INTRODUCTION

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At National and International levels entrepreneurship that is MSMES has been identified as engine for socio economic development. It is a process of wealth creation, a person that puts resources together for wealth creation is referred to as an entrepreneur. An Entrepreneur must be determined, creative and focused among other qualities. The person must take up the responsibility of risk bearing and decision making. He or she must have the ability to perceive business ideas and to strategically locate his or her business in an accessible site to customers.

 

He provides significant development through Micro, Small, and Medium Scale Enterprises in both developed and developing economies. They make meaningful contributions to socio economic and industrial growth through channeling the entrepreneurial spirit of people into productive activities.

Definition &Roles:

Entrepreneurship is a simple process of running a business of one’s own. A person who owns, operates and takes the risk of a business is referred to as an entrepreneur and this word originated from the French word “Entreprendre” which means to undertake or take action. However, the fact is that economic evolvement has exported the scope of entrepreneurs beyond just “undertake” to create, innovate, organize, take risk and realize reward”.

 

Broadly Speaking, an entrepreneur is one who creates his/her business, organises resources, labour, capital, materials and other assets in a combination that increases their values. He also introduces innovations and other changes in his product or services. He is a person who perceives the needs of people and provides satisfaction for them. He has the ability to see and access business opportunities even where others cannot and is able to combine natural resources, human inputs, physical assets, intelligence and creativity to achieve goals. “The World Bank defined entrepreneurs as people who perceive profitable opportunities and are willing to take risks in pursuing them they also have the ability to organise a business”.  From the above definitions you can see that entrepreneurs own business, initiate business ideas, organise resources, assume the risks are bear great wealth rewards. They are catalysts for change in the world of business. They can engage in a wide range of activities. The nucleus of entrepreneurs functions is that they try or identify the needs of the market place and meet those needs by supplying a services or product. When they succeed their business flourishes and the profits go to them and when they fail, their companies decline and they may have to go out of business.

 

Entrepreneurs are key factors in fostering economic growth. They are innovators who use the entrepreneurial process to break existing status-quo through new combinations of resources and new methods in commerce. Consequently, resources are redirected from a state of diminishing results to a state of increasing results.

 

Some individuals who have developed their Entrepreneurial skills and abilities in Union-Endeavors in Nigeria include but not limited to Michael Adenuga in telecommunication, oil and gas and financial institutions, Pat Utom’s Education and general commerce. Ibru family, Ugbosu, Esiso, T.J. Sokoh owners of Sokoh Estate and most of you here in the conference. Some of us who are not yet one, can become an entrepreneur irrespective of your field of study. All you need are firstly, personal sound judgment, ambition and determination. Secondly, develop and/or improve on the required traits and qualities.   National Institute of Company & Business Administrator respects and recognises your roles before investing for thinker encouragements and award.

Roles:-

The roles and relevance of entrepreneurship (SMSME) in any nation cannot be overemphasized. It increases the rate of developmental creation & employment opportunities by investing resources in those who have the potential of engaging in entrepreneurial activities and to improve the knowledge, skill and ability of individuals to assure the role of entrepreneurs. It encourages and sustains economic dynamism and enables an economy to adjust successfully in a regularly changing global economy. It is a veritable tool in socio-economic and individual develop.

 

The entrepreneur’s roles and responsibilities remain simply the same whether in normal, recessional and other business or economic results. Business is defined as “all activities organised and directed toward providing goods and services to customers for profit!  Those goods and services, are produced and marketed to provide customer’s satisfaction; Business is the single most important factor in our economic wellbeing and the entrepreneurs are only in position to create those business opportunities in free enterprise system. The Importance of entrepreneurs and SMSE has been overwhelming and encouraging. There are 14.3 Million non-term business in the United States of these 96% (Percent) are small businesses according to the size and standards set by the small business Administration. About half operate full time, the rest, part time.  Altogether small firms employ one-half of the nation’s private sectors Labour force they generate about 38% percent of the Gross Domestic Product.

 

The Development of Entrepreneurial Small Sector Business Nigeria:

Various efforts have been made by successive administrations to encourage the development of Small, Medium Scale Business in Nigeria.  According to JEGEDE (1990:8). The earlier attempt by Government to develop small scale business goes back to 1946, when the seasonal payer No. 24 of 1945 on a Ten years plan of development Welfare for Nigeria, 1946 was presented to the Legislative Council and approved by the council on 7th February, 1946. The first scale of development plan involved the establishment of the following responsibilities:

 

• The promotion and development of village crafts and industries.

• The industrial development of the products of Nigeria

• The setting up and operation of experimental undertakings for test of industrial processes for the development of any Nigeria products.

The Nigeria local development board was also empowered to:

• Make available loans and grants to Government controlled Bodies for the purpose of financing the establishment of infrastructural Public Utilities, Land Settlements and Law Utilization Schemes.

Aid and Foster Private Nigeria Business activities by granting Loans to Co-operatives, partnership and companies registered in Nigeria.

 

In 1949, it was discovered and was replaced with the Western, Eastern and Northern Development Boards and the Colony Development Board for Lagos.

 

The effect of enterprises promotion Act of 1972 which was aimed at promoting the involvement of Nigeria in all sectors of the Nigeria economy and consequently growth of the modern entrepreneurial consciousness among the citizens of the country.

 

In a survey by “Prof Aluko” in 1975 over 95% of the 21,949 Business units in 4 state of Nigeria in which the student was crowded indicated direct ownership through savings as their source of investment capital. Aluko S.A. explaining the problem of entrepreneurs in Nigeria mentioned that ignorance contributes a major factor that inhibits them from exploring the available sources of finance.  Ignorance of the existence of such institutions and Government Decision Agencies that offer financial assistance to business with various categories. Today National institute of company and Business Administration are available to help those entrepreneurs who would want to key into the current Government economic recovery plans and how to access Government associations. The institute will help you through its advisory boards on major problems inherent by entrepreneur and micro, small, medium business which includes but not limited to poor management, Book keeping/Accounting ranging from financial indiscipline, Access to initial credits, overtrading capitals: Multiple taxation and harsh economic environment, they are major challenges to concerns.

In all Business/economic climate, the entrepreneur’s roles remain very critical to all nations in normal recession/depression and after recession.

According to Dictionary of Economic and Commerce, Low cost edition by J.L. Harrison, Economic/Business Recession can be defined as “a temporary failure in business activities, this term being employed in both Great Britain and the United States to describe the temporary lapse from unemployment that has occurred since 1945”.

 

A recession or depression therefore is “a period of low general economic activities marked by especially rise in the level of unemployment” according to Randon House Dictionary of the English Language, the entrepreneur as a risk bearer he predicts the customer’s behavior, knowing what to sell, when to sell, whom to sell to according to V. Kumar on customer probability functions. He surveys the society through Feasibility Study.

 

An entrepreneur has extra-ordinary insight which often comes from uncommon perspectives. Their goal is simple to provide and decide for the best customer satisfaction in products or services.

 

The entrepreneur generates ideas, trends, people and practice on the business horizon.

 

They are a veritable tool for seeing to economic development, poverty reduction, employment and wealth creation. They create Job opportunities instead of seeking for job.

 

In recognition of this fact, the federal government of Nigeria through various medium and strategies has made conscious efforts to improve employment opportunities through SME’s and entrepreneurship in the current economic resource plan.

 

I wish to thank you all for your love for your fellow Nigerians, poverty reduction and general contribution towards socio- economic development in Nigeria.

 

“You are the Engine of Nigeria’s Economic Growth”!!

 

Thanks