IDEAS home Printed from https://ideas.repec.org/a/rss/jnljms/v6i7p4.html
   My bibliography  Save this article

Entrepreneurship and Socio-Economic Development: The Case of Nigeria

Author

Listed:
  • Anochie Uzoma C.
  • Ude Damian Kalu
  • Egbo Vincent O.

Abstract

Empirical researchers and policy makers have shown increasing interest in entrepreneurship and its association with socio- economic development. In the literature, a good number of studies have established positive relationship between entrepreneurship and employment generation, poverty alleviation as well as socio- economic development. It is for this reason that various governments in Nigeria over the past three decades implemented a number of policies and programmes aimed at addressing the high rate of unemployment, wide spread poverty and low level of socio-economic development. Unfortunately, the various policies and programmes have failed to achieve the desired results. This paper attempts to enumerate the roles and importance of entrepreneurship in the socio-economic development of Nigeria as well as identify the causal factors that militate against the effectiveness of government efforts at entrepreneurship development. Major government programmes are examined to identify inherent weaknesses. Supported by empirical and theoretical literature, this paper asserts that a good treatment of all small businesses as entrepreneurial ventures will enhance the development of entrepreneurship which consequently affects the socio-economic development in Nigeria as policies and programmes are implemented across the board.It furthercanvasses a distinctive categorization to distinguish entrepreneurial firms from none-entrepreneurial small businesses and the development and implementation of policies and strategies that are suitable for each class of small businesses.While all small businesses need support, entrepreneurial firms need higher level of support to enable them play their catalytic role in employment generation and socio-economic development. Other groups of challenges identified by empirical studies, which militate against entrepreneurship development were highlighted. These include environmental hazards, infrastructural inadequacies, high level of insecurity and the incidence of wide spread corruption.

Suggested Citation

  • Anochie Uzoma C. & Ude Damian Kalu & Egbo Vincent O., 2015. "Entrepreneurship and Socio-Economic Development: The Case of Nigeria," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 6(7), pages 346-365.
    • Handle: RePEc:rss:jnljms:v6i7p4
    as

    Download full text from publisher

    File URL: http://rassweb.org/admin/pages/ResearchPapers/Paper%204_1497467822.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Earle, John S. & Sakova, Zuzana, 2000. "Business start-ups or disguised unemployment? Evidence on the character of self-employment from transition economies," Labour Economics, Elsevier, vol. 7(5), pages 575-601, September.
    2. Fonseca, Raquel & Michaud, Pierre-Carl & Sopraseuth, Thepthida, 2007. "Entrepreneurship, Wealth, Liquidity Constraints and Start-up Costs," IZA Discussion Papers 2874, Institute for the Study of Labor (IZA).
    3. Morris, Michael H. & Lewis, Pamela S., 1991. "Entrepreneurship as a significant factor in societal quality of life," Journal of Business Research, Elsevier, vol. 23(1), pages 21-36, August.
    4. Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-535, June.
    5. Holtz-Eakin, Douglas & Joulfaian, David & Rosen, Harvey S, 1994. "Sticking It Out: Entrepreneurial Survival and Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 53-75, February.
    6. Fonseca, Raquel & Michaud, Pierre-Carl & Sopraseuth, Thepthida, 2007. "Entrepreneurship, Wealth, Liquidity Constraints and Start-up Costs," IZA Discussion Papers 2874, Institute of Labor Economics (IZA).
    7. Evans, David S & Jovanovic, Boyan, 1989. "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 808-827, August.
    8. Lee, Sang M. & Peterson, Suzanne J., 2000. "Culture, entrepreneurial orientation, and global competitiveness," Journal of World Business, Elsevier, vol. 35(4), pages 401-416, January.
    9. Erik Hurst & Annamaria Lusardi, 2004. "Liquidity Constraints, Household Wealth, and Entrepreneurship," Journal of Political Economy, University of Chicago Press, vol. 112(2), pages 319-347, April.
    10. Michael Luger & Jun Koo, 2005. "Defining and Tracking Business Start-Ups," Small Business Economics, Springer, vol. 24(1), pages 17-28, January.
    11. Berglann, Helge & Moen, Espen R. & Røed, Knut & Skogstrøm, Jens Fredrik, 2011. "Entrepreneurship: Origins and returns," Labour Economics, Elsevier, vol. 18(2), pages 180-193, April.
    12. Anderson, Alistair R. & Miller, Claire J., 2003. ""Class matters": human and social capital in the entrepreneurial process," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(1), pages 17-36, March.
    13. Raquel Fonseca & Pierre-Carl Michaud & Thepthida Sopraseuth, 2007. "Entrepreneurship, Liquidity Constraints and Start-up Costs," Social and Economic Dimensions of an Aging Population Research Papers 173, McMaster University.
    14. Fonseca, Raquel & Lopez-Garcia, Paloma & Pissarides, Christopher A., 2001. "Entrepreneurship, start-up costs and employment," European Economic Review, Elsevier, vol. 45(4-6), pages 692-705, May.
    15. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vincenzo Quadrini, 2009. "Entrepreneurship in macroeconomics," Annals of Finance, Springer, vol. 5(3), pages 295-311, June.
    2. Robert W. Fairlie & Harry A. Krashinsky, 2012. "Liquidity Constraints, Household Wealth, And Entrepreneurship Revisited," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(2), pages 279-306, June.
    3. Raquel Fonseca & Simon Lord, 2015. "Les déterminants du travail autonome au Québec et au Canada (1993-201," Cahiers de recherche 1517, Chaire de recherche Industrielle Alliance sur les enjeux économiques des changements démographiques.
    4. Fonseca, Raquel & Lord, Simon, 2016. "Les déterminants du travail autonome au Québec et au Canada (1993-2010)," L'Actualité Economique, Société Canadienne de Science Economique, vol. 92(3), pages 489-513, Septembre.
    5. Felipe Balmaceda, 2018. "Entrepreneurship: skills and financing," Small Business Economics, Springer, vol. 50(4), pages 871-886, April.
    6. Joao Galindo da Fonseca, 2022. "Unemployment, Entrepreneurship and Firm Outcomes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 322-338, July.
    7. Paul A. Coomes & Jose Fernandez & Stephan F. Gohmann, 2013. "The Rate of Proprietorship Among Metropolitan Areas: The Impact of the Local Economic Environment and Capital Resources," Entrepreneurship Theory and Practice, , vol. 37(4), pages 745-770, July.
    8. Gohmann, Stephan F. & Fernandez, Jose M., 2014. "Proprietorship and unemployment in the United States," Journal of Business Venturing, Elsevier, vol. 29(2), pages 289-309.
    9. Thomas Gries & Wim Naudé, 2008. "Entrepreneurship and Regional Economic Growth: Towards A General Theory of Start-Ups," WIDER Working Paper Series RP2008-70, World Institute for Development Economic Research (UNU-WIDER).
    10. Wim Naudé, 2008. "Entrepreneurship in Economic Development," WIDER Working Paper Series RP2008-20, World Institute for Development Economic Research (UNU-WIDER).
    11. Joao Galindo da Fonseca, 2022. "Unemployment, Entrepreneurship and Firm Outcomes," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 322-338, July.
    12. Philippe Bracke & Christian Hilber & Olmo Silva, 2014. "Homeownership and Entrepreneurship: The Role of Mortgage Debt and Commitment," CESifo Working Paper Series 5048, CESifo.
    13. Faggio, Giulia & Silva, Olmo, 2014. "Self-employment and entrepreneurship in urban and rural labour markets," Journal of Urban Economics, Elsevier, vol. 84(C), pages 67-85.
    14. Akyol, Ahmet & Athreya, Kartik, 2011. "Credit and self-employment," Journal of Economic Dynamics and Control, Elsevier, vol. 35(3), pages 363-385, March.
    15. Stefano Corradin, 2013. "House Prices, Household Leverage, and Entrepreneurship," 2013 Meeting Papers 631, Society for Economic Dynamics.
    16. Robert W. Fairlie & Alicia M. Robb, 2007. "Why Are Black-Owned Businesses Less Successful than White-Owned Businesses? The Role of Families, Inheritances, and Business Human Capital," Journal of Labor Economics, University of Chicago Press, vol. 25(2), pages 289-323.
    17. Bracke, Philippe & Hilber, Christian A.L. & Silva, Olmo, 2018. "Mortgage debt and entrepreneurship," Journal of Urban Economics, Elsevier, vol. 103(C), pages 52-66.
    18. Jarkko Harju & Toni Juuti & Tuomas Matikka, 2023. "Stairway to Heaven? Selection into Entrepreneurship, Income Mobility and Firm Performance," Working Papers 17, Finnish Centre of Excellence in Tax Systems Research.
    19. Erik Monsen & Prashanth Mahagaonkar & Christian Dienes, 2012. "Entrepreneurship in India: the question of occupational transition," Small Business Economics, Springer, vol. 39(2), pages 359-382, September.
    20. Bryson, Alex & Dale-Olsen, Harald & Gulbrandsen, Trygve, 2016. "Family Ownership, Workplace Closure and the Recession," IZA Discussion Papers 9877, Institute of Labor Economics (IZA).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rss:jnljms:v6i7p4. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Danish Khalil (email available below). General contact details of provider: http://www.rassweb.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.