THE ROLES OF INDIGENOUS ENTREPRENEURSHIP IN THE DEVELOPMENT OF NIGERIA ECONOMY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Entrepreneurship is a dynamic process of creating incremental wealth. The creation of this wealth, the entrepreneurs assume the major risk in terms of equity time and career commitment of providing value for some products or services. According to Robert E. Holmes, Ph.D (Dean of UAB’s school of Business) “Entrepreneurship is more a philosophy than anything else, it is a way of not only taking advantages of existing opportunities but also bringing new opportunities into being”. To an economist, an entrepreneur is a factor of production one that can coordinate other factors of production such as land, labour and capital to make greater value and also who initiate changes and innovation of a new order of business. To the psychologist an entrepreneur is a person who have a goal – direction for the fulfillment of needs. To a businessman an entrepreneur is one who takes risk to start and run a business that create wealth for others as well as finding better ways to utilize resources waste and create jobs that other are glad to get. The idea of entrepreneurship is not new in Nigeria. Entrepreneurship existed before the coming of the colonial masters. There was no paid employment prior to their coming. Entrepreneurship activities that have to do with the establishment and operation of business enterprise which include:
1. Identification of investment opportunities
2. Deciding what opportunities to exploit for profit Promotion and establishment of business enterprises
1. Pooling of various scare resources for production and distribution of goods and services.
2. Organization and management of the human and material resources for the attainment of the objectives of enterprises
3. Risk bearing and innovation
All these were going on before the coming or the colonial masters. Thus, the importance of entrepreneurship is known to Nigerian. But in the context of our present poverty and unemployment situation in Nigeria, this work will examine the role of indigenous entrepreneurship on Nigeria economy.
The very word “entrepreneur” brings to mind motivated individual who works for themselves. But such people can also thrive within the corporate structure. Within a company. In the technological sector can also be entrepreneurship on Nigeria economy.
