History of entrepreneurship development in nigeria pdf

Therefore, they exchanged these surpluses with others who were in need of it. And this was a turning point in the history of entrepreneurship in Nigeria. Then, they started making efforts to reverse it. The solution was to make education a tool for national development. Programs Global Entrepreneurship Network Nigeria trend gennigeria. GEN Nigeria will spearhead research collaboration for entrepreneurial development in Nigeria. Entrepreneurship development in Nigeria The Guardian Currently, there is little evidence that suggests that the potential and interests of this group are considered in the development of entrepreneurship in Nigeria.

Entrepreneurial Development in Nigeria - EzineArticles hot ezinearticles. Right after the reinstatement of democracy in , the government of former president O Obsanjo unveiled ambitious plans to take the sub-Saharan nation to the top 20 world economies by Gender Culture and Entrepreneurship Development in Nigeria great www.

However, the specific objectives were: i to examine the prevalence of gender culture and entrepreneurship development ii to determine the factors responsible for gender culture and entrepreneurship development. One of the approaches is concerned with provision of generous credit facilities for small-scale industrialists. The scheme, which was formally launched at the beginning of the third National plan period , aimed at providing entrepreneurs with seed capital.

Entrepreneurship Education In Nigeria. Objectives of Entrepreneurship Education Entrepreneurship education is oriented towards different ways of realizing opportunities. This is what makes. Related News Chevron Nigeria: A Model for Other MultinationalsYour browser indicates if you've visited this link BisiriyuSince I departed Nigeria over 17 years ago for further studies and subsequently settled in the United States of America, one irony that has never ceased to amaze me is the failure of the government in Nigeria to match its public statements with action,.

Ecobank Nigeria: A Journey to the TopYour browser indicates if you've visited this link The journey to position Ecobank as one of the top three banks in the country is fast gaining traction and recognition. The Nigerian franchise of the Pan-African financial institution, Ecobank Transnational Incorporated ETI is making good its mission of becoming the most preferred lender in the country. Related Videos. Entrepreneurship: CIBN seeks inclusive growth Auchi Polytechnic in Nigeria: Entrepreneurship Video result.

Analysts Discuss Govt. Policies And Impact On Youth advised to take advantage of entrepreneurship Commissioning of The Leadway Entrepreneurship Entrepreneurship Training Programme Development Bank Entrepreneurship Curriculum Programme in Nigeria It should be emphasized that the kind of unemployment described by the search theories does not require a general excess supply of labor.

It stresses the fact that even when the number of unemployed is equal to the number of job vacancies, neither number is likely to be zero.

Unemployment in the classical economic theory Wicksell thinks that if wages are sufficiently flexible downward, then this decline can maintain full employment Jonung Cheaper credit to businessmen is the most effective measure to fight unemployment.

He even thought that the government should support private investment in housing and soils. Government can support the introduction of various inventions as well. Government support should be financed by taxation. Wicksell analyzes technical unemployment due to technological change as well. The introduction of machinery would cause unemployment but the unemployed will search for new jobs, a search that will push wages downward.

Hence, full employment is restored again. For the normal frictional unemployment, Wicksell thinks that advertisements and employment agencies can reduce the normal rate of unemployment. The cyclical unemployment, as another type of unemployment, is due to the lack of effective demand.

He though it would be a good idea to raise wages in order for workers to buy more. But this action may cause workers to lose their jobs as a result of higher wages.

Essentially, for Wicksell the cyclical unemployment was due to the wrong investment of capital. Capital was invested in areas where rates of return were low. He concluded that public works is the best measure to fight cyclical unemployment.

After World War I, Wicksell thinks the boom and the rise in prices induced by the war would come to an end. Thus, unemployment would rise. Workers would have to accept lower wages. He also thought that government should provide financial support to the unemployed who could not find jobs.

After , Wicksell turns to Malthus. He thought that the causes of the unemployment are the surplus people, shortage of capital brought about by the war, and the disorganized state of the monetary system. Thus, they let their money set idle in banks and workers became unemployed.

These causes suggest that emigration became one of the important policies for solving the unemployment problem. Wage reduction is not a competent policy to increase employment. The increase in wages is most likely due to increased labor productivity and wage reduction will reduce work intensity and productivity. Wage reduction will not force some capital intensive firms to switch to labor intensive techniques in the short run. Higher wages should stimulate the substitution effect by employing more machines for labor.

And this substitution will increase labor productivity and employment in the long-run. This discrepancy is caused by a distortion of the system of relative prices and wages. These policies create economic dislocation and structural changes in an economy which misdirect labor and other economic resources to other alternatives. Unions are also able to set higher wages compared to market wages, which generate unemployment, particularly in industries that become less profitable.

In short, for Hayek the unemployment problem is caused by resources being in the wrong places at the wrong time and can be corrected if wages and prices are determined by the equilibrium of supply and demand. In line with Hayek theory of unemployment, Trehan provides an important explanation of the search theory of unemployment. Firms search for the productive workers and workers search for high-paying jobs.

So, both agents continue searching until matches are reached. At that point a worker will leave the unemployment pool. Consequently, the unemployment rate will start rising gradually, indicating a mismatch has occurred again.

He provided several ways by which the entrepreneur can make profits. These ways are 1 finding particular markets, 2 acquisition of productive agents, 3 skillful combination of factors of production, 4 successful sales policy, and 5 innovations. And it is well understood proposition that entrepreneurial profits will increase employment Mouhammed Schumpeter does not provide explicitly a theory of unemployment but his theory of the business cycle does demonstrate clearly how unemployment can be reduced.

Innovation see also Vecchi which creates more jobs relative to job destruction is the basic force beyond the increases in employment and the decreases in unemployment.

When entrepreneurs innovate something new such as the production of a new product, the finding of a new market, introducing a new method of production and the invention of new technologies and a new organization they increase investments to materialize those innovations. Domestic investment expenditures will increase demand on economic resources and will increase their prices.

Other entrepreneurs will imitate the leaders by adopting the new innovations. Labor and materials will be employed to produce the new items. Consequently, wages will be increasing and unemployment will be declining, assuming that employment creation will outweigh employment destruction due to the new innovations see also Mortensen and Pissarides and Manuelli Theoretical nexus between entrepreneurship and unemployment Really ambiguity exists in the literature over the link between entrepreneurship and unemployment.

The simple theory of income choice, which focuses on decision confronted by individuals to start-up venture and become entrepreneur trigger many studies.

Blau, ; Evans and Leighton, ; Evans and Jovanovic, ; and Blanchflower and Meyer, asserts that increased unemployment will lead to an increase in start-up activity on the grounds that the opportunity cost of not starting a venture has decreased. On the other hand, the unemployed tend to possess lower endowments of human capital and entrepreneurial talent required to start and sustain a new venture Lucas, ; Jovanovic, , assert that high unemployment is associated with low degree of entrepreneurial activities.

Entrepreneurial opportunities are not just the result of the push effect of the threat of unemployment but also of the pull effect of produced by a thriving economy as well as by entrepreneurial activities Parker, In addition to unemployment leading to more or less entrepreneurial activity, the reverse has also been claimed to hold.

On the one hand, new venture start-ups hire employees, resulting in subsequent decreases in unemployment Picot et, al. On the other hand, the low rates of survival combined with the limited growth of the majority of small firms entail that the employment contribution of startups is limited at best, which would argue against entrepreneurial activities reducing unemployment.

As Geroski has documented, the penetration rate, or employment share, of new startups is remarkably low. There is ambiguity in the empirical evidence between these two conflicting concepts.

Some studies have found that unemployment is associated with greater entrepreneurial activities, but others have come with the opposite conclusion, that entrepreneurship and unemployment are inversely related.

For instance, Evans and Leighton found that unemployment is positively associated with a greater propensity to start a new firm, but Garofoli and Audretsch and Fritsch observe that unemployment is negatively related to new venture start-ups, and Carree found that no statistically significant relationship exists between the two concepts.

Audretsch and Thurik assert that an increase in the number of business owners reduces the level of unemployment. Storey concludes that, the broad consensus is that time series analyses point to unemployment being, ceteris paribus, positively associated with indices of new venture formation, whereas cross sectional, or pooled cross sectional studies appear to indicate the reverse.

Attempts to reconcile these differences have not wholly successful. Unraveling the relationship between entrepreneurship and unemployment is crucial, because policy is frequently on assumptions that do not reflect this ambiguity. If a country prevails high unemployment rate, entrepreneurs face reduced demand of products or services. This reduces the revenue accruing from entrepreneurship, and capital availability, which leads to increasing the risk of bankruptcy. In this way, individuals are "pulled out "of business because the company's bankruptcy case becomes a higher risk than the gainful employment.

According to Lucas, ; Javanovic, who observe that there is an inverse relationship between entrepreneurship and unemployment high level of unemployment is associated with a low level of entrepreneurship , i. Author : E. African Capitalism. Author : Paul T. Political Science. Development and Diffusionism. Author : J. Entrepreneurship in Training.

This paper critically assess the new venture creation; what it takes to be an entrepreneur; different dimension of business growth; significance of growth; types of opportunities new venture can consider; barriers to firm growth; managing transition and sustaining growth among others.

The paper examines the skills and traits required by an entrepreneur to survive in a recession period. Most importantly, the paper highlights framework conditions required for effective operations of small business and acknowledges a case of Dangote Group of Company, in Nigeria to discuss evolution of growth, transition management and growth sustenance.

In this review, it is clearly shown that entrepreneurship growth is not limited to small firm alone, it is also common among larger firm. Evolution of company takes many efforts and shortcomings, and the survival of any firm is also part of growth. Keywords: Growth theory; Growth barriers; Small business; Transition management, Dangote group of company.

Philosophically, Solow state that business growth and development require that an entrepreneur should not be afraid to make decisions and must have volition to assume certain risks, work under pressures and conditions of risk-taking and should understand that the possibility of failure is always present. While more recently there has been a further shift back towards support for the start-up process, it is reasonable to ask why the interest in growth developed, the barriers being faced by small firms and the transition process.

There is also a realisation that new businesses have high casualty rates. Many of those that do start do not survive, and so do not contribute anything lasting to the economy; therefore, any effort applied to helping them is wasted. Overall, small businesses can be divided into three broad groupings.

First, there is a high proportion of small businesses that have a short life. Then there is a second large group of businesses that, although surviving, remain small. The third group is by far the smallest; it consists of those businesses that achieve rapid growth. It is logical to consider the possible dimensions, or meanings of growth in the context of small businesses.

Growth in a business can be explained as greater turnover or increased profitability but, while these measures may all be seen as desirable, they may not even be positively correlated. Growth or its absence can however be attributable to a wide variety of factors. There is no comprehensive theory to explain which firms will grow or how they grow, but various explanatory approaches have been used.

The most basic proposition of growth theory is that in order to sustain a positive growth rate of output per capita in the long run, there must be continual advances in technological knowledge in the form of new goods, new markets, or new processes.

New growth theory holds that unlike physical objects, knowledge and technology are characterized by increasing returns, and these increasing returns drive the process of growth. It is reasonable to deduce that the entrepreneur's or business leader's ambition and desire to grow are critical.

In addition, the skills of the entrepreneur are particularly important in the early stages of growth. The ability to broaden and adapt to changing circumstances is likely to be of major importance in removing obstacles to growth.

In this review, Dangote group of company, Nigeria growth and transition process was discussed to explain the growth framework. The entrepreneur 2. The Environment 3. The Firm 4.