Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Entrepreneurship theory took its origin from the works of Richard Cantillon and was developed by Max Weber, Joseph Schumpeter and others between 1940 and 1950s, (Hirsch and Peters 2002:10 and Eke 2007:89-103). The evolution of the theory parallels to a great extent the development of the term itself. Schumpeter (1934) sees the entrepreneur as a change agent and innovator of entrepreneurship. He views entrepreneurship as an economic function and entrepreneurs as catalysts that disrupt the stationary circular flow of economy thereby initiating and sustaining the process of development. Drucker (1986) defines an entrepreneur as someone who always searches for changes, responds to it and exploits it as an opportunity thereby making innovation a necessary part of entrepreneurship. This approach sees entrepreneurship as a process, an action oriented management style, which takes innovation and changes as focus of thinking and behaviour. McClelland (1992) saw entrepreneurship from a psychological point of view and argued that the need for achievement is one of the main reasons for a person to take on an entrepreneurial activity. Ile (2003) defined entrepreneurship as the ability to organize a business undertaking and assume the risks for the sake of profit. He explained that the ability and willingness of a person to initiate, control and direct the process of production of goods and services and bear the attendant risks thereof is what entrepreneurship is all about. It is an effort to create purposeful change in a firm’s economic and social potential. Drucker stressed the use of distinct entrepreneurial strategies and entrepreneurial management in the creation of material and immaterial wealth. In this perspective, the essence of entrepreneurship is to initiate a change. In line with Drucker’s view (Curran and Burrows 1986: 269) described the process of entrepreneurship as innovatory process involved in the creation of an economic enterprise based on a new product or service which differs significantly from products or services in the way its production is organized or in its marketing. Here, the focus is on innovation, although mention was made of the creation of economic enterprise, yet the emphasis was on innovation - the change brought about by new product or service. Challenges to Entrepreneurship Development in Nigeria Some studies have been carried out on entrepreneurship development in Nigerian industry. Some of the early studies are those of Schatz and Edokpayi (1962), Olakanpo (1968), Harris (1969) and Akeredolu- Ale (1972). The 1982 study of Schatz and Edokpayi was to determine the reactions of Nigerian businessman to government to encourage Nigerian private enterprises. The study was however limited to former Western Nigeria and has serious reliability problems. Notwithstanding the short comings, the result of the finding shows that: • Inadequate capital is the main problem. • Lack of organizational and management skills is another important problem; and • Most of the businessmen misapplied the loans for another purpose. From another perspective, Schatz and Edokpayi also reported in their study of economic attitude of Nigerian business that inadequate capital is a major setback, but were silent on management skills and expertise. However a review of Olakanpo’s (1967) study and Akeredolu-Ale’s findings in his 1968-1970 study re-echoed that entrepreneurship development is challenged by inadequate capital and lack of management and organizational skills and expertise. Onuoha (1994), Obeleagu Nzelibe (2002) are all of the opinion that inadequate capital, incompetent management, lack of technological and infrastructural facilities are the common problems, among others. Ndubuisi (2004), from another perspective, is of the opinion that apart from the known problems that have been mentioned earlier, other challenges include the following: • Arbitrary changes in the administration of loan by the government which spreads the element of uncertainty among the entrepreneurs, • Lack of insufficient infrastructure and high cost of production. 214
Challenges in the Era of Globalization Edited by Emmanuel Obuah • Market imperfections, which deny potential entrepreneurs the resources they need for organizing new enterprises. • High risk involved in new enterprises, • Low status of business in the eyes of the public and • Restrictive effects of customs and traditions. Methodology One hundred and seventy-seven (177) small scale entrepreneurs drawn from the seventeen (17) Local Government Areas in Enugu State were used for the study. For the purpose of this study, small scale entrepreneurs refer to small scale businesses whose capital investment does not exceed six hundred thousand naira (N600,000.00) and employees less than 50 people (Chidubem 2007, Osaze (1986) and the third National Development Plan (1975 -1980).These small scale entrepreneurs are made up of both male and female entrepreneurs drawn from the bookshops, supermarkets, business centers, computer schools and sellers of computer accessories within the metropolis of each local government area under study in Enugu State. Questionnaire Design A structured five-point Liket type questionnaire was designed with assigned values ranging from 1 = Strongly Disagree (SD) to 5 = Strongly Agree (SA). One hundred and seventy-seven copies of the structured questionnaire were distributed and all were returned which represent a 100% return rate. This high return rate was as a result of the face-to-face distribution by the researcher herself. Items were formulated to address each research question. Result Data collected from the study were presented in Tables 1 -5. Table 1 – Mean Ratings of the Respondents on the challenges to Entrepreneurship Development in Nigeria S/N Challenges to entrepreneurship development in Male Female Rmk. Nigeria Entrepreneurs Entrepreneurs 1. Inadequate capital 3.96 1.26 3.92 .70 Agree 2. Incompetence due to poor education background on the part of the entrepreneurs 3. Lack of technological and infrastructural facilitieselectricity, water and good access road 4. Poor economic policy on the part of government. X1 SD1 X2 SD2 Agree 3.91 1.43 3.36 1.34 3.64 1.46 3.88 .44 3.64 .57 3.64 .57 Agree Agree Agree 215
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Table: Model Fitness Regression Sta
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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7. I see globalization as providing
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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The study seeks to: • examine typ
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Relationship Commitment Total 1264.
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Conclusion Dissatisfied 6 3.4 3.6 7
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Football Spectatorship Challenges i
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