CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Entrepreneurship
stirs up ideas that could enhance enterprises. This perhaps informed why
entrepreneurship is fundamental to generating new ideas and developing new
business opportunities (Shanghai, 2001). Ayeduso in Osuala (2004) stated that
while the word entrepreneur describes the person or the actor, entrepreneurship
talks about the actions, efforts, abilities, skills, processes or sometimes the
business unit itself. Following the same opinion, Inegbenebor (2006) said that
entrepreneurship is about learning the skills needed to assume the risk of
establishing a business. It is about developing strategies and executing them
with all the vigour, persistence and passion needed. According to him,
preparing for entrepreneurship focuses on attitude and skill formation for the
identification of economic opportunities, feasibility analysis, business
planning and making arrangements for the sustenance and growth of the
enterprise. Similarly, the Small and Medium Enterprise Development Agency
(SMEDA, 2004) stated that entrepreneurship develops when a person organizes and
manages a commercial undertaking. SMEDA also noted that entrepreneurship
combines strong character of diligence, innovativeness, readiness to take risk,
ability to sense opportunity, ability to mobilize human and material resources,
being goal-oriented and focused, preserving and dogged for growth and
excellence. Entrepreneurship is certainly critical in economic transformation.
Entrepreneurship, according to Ray, Adams and McMilliam (1990) is being able to
discover innovations that can enhance marketing of goods and services, create
enabling business environment, staff training and deal with barriers to growth.