Effect of Startup Business in Entrepreneurial Development in Nigeria

Effect of Startup Business in Entrepreneurial Development in Nigeria

Chapter One of Effect of Startup Business in Entrepreneurial Development in Nigeria

Background To The Study

Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007).  It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making. According to Paul, (2005); and Ossai (2012) entrepreneurship is essentially about taking a risk; it entails the creating of new venture which previously did not exist. Previously exist; it is the concerted effort and practice of starting new Business organization, especially new business; it leads to the creation of new wealth through the implementation of innovative ideas.

Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007).  It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making. According to EDC (2013) start up is the early stage in the life cycle of an enterprise consisting of when the entrepreneur converts the idea, to securing finance, outlining the   basic structure of the business, and start operations or trading. The effect of new startup businesses are enormous as they create employment opportunities, create customer value in terms of  providing new and improved  products and services ,create training and skill acquisition opportunities for  the youths and impact on the general living standard of the people  and the economy. The research therefore seek to investigate the  Effect of startup business in entrepreneurial development in Nigeria. A case study of event management

Statement of the Problem

According to Paul, (2005); and Ossai (2012) entrepreneurship is essentially about taking a risk; it entails the creating of new venture which previously did not exist. Previously exist; it is the concerted effort and practice of starting new Business organization, especially new business;.According to EDC (2013) start up is the early stage in the life cycle of an enterprise consisting of when the entrepreneur converts the idea, to securing finance, outlining the   basic structure of the business, and start operations or trading. The effect of new startup businesses are enormous as they create employment opportunities, create customer value in terms of  providing new and improved  products and services ,create training and skill acquisition opportunities for  the youths and impact on the general living standard of the people  and the economy.

However a number challenges which poses as impediment to successful start of business include the inability of people to exercise creative ideas and convert them into business enterprises. A good number of graduates from technical schools are not willing to take the part of starting a business instead they scout for government jobs. Also the risk factor and inability to raise fund also poses as challenges. Many people are not ready to neither take the risk of starting a new business nor raise the necessary fund to meet the requirement for the business. According the problem confronting the research is to determine the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management

Objectives of the Study

To determine the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management

Research Questions

What is start up Business in Entrepreneurial development

What is the Effect of startup business in entrepreneurial development in Nigeria? A case study of event management

Significance of the Study

The study seeks to project the growing significance of successful startup Businesses and its overall impact on the economy.

It shall also serve as a vital source of information to students, graduates, investors and management expert.

Research Hypothesis

Ho The Effect of   event management business startup in entrepreneurial development in Nigeria is not significant

Hi The Effect of   event management business startup in entrepreneurial development in Nigeria is not significant

Scope of the Study

The study focuses on the appraisal of the Effect of startup business in entrepreneurial development in Nigeria. A case study of event management

Limitations of the Study

The study was confronted by some constraints including logistics and geographical factors.

Definition of Terms

ENTREPRENUER DEFINED

The entrepreneur is the individual who initiate the idea of a new busines.He brings the overall change through innovation for the attainment of the maximum social economic benefit of the people and of the entire economy .He execute his function with conviction and vision .He is well coordinated with excellent leadership qualities. His spirit of enterprise or business startup makes him assume risk   by identify business opportunities, mobilize resources, and execute actions to satisfy demands of the economy (Allawadi, 2010

ENTREPRENUERSHIP DEFINED

Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007).  It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making. According to Paul, (2005); and Ossai (2012) entrepreneurship is essentially about taking a risk; it entails the creating of new venture which previously did not exist. it leads to the creation of new wealth through the implementation of innovative ideas.

Entrepreneurship is defined as the willingness and ability of a person to seek and identify investment opportunities, establish and run a successful enterprise Solomon (2007).  It is also viewed as the act of arranging business ideas, taking the associated risk and starting a Business, with a view to profit making.

REFERENCES

Allawadi, S.C. (2010). “Entrepreneurship Challenges in 21st Century”, Indian Institute of Material Management”. Mumbai 145-160

Paul, E.O. (2005). Entrepreneurship Education. In Ezenma Priscilla N., Paul Elizabeth O., A Amoke Beatrice O.,

Solomon, G. (2007). An Examination of Entrepreneurship Education in United States. Journal of Small Business and Enterprise Development. Vol. 14(2): 168-182