Baron, R.A. and Henry, R.A. (2010), How entrepreneurs acquire the capacity to excel: insights from research on expert performance, Strategic Entrepreneurship Journal, Vol. It is recommended that the government provide support capable of augmenting innovation and widening its spheres. IMPACT OF ENTREPRENEURSHIP DEVELOPMENT PROGRAMME ON INCOME AND EMPLOYMENT GENERATION AMONG THE YOUTH IN KANO STATE NIGERIA (LAFIYA JARI), Journal of Advance Management and Accounting Research, international journal of academic research in business and social sciences. Opportunity search and discovery, and opportunity exploitation are crucial elements of the entrepreneurial process (Kusa, 2019). Naud, W.A. 13 No. 2, pp. Thaddeus, E. (2012), Perspectives: entrepreneurship development and growth of enterprises in Nigeria, Entrepreneurial Practice Review, Vol. Conclusion and recommendation Abstract Purpose This study examines the nexus between entrepreneurship through small-medium enterprise (SME) business formation and the growth of the Nigerian economy. The employment elasticity is positive and significant and shows that the contribution of entrepreneurship regarding employment is the most essential factor that advances economic growth and reduction of unemployment. National Bureau of Statistics (2013), Micro, small and medium enterprise national survey, available at: www.nigerianstat.gov.ng/pdfuploads/MSME%20Presentation.pdf. However, from our empirical analysis, it was revealed that while the annual increase in the total number of SMEs fosters economic growth, it is not indispensable; instead, aiding the existing businesses to innovate and develop better is what ought to be revealed that when businesses expand as a result of innovation, more employment is created, thus, lessening the gravity of unemployment. The conclusion is reached by the Granger representation theorem of Engle and Granger. This in turn would empower people, create jobs and add economic value to a region, and at the same time it will keep scarce resources within the community. PDF International Business & Economics Research Journal Entrepreneurial Evaluating entrepreneurial factors has been close to impossible to quantify. Hence, having outlined all variables for our empirical investigation, we at this moment specify the functional relationship that exists among our outlined variables as follows: EMPt=Employmentthroughentrepreneurshipbusinessattimet, TMSMt=TotalMicro-SmallandMedium-scaleEnterprisesattimet, The econometric form of the model is therefore given as. 6 No. Review of Economics and Political Science. 159-176. These interactions ultimately result in firm performance, personal wealth and aggregate national economic growth (Carree and Thurik, 2010). 1-11. Among the emerging markets, 7 out of 10 new jobs are created by small businesses (World Bank, 2015; Page and Sderbom, 2015). The employment creation potentials of small businesses in Sub-Saharan Africa have also been acknowledged. This connotes that a rise in entrepreneurial business yields higher GDP for the country. In contrast, the ownership mix allows for a more relaxed management style, trusting others with key responsibilities (Obasan et al., 2016). 269-310. You can download the paper by clicking the button above. A standard curriculum that encompasses the starting of SMEs, co-ordination, management and continuation for SMEs to move from start-up to scale-up needs to be developed and used to train students in our training institutions as this will help to get them prepared for the phases of SME. 1, pp. Wennekers, S. and Thurik, R. (1999), Linking entrepreneurship and economic growth, Small Business Economics, Vol. 1, pp. Fairlie, R.W. 555-573. 2, pp. Oluyomibo, P.S. 17-042. 2, pp. Declaration of interest statement: The authors declare no conflict of interest. and Fossen, F.M. Small businesses account for 70% of industrial employment and about 50% of manufacturing output (Ogunmuyiwa and Okunleye, 2019). importance of entrepreneurship has continued to surface in the development agenda plan of many economies, this importance has also been extended to entrepreneurs . It can be derived from the amount of increase in Gross Domestic Product (GDP). 258-271. In recent times, small businesses have increasingly become important knowledge transfer channels (Omotayo, 2015). Also, entrepreneurship serves as a means of quick development of economies in developing and underdeveloped nations (Schumpeter, 1934; Clausen, 2006; Praag and Versloot, 2007). This paper looks at the theoretical basis for business mentoring, examines the influence of foreign direct investment (FDI) inflow on domestic entrepreneurship in Nigerias manufacturing sub-sector from 1973 to 2010 while employing OLS technique. A country's tax structure is usually made to enhance economic growth and development. Other groups of challenges identified by empirical studies, which militate against entrepreneurship development were highlighted. The purpose of this study was to explore how the curriculum contents of an entrepreneurship programme affect the entrepreneurial development of university students in Nigeria. Academia.edu uses cookies to personalize content, tailor ads and improve the user experience. (2003), Basic Econometrics, McGraw Hill Book Co, New York, NY. Sorry, preview is currently unavailable. Enter the email address you signed up with and we'll email you a reset link. The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through Small and Medium Enterprises (SMEs) development in Nigeria. Small enterprise, aid and employment in Africa, Does family ownership structure affect investment-cash flow sensitivity? 27, pp. Small and medium scale enterprises do not positively impact GDP. Aldrich, H.E. The study found that exposure to entrepreneurship education influences students' intentions of becoming self-employed and improve their employability status. Ahiauzu, A. 52 No. Opportunities vary among individuals over time. (2014), Entrepreneurship development in Nigeria: a review, IOSR Journal of Business and Management (IOSR-JBM), Vol. (2021), Learning and innovation in youth-owned small businesses, Rajagiri Management Journal, Vol. The Strategic Importance of Entrepreneurship as .. 91 Introduction Entrepreneurship in Nigeria started when people in the villages and farming communities produced more products than they needed, as such; they had to exchange these surpluses with those who needed them within their immediate and neighbouring communities. The generic constraints that are faced by rural enterprises have been listed out. To Leibenstein (1968), entrepreneurship is the process needed to establish and build an enterprise, while Gartner (1988), in simple words, defined entrepreneurship as making new enterprises. Amors, J.E., Cristi, O. and Minniti, M. (2011), Entrepreneurial volatility: a cross country study, Annual Proceedings of the Wealth and Well-Being of Nations, Vol. (2007), What is the value of entrepreneurship?, IZA Discussion Paper No. 739-747. It addresses specific causal factors, indices of poverty and unemployment and proffered panacea to the identified problems. Global Entrepreneurship and Development Institute (2018), available at: shttp://thegedi.org/countries/Nigeria. 25, pp. It is also a veritable change agent of the structure of business and society. This is evident when making a comparison of test statistics (in absolute terms) of PP test statistics with the critical values (also in absolute terms) at 5% level of significance. Also, the Durbin Watson statistic of 1.97 shows that serial correlation is minimal, while the probability of F statistic of 0.009 significant at 1% indicates that a linear relationship exists among all the variables used. Entrepreneurship on the other hand has been beneficial because the Nigerian private sector comprising of small and medium enterprises provides diverse employment opportunities for over 50 percent of the country's population and 50 percent of the industrial output (Ariyo, 2005; Oyelola et al, 2013). Table 2 shows the results for testing the presence of a long-run correlation between the quantities used for the study. development of principles and practice of entrepreneurship in Nigeria. An emerging channel of job creation is in service outsourcing, which is also dominated by small businesses created to fulfill existing companies' unmet needs. Idam, L.E. This study investigates how SMEDAN training has stimulated the development of SMEs. Akinola Department of Accounting and Finance, McPherson University, Ogun State, Nigeria ABSTRACT: The contribution of entrepreneurship in the economic development cannot be over-emphasized nor should be underestimated for any reason as this is already a known fact Survey research design was adopted for the study, and sample of 173 SME and 17 SMEDAN respondents were selected and used for the study. ENTREPRENEURSHIP IN NIGERIA-FUNDING AND FINANCING STRATEGIES A.O. Employment through entrepreneurial business does not positively impacts GDP. The article proceeds thus: the second section will present the conceptual and research discourse, the third section the research methodology of empirical analysis while data and results will be analyzed in section four; chapter five will then conclude the paper. 6, pp. Learning and organizing in new ventures, The entrepreneurship of resource-based theory, Entrepreneurial volatility: a cross country study, Annual Proceedings of the Wealth and Well-Being of Nations, Entrepreneurship education and employment in Nigeria, International Journal of Academic Research in Business and Social Sciences, Institutional factors, opportunity entrepreneurship and economic growth: panel data evidence, Technological Forecasting and Social Change, Tax policies and entrepreneurship sustainability in Ondo State, Nigeria, Journal of Global Entrepreneurship Research, How entrepreneurs acquire the capacity to excel: insights from research on expert performance, Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity, The causes and impact of business failure among small to micro and medium enterprises in South Africa, Africa's Public Service Delivery and Performance Review, The impact of entrepreneurship on economic growth, International Handbook of Entrepreneurship Research, Kluwer Academic Publishers Central Bank of Nigeria, Banking Supervision Annual Report, International Handbook Series on Entrepreneurship. The National Youth Service Corps (NYSC) scheme should look deeply into entrepreneurial hubs with start-up grants for members to initiate their ventures. Some other relevant entrepreneurial factors also apply in adding to the growth of the economy (Robbins et al., 2000). (2000), An ampirical assessment of the contribution of small business employment to US State economic performance, Small Business Economics, Vol.
Monster Lite To Monster Adapter,
Cremo Distillers Blend Shampoo,
Cheapest Midi Foot Controller,
Lionshead Village Hotel,
Articles I