Entrepreneurship is the dynamic process incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time and/or career commitment or provide value for some product or service. The product or service may or may not be new or unique, but value must somehow be infused by the entrepreneur by receiving and locating the necessary efficiently and effectively.

Entrepreneurship is thus considered as the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence that comes with it first, entrepreneurship involves the creation process, creating something new of value. The creation has to have value to the entrepreneur and value to the audience for which is developed.

Secondly, entrepreneurship required the devotion of the necessary time and effort. Only those going through the entrepreneurial process appreciate the significant amount of time and effort it takes to create something new and make it operational.

Entrepreneurship is the active process of recognizing an economic demand in an economy, and supplying the factors of production (land, labour and capital) to satisfy that demand, usually to generate a profit. High levels of poverty combined with slow economic growth in the formal sector have forced a large part of the developing world’s population into self-employment and informal activities.

Entrepreneurship is an essential element for economic progress as it manifests its fundamental importance in different ways by:

• Identify, assessing and exploiting business opportunities;
• Creating new forms and/or renewing existing ones by making them more dynamic; and
• Driving the economy forward through innovation, competence, job creation and by generally improving the wellbeing of society.

Entrepreneurship development is concerned with the study of entrepreneurial behavior, the dynamics of business set-up, development and expansion of the enterprise. Entrepreneurship development (ED) refers to the process of enhancing entrepreneurial skills and knowledge through structured training and institution-building programmes. It basically aims to enlarge the base of entrepreneurs in order to hasten the pace at which new ventures are created. This accelerates employment generation and economic development.

Entrepreneurship is promoted to help alleviate the unemployment problem, to overcome the problem of stagnation and to increase the competitiveness and growth of business and industries. Various attempts have been made to promote and develop entrepreneurship. By giving specific assistance to improve the competence of the entrepreneur and his enterprise so as to enhance his entrepreneurial objectives and accommodate more people to become entrepreneurs as well. Entrepreneurship in Nigeria need attention from different sectors to help in every angle of its operation as it is one of the contributors of economic and social development. Entrepreneurs are significant because they have important effect on world economy (Wickham, 2004). In both develop and developing countries, entrepreneurs play important role in modifying rural and urban areas, generating income and contributing to employment generation.

(Hallberg, 2000; Williams 2001). One of the most difficult problems threatening the development of any nation in achieving economic development is youth unemployment: a nation which fails to adequately and advantageously engage its increasing population has little plans for economic progress. This calls for the need to redirect the nation’s development strategy by looking inward to create new business and develop the abundant and untapped youthful talents.

KEY APPROACHES FOR INTERVENTION

ISHIBA Development and Ermplowermentr an Organization has over the years embarked on pervasive empowerment trainings and seminars on the need to educate the teaming rural/urban populace to be engaged in solution provision rather than dependency. This was greatly achieved through the mental and intellectual renovations targeted towards making the people discover the potency of the force within which they have failed to discover and utilize.

Seminars on how to grow your business in the today’s economy taking into cognizance of the recent happenings within the Nigerian economy has recorded successes on various fronts. Business grow in Nigeria today is heavily challenged with in availability of resources and poor attitude of different key players of development (likened to no political will for business development).

ISHIBA Development and Empowerment Centre over the years has embarked on rigorous trainings all over the Federal Republic of Nigeria with particular target on women and youths. Over the years trainings have been conducted in various areas of interest through implementation and impact has been recorded in the following areas;

1. Agriculture/Agro-allied businesses
2. Catering and hospitality businesses
3. Chemical and allied businesses
4. Construction
5. Fashion and styles
6. Forest based and furniture businesses
7. Garment making industry
8. Info-tech businesses
9. Internet based businesses
10. Leather making
11. Soaps and detergent businesses
12. Rubber/plastic making
13. Telecom services etc.

Entrepreneurship is the active process of recognizing an economic demand in an economy, and supplying the factors of production (land, labour and capital) to satisfy that demand, usually to generate a profit. High levels of poverty combined with slow economic growth in the formal sector have forced a large part of the development world’s population into self-employment and informal activities.

MAJOR PROBLEMS OF NIGERIAN ENTREPRENEURS IN RURAL AREAS

1. Lack of capital

There are thousands of Nigerians with wonderful ideas that could be turned into a real business. However, most of them lack the capital to push their ideas into reality. The lack of capital is the number one reason why the development of entrepreneurship of entrepreneurship has not improved over the years.

2. Difficulty in securing loans from financial institutions

In the first point, we established that the first problem most Nigerian entrepreneur’s face is lack of capital. Most people then try to turn to banks and other financial institution to secure loans to fund their idea or business. But getting a loan is very difficult and most times impossible for average Nigerians who are looking for funds to start up a business or who already have a small business. The reason for this is that the banks and financial institution feel it is a huge risk lending money to them. Financial institutions are not sure if entrepreneurs will be able to pay back the loan. Another major reason why securing a loan is so difficult is the requirements needed for securing these loans. Most of the financial institutions demand h9ugh collateral and high-interest rate that small business owners or start-ups cannot afford. This discourages most Nigerian entrepreneurs and kills many promising ideas.

3. Poor state of infrastructure in Nigeria

The lack of good infrastructural facilities is another major problem affecting the development of entrepreneurship in Nigeria. The number one issue of infrastructure affecting entrepreneurship is the unstable power supply that has forced a lot of businesses to close down. Most entrepreneurs have to rely on generators to run their businesses. They have to spend a lot of money on fuel to run their generators. Also, lack of good roads and transport system in another infrastructural challenge plaguing entrepreneurship in Nigeria. The poor state of infrastructure in Nigeria makes the cost of running a business or businesses and start-ups can’t afford it.

4. Unstable state of Nigeria economy

The state of the Nigerian economy is also a major challenge for entrepreneurs in Nigeria. The state of a country and its economy plays a significant impact on the level of entrepreneurship in any country. The socio-economic problems and the unstable economy of Nigeria has killed a lot of businesses in the last couple years. All these mixed with political instability is not helping businesses at all.

5. Inconsistent government policies

There is no continuity in Nigerian government especially when there is a change in governance. Unfortunately, there are no good policies that could create necessary conditions for the development of entrepreneurship in the country. The government needs to create policies and an environment that will give more freedom and possibilities for entrepreneurs.

6. Poor knowledge on how to run a business

Not all the problems are from the government or capital related. Another problem is that most people don’t know how to manage and grow a business properly. They don’t seem to learn to have the resources to learn how to manage and grow a business.

7. Inadequate planning and poor execution

 This is the result of the poor knowledge on how to run a business. Most people don’t plan properly before they start their business. They don’t make researches about the business, the market for the business, the cost of production, etc. many do not even make a business plan. So, after they start a business, they stuck and the business fails. Also, a lot of people start off the wrong path and eventually the business ends up failing.

8. Lack of patience and greediness

A lot of new business owners and young entrepreneurs are looking to make money quickly. They are more money oriented and not entrepreneurship oriented. In fact, a lot of people go into business because of the money and they want it fast. Many people want quick money but as a result, they don’t have enough patience to grow a business that as the potential of becoming big. Also, due to the desire for quick returns and greediness, a lot of people try to find easier means of making more money in business and ends up getting duped.

9. High risk involved in starting a new business

Many are afraid of the risks and give up the idea to start own business. However, it is important to understand that a business and risk go hand in hand. No pain, no gain.

10. Lack of entrepreneurial mindset

This is the result of the mentality that was brought installed in us in the last decades. This is how the colonial eta influenced the mindset of many Nigerians. As we have already taught to be in the labour force and not to be entrepreneurs.