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PROJECT TOPIC: FACTORS INFLUENCING ENTREPRENEURIAL PERFORMANCE IN SMALL SCALE BUSINESS

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CHAPTER ONE

INTRODUCTION

1.1   Background of Study

Entrepreneurship is increasing recognized as an important driver of economic growth, productivity, innovation and employment, and it is widely accepted as key aspect of economic dynamism. This has amplified the studies on small and medium enterprises (SME) growth and more importantly the formal and informal attributes associated with the entrepreneurs who have led their companies successfully to growth stage.

Certainly, for an entrepreneur to be successful in terms of establishing any form of small scale business, certain factors must be put into consideration that can boost the inspiration of the entrepreneur for effective and efficient management of his or her business in achieving the set objectives.

An entrepreneurs can be seen as people who have the ability to see and to evaluate business opportunities to gather the necessary resources to take advantages of them and to initiate appropriate action to ensure success Meredith et al (1982).

According to Ozigbo (2000), argued that there is no legal or single clear cut of definition of what constitutes small scale enterprise in Nigeria. And the classification of businesses into small, medium or large is a subjective and quantitative judgment Ekpenyoung and Nyound, (1992) under the Central Bank of Nigeria (CBN) monetary and credit policy guideline for 1996, as reported by Ozigbo (2000), small scale enterprises is an enterprise with fixed assets excluding land, but including working capital not exceeding ten Million Naira (l0m).

In view of the above, it is necessary to study or review several factors that influence the performance of entrepreneurship in small scale business.

Obviously, there are various factors that can influence entrepreneurial performance either positively or negatively such as change in present life style, education, personal values, age, work history, role Models and Support systems, moral support network and professional support network, these factors can rather make or mar the performance of entrepreneurship.

Most importantly, it is very necessary in this background of study to recognized the fact that the management of entrepreneurship is always at the hand of one or two persons who put their idea, skills, techniques, creativities and resources together in order to implement or innovate some thing new and they also act or serve as the manager’s proprietors and pioneers who pilots the affair of that business because entrepreneur are seen to be optimistic moderate risk taker and believing in his or her ability to control his or her own business rather than just making money.


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