CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The rate of economic growth is dependent upon the growth in the factors of production and the rate of technical change. Recently, some economists hence shifted the emphasis away from the increase of physical capital to the expansion of high-level manpower such as entrepreneurship development.
They maintain that the major obstacle to the economic development of developing countries is not so much a shortage of capital as a lack of absorptive capacity in part from shortage of skills and knowledge needed to mobilize, organize and co-ordinate capital and other resources of production.
In view of the above role of entrepreneurship in economic development of any country cannot be over emphasized. It is in recognition of these roles that here in Nigeria, recent pronouncements by government both federal and states as well as members of both the privates and Banking Sectors seem to indicate sudden and increasing realization of the virtues of promoting the growth of business enterprises and indeed the encouragement of potential entrepreneurs.
Effort are now being made to stimulate the people in to appreciating the impact the development of entrepreneurship can have on the national economy.
To start or establish one’s own industry, is besieged with many problems. Many people are seriously contemplating on starting one business or another, many have already done so some are with the idea and the initial problem, while many more have not depressing ends to their initial high hopes.
Investment, without doubt plays a crucial role in economic growth and development. However, the level of investment in an economy is dependent on four factors, namely
a) The extent to which current consumption be reduced to realize resources for investment, otherwise known as saving capacity.
b) The availability of investment goods required to enable investment take place (the investment capacity).
c) The availability of projects managerial and administrative capacity skills and infrastructure required and administrative capacity, skills and infrastructure required for execution of the projects and willingness to harvest.
It is in realization of this obvious fact and its importance to our national economic development that this research stands to attend to ‘A through study will be carried out to unveil the peculiar factors hindering the development of entrepreneurship.
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