The history of entrepreneurship is a wide one with different scholars, different views and different understanding and interpretation.
Entrepreneurship as we know has as its concepts innovation, creativity, and invention etc, started in the 13th century in Italy with one man called “Marco Polo”. He had ideas of trading with Asia and was sure of how he could get there and the materials he could trade. His expeditions were financed by venture capitalists in Venice with an assurance that he would share
his profits with them. These loose associations continued to flourish in Europe and other parts of the world where people with money were willing to back ideas and new schemes when they were convinced that there was some pecuniary advantage in the end.
Entrepreneurship first took off when production levels exceeded local consumption and people were left with surpluses of the things they produced, whether in the form of agricultural produce, dairy products, livestock and quite a few manufactured items.
This initially led to a barter system that allowed people exchanged things to satisfy their own requirements. This further led to the development of the market place where people gathered to barter or self their excess production in order to profit them. This came with the realization that they could not wait indefinitely for a coincidence of wants before they could barter their own products.
Government agencies stepped into the act in the 17th century and made capital available to people to finance production ventures. The risk involved in such ventures was the sole responsibility of the entrepreneur was one who ran huge production projects without any financial risk and with finance provided by the others, notably the government. A clear distinction was made between the entrepreneur and the capital provider. This change in thinking was necessitated by the industrialization that made its effect felt in that century. Even Thomas Edison ran into a huge financial crunch when he wanted to finance his ideas and inventions and had to get his capital from private sources. He was a complete entrepreneur and left the financing of his ventures to others.
The Internet has led to a virtual explosion of new advantage of the ease of communication.
Nowadays, an entrepreneur is regarded as one who organizes, controls, purchases raw materials; arrange materials and machinery to produce the goods. An entrepreneur is also one who throws in their own enterprise and inventiveness and also administers the venture.
A venture capitalist helps the entrepreneur with the capital to set up the venture but also takes the risk of its failure. If the entrepreneur succeeds the venture capitalist takes his/her own share of the profit which has been earlier negotiated. These returns are necessarily high to cover the risk.
1.2 OBJECTIVE OF THE STUDY
This study has as its general objective, a look into the entrepreneurship studies in Nigeria, and to assess the depth, trends and the challenges of entrepreneurship studies in Nigeria.
1.3 SCOPE/DELIMITATION OF THE STUDY
The scope of the study covers, the topic (Entrepreneurship studies in Nigeria the depth, trends and challenges.)
Most of the materials used for this work were gathered from the internet and time purchased (assess to the internet). Costs were incurred in the course of this work. The transportation cost, cost of typing, etc. the energy exerted and related stresses were not left out.
1.4 SIGNIFICANCE OF THE STUDY
The result from this work shall help in the in depth knowledge of the researcher on the subject matter and shall also give to anybody who may come across this piece work, a broad knowledge of entrepreneurship studies in Nigeria the depth, trends and the challenges.
1.5 LIMITATION OF THE STUDY
There are no limitations to this study. The researcher was well prepared before embarking on the project.
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