Entrepreneurship development and employment generation in Nigeria: Ibeenwo Ibeenwo Abstract The issues of entrepreneurship development and employment generation continue to receive high attention because of their impact on unemployment and poverty reduction in many parts of the world. The National Directorate of Employment was introduced by government in its efforts toward employment generation. In furtherance of attempts toward tackling unemployment, addressing issues of poverty and vulnerability and promoting inclusive finance at the grass-root levels, the Directorate has a Special Micro Empowerment Scheme which is aimed at promoting social inclusion and job creation.
Kyrgyzstan Turkey Manas University E-mail: Entrepreneurship is basically the practice of starting a business in order to earn profit on new found opportunities. Entrepreneurship is a challenging task as many businesses which start fail to take off. Entrepreneurship has many uncertainties especially when new products are created for which there is no existing market.
Entrepreneurship affects economic growth in various ways. It is through entrepreneurship that important innovations enter the market leading to new products or production process which eventually increases efficiency through bringing competition in the market. This paper discourses the impact of entrepreneurship on economic growth.
Ideas and concepts that emerge from entrepreneurs increase our knowledge and what consumers may prefer through introducing variations of existing products and services in the market. This speeds up innovation of new products in the market as a result of the longer working hours and more efficient nature of entrepreneurs as their income is directly linked with their working input.
Entrepreneurship leads to introduction of new goods with new quality and value. Their innovativeness introduces new ways of production and new markets that have not been exploited.
It is through entrepreneurship that new source of supply are discovered and creation of new business organisations that directly affect the economy. Creation of new business opportunities through entrepreneurship, productivity and innovation leads to economic growth. This therefore means that when there is more entrepreneurship in an economy more growth is expected.
Entrepreneurship, Economic Growth, Innovativeness 1. Although studies bringing forth this knowledge have rather been based on theoretical grounds, others have been drawn from drawn from empirical evidence. It important to note that a significant amount of existing literature has been based on the 1 observation of firms, establishments and regions in terms of their economic performance, growth and survival.
The facts that can be derived from these studies link economic growth with the size and age of the firm or an establishment.
According to Van Stel, Carree and Thuriknewly established firms and very small firms experience systematically faster growth compared to the already established larger firms.
The connection between entrepreneurship and economic growth measured in terms of performance of the firm has been extended even beyond observing the establishment to accommodate geographic regions. This paper discourses how entrepreneurship can be related directly economic growth and how entrepreneurship is at the heart of economic growth of any nation.
There has been a problem in defining and measuring entrepreneurial factors and this has further complicated the exact contributions to economic growth. According to Carree and Thurikthe concept of entrepreneurship is multidimensional and largely ill-defined. The best examples of these intermediate variables include innovation, competition mainly characterized by exit and entry of firms, variety of supply and particular energy and efforts of invested by entrepreneurs.
These conditions include personal traits, cultural and institutional factors as shown in Fig 1 below. Appreciating Entrepreneurship Conditions Personal traits, institutional and cultural elements Entrepreneurship largely multidimensional 2 Intermediate Linkages Innovation, competition variety and entrepreneurial efforts Economic Growth Source: Carree and Thurik This implies that linking entrepreneurship to economic growth will be to amalgamate individual to aggregate levels.
In this manner, novel products, production modalities, organizational schemes and product-market combinations are created.
The entrepreneurs seek to introduce their newly crafted ideas in the existing market in the face of obstacles and uncertainties. As identified by scholars such as Schumpeter, Kirzner and Knight, entrepreneurs can be termed as innovators, profit opportunists and uncertainties and risk takers respectively.
Schumpeter drew his attention to understanding an entrepreneur as an innovator. An entrepreneur according to Kirzner perceived profit opportunities.
This role is what was labeled Kirznerian entrepreneurship. The last role of an entrepreneur is that of assuming the several risks and uncertainties which may be associated with running a business.
This role is labeled Knightian entrepreneurship. As the individual introduces a new product in the market or starts a new business, this entrepreneurial role can be described in terms of the three labels.
The first evidence mainly deals with the turbulence effect of entrepreneurship on the growth of economy. Turbulence can be viewed as the total entries and exits in regions or industries and can easily be interpreted as one of the powerful indicators of entrepreneurial activities.
Empirical literature has also identified the effect of the number of business owners and self-employed individuals in economic growth. This is the fourth strand of evidence that seeks to appreciate the role of self-employment in the growth of economy in any state.
For instance, in Eastern Europe, small enterprise development served as the most vital part of the transitional process which has seen economic growth in the area.Oct 04, · Science and technology initiatives and innovations to boost regional economic development - Investors and Entrepreneurs are trying to figure out how to model cities after innovation and technology hubs to promote economic growth regionally.
They are . • Entrepreneurship is likely to get a boost in a particular social culture • Society’s values, religious beliefs, customs, taboos influence the behaviour of individuals in a society • The entrepreneur is a role performer according to the role expectations by the society.
"Entrepreneurship and Microfinance: Economic Development and Women's Empowerment in Kyrgyzstan," a thesis prepared by Aida A. Jolosheva in partial fulfillment ofthe requirements for the Master ofArts degree in the Department of.
With respect to the relationship between entrepreneurship, innovation and economic development, Schumpeter () highlights the role of entrepreneurship is the catalyst of economic development through innovation.
Free Entrepreneur papers, essays, and research papers. Call of the Entrepreneur - Overview In the documentary “Call of the Entrepreneur,” three successful entrepreneurs, Brad Morgan, Frank Hanna, and Jimmy Lai, are presented to explain their views on entrepreneurship and in turn leadership. This paper introduces development entrepreneurship, a model to assist development agencies and practitioners introduce transformative institutional change that significantly improves the lives of .