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PROJECT TOPIC: IMPACT OF ENTREPRENEURSHIP ON THE DEVELOPMENT OF AKWA IBOM STATE; A STUDY OF EKET LOCAL GOVERNMENT AREA

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CHAPTER ONE

1.1            Background of the Study

The concept of entrepreneurship serves as a core variable towards the development of any economy. According to Okechukwu O. C. (2009), the word entrepreneur is French, literally translated, means “between taker” or “go between”.

“Entrepreneurship” by Solomon and Winslow (1988) means “the process of creating something new with value by developing the necessary time and effort, assuming the accompanying financial, psychological, social risks and uncertainties, and receiving the resulting rewards of monetary and personal satisfaction.

As we can see, entrepreneurship has to do with the persistent of opportunities to create wealth through innovative creation of products or services that meet the needs of the public, using scare resources in any way that result in growth enterprises which satisfy the expectation of stakeholders whose roles sustain the business.

It is therefore the process which involves a vision of a future state regarding  idea, product or services. This process has played vital roles in the economic development of any nation.

It has been pointed out at various times and with varying degrees of emphasizes that entrepreneurship creates employment for the teaming population of any nation. In Nigeria, for instance, it is document that small and medium scale business, the catalyst of entrepreneurship, employs about 30% of the entire labour force (Acquah, 1986).

Entrepreneurship activities help to transform the traditional sector thereby helping in the economic development of a nation and state. In one aspect, it helps in modernizing the people’s perception of life, and in another, it modernizes the traditional handicraft prevalent in the rural economics, by introducing the use of machines instead of manual labour in most economic.


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