IMPACT OF ENTREPRENEURSHIP ACTIVITIES ON ECONOMIC GROWTH AND DEVELOPMENT
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The study investigated impact of entrepreneurship activities on economic growth and development in Abuja. The research question and null hypotheses were developed to guide the study. The research made use of the following procedures in gathering data: Questionnaire, Interviews and Observations. Self-designed structured questionnaire was used to collect data from respondents. The participants were drawn randomly from different few small and medium scale businesses in Abuja. Questionnaire were used, as instruments for data collection. The hypotheses were tested at .05 level of significance using Population t-test, and chi-square. Findings revealed that, Entrepreneurial activities of the small scale business great significantly impact on the economy growth and development and impact on the standard of living of the people in Abuja.
The dynamic economic conditions of the world today need flexible individual with entrepreneurial value, attitude and mental capacity for creative thinking and innovative behaviour that can provoke their venture spirit for timely generation of new ideas and ways of improving their businesses in meeting the demands of the environment. Such individuals who are able to drive through change are expected to possess the transformational capacity to embrace change and to steer business through crisis and chaos, to guide, integrate and initiate force. This force is however referred to as entrepreneurship (Udu, 2008). Hisrich,(2002) sees entrepreneurship as a process of creating something new of value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks, and receiving the resulting rewards of money and personal satisfaction and independent. In the same vain, (Udu, 2008)argue that entrepreneurship is a process by which economic and commercial activities necessary for the improvement of the standard of living of the society are created by entrepreneurs-individuals, corporation, institutions and government.
Entrepreneurship is one of the economic variables that attract the attention of governments and researchers both inthe developed and developing countries in the last two decades. Several efforts and initiatives are being made by governments and Non-Governmental Organizations (NGOs) to promote entrepreneurship and contribute to the overall economic growth and development. Interests in the entrepreneurial development continue to be in the forefront of policy debates in the developing countries, especially Nigeria. Recently, private sector has dominated the entrepreneurial development policies globally.
Entrepreneurship development heretofore has been proven to be a catalyst of a sustainable economic growth of a nation (Ebiringa, 2012). To this effect, the federal government had on several occasions initiated various programmes in a bid to empower and encourage entrepreneurial activities, taking cognizance of the pivotal role it plays in economic development necessary for enhanced standard of living of the people. Yet, the aim for creating the aforementioned programmes was defeated orchestrated by the inability of those initiated programmes in providing the necessary financial assistance to entrepreneurs. Entrepreneurs are experiencing difficulties in borrowing money from banks because of their stringent policy on lending. The borrowing conditions of the banks had discouraged many entrepreneurs from borrowing of which some who may have conceived creative idea that would have revamped the economy could not put it into use due to dearth of finance.
In addition, one of the challenges that are encountered by entrepreneurs is the issue of multiple-taxation. Although entrepreneurs in a country have a responsibility of funding the government through payment of taxes, most of the taxes charged on entrepreneurs are not lawful and have the effect of increasing the cost of doing business. Although Nigeria’s Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents on entrepreneurs.
The general objective of the study is to determine the impact of Entrepreneurship activities on the economic growth and developmenta student of small scale business owner in Abuja. Specifically, the other objectives are:
- To determine the extent at which entrepreneurial activities impact the standard ofliving of the people in Abuja.
- To examine the role of the small scale on the Nigeria’s economy
- To emphasize the crucial role that technological innovation and technical entrepreneurship play in fostering economic growth and development.