Registered Effect of Government Policy on Entrepreneurship Development

Registered Effect of Government Policy on Entrepreneurship Development.

Introduction

This part of the work serves as the introductory paragraph, thereby connoting the foundation upon which this work is built. Other aspects to be discussed are as follows; background to the study, statement of the problem, research objectives, research hypotheses, significance of the study, limitations of the study and operational definition of terms.

Entrepreneurship Development in Nigeria – The entrepreneur plays a vital role in the process of economic growth and development. Iwu Eze (1986) in Olorunshola, (2013)  in a paper presented in on entrepreneurship development in Nigeria said that an entrepreneur is a contractor, an organizer of an enterprise for the public, a resourceful person with a dream.

Entrepreneurs are bold men and women who have initiative and the ability to lead, manage and take the consequences. They are men of action, risk-takers, missionary, creative and highly respected of their ability to effectively and efficiently concubine the functions of management to achieve the goals.

He also noted that during the colonial period, only a few of Nigerians could boast of personal or family capital to start off any meaningful business and hence the next place of call for business and financial was a bank.

According to Ani (1999) in Olorunshola, (2013) said that entrepreneurship started when people produced more products than they needed and as such, had who also these surpluses with others who also wanted to dispose of their surpluses.

For instance, if a blacksmith produced more hoes then he needed, he exchanged the surplus he had with what he specialisation. This process is known as trade by barter before the advent of any form of money. All these have been made to ensure the sustenance and growth of small and medium scale enterprises in the country.

One of the goals of economic development strategies pursued by successive Nigerian Governments has been the reduction of poverty through job creation. Many government policies over the years for the achievement of that objective have been based on the development of indigenous entrepreneurship. Of course, Nigeria is not alone in pursuing this strategic option.

The Reagan administration in the USA also pursued similar policies in the 1980s “Reaganomics” as it was dubbed worked on the supply side of the economy. The concept of government policy has been analysed by Dye (1965) who quoted Jones (1977) as cited in Olorunshola, (2013) as a public decision to achieve a purpose.

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