Essay about Rolef Enterprenuership N Nigeria

7412 Words Jan 28th, 2016 30 Pages
European Journal of Business and Management
ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online)
Vol 4, No.8, 2012

www.iiste.org

The Role of Entrepreneurship in Economic Development: The
Nigerian Perspective
Dr. Mrs Ann Ogbo
AGU CHIDIEBERE NWACHUKWU
Dept. Of management, University of Nigeria, Enugu Campus. PMB 011
*E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract
The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria.
A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were
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Keywords: key words Entrepreneurship, SMEs, Economic development
1. Introduction
There is a distinction between theoretical and operational definitions of entrepreneurship. In general, the theoretical definitions are wide, covering a number of entrepreneurial activities, whereas the operationalized definitions cover a singular aspect. Glancey and McQuaid (2000:22-23) mention five definitions of entrepreneurship, while Wennekers and Thurik (1999:46-47) mention thirteen. The economic definition of entrepreneurship can be viewed from a theoretical and an operational context. Chandler (1990:8) defines entrepreneurship as dealing with uncertainty, making a distinction between risk, which can be calculated, and uncertainty, which cannot. Schumpeter (1934:66) describes the entrepreneur as the bearer of the mechanism for change and economic development, and entrepreneurship as the undertaking of new ideas and new combinations, that is innovations. Drucker (1985:93) describes the entrepreneur as a person who is willing to risk his capital and other resources in new business venture, from which he expects substantial rewards if not immediately, then in the foreseeable future. Okpara (2000:3-4) sees the entrepreneur as an individual who has the zeal and ability to find and evaluate opportunities. He further observes

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