Strategies For Promoting Entrepreneurship Development
(A Study Of Enugu State)
Effective strategies for promoting entrepreneurship development involve fostering an ecosystem that encourages innovation, resilience, and adaptability. Encouraging educational initiatives that emphasize entrepreneurial skills at various levels, from primary education to higher learning, plays a fundamental role. Additionally, creating accessible funding avenues, such as venture capital and government grants, facilitates the financial aspect of entrepreneurship. Collaborative platforms that connect aspiring entrepreneurs with mentors and industry experts can provide valuable guidance and networking opportunities. Policymakers should streamline regulatory processes, making it easier for startups to navigate legal requirements. Moreover, cultivating a culture that values risk-taking and learns from failures is indispensable for entrepreneurial growth. By intertwining these strategies, a dynamic environment can be cultivated, nurturing the development of entrepreneurs and contributing to economic vitality.
The aim of this study is to examine the strategies for promoting entrepreneurship in Nigeria. Data were collected from both primary and secondary sources. The main instrument used is the questionnaire.
The data are presented in table as frequency distribution and in the analysis, the technique of percentage and frequency are used. The major findings are:
1. Entrepreneurship promotion in Nigeria is done through financial non-financial and fiscal supports.
2. The government, C.B.N banks and international institutions and agencies promote entrepreneurship in Nigeria.
The conclusion drawn is that in spite of the laudable efforts of these is still needed the main recommendation by all the parties involved in entrepreneurship promotion in Nigeria.
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of contents
CHAPTER ONE
Introduction
1.1 Background of the study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 Significance of the study
1.5 Research questions
1.6 Scope and limitations of the study
1.7 Definition of terms, and acronyms
Reference
CHAPTER TWO
Literature Review
Definition and concept of the entrepreneurship
Nature and dimensions of entrepreneurship development in Nigeria
Strategies for promoting entrepreneurship development
Institutional financing arrangements for promoting entrepreneurship development in Nigeria
International financial assistance
Challenges to entrepreneurship development in Nigeria
Reference
CHAPTER THREE
Research Methodology
3.1 Method of sources of data
3.1.1 Primary sources
3.1.2 Secondary sources
3.2 Research population
3.3 Sampling method used
3.4 Questionnaire design
3.5 Description of respondents
3.6 Method of data analysis
CHAPTER FOUR
Data presentation and analysis
4.1 (Analysis of data from CBN staff)
Table 4.8: Strategies used by CBN in promoting entrepreneurship
4.9 CBN’s entrepreneurship promotion financial strategies
4.10 Responses to CBN supporting other banks for entrepreneurship promotion
4.2 (Analysis of data from NDE officials)
Table 4.14 NDE’S strategies for entrepreneurship promotion
4.15 NDE’s financial support schemes
4.16 NDE’s Non-financial schemes for entrepreneurship promotion
4.17 Responses to existent of government support
4.18 Problems of the NDE in promoting SME’s
4.3 (Analysis of data from NAMSME’S staff)
Table 4.19 Responses to the association encouraging entrepreneurship development
4.20 Strategies adopted by NAMSME in entrepreneurship promotion
4.21 Responses to government giving fiscal incentives
4.22 Fiscal incentives given by government
4.23 Supporting institutions
(FOR CBN STAFF)
FOR NDE STAFF)
FOR NAMSME STAFF)
CHAPTER FIVE
Summary, Conclusion and Recommendations
5.2 Conclusion
5.3 Recommendation
5.4 Limitations of the study
5.5 Suggestions for further studies
References / Bibliography
Appendix
Questionnaire
BACKGROUND OF THE STUDY
In many African countries government has played a significant role in determining the course of national development since 1960 the Nigerian National Development plans have laid great emphasis on public sector control of the economy Ezeife, (1998:26) This trend has generally, distinguished the government as a major investor in business which other wise should have been left to private investors. The general was that the fastest route to development is government playing a leadership role in entrepreneurship development.
In Nigeria, until recently government has participated extensively in business activities making every one look unto it as the provider of employment and welfare Ujam, (2001:19) Many Nigerians did not think of self – determination as an alternative to government employment. However, the economic downturn of the economy changed. This situation as unemployment heightened in the mid-1980’s graduates and school leaves have now realized that the government is no longer ready to offer them employment hence the current guest for entrepreneurship development Ugbaja (2003:12) short of themselves into various entrepreneurial ventures.
The government has shown much concern about the unemployment situation and has set up many institutions to assist in creating favourable climate for entrepreneurship development in the country Aluko (2002:32) the Nation is now on the right part to entrepreneurship development in the 21st Century with the ongoing privatization programme. The new emphasis on self-determination is in the line with current policy of promoting private sector dominance Nwatu (2003:18) to this and the government, International agencies and even non-government organizations and the world bank are now showing concern for and commitment to entrepreneurship development in Nigeria.
It is against this background that this study is set to examine the strategies for promoting entrepreneurship development in Nigeria with a particular emphasis of Enugu State.
1.2 STATEMENT OF THE PROBLEM
The current emphasis on entrepreneurship development in Nigeria is facing some constraints these include:
1. In adequate institutional support for rapid promotion of entrepreneurship development.
2. Lack of capital and credit for entrepreneurial activities.
3. Lack of market incentive for entrepreneurs
4. Inadequate entrepreneurship encouragement programmes.
5. Lack of entrepreneurship education programmes
6. In adequate entrepreneurial opportunities for women and young persons.
7. Lack of willingness (to take risk) entrepreneurial and managerial acumen among Nigerians.
These factors constrain rapid entrepreneurship development in Enugu State.
1.3 PURPOSE OF THE STUDY
The main purpose of this study is to examine the strategies adopted for entrepreneurship development in Enugu State thus, the specific objectives of the study are:
1. To examine the entrepreneurship promotion measures introduced by the government
2. To examine the efforts of Nigerians to become self employed.
3. To examine what role international financial institutions and organizations play in promoting entrepreneurship development
4. To determines if these are entrepreneurship encouragement programme opportunities and incentives.
5. To determine if a favourable and stable business climate has been created for entrepreneurship development.
1.4 SIGNIFICANCE OF THE STUDY
This study is significant in many respects. Firstly it will be useful to the government. This is because its findings will help the government to determine whether it has adopted the right strategies or done enough to promote entrepreneurship in Nigeria. The recommendations will be very useful for entrepreneurship promotion policy formulation.
Secondly, the study will show what assistance the international organization include the world bank and its affiliates have been giving to Nigeria for entrepreneurship development. This study will therefore provide Nigerians information on how to avail themselves the opportunities created by these assistance.
Finally, the study will be useful for academic purpose. It will provide useful information for those who will carryout related studies in the future. Furthermore the research findings can provide the basic for further studies.
1.5 RESEARCH QUESTIONS
The following questions are formulated for this study:
1. What are the strategies adopted by the government in promoting entrepreneurship development in Enugu State?
2. What efforts are Nigerians making to become self-determining?
3. What role do international financial institutions and other organizations play in promoting entrepreneurship development in Enugu State?
4. Are there entrepreneurship encouragement programmes opportunities and incentives for young entrepreneurship?
5. Has a favourable and stable business climate been created?
1.6 SCOPE AND LIMITATIONS OF THE STUDY
The study focuses on the strategies adopted in promoting entrepreneurship development in Nigeria with particular reference to Enugu State. It therefore covers government’s individuals’ and international organization’s efforts to promote entrepreneurship development in Nigeria.
The researcher encountered some limitations however, in carrying out the study. Firstly, collecting data for the study is not easy given the nature of the study. Many individuals approached for information could not cooperate. Secondly, the researcher could have traveled outside the state in search of information and data. But she could not do so for lack of finance.
Finally, the study could not be completed a record time because of the pressure of other academic work on the researcher.
1.6 DEFINITION OF TERMS AND ACRONYMS ENTREPRENEUR
This refers to an individual who creates a new business and continues managing it until it succeeds.
Entrepreneurship:
This is the phenomenon of creating a new business fermenting and managing it, taking risk and making losses or profits.
Business Environment / climate:
This refers to all the physical facilities environmental factors, regulations opportunities and risk associated with the business.
Institutional arrangement / support:
This refers to institutions and their supports for entrepreneurship development.
Venture capital:
This refers to loans for business
Starting capital:
This refers to fund required to set up a business.
Business Opportunity:
This refers to a profitable business activity that can be undertaken
Innovation:
This means introducing a new business or product
Strategies For Promoting Entrepreneurship Development
Promoting entrepreneurship development is essential for economic growth and innovation. Governments, organizations, and individuals can employ various strategies to foster an entrepreneurial ecosystem. Here are some key strategies:
Education and Training:
Entrepreneurship Education: Incorporate entrepreneurship courses and training programs at all educational levels to equip individuals with the necessary skills and mindset.
Skill Development: Provide workshops, seminars, and mentorship programs to develop specific entrepreneurial skills, such as business planning, marketing, finance, and leadership.
Access to Capital:
Start-up Funding: Establish or support venture capital funds, angel investor networks, and government grants or loans for startups.
Microfinance: Facilitate access to microloans for aspiring entrepreneurs, especially in underserved communities.
Infrastructure and Support Services:
Incubators and Accelerators: Create and support incubators and accelerators that provide workspace, mentorship, networking, and access to resources.
Technology Parks: Develop technology parks and innovation hubs to encourage collaboration and innovation.
Regulatory Environment:
Streamlined Regulations: Simplify and streamline business registration and licensing processes to reduce bureaucratic hurdles.
Intellectual Property Protection: Strengthen intellectual property laws to protect entrepreneurs’ innovations and ideas.
Networking and Collaboration:
Entrepreneurial Communities: Foster a sense of community among entrepreneurs by organizing networking events, conferences, and meetups.
Public-Private Partnerships: Encourage collaboration between government, private sector, and academia to create a supportive ecosystem.
Market Access:
Export Promotion: Assist entrepreneurs in accessing international markets through trade agreements, export promotion programs, and market research.
Buy Local Initiatives: Encourage local businesses and government agencies to buy from and support local entrepreneurs.
Innovation and Research:
Research and Development Funding: Allocate resources to fund research and development projects that can lead to innovative business ideas.
Technology Transfer: Facilitate the transfer of technology and knowledge from universities and research institutions to entrepreneurs.
Access to Mentorship and Role Models:
Mentorship Programs: Establish mentorship programs where experienced entrepreneurs provide guidance and advice to new startups.
Entrepreneurial Role Models: Highlight success stories and showcase entrepreneurial role models to inspire and motivate others.
Risk-Taking Culture:
Tolerance for Failure: Encourage a culture that accepts failure as a part of the entrepreneurial journey and provides safety nets for entrepreneurs who take calculated risks.
Measuring Impact:
Data and Metrics: Collect and analyze data on entrepreneurship activities to track progress and make informed policy decisions.
Impact Assessment: Assess the socio-economic impact of entrepreneurship programs and initiatives regularly.
Inclusivity:
Diversity and Inclusion: Promote entrepreneurship among underrepresented groups, including women, minorities, and people with disabilities, to ensure a more inclusive ecosystem.
Public Awareness and Promotion:
Marketing and Promotion: Launch campaigns to promote entrepreneurship as a viable career option and showcase success stories.
Entrepreneurship Awards: Recognize and reward outstanding entrepreneurs to celebrate their achievements.
Infrastructure and Technology:
Digital Infrastructure: Invest in digital infrastructure, such as broadband access, to enable online businesses and remote work opportunities.
Economic Policies:
Tax Incentives: Consider tax incentives and other financial benefits for startups and small businesses.
Economic Stability: Maintain a stable economic environment that encourages investment and entrepreneurship.
Global Integration:
International Partnerships: Foster international partnerships and collaborations to access global markets, expertise, and resources.
Promoting entrepreneurship development is an ongoing process that requires a combination of these strategies tailored to the specific needs and challenges of each region or country. Collaboration between various stakeholders is crucial for creating a thriving entrepreneurial ecosystem.