IMPACT OF ENTREPRENEURSHIP IN BUSINESS ORGANIZATION
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ABSTRACT
This study examines the impact of entrepreneurship in business organization. The study is based on survey methodology through a questionnaire administered on the owners and employees of small and medium scale business. To carry out this research work the researcher used a population size of 200, 133 questionnaires were made and distributed to selected respondents, when the data collected from the questionnaires were analysed and presented in tables, the researcher intend to respond to the following questions; what are the impacts of entrepreneurship in business organizations in Nigeria? What problems do entrepreneurs encounter in setting up their business? What are the prospects of entrepreneurial business in Nigeria? What are the various types and activities of entrepreneurial business in Nigeria? Finally recommendations where suggested to address the measures needed in improving entrepreneurship in Nigeria.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
First and foremost, entrepreneurship is the 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 manage 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 a risk taker, 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. They should develop both long-term and short-term strategies to guard against failure (Sauser, 2005; Monk, 2000). In Nigeria, Arowomole, (200) asserted that every successive 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.
Nigeria is a naturally endowed with entrepreneurial opportunities; however the realization of the full potential of these opportunities has been dampened by the adoption of inappropriate industrialization policies at different times. Several policy interventions that were aimed at stimulating entrepreneurship development via small and medium scale enterprises promotion, based on technology transfer strategy, have failed to achieve the desired goals as it led to the most indigenous entrepreneurs becoming distribution agents of imported products as opposed to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture and expert services (Thaddeus, 2012).
According to (Stevenson and Gumpert 1991), entrepreneurship and business are related but certainly not synonymous concept. On the one hand entrepreneurship is a type of behavior concentrating on opportunities rather than resources. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and to make the right decisions that lead to profitability. The reward for taking the risk is the potential economic profits the entrepreneur could earn. An entrepreneur is an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.
1.2 STATEMENT OF THE PROBLEM
The context of Business in modern organization is becoming more and more dynamic, complex and heterogeneous, due to the increased interdependence at the global level and taking advantage of improvements in information technology. Modern environment is bringing the creation of new phenomena that affects all the elements of the organization and that changes its characteristics. In such circumstances, organizations must constantly adapt to changes in order to establish a balance between internal (strategy and organizational design) and external (environment) organizational factors. The most problems of entrepreneurship development in business organizations are lack of fund and difficulty in securing loans from banks. Financial limitations constitute a serious setback to the entrepreneurship, they complain that banks are reluctant to grant them credit and even alleged that they often have to offer loans. This inability of an entrepreneur to provide tangible collateral securities for loans make him a misfit in the competitive struggle for limited funds in our snappy economy [Onuoha B.C.1994]. Lack of adequate planning, as many enterprises do not hire trained and qualified manager to run their business organizations for them. The absence of infrastructure facilities for smooth running of the business example, regular and electricity supply, a functioning telephone system which could reduce the number of times the entrepreneur is on the road, good roads etc. However, the theoretical and empirical cases for understanding the role of entrepreneurship are not yet solid. Evidence on whether entrepreneurship matters for economic growth is not straightforward; how entrepreneurship has been promoted and how it contributed to development in countries like China and the East Asian Tigers is still a matter of contention; and whether and why private-sector development initiatives may be effective is not well understood (see also Naudé, 2010a). Closer scrutiny of the relationship between entrepreneurship and organizational growth is therefore needed.
This and many more seems to mitigate the smooth running of business effective with an entrepreneur concept and view, which are the basis for this research work as the researcher intend to address this challenges.
- OBJECTIVE OF THE STUDY
The main purpose of this study is to identify the impact of entrepreneurship in business organization in Nigeria. Succinctly, the study seeks to;
- Know the extent to which knowledge of entrepreneurship education perform in small business enterprises.
- Determine major problems countered by these entrepreneurs in the course of running their business.
- Find out the required skills and attitudes needed by an entrepreneur moving newly into business.
- Examine if there is any significant relationship between entrepreneurship and organization’s development in Nigeria.
1.4 RESEARCH QUESTIONS
The following questions will guide the study;
- Is there any significant relationship between entrepreneurship and organization’s development in Nigeria
- What are the factors that influence the economic performances of entrepreneurs?
- What are the impacts of entrepreneurship in business organizations in Nigeria?
- What problems do entrepreneurs encounter in setting up their business?
- What are the prospects of entrepreneurial business in Nigeria?
- What are the various types and activities of entrepreneurial business in Nigeria?
- RESEARCH HYPOTHESES
H0: there is no significant relationship between entrepreneurship and organization’s development in Nigeria
H1: there is a significant relationship between entrepreneurship and organization’s development in Nigeria
H0: entrepreneurs do not encounters capital problem in setting up their business
H2: entrepreneurs do encounters capital problem in setting up their business
- SIGNIFICANCE OF THE STUDY
The findings of the study will be of great importance to the students of Business Education Department, the lecturers, small scale business owners, prospective investors and other interested users of information and findings of this nature. The findings of this study will stimulate the interest of entrepreneurial development/education. This will serve as a way of redirecting students’ mindset from the problems of seeking for non-existing white collar jobs, to be self-reliant and likely get other graduates employed. To the lecturers, the findings of this study will create awareness on the need and importance of teaching entrepreneurship education and also expose them to various strategies of establishing their own small scale businesses. To small scale business owners in Nigeria, it will widen their knowledge with the required skill to be successfully operational in the area of business and the right attitude towards entrepreneurial learning. This study will direct prospective investors on how to rightly channel their resources to the small scale businesses with strong managerial skills, and finally to other interested users of this information who will deem it necessary making use of the findings in this work and or likely to reference to their area of interest.
- SCOPE AND LIMITATION OF THE STUDY
This research work is focused mainly on the impact of entrepreneurship in business organization. It findings is not limited to a particular state as it covers every state in Nigeria. The researcher encounters some constraints which limited the scope of the study;
FINANCE: Due to the nature of office and business within the scope, the researcher spends a lot of money on visiting, traveling from one location to another, from one business organization to the other and even had to repeat a visit more than three times to seek for information, all these involves money considering the financial constraint of the researcher and limited resources available to him/her.
SOURCES OF INFORMATION: Many registered and non-registered business owners were reluctant to give out or provide information about the research, since the researcher was not related or close enough to them.
INADEQUATE RECORD KEEPING: Some of the respondents visited were unable to present complete and comprehensive records of their business, while some were not keeping proper records of their business activities and as such could not give adequate and correct information on the effect of entrepreneurship on their businesses.
TIME: Time constraint has been another vital limitation and obstacle towards effective realization of the main objectives of this study. Time was really not on my side since I have to combine the little time left with my academic work and preparation.
- DEFINITION OF TERMS
Impact: impact is defined as the action of one object coming forcibly into contact with another, or a mark, effect or influence.
Entrepreneurship: The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
Business: A business (also known as an enterprise, a company or a firm) is an organizational entity and legal entity made up of an association of people, be they natural, legal, or a mixture of both who share a common purpose and unite in order to focus their various talents and organize their collectively available skills or.
Organization: An organization or organization is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment
Business organization: A business organization is an individual or group of people that collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for owners. Other business organizations, called nonprofits, are formed for public purposes.
SME: The European definition of SME follows: “The category of micro, small and medium-sized enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding 50 million euro, and/or an annual balance sheet total not exceeding 43 million euro.”
1.9 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows Chapter one is concern with the introduction, which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlight the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study.
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