THE IMPACT OF ENTREPRENEURSHIP ON THE ECONOMICGROWTH OF NIGERIA
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Abstract
This study investigates the role of entrepreneurship in the economic development in Enugu State, Nigeria. Utilizing a survey research method, data were systematically collected from entrepreneurs, chief executives, managers, and senior staff of five selected small and medium scale enterprises (SMEs) out of a total of 18 firms operating within the sector. The research involved a comprehensive methodology, including the administration of structured questionnaires . The sample size of 293 was determined using Taro Yamane’s formula and distributed proportionally among the firms to ensure fair representation. Validity and reliability of the research instruments were established through content validity and a test-retest method, yielding a reliability coefficient of 0.87. Data analysis was conducted using frequency tables, chi-square, and F-test statistical methods to test the hypotheses. The findings revealed significant
contributions of SMEs to economic development through local raw material utilization, value addition for export, and adherence to business ethics. The study recommends the establishment
of a strict policy framework to enhance entrepreneur-government partnerships, focusing on finance, skill development, and strategic alliances. It also suggests the need for a pragmatic industrial policy to address globalization challenges, prioritizing support for the SME sector, and providing accessible information through agencies like SMEDAN. Contributions to knowledge include highlighting the prerequisites for economic growth, the impact of entrepreneurship on economic development, the importance of government support, and the role of entrepreneurs in exploring untapped economic areas. Future research directions are suggested to examine the impact of entrepreneurship on employment and youth empowerment, the contributions of NERFUND to entrepreneurial development, and the implications of inadequate managerial skills and limited access to finance on the sustainability of entrepreneurial ventures in Nigeria.
contributions of SMEs to economic development through local raw material utilization, value addition for export, and adherence to business ethics. The study recommends the establishment
of a strict policy framework to enhance entrepreneur-government partnerships, focusing on finance, skill development, and strategic alliances. It also suggests the need for a pragmatic industrial policy to address globalization challenges, prioritizing support for the SME sector, and providing accessible information through agencies like SMEDAN. Contributions to knowledge include highlighting the prerequisites for economic growth, the impact of entrepreneurship on economic development, the importance of government support, and the role of entrepreneurs in exploring untapped economic areas. Future research directions are suggested to examine the impact of entrepreneurship on employment and youth empowerment, the contributions of NERFUND to entrepreneurial development, and the implications of inadequate managerial skills and limited access to finance on the sustainability of entrepreneurial ventures in Nigeria.
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