which things usually occur or happen in Nigeria.
Business Complex: This is a place where business transactions of different background are carried out. It is an organization premises that is controlled, managed and directed entrepreneurially buy an individual.

1.9.1 BRIEF HISTORICAL BACKGROUND OF GARDEN PARK BUSINESS CENTRE OWERRI
Garden Park Business Centre, one of the mega service providers in Nigeria was established by Chief Ononuji of Ogula Community in Mbaitoli Local Government of Imo State, in 1994 to provide document related services and information technology to the people. This high profile business center was previously located at Okigwe Road, by Wetheral Junction Owerri, Nigeria, before it shifted its main corporate office at Assumpta Avenue by Douglas Road Owerri, where it is presently providing information services to the society.
The business corporation has what it takes to be a formal organization because it has all the needed organizational structures, where the principles of hierarchy and bureaucracy are officially maintained. However, the organization has provided employment to over 300 people who eke out their living from there. Thereby helping to battle against the high rate of unemployment in the state, the firm under study is actually giving its workers senses of belonging because all the perquisites of offices are being provided to its workers. Garden Park Business Centre constitutes strong opposition to unemployment syndrome in the state, and it is an integral part of the private sector of the Nigerian economy because it has significant contributions to the socio-economic development of Nigeria.

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Entrepreneurship As A Major Approach In Solving Unemployment Syndrome In Context:

Entrepreneurship can indeed play a significant role in addressing the unemployment syndrome in various contexts. Unemployment is a complex issue that can have both economic and social implications. Entrepreneurship, as a major approach, offers several potential benefits in tackling unemployment:

  1. Job Creation: One of the most direct ways entrepreneurship can address unemployment is by creating new job opportunities. Entrepreneurs often start small businesses that require a workforce, thereby absorbing some of the unemployed population.
  2. Innovation and Economic Growth: Entrepreneurial ventures can lead to the development of new products, services, and technologies. This innovation can stimulate economic growth, leading to increased demand for labor across various sectors.
  3. Diverse Opportunities: Entrepreneurship offers a diverse range of opportunities that cater to different skill sets and educational backgrounds. This allows individuals who might not fit into traditional employment models to create their own paths by starting businesses that align with their strengths.
  4. Self-Employment: Entrepreneurship provides the chance for individuals to become self-employed and take control of their livelihoods. This can be particularly empowering for those who have struggled to find traditional employment.
  5. Local Economic Development: Small businesses and startups often contribute to the development of local economies. They can revitalize communities by creating a network of interdependent businesses and services.
  6. Reduced Dependence on Formal Jobs: Not everyone can be absorbed by the formal job sector due to various reasons, including limited availability of jobs or lack of required skills. Entrepreneurship provides an alternative path for these individuals to generate income.
  7. Skills Development: Starting and running a business requires a variety of skills, from financial management to marketing to operations. Encouraging entrepreneurship can lead to the development of a more skilled and adaptable workforce.
  8. Youth Employment: Young people entering the job market often face challenges due to lack of experience. Encouraging entrepreneurship among youth can empower them to create their own opportunities and become job creators rather than job seekers.
  9. Inclusive Growth: Entrepreneurship can promote inclusivity by allowing underrepresented groups, such as women, minorities, and people with disabilities, to enter the economic mainstream and contribute to the labor market.
  10. Reduction of Brain Drain: In contexts where educated individuals might seek employment abroad due to lack of opportunities at home, fostering a culture of entrepreneurship can help retain local talent and expertise.

However, it’s important to note that entrepreneurship is not a one-size-fits-all solution to unemployment. It requires a supportive ecosystem, including access to capital, mentorship, business-friendly regulations, and infrastructure. Not all entrepreneurs will succeed, and failure can have its own economic and psychological impacts. Governments, educational institutions, and the private sector need to collaborate to create an environment conducive to entrepreneurship.

In conclusion, while entrepreneurship can be a powerful tool in addressing unemployment, it should be integrated into a broader strategy that includes education, workforce development, and social safety nets to provide a comprehensive solution to the challenges posed by unemployment.