CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
The Nigeria rural areas consist of diversity of people with distinct cultures sustained by diverse economy. Infact, the structure of the rural areas in Nigeria and their cultures are characterized both by continuity and changes. The societal values and norms control of the rural dwellers to a large extent have destabilizing effect on entrepreneurship development processes. The development of the rural economy depends largely on the availability of entrepreneurial competence. Entrepreneurship is the acceptance of risk and managing a new business to improve living standard which is aimed at making profit.
According to Anuku (2004) entrepreneurship is the ability of a person to take financial risk and combine such resources such as Land, Capital, Time, Technology as well as research and development to satisfy need and earn profit.
The entrepreneurship is a self-disciplined, action oriented for business ideas, and highly energetic to tolerate uncertainty. It’s ability to be innovative, result from personal attribute exposure and experience. The entrepreneurs provide a business plan, the resources, the procedure and method on how to actualize the purpose of the venture.
It is generally observed that over the years entrepreneurs are reluctant towards developing the rural areas due to the fact that there are inadequate social amenities, lack of business ideas, lack of technological- know-how etc. Those who wish to go into business in the rural areas are not financially buoyant which has necessitated the establishment of micro and small business. Entrepreneurs with highly managerial skills are needed in the rural area to educate the people and control other factors of production in order for them to succeed.
Development as defined by Todaro simply means a “multi-dimensional process involving major changes in social structures, popular attitude and national institution as well as accelerating economic growth, reduction of inequality and eradication of absolute poverty.”
Erhurun (2006) “Development could be seen as a quantitative and qualitative improvement in the former way of doing things that positively affect a greater percentage of the populace.
Development in the rural areas is very vital because it redesigned the aspect of the culture that brings obstacle to entrepreneurs. Entrepreneurship development is to educate and create awareness among citizens which gives room for proper planning, good business ideas and communication, utilization of infrastructural facilities and technological advancement of the rural areas. Entrepreneurship has contribute significantly to economic activities, provide opportunity for investors, provision of innovative ideas, master planners and project manager. Also, access to cheap and reliable capital should be promoted to boost entrepreneurship activities in the rural areas. The totality of this assertion is that entrepreneurship developments occupy a sensitive or core position of any rural areas, that wants improvement in the quality of life of the rural dwellers.
1.2 STATEMENT OF RESEARCH PROBLEM
All nations of the world are saddled with a lot of problem confronting entrepreneurship development in the rural area and the first thing that comes to mind is how to solve these problems so that countries can aspire to attain high level of economic development by way of increase in capital formation, high productivity, man power development, development of infrastructures, high level of advancement in technology, constant power supply just to mention but a few.
In Nigeria especially it is believe that entrepreneurship development in the rural areas suffers from high illiteracy level, inadequate capital and unskilled man power which is why the entrepreneurs in the rural areas engages in small scale business.
Besides bank are not ready to lend without some form of securities or collateral. A nation is said to be poor or rich, developed or under developed due to the success and failure of its entrepreneurs.
However, the specific problems of the study include the following:
Entrepreneurship, really an instrument for rural areas economic development?
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