CHAPTER ONE

ENTREPRENEURSHIP AND ENTREPRENEURSHIP DEVELOPMENT

The concept of entrepreneurship, like other social science concepts, has been defined differently by different authors and scholars. Kibly, Inegbenebor (1989) defined entrepreneurship as willingness and ability of individual to seek out investment opportunities to establish and run an enterprise successfully. Hisrich (2002) defined entrepreneurship as the process of creating something different with values by devoting the necessary time and effort; assuming the accompanying financial psychological and social risk and receiving the resultant rewards of monetary and personal satisfaction. Entrepreneurship centre of Miami University of Ohio (2003) defined entrepreneurship as the process of identifying developing and bringing a vision to life. The vision may be an innovative idea an opportunity or simply a better way to do something. The end result of this process is the creation of new venture, formed under conditions of risk and considerable uncertainty. The earlier definitions of entrepreneurship, like the one given by Kibly, restricted the scope of entrepreneurship to the business area. Later definitions like that of Hisrich and University of Ohio, expanded the scope of entrepreneurship to include all areas of human endeavour such as politics, engineering, medicine, academia, social welfare etc. The concept of entrepreneurship is relevant and applicable to the entire life of mankind, not business alone. According to Odah (2003) defined entrepreneurship development as process that comprises of al efforts geared towards advancing or improving the individual willingness and ability to effective and efficiently exploit emerging business opportunities. The effort should be characterized by a process of re-orientation and the overhaul of institutions and the entire socio-economic system. With definition of entrepreneurship and development on ground, according to Odah (2003) we can safely attempt to define entrepreneurship development as a process of advancing or improving the entrepreneurial ability of an individual by means of reorientation and reorganization of the entire economic and social systems (Odah, 2003). Based on the definition by Odah (2003), entrepreneurship development involves the following:

1. A conscious outline step by step arrangement in improving the entrepreneurial abilities of the citizenry.
2. Embarking on massive re-orientation of the citizenry with a view to inculcating in them the spirit of entrepreneurship and a positive attitude toward it.

1. 1. BASIC PRE-REQUISITES FOR EFFECTIVE ENTREPRENEURSHIP

For entrepreneurship to properly be undertaken and also to make a desired impact, certain basic requirements in that regard need to be on ground. Nwachukwu (1990) identified the following:

• Potential Entrepreneurs: The aim of every entrepreneurship development programme is to advance or to improve the entrepreneurial abilities of a target group of individuals. The first essential requirement of a meaningful entrepreneurship development will therefore be the availability of this set of individuals i.e. potential entrepreneurs. The target group could be a set of graduating university or polytechnic students, production of the compulsory NYSC Scheme or any other group as may be determined by the government or its agencies.

• Business Opportunity: Entrepreneurship development survives and thrives on business opportunities. The availability of business opportunities facilitates entrepreneurship. The absence of or inadequate provision of opportunities makes entrepreneurship development difficult or even impossible. Business opportunities exist in the internal and external environment of enterprises.

• Effective Policy Formulation and Implementation: For   a proper coordination and the achievement of stated objectives there is need for policy guidelines on entrepreneurship development programmes. The policies will serve as a guide to individuals and government actions related to entrepreneurship development.

• Supportive Government Policies: Policies on entrepreneurship development may not be enough to make the desired impact. There is need for supportive government policies on issues related to entrepreneurship development like land allocation, bank loans, imports, exports etc.

• Availability of Infrastructural Facilities: Infrastructural facilitates facilitate every activity taking place within a given economy including entrepreneurship development. Availability of facilities like electricity, roads, schools, hospitals etc. will significantly encourage and support the achievement of the ultimate aim of entrepreneurship development i.e. establishment of many business enterprises.

• Individual and Institutional Re-orientation: Entrepreneurship development involves a lot of oriental and physical activities. To prepare the minds of individuals concerned as well as creating an enabling physical environment, there is need for conscious efforts on individual and institutional re-orientation. This involves taking measures such as introduction of courses on entrepreneurship development, campaigns, workshops, training, seminars, conferences, establishment and merger of institutions etc.