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EXPLORING
THE DETERMINANTS OF ENTREPRENEURSHIP AMONGST GRADUATES IN NIGERIA
CHAPTER TWO
REVIEW OF
RELATED LITERATURE
2.1 PREAMBLE
In Nigeria both state and federal
government are now placing much emphasis on the promotion of indigenous small
scale enterprises with a view to encouraging entrepreneurship.
This study address critical issues like life
aspirations, likely source of financial capital, entrepreneurial orientation,
attitude towards work, intention towards becoming an entrepreneur, subjective
norms underlying this intention, perceive behavioural control, behavioural
beliefs, nor mature belief and control beliefs others.
Johannisson (1991) and Auto et al. (1997)
scored the positive impacts of students perception of entrepreneurship as a
career choice, along with the role played by the research has source the
importance of the social status of entrepreneurial activities and situation.
Entrepreneurship education and influence both
currents behaviour and future intentions. Kolverldmoen (1997) look at the
significant differences between students who have taken entrepreneurship
courses and those who have not.
2.2 CONCEPTUAL FRAMEWORK
Entrepreneurship has been described
as a creative and innovative response to the environment. Meredith et al (1991)
looks at and entrepreneur as an individual who has ability to see and evaluate
business opportunities, gather the necessary resource to take advantage of
them, and initiate appropriate action to ensure success.
This turn of events has been mirrored by a
rising academic interest in entrepreneurship, understood as the creation and
establishment of new independent firms in the early empirical research this
interest was very much focused on the psychological characteristics of business
founders, although the research was not closely to contemporary development in
psychology. A trait approach was often employed, and almost endless loots of
entrepreneurial trait were suggested (Hornaday 1982) it eventually turned out
that this line of research was unable to give more than a small fraction of the
answer to the question “what make people found new firm?”
2.3 NEED, SCOPE AND CHARACTERISTICS OF
ENTREPRENEURSHIP
Entrepreneurship was been recognized
as an essential ingredient of economic development. In the early 16th century
in France, the term entrepreneur was used for army leaders. It was applied to
their business for the first time 18th century to designate a leader who buys
and sells goods at certain prices.
Entrepreneurship has never played a central
role for years, the main focus of economic has been on the allocation of
resources and how it is achieved by market or by government. It is only
recently with the revival of interest
in the question of economic growth Schumpeter’s view have required greater
silence. Empirical research on entrepreneurship in economic is surprisingly
limited.
The need for autonomy (or independence) is one
of the most frequently stated reasons for founding a firm or wanting to do so
(Bamberger, 1986; Cromie 1988; Scot and twomey, 1988).
2.4 ENTREPRENEURIAL TRAITS
Noel (2001) explained specifically
the importance of entrepreneurship emphasizing on the development of
entrepreneurial intention and the perception of self efficiency. The students
in the sample had all taken an entrepreneurship education program and were
graduated in entrepreneurship, management or another discipline. Noel’s finding
at least partially confirmed the assumption that entrepreneurship graduates
were more likely to create new business and has a higher level of intention and
more developed perception of self efficiency than students in the other two
groups.
McClelland (1961) in his work identifies need for achievement
(called n- achievement) to be linked with entrepreneurial spirit necessary to
taken risks to develop a country economic. He also said entrepreneurs are
likely to do well if they posses the following traits.
RISK TAKING:
entrepreneurs are risk takers and are very calculative when challenge occurs in
a business they encourage themselves.
But they don’t gamble.
Entrepreneur tend not to get involve in business of low quality because
there is lack of challenge and avoid high risk situation because they want to
succeed. They like overcoming challenges. A risk situation occurs when you are
required to make a choice between two or more alternatives, whose potential
outcomes are not must be subjectively evaluated. A risk situation involves
potential success and potential loll. The greater the possible loss the greater
the involved.
SELF
CONFIDENCE: entrepreneurs have self confidence in whatever they are doing. They
believe that they need to assumed responsibility in other for them to reach
their destiny. Entrepreneurs are very optimistic people’s and have a linking
for independence. It is this self confidence, including previous experience,
their ability to assume responsibility, and to
work out for their destiny that make them to venture in to private
business even when others are staying
away from it or are falling.
HARD WORK:
entrepreneur is a hard working individual who is determined to achieve his
objective. He put in more effort to make sure that work is done. He makes
proper use of official time and private time. He persists in what ever he is
doing even when the work is done and the day spent. The entrepreneur is
mentally attached to the job.
GOAL
SETTING: entrepreneurs have objective, based on his objective they set a goal
for themselves. In the attempt to achieve the set goal some appear to be
difficult and restless, until the goals in their various strategies try to
achieve the set goals or objectives.
ACCOUNTABILITY:
entrepreneurs love and success and work very hard to achieve success in what
ever they attempt in the process of achieving success they sometime meet with
failure. To the entrepreneur growth and profit will lead to stability,
expansion, and development of the business. The entrepreneur work as a team,
through collaborative efforts of its staff by getting feedback in other to
achieve the objective of the business.
They also to have keep a careful record of their achievement as a result
of which they are able to narrate and tell the stories of how they started the
business in the beginning. This attitude of record-keeping helps the
entrepreneur’s towards planning and high business ethics. He is not just
interested in money purse, but in what he is able to achieve with his money.
Others may see accountability in terms of profit and growth but he has a
different measurement for himself from what others perceive. He is accountable
to himself as his entire life depends on him.
VERSATIBILITY:
Entrepreneurs tend to be very informational and very versatile, qualities
require to ensure that the job gets done properly by themselves and
subordinates.
2.5 ENTREPRENEURIAL TASKS
Entrepreneurship is concerned with
many activities that have to do with the establishment and operation of
business enterprise. These activities include identification of investment
opportunities to exploit for profit, gathering the resourced needed for
production and distribution of goods and services, organization and management
of human and material resources.
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