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ENTREPRENEURSHIP AND SMALL BUSINESS DEVELOPMENT AS A TOOL FOR EMPLOYMENT GENERATION IN NIGERIA
CHAPTER ONE
INTRODUCTION
- BACKGROUND OF STUDY
The main strategy for the establishment by the entrepreneurs of Small and Medium Enterprises (SMEs) and its promotion by various sectors, is to enhance job creation, promote economic growth, reduce poverty. The importance of Small and Medium Enterprises (SMEs) in any economy cannot by overemphasis. They constitute the smallest unit of business. They predominate in most sectors of the economy occupying every available space such as form enterprises in the rural areas, provision store, bakery, pure water production, garri processing or food processing industries.
Although, many writers have talked about the financing of the Small and Medium Enterprises in pre-consolidation and post-consolidation periods of Banks towards the enterprises development, the issue of credit accessibility and affordability as it affects economic development has not been stressed. The concern of this research is to examine the extent of promotion accorded the entrepreneurs of Small and Medium Enterprises. (SMEs) and the level of economic development in the rural communities.
The history of industrial revolution in developed and developing economies or countries has shown that Small and Medium Enterprises (SMEs) are driving force of industrial development. It is therefore, the attention of the government, the world over to focus on the funding and supporting of Small and Medium Enterprises (SMEs) activities. Available evidence shows that Small and Medium Enterprises (SMEs) are characterized by being managed by their owners as proprietorship or partnership. They are largely local in the areas of capital and relatively small size with the industry.
Small and Medium Enterprises (SMEs) predominate in the private sector of the Nigeria economy. Almost all of them are starved of funds. The relative importance of the enterprises differs from one type of business to another. The major areas of business enterprises activities are in manufacturing, rendering services and product distribution.
Banbeck (1983) included in his publication on “Basic Small Business Management” that more than one-third of all the manufacturing firms in Nigeria employ fewer than five persons or none at all and that close to two-thirds employ fewer than twenty workers. His study on the whole revealed that five per cent of non-form business of all kinds employs fewer than fifty workers each.
The characteristics of Small and Medium Enterprises (SMEs) largely constitute the basis of their problems and special needs that have attracted different authorities and sectors in recent past. It is also the focus of this research to critically examine and measure the effects of the government funding programmes on Small and Medium Enterprises (SMEs) activities. Though the result of the findings from the respondents/enterprises, the study will determine how much of the support have been received from the programmes and extent of development experienced in the population Enugu South Enugu State.
The study is further intended to reveal the various enterprises with Okehi communities with a view to identifying their business activities, proffering solutions to the identified challenges impeding their effectiveness and proficiency to achieve economic development.
Entrepreneurship has never been more important than it is today in this time of financial crisis. At the same time, society faces massive global challenges that extend well beyond the economy. Innovation and entrepreneurship provide a way forward for solving the global challenges of the 21st century, building sustainable development, creating jobs, generating renewed economic growth and advancing human welfare. When we speak about entrepreneurship, we are defining it in the broadcast terms and in all forms – entrepreneurial people in large companies, in the public sector, in academia and, of course, those who launch and grow new companies. Now more than ever, we need innovation, new solutions, creative approaches and new ways of operating. We are in uncharted territory and need people in all sectors and at all ages who can “think out of the box” to identify and pursue opportunities in new and paradigm changing ways.
Entrepreneurship can be a societal change agent, a great enabler in all sectors. Not everyone needs to become an entrepreneur to benefit from entrepreneurship but all members of society need to be more entrepreneurial. The public sector, private sector, academia and non-profit sectors all have roles to play in facilitating the development of effective ecosystems that encourage and support the creation of innovative new ventures. We need to create the types of environments that are conducive to encouraging entrepreneurial ways of thinking and behaving.
Much has been written about the impact of entrepreneurship on economic growth. If we are to attain the Millennium Development Goals of reducing poverty, we must develop human capital in all countries and societies, in remote regions as well as major cities, and world. While the contexts around the world vary dramatically, entrepreneurship, in its various forms, can equip people to proactively pursue those opportunities available to them based on their local environments and cultures. We have seen a number of “waves” in entrepreneurship education, starting a century ago, developing in phases and now expanding exponentially. By making entrepreneurship education available to young people and adults alike, we are preparing the next wave of entrepreneurs to enable them to lead and shape our institutions, businesses and local communities and create an enabling environment for sustainable employment.
Entrepreneurship is a sure way to bringing fulfillment to the aspiration of an individual, and a major weapon to curbing unemployment, poverty and underdevelopment problems in any country. Consequently, its importance to the economic wellbeing of an individual and family cannot be over-emphasized. Entrepreneurship is first and foremost a mindset of human beings, focused towards the generation or profitable ideas. Entrepreneurs are visionary, goal-driven, innovative individuals or teams that are oriented to developing a new business and making it a profitable one (Hisrich and Lagan-fox, 2005). Nigerian economy is an emerging one that is characterized by a large influx of entrepreneurs and small and medium enterprises. The emergence of this category of people makes it somewhat important and necessary for researchers to understand and mange them effectively.
Entrepreneurs play an important role in any given economy and are the prime movers of economic development. Entrepreneur is derived from the French verb “entrependre” which means to undertake, to attempt, to try in hand, to contract for, or to adventure (Girad, 1962). Entrepreneurship is the process of wealth creation and individuals referred to as entrepreneurs create this wealth by being innovative. The traditional perspective described entrepreneurship in purely economic terms. For example, Cantillon (1755), describes the entrepreneur as any individual who is self-employed, thereby actively taking the risk of economic uncertainty. The entrepreneur in the context of this paper is the originator or creator of a profit seeking organ of the society or economic organization established for the purpose of providing goods and services for the consumption of the society, in which such organizations located. The entrepreneur is often referred to as the agent of economic, technological and social systems (Ogundele and Olayemi, 2004).
Small businesses are generally regarded as the driving force of economic growth, job creation and poverty reduction in developing countries. They have been the means through which accelerated economic growth and rapid industrialization have been achieved. While the contributions of small businesses to development are generally acknowledged, entrepreneurs face many obstacles that limit their long-term survival and development. Research on small-business development has shown the rate of failure in developing countries is higher than in developed world. (Arinaitwe, 2002). Scholars have been indicated that starting a business is a risky venture and warn that the chances of small-business owners making it past the five-year mark are very slim. Theyshould develop both long-term and short-term strategies to guard against failure (Sauser, 2005; Monk, 2000). In Nigeria, Arowomole, (200) asserted that every successvie government continue to emphasis on entrepreneurship emergence. This is probably to find a better way of nurturing the emergence of entrepreneurship by looking for those determinants that could effectively and positively affect the entrepreneurship emergence as well as the performance.
With reference to above, many past studies have documented the significant impact of entrepreneurial factors such as individual determinants, external factors and firm characteristics on entrepreneurial performance. For instance, Mohd (2005); Blackman (2003); Ogundele (2007); Colin et al., (2005) and Lawal (2005) argued that individual determinant which is also called entrepreneurial characteristics significantly and positively affect both entrepreneurial emergence and entrepreneurial performance. Similarly, Van de ven (1993); Mohd (2005); Arowomole (2000); Kuratko et al., (2004) and (Radiah, Mohd and Ab, 2009) have asserted that external factors predict and significantly affect entrepreneurial performance as well as the emergence of entrepreneurship of any country. With respect of this, Van de van (1993) has further argued that any study within the field of entrepreneurship development without the consideration of external factors which he nicknamed external environment should be considered incomplete and invalid. Accordingly, Johan et al., (2005); Mohd (2005); Lin (2006) and Dean et al., (2000) argued that firm characteristics such as firm size, nature of firm etc affect the performance of the firm. From the above, there is no doubt that past studies have really given attention to the impact of individual determinants, external factors and firm characteristics on firm performance (Rebecca, 2009; William, 2009; Zhang et al., 2008; Okpara et al., 2007; Ogundele, 2007). However, despite this attention extended to these factors, Man, Lau and Chan, (2002) have argued that all these factors reference in this study still deserve further attention in the study of entrepreneurship and small business.
While different factors such as individual determinants, external factors and firm characteristics have been found to influence entrepreneurial performance to different extents, the results are often inconsistent (Man et al., 2002, Yanfeng and Si, 2008, Kisfalvi, 2002; Dean et al., 2000; Pelham, 1999; (Chandler and Hanks, 1994; Cooper, 1993). In order to tackle this problem, past studies have suggested contingency relationships on different conditions and interactions (Fanga, Evans and Zou, 2005; man et al., 2002).
This research attempts to ascertain, empirically, the determinants of entrepreneurial emergence and performance as a tool for sustainable employment, as perceived by indigenous entrepreneurs in Nigeria. The assumptions being tested are that entrepreneurial emergence and performance though affected by several sets of factors if properly tackled can serve as a means or tool for sustainable employment for the Nigerian populace.
The economic and social development of any nation depends to a large extent on the emergency of a strong and vibrant private sector driven by entrepreneurship. The believe in this fact has spurned several initiatives by government to foster the creation of more micro, small and medium enterprises (MSMEs), strengthen the management capacity of the existing institutions and working out some modalities to provide easy access to capital for entrepreneurship development. One of the important agencies created by government to encourage entrepreneurship and create more employment is the National Directorate of Employment (NDE).
The programme believes that the ebb and flow of any meaningful business enterprise is usually highly dependent on the resilience of entrepreneurial activity often measured by an extraordinary predisposition to business venturing, the manifestation of high spirit for exceptional financial risk appetite, and a natural interest to the pursuit of productive investment. In Schumpeter’s (1952) view in (AKANWA, 2006), innovation is the basis of entrepreneurship.
Innovation includes the doing of new things and the doing of things that are already being done in a new way. He developed his concept which is now elevated to a school of thought. This school believes in two things – entrepreneurial role, and managerial role. The entrepreneurial role involves making strategically important and innovative decisions; managerial role involves maintaining routine operations of the enterprise.
Fortunately, this coincides with the contemporary view regarding an entrepreneur as a person who makes strategic and innovative decisions in the dayto-day management of a business. Consequently, the theory of profitability has often been used to explain entrepreneurship earnings (AKANWA; AGU, 2005, DEBELAK, 2006).
Entrepreneurship is the process of creating value by pulling together a unique package of resources to exploit an opportunity. Because the entrepreneur never controls all the necessary resources, pursuing the opportunity requires bridging the resource gap. Such a process requires a series of choices, which must be made in a manner, which is both internally consistent and externally appropriate to the market. Since the market drives entrepreneurship, the entrepreneurship can therefore be seen as a catalyst that is highly innovative along with market needs.
In doing so, the entrepreneur must translate careful choices into economic performance, deal with the problems that arise as the enterprise grows, and decide when to harvest the venture. The entrepreneur must carefully plan and then gradually implement the process (HOFER; CHARAN, 1984). In an emerging market like Nigeria, a focus on entrepreneurs, entrepreneurship and the enterprise is critical within the important context of the necessary programming for sustainable human development and the creation of employment (MATANMI, 2006).
Entrepreneurship is directly linked to employment because it is a unique process that creates opportunities of employment. Employment as the word implies means to give work to somebody, usually for payment. To this extent therefore, employment is an act of employing somebody for a wage or payment for his services. Employment also implies those people who are engaged either permanently or temporarily in a productive venture for a payment. The payment may be daily, hourly, weekly or monthly.
In contrast, unemployment is a situation in which some people who are qualified, ready, willing and able to work do not find work to do. It is also a situation where some people who fall within the ages of the working population, capable and willing to work are unable to secure befitting jobs to do. Since unemployment constitutes one of the problems facing many nations, especially the developing nations like Nigeria, governments tend to focus much attention on programmes and methods of combating it (UWAZIE, 2006).
The Federal Government of Nigeria (FGN) launched the NDE programme in 1986 as a bold strategy for dealing with mass unemployment. The programme has four core components including: National Youth Employment and Vocational Skills Development Programme, Small Scale Industries and Graduate Employment Programme, Agricultural Sector Employment Programme and Special Public Works Programme.
These were created to take care of the majority of Nigerian Youths who have no productive and marketable skills. Since Nigeria is supposedly an agrarian based economy, the agricultural sector employment programme of NDE is designed for graduates of agricultural discipline who are interested in self-employment in agriculture. The programme is executed in collaboration with state governments. According to NDE (1986), the state provides about 500 hecters of farmland for the programme each year. After the necessary screening of applicants, the NDE places 100 or more graduate candidates as participants in the scheme.
Each participant is given 5 hecters of cleared farmland and a certain loan amount to start, through which the NDE seeks to promote micro, small and medium enterprises, vocational skills development, promote rural employment, among other entrepreneurship activities. All over the globe, a major problem of the entrepreneur and an obstacle to entrepreneurship process has often been lack of access to finance for entrepreneurship development. According to the World Bank (2009), many middle-class people in poor countries are entrepreneurial, most run smallscale business with few asset.
Family members supply labour, paid staff are few. Obtaining start up finance is not always simple or easy, however, even for successful entrepreneurs. Business loan application can be onerous, often requiring detailed financial projections and business plans. Proof of employment, letters of reference, or other documents are required in countries like Nigeria, Liberia and Zambia. New entrepreneurs and small enterprises typically lack the expertise to prepare detailed business plans and are frequently unable to access credit through the traditional financial institutions.
The NDE perspective did not take cognizance of the fact that there may not be any reasonable entrepreneurship and employment generation without adequate finance. For example, at the inception of the NDE, a loan of N11500.00 was approved for those going into crop farming. Out of the loan, the sum of N7325.00 was paid out to the supplier of seeds, farm implements, pesticides, fertilizers, storage crops and land preparation.
The remaining N4175 was for wages of the farmland and the participant’s monthly stipend of N150. The NDE strategy in this way never helped in entrepreneurship and employment generation. This situation has resulted into the establishment of other schemes like the micro small and medium enterprises scheme, small and medium enterprises development agency of Nigeria, to drive entrepreneurship development (ED) and employment generation (EG) in Nigeria.
Otti (2014) reports that Anyaoku, while bemoaning the high unemployment rate among youths in the country describes it as a big drain on national economy, and stressed the need for entrepreneurship among youths. Entrepreneurship is a process of innovation that discovers new and more valuable combinations of resources, which result to the exploitation of profitable business opportunities and the creation of employment.
Nigeria today needs young graduates that are entrepreneurially bent to float businesses based on their specific knowledge of time and place. For example, graduates of Agriculture should be able to come up with business ideas to float entrepreneurial businesses that would create jobs in animal husbandry and dairying, fisheries, horticulture and allied sectors.
Also, graduates of finance and accounting should be able to generate ideas for entrepreneurial ventures that would solve multiple financial problems, such as reliable and integrated credit information database. In the same vein, professions like medicine, engineering, architecture, insurance, pharmacy, real estate, etc. are all yearning for knowledgeable entrepreneurship development. What is needed is necessary entrepreneurial spirit among youths to save them from the debilitating frustration of unemployment (ISIMOYA, 2012).
Aganga, (2012) hints that Nigeria is encouraging entrepreneurship development through micro, small and medium enterprises (MSMEs). He says: “We have since the beginning of this administration strategically positioned small businesses to drive the economy. The recent data undertaken by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) put the micro, small and medium businesses in the region of 17.3 million across the country with total employment in the sector put at about 32million and contribution of about 45 percent to the GDP.
“We have a market with 167 million people. In fact, the strategy for job creation in most developed economies is based on the SME sector. He assures that assuming that if only half of the 17.3m MSMEs create a job each every year that is about 8 million “That is why developed and developing economies are basing their plan on SMEs. According to Aganga (2012), the country has also developed a new SME policy. He alerts that one of the major challenges confronting small and growing businesses (SGBs) is access to competitive market both locally, regionally and internationally and that a new impetus must be generated to expand SGBs horizon.
He opines that for the SGBs or MSMEs the mentality has to change from starting a business to growing a business, like Bill Gates, Aliko Dangote, and others who started small and expanding because they have a vision. To provide finance for entrepreneurship development the Central Bank of Nigeria (CBN) says it will set aside N600billion for onward lending to small holder farmers as financial inclusion strategy that aims to ensure that a clear agenda is set for increasing both access to and use of financial services within the defined timeline which is by 2020. The fund will be disbursed through Micro Finance Banks (MFBs).
MFBs being a subsector that is close to the primary producers, processors and distributors of agricultural products are recognized to participate in the distribution of founds to MSMEs against the often unwillingness of the conventional banks to support entrepreneurship. The MFBs will collaborate with the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) for easy access to entrepreneurship credit. NIRSAL offers three main products for the development of entrepreneurship in the agricultural sector.
First, it offers credit risk guarantees for loans and credits issues by a range of financial services providers to participants in the agribusiness value chain. Its guarantees cover between 30 to 70 percent of loan exposure for activities related to crop, livestock and aquaculture production, processing and distribution. It has no limit on the size and duration of the guarantee, and can also take foreign currency based risks via swap arrangements.
Secondly, it offers strategic investment advice to value chain participants and local state and federal governments. Such advice includes how to make the local market more investment friendly, improve key infrastructure, and drive job/wealth creation using agribusiness. And thirdly, financial and structuring advice to investors and value chain stakeholders seeking a particular value chain such as cassava chip export or rice production. (MOSES-ASHIKE, 2012).
Over 1.4m jobs were created through MSMEs in 2012, according the Small and Medium Enterprises Development of Nigeria (SMEDAN) (AGBOOLA, 2012). According to Afolabi (2014) in the last five years, the MSMEs sector accounted for about 99.6 percent of the registered businesses in the country by which 65 percent of the labour force earn a living. About 35.7 percent of the total sales and value added in the manufacturing sector also come from MSMEs as well. Thus, entrepreneurship, through MSMEs, contributes to the creation of wealth, employment and income generation, both in rural and urban areas, and ensuring a more equitable income distribution.
They also provide the economy with a continuous supply of ideas, skills and innovations necessary to promote competition and the efficient allocation of scarce resources. Despite theories and practical development of indigenous MSMEs and governmental policies and programmes on entrepreneurship, resulting in frequent improvements, changes, and modifications of programme, the broad objective of reducing unemployment through entrepreneurship is yet to be achieved. It would appear that interested stakeholders efforts could not produce effective result due to lack of disciplined behaviour by entrepreneurs and officials charged with the execution of government entrepreneurial assistance programmes. The missing link is general lack of business ethics (OGUNDELE. 2006) Snyder, et al, 1983, Stevenson and Gumpert, 1985 Leap Africa, 2006).
To address the issue of unemployment government plans to create 5m jobs by 2015 through the National Enterprises Development Programme (NEDEP) and the Nigerian Industrial Revolution Plan (NIRP). The aims of the programmes will be actualized through the establishment of micro, small and medium enterprises in the 774 local government areas based on comparative and competitive advantages. NEDEP was developed with the objective of addressing the major challenges militating against MSMEs growth and development across the country to generate employment (MASARI, 2014).
According to Aganga (2013), the Ministry of Industry Trade and Investment through SMEDAN processed over 1000 business plans by various MSMEs co-
operatives across the country for funding adding that the target was to process about 10,000 business plans from MSME co-operatives in 2013 as employment generation strategy. Lack of employable skills is a major contributing variable to the problem of unemployment in all parts of the world and especially in Nigeria.
The issue is compounded because the educational system run in the country places emphasis on liberal education rather than acquisition of vocational skills, which would prepare individuals for entrepreneurship ventures that, would help in self-employment and employment generation generally.
Consequently in frantic efforts to seek a way out of the problem the Federal Government constituted the Chukwuma Committee in 1986 to consider appropriate strategies for dealing with mass unemployment problem in the country under the Ministry of Employment Labour and Productivity and the work of the Chukwuma Committee, among others gave birth to the NDE. Between 1987 and 1996, about 1.90m Nigerians benefited from the NDE skills acquisition, skills that helped in entrepreneurship development and employment generation (ADEBISI; ONI, 2012, NZENWA, 2000, ADAMS, et al, 2011, NDUJIHE, 2015).
1.1 STATEMENT OF THE PROBLEM
The financial and economic crisis has added to the pre-existing economic, social and political challenges in Nigeria. Thus, there is an urgent challenge to develop policies and strategies to generate decent and productive jobs through the promotion of sustainable micro-, small- and medium-sized enterprises in Nigeria. Recognizing the role of the entrepreneurship for growth, employment creation and poverty reduction, countries in the West African region are encouraged to engage in a process of sound economic reform, particularly tackling the promotion of an enabling business environment and the adequacy of the education system, which the labour market needs.
The National Directorate of Employment as a mechanism for entrepreneurship development and employment generation appears to focus more on youth-oriented activities. Especially there is high emphasis on skill acquisition centres. While these are important for entrepreneurship growth, it offers little opportunities for employment generation in view of Nigeria’s population density and the few members of people engaged in NDE centers.
The NDE has no serious arrangement for the finance of start-up and even existing entrepreneurial activities such that would ensure their sustainability and capacity to generate employment. The provision of paltry loans for participants in its agricultural activities manifested more in such farms being over grown by weeds and even taking over the farmers inside the farms, instead, due to lack of adequate finance to prosecute the business. Unemployment rate continues to rise in the country.
Osehobo (2012) reports the minister of youth’s development as declaring that about 67million youths were certified jobless, of the figure, 80 percent do not possess university degrees. The minister attributes the high rate of unemployment to years of failure at different levels, explaining that “lack of job is a consequence of lack of skills”. And to bridge the skills gap the NDE through its training programmes seeks to equip participants with the necessary competencies for self-employment and other opportunities.
Despite the existence of different programmes in addition to the NDE, finance remains a major problem of entrepreneurship development in Nigeria. To minimize the problem, each state of the federation has approval to access N2bn from the CBN through the Micro, Small and Medium Enterprise Development Fund (MSMEDF). This is based on the fact that for any economy to grow, it must be private sector based and driven by MSMEs, which are more active in the economic development of any country (OTABOR, 2014) The NDE seeks to reduce youth unemployment as the issue is a subject that is common in Nigeria and statistics show that about 300000 Nigerians graduate from tertiary institutions yearly into the labour market with little or no job opportunities (ONYEKAKEYA, 2014, OKOJIE, 2011).
Nigeria faces many problems. The challenges faced by entrepreneurs in developing countries are monumental and quite similar.
There is massive unemployment, partly as a result of retrenchment in government and organizations. Due to the economic situation of the country, more “entrepreneurs” are emerging. This is as a result of the unavailability of jobs (i.e. more supply of labor, less demand for it) in the market, and the need or search for survival.
Another challenge is the unstable and highly bureaucratic business environment. The laws governing private enterprise, especially business registration and taxation systems, are believed to be overly and difficult to understand. Contract and private property laws are often poorly designed and/or enforced. As suggested by Kiggundu(2002), Pope (2001), and Stevenson (1998) the unfavorable institutional/regulatory environment is often accompanied by the added expenses of corruption and bribery. Other problems encountered by entrepreneurs in transition economics include poor macroeconomic policies, limited access to short-term and long term financial capital, and a lack of managerial experience. Nigerian entrepreneurs reported that they were frequently harassed by government officials who extorted money from their businesses.
Poor infrastructure including bad roads, water shortage, erratic electric supply, and poor telecommunication system represent additional challenges faced by small business owners (Mambula, 2002).
Difficulty in gaining access to bank credits and other financial institutions proved to be a major obstacle hindering the process of Nigerian entrepreneurship emergence.
The most serious and damaging problem threatening the state of entrepreneurship in Nigeria is a lack of government interest in and support for MSEs (Ariyo, 2005). This poor attitude toward for private sector explains why there explains why there has never been any real attempt on the part of government to develop any programs or lasting policies to support small businesses.
This research project studies the critical importance of sustainable enterprises through entrepreneurship in achieving social development goals, economic diversification, income generation and poverty reduction in Nigeria. It also highlights a number of challenges facing the crucial development of entrepreneurship. Some of the challenges are structural; others are the result of the ongoing financial and economic crisis. A conducive business environment with an efficient legal and regulatory framework is primordial for entrepreneurship as a tool for sustainable job creation.
The research examines in all possible ways, the extent of government funding programmes in the promotion of Small and Medium Enterprises (SMEs) in the population area as well as the impact on the socio-economic development of the area covered by the scope. The study further identifies the peculiar problems or challenges the SME sub-sector associated with their smooth operations. Possible suggestions to provide engine for economic growth and prosperity in the industries is also the focus of this study
1.2 PURPOSE OF THE STUDY
The underlying principle of this study is to examine the importance on entrepreneurship as a tool for sustainable employment. The study is also geared towards achieving the following objectives:
To examine the viability of entrepreneurship as a tool for sustainable employment.
To raise awareness of the importance of entrepreneurship as a tool for sustainable employment.
Consolidate existing knowledge and good practices in entrepreneurship around the world to enable the development of innovative new tools and approaches.
Provide recommendations to governments, academia, the private sector and other actors on the development and delivery of effective entrepreneurship.
1.3 RELEVANT RESEARCH QUESTIONS
The following questions were designed to probe into the viability of entrepreneurship as a tool for sustainable employment.
Is entrepreneurship really a tool for sustainable employment?
What impact does entrepreneurship have on sustainable employment?
What challenges does entrepreneurship face in creating sustainable employment?
Are there other benefits of entrepreneurship apart from creating sustainable employment?
Does entrepreneurship guarantee sustainable employment?
1.4 SIGNIFICANCE OF THE STUDY
The study is expected to make contribution to knowledge in the following areas:
Provide information about entrepreneurship in relation to sustainable employment in the Nigerian economy.
An essential material for scholarly discourse in management science relating to Entrepreneurship.
Assist in providing information on the viability of entrepreneurship as a tool for sustainable employment in the Nigerian economy.
Provide information on the challenges of entrepreneurship in Nigerian.
Provide information for future research works on entrepreneurship/
1.5 RESEARCH HYPOTHESIS
1. H0: Entrepreneurship is not a tool for sustainable employment.
H1: Entrepreneurship is a tool for sustainable employment.
2. H0: Environmental and Personal factors affect entrepreneurship as a tool for sustainable employment.
H1: Environmental and Personal factors do not affect entrepreneurship as a tool for sustainable employment.
1.6 SCOPE OF STUDY
The study focuses on the viability of entrepreneurship as a tool for sustainable employment in the Nigerian economy. It systematically analyses the steps involved in becoming an entrepreneur and creating sustainable employment.
1.7 LIMITATION OF STUDY
The study is limited in scope to finding out how entrepreneurship can serve as tool for sustainable employment. However, the selection of few small and medium scale business owners in Lagos remains a limitation of the study, as a result of inability to consider the total population of small and medium scale business owners in Lagos. Time, cost and instruments are also part of the limitation of study. Hence, the generalization of the finding is restricted as a result of time and cost constraint.
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