Entrepreneurial Business Orientation and Economic Survival of Nigerians

Abstract

IntroductionEconomics means the total/ aggregate sum of buying and selling, production and distribution activities, labour etc. It consists of an economic system which includes production, distribution, consumption and services in a nation. A given economy is the result of a set of processes that involves its culture, values, education, technological evolution, history, social organisation, political structure and legal systems, as well as its geography, natural resource endowment and ecology, as main factors. These factors give context, content and set the conditions and parameters in which an economy functions. Some cultures create more productive economies and function better than others, creating higher value or Gross Domestic Product (GDP). GDP per capital and unemployment are part of the methods by which an economy is measured. Many countries over the decade have designed a lot of means to improve, enhance and have a sustainable economy. This awareness made many developing countries including Nigeria to have a change of direction of industrial development from large scale business to development to small scale development from early 1960s (Dende and Joshua, 2012).Small and medium scale enterprises (SMES) have been identified to develop and positively improve the economy. Countries such as Japan, China, North America and Asian countries have had such a rapid growth in their economy which is attributed to SMES. Also developing nations, such as Nigeria characterised as low income earners by the World Bank, value SMES for several reasons. The role of SMES as an engine to economic growth as garnered considerable public attention. It is accepted globally as a tool for empowering the citizens and economic growth (Patrick 2009). For a nation irrespective of its economic ideology, to achieve meaningful and sustainable development, adequate attention must be given to wide spread of economic activities through entrepreneurship and SMES generation.The SMES development facilitates the mobilization of human and capital resources towards economic development, in general and the rural sectors in particular. They have been identified as a vehicle for employment generation and providing opportunities for entrepreneurial sourcing, training, development and empowerment. SMES constitutes the driving force of industrial growth and development. This basically due to their great potential in ensuring diversification and expansion of industrial production as well as the attainment of the basic objectives of development. SMES utilize local raw materials and technology thereby aiding the realization of the goal self reliance. Also, government at various levels (local, state and federal levels) have in one way or the other focus on the performance of SMESS for economic gains.Statement of ProblemThe Nigeria national economy is characterized by mirage of problems which has constituted a sleepless night to developmental oriented governance. The most disturbing thing in the country is the menace of unemployment. Nigeria is faced with the challenge of curbing increase in crime rate, unprecedented increase in prostitution, high mortality rate, and political thurggery among others which are traceable to youth unemployment (Safiriyu and Njogo, 2012). More so, dwindling economic growth and devel opment attributable to insufficient number of economic activities call for people to engage in entrepreneurship in the form of small and medium scale enterprises especially at such time as this which on the long run will translate to improve and sustainable economic growth and development otherwise, the country will suffer relegation in the committee of nations.There is need to embark on the study to investigate the effect of small business operation on the economic survival of people in a nation. This study remain germane by examine the influence of entrepreneurial business operation on economy survival of Nigeria people in Ilorin metropolitan area. …

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