CHAPTER ONE

INTRODUCTION

Background of the Study

It has become increasingly apparent that entrepreneurship play a significant role in the socio-economic development of a society. Economically, entrepreneurship invigorates markets and promotes job creation through the formation of new businesses. History has shown that economic progress has been advanced by pragmatic people who are entrepreneurial and innovative, able to exploit opportunities and willing to take risks. Hence transforming ideas into opportunities is the crux of entrepreneurship which undoubtedly raises productivity and enhances the transfer of technology. Socially, entrepreneurship empowers citizens, generates innovation and changes mindsets (United Nations, 2010). Fostering entrepreneurship means promoting the competitiveness of a business especially in an increasing globalized world economy. The Federal Republic of Nigeria (2004) opined that entrepreneurship make entrepreneurs adaptable to changing situations by promoting self-reliance thereby alleviating the problem of unemployment. In addition, Nwachukwu (1990) stated that entrepreneurship harnesses the interests and innate potential of individuals, prevents wastes of human resources and serves as alternative in the absence of structured-employment.

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