ENTREPRENEURSHIP AND SMALL BUSINESS A CASE OF A DEVELOPING COUNTRY BY DR. S. L.

ADEYEMI DEPARTMENT OF BUSINESS ADMINISTRATION UNIVERSITY OF ILORIN, ILORIN Abstract This study revolve around the socio-economic structure of entrepreneurship, factors affecting the growth and development of enterprises and problems faced by them. For the purpose of data collection a sample of fifty small scale units was taken and a common schedule of structure questionnaire containing questions of various aspect of entrepreneurship was administered personally to the owner/managing director of each of the units as the case may be. This study is partially exploratory but basically descriptive in nature. From the interpretation and analysis of data collected the result shows that age is not a static phenomenon for entrepreneurship. Those who have less education but have more practical experience and training, enter into the industry early. However, in such cases less education restricts the growth and development of the enterprise. The paper also finds reasons for enterpreneurship, the three was to earn high profits and prosperity. The variables which decide the area of activity or the product line are based on assured market, parental business, experience and revival of the sick unit etc. There are certain irritants that also serve as impediments for the growth of enterprises. For instance competition from small scale units, (28%) financial constraints, high intent ratio and others. Introductionn The prosperity and progress of a nation depends on the quality of its people. If they are enterprising, ambitious and courageous enough to bear the risk, the community/society will develop quickly. Such people are identified as entrepreneurs and their character reflects entrepreneurship. Entrepreneurship is no monopoly of any religion or community, Business

Timus (1995) entrepreneurial potential can be found and developed anywhere irrespective of age, qualification, experience or socio-economic background, only efforts are required in the right direction. Entrepreneurship may not be regarded as a sufficient condition for growth activity but is surely a necessary condition. (Destipande 1984) hence it must be given top priority in the national programmes of a country. It is widely acknowledged in entrepreneurship literature that entrepreneurship is about people who realize new opportunities. Entreprenuers are persistent, passionate, adaptable and able to take risks. As a result entrepreenuership can occur in a range of environments. However, at the core of entreprenership lies the creation of new business ventures by individuals or teams Timmons, (1999). Enterpreneurship is the lifeblood of the Nigerian economy. It is the cradle of job and weath creation in the most innovative ways. It is therefore imperative that we recognised an contribution that the entreprenuer makes to our economy and development. A small business unit, is, thus an enterprise, its owner, an entrepreneur and his activities are the entrepreneurship. Entrepreneurship is a human activity development. It indicates to the spirit of enterprise such as spirit transforms the man from a nomad to a cattle rearer, to a settled agriculturist, to a trader and an industrialist. Murthy (1989). CONCEPTUALIZATION AND REVIEW OF LITERATURE The concept of entrepreneurship as an organized knowledge came into being about hundred years ago. Though the economists from Adam Smith to Marshall were talking about it but without assigning the name of entrepreneurship. They used the terms as employer, the master, the merchant and the undertaker for carrying out different entrepreneurial activities now comprising of entrepreneurship. It was eantillon, who first brought out the term entrepreneur (Murthy 1989) and entrepreneurship was recognized in economic literature. Considerable attention has focused on the definition of the term entrepreneur. Schumpeter(1959) considered the entrepreneur as an innovator. He writes that Entrepreneurship is the carrying out of new combination we call enterprise; the individuals whose function is to carry them out we call entrepreneurs. The new combination focuses on five aspects (Schumpeter 1934): The introduction of new goals, new methods of production, opening up of new markets, new sources of supply of raw material and new industrial organizations. Say (1964) uses the term entrepreneur to refer to someone who creates and then, perhaps, operates a new business firm,

whether or not there is anything innovative in those acts. Baumol (1993) sees the Schumpeter type as an innovating entrepreneur and the Say type as the firm-organizing entrepreneur. People who get ideas for creating a new business, bring that business into existence and then carry on the work of the enterprise, are entrepreneurs (Jena 1989). Precisely, an entrepreneur is one who undertakes to organize, manage, and assume the risks of a business. Even a small business unit is an entrepreneur and his activities are the entrepreneurhip. Entrepreneurship is a human activity which plays a major role in economic development its history is as old as human history it indicates to the spirit of enterprise. Such a spirit transform the man from a nomad to a cattle rearer, to a settled agriculturist, to a trader and an industrialist (Murthy 1989). An entrepreneur is a person while entrepreneurship is the process of its actual working. Entrepreneurship is also consistently equated with the establishment and management of small business enterprises. In United States, the entrepreneur is often defined as one who starts his own, new and small business. (Drucker 1985). Modern literature on economic development classifies the entrepreneurship in four broad categories. The innovating, The imitating, The Fabian and The drone entrepreneurship (Williamson and Bultrick 1969). Innovating and imitating entrepreneurship is generally available in developed countries and very rare and limited in developing countries. Developing countries have in them the Fabian and Drone types of entrepreneurship. The reason of the backwardness of the developing countries lies in the fact that they are deficient in innovating and imitating entrepreneurs whereas they are found in abundance in developed countries. Entrepreneurship has been a major factor in the economic growth of the west, the USSR and of Japan in Asia and it was undoubtedly of innovating and imitating type which made the process of development smooth and fast there. This bring to mine an area of interest that has captured the imagination of scholars regarding the phenomenon of entrepreneurship is the big question, Are entrepreneurs born or made. Many people believe that entrepreneurs possess innatic, genetic talents. However, experts generally agree that most entrepreneurs were not born, rather, it is the environment, traning family tradition etc which help in the development of successful entrepreneurs (Jha,(1989). P

The role played by entrepreneurship in the development of western countries has made the people of developing countries very much conscious of its importance in the programme of rapid economic development. People have begun to realize that for achieving the goal of development it is necessary to increase both the quantitative and qualitative entrepreneurship in the country. The qualitative entrepreneurship implies the stress on innovating and the quantitative implies the stress on imitating entrepreneurship. Both of them contribute stimulus for development. It is also known that even though a country has resources - labour, technology, capital and raw material etc, but these remain under-explored in the absence of the active and enthusiastic entrepreneurs, who have the ability to organize the various factors of productions. Innovating entrepreneurs are rarely found in developing countries. In the past these countries have depended, largely on developed countries for their manufacturing requirements. But now they are planning to develop as early as possible for which they require modern kinds of innovating and imitating entrepreneurs. Fabian entrepreneurs do not want to take huge risk, they do not believe in making big changes, unless, of course, it becomes inevitable for their existence. Drone entrepreneurs go on using their own traditional techniques, even at a loss. Industrial entrepreneurship in developing countries is about 15% of world industrial output. See; Woriel Baul Survey, 2002. The efforts are in progress for enlarging the developing countries share of world industrial output from 7% in 1974 to at least 25% by the year 2005 A.D. While scope for bilateral and multilateral cooperation exists between developed and developing countries, the developing countries can advantageously establish linkages among themselves in sharing technologies and industrial know how with each other. The important fact is that the nature of modern technology adapted it due to paucity of funds and imperfect market conditions (Tandon 1973). Another qualification to adopt the available technology in developing countries is that it requires huge initial investment. This capital intensive technology can not be undertaken due to lower propensity to save and mass unemployment possibilities (Irwin 1966).

Smalll Scale Business. (Enterprise) The role of small scale industries has been emphasized from time to time, keeping in view the over all plan objectives of the economic growth coupled with social justice. The small sector has distinct advantage of low investment with high potential for employment generation. It is also brings out dispersal of industries in rural and semi-urban areas with definite advantage of equitable distribution of national income. This sector has been identified in all the National development plans of Nigeria. It is widely acknowledged that the creation, sustenance and growth of small and medium enterprises (SME) is a key ingredient for the sustainable develoopment of any Nation. The role of SME has also been emphasized from time to time, keeping in view the overall plan objectives of the economic growth coupled with social justies. The small business sector has distinct advantage of low investment with high potential for employment generation. It also brings out dispersal of industries in rural and semi-urban areas with definite advantage of equitable distribution of National income. Consequently, Nigeria, like other similar developed Nations of the world, has initiated a number of sector reforms on SMES aimed at transforming the Nigerian Economy from its present prostrative statue to a highly industrialized one, as achieved by some Asian countries in the second half of the last century. According to llpo, et al, (2004), these reforms aimed at creating employment, reducing poverty and improving the welfare of people, are in agreement with the goals of industrialized countries of the world. There is no concensus on the definition of SMES throughout the world due to differences in general economic development and the prevailing social conditions within each country (pacific Economic Coorperation Council 2003). Thus, various indicies such as number of employees, invested capital, asset employed, sales volume, production capability and a combination of these variables are ued by various countries to classify a business under the SME sector (Ownalah, 1999; and Allal, 1999). Essien (2001) defines a small scale enterprise as an enterprise with a total capital employed of over N1.5m but not more than N50million, including working capital but excluding cost of land and/or a labour size of 11-100workers. This depicts small businesses. However, majority of small business in Nigeria might not be able to boast of capital employed of N1.5m due to low per capital income of the citizens. Small business is defiined by Holmes (2001) as a business which

is independently owned and operated with close control over operations and decisions held by the owners. Business equity is not publicly traded and business financing is personally guranteed by the owners. The business will have less than twenty employees. This paper align with this definition as it tries to capture small business in terms of ownership and operations. The Federal Government of Nigeria since 1960 has put in place different kind of institutional frame work to promote small scale enterprises in the country. These include the establishment of industrial development centers (IDCS), the small scale industries credit scheme, credit guidelines to financial institution, working for yourself/entrepreneurship development programme (WFYP/EDP) National Economic Reconstruction Fund and others So the overall industrial policy of the country continued with the basic frame work provided by the National development plans from time to time, adjustment have been made in the policy to meet the emerging needs and challenges of industrial development. The Government continues to protect small scale enterprises vis--vis the large ones through its policy of reserving industries for exclusive manufacturing in small scale sector. Financial assistance to small business sector is also available in the form of credit scheme i.e. small scale and medium industries credit scheme (SSIC), small scale enterprises loan scheme (SMES). In 1999 Bankers committee came up with the small and medium industries Equity investment scheme (SMIEIS). Through this, banks are to be set aside 10 percent of their profit before tax for the purpose of entering into equity financing of small and medium enterprises. To what extent do Nigeria small and medium businessmen fulfill the role as entrepreneur in accordance to the definition of entrepreneur given above. Nigerian businessmen and women are innovative in assessing opportunities and in the ability to nearly as effective in product innovation. They tend to concentrate on the rapid adoption and imitation of foreign innovation and know-how rather than to engage in basic research themselves. For example most manufacturers usually make products based on foreign brand label under license. As to technology, most of the machinery used in production are imported from developed economy and developing countries like United State, and Hong Kong

respectively. This may explain the difficulty of Nigerian industries to diversify away from the traditional light industry sectors. Looking into the background of individuals comprising the manufacturing sector of Nigeria, most of the firms are small family enterprises with well developed skills in manufacturing imitation goods at low production costs. They are remarkably similar. In the past, Nigeria concentrated producing a limited range of highly labour-intensive goods such as textiles plastic etc. it is quite true that Research and development (R & D) is not common with small size firms. They prefer rapid imitation of new imported technology as a more viable and economical alternative. In other words, many manufacturers prefer to stay in industries where R & D are not important METHODOLOGY The research design adopted in this study is partially exploratory as it attempts to uncover the various motivating and facilitating factors in entrepreneurship. The design is basically descriptive in approach in the sense that it tries to establish relationship between two and more variables. The data for this study have been collected both from the secondary and primary sources. Among the major secondary sources are the publications of the ministry of industry, Government of Nigeria, industries centre, trade journals and journals related to small business. A representative sample of 50 (fifty) Entreprenuers drawn through the convenience sampling method compriised of business owners who have stated their own businesses or taken over existing one in ilorin. Personal interviews were conducted with the respondents. The collections of data was through a structured questionaire was prepared and administered personally to either the owner of the business unit or its managing director as the case may be. The questionnaire consisted of five parts, each containing a different set of questions dealing with demographic and personal profiles of entrepreneurs, motivational and influencing factors, effect of subsidies and facilities which promote entrepreneurship and small business, effect of training and developmental programmes for executives and entrepreneurs and certain questions pertaining to the problems of executives and entrepreneurs. No sophisticated statistical method except analysis of variance, has been used

and conclusions will be drawn primarity from descriptive data analysis. A through interpretation and analysis of the data was carried out to draw the inferences, the details of which are in the following paragraphs. DATA INTERPRETATION ANALYSIS AND DISCUSSION Out of a sample of 50 entrepreneurs 84% were the proprietors of their own small scale units and rest i.e. 16% were running their units under partnership or limited company. It signifies that in small business proprietorship is a popular concept. A trend analysis of these 50 units was carried in terms of their commencement during the period 1990 2000. it is noted that during 1994 96 38% units started functioning whereas 20% in 1991 93, 18% in 1997 99, 16% till 1990 and the rest of the 8% commenced in 2000. The phenomenal increase of 38% in 1994 96 has been attributed to emphasize on small scale sector by the newly formed government during this period. AGE AND EDUCATION The study revealed that 42% entrepreneurs were in the age group of 26 35 years, 24% were 25 years or below, 22% in 36 50 years and 12% above 50 years. The most popular age group for entrepreneurship is 26 35. the average age of the entrepreneur comes out to be 27 28 at the time of starting his business. In this age group people are by and large prepared to take a calculated risk but it all depends upon the type of entrepreneur. Education wise among the 50 entrepreneurs 25 were non graduates, 10 technical diploma holders whereas 15 were graduates or post graduates. The study reveals that the new generations of entrepreneurs were more educated than the old. This laid credence to the fact that education has become an important requirement for entrepreneurs. In the past, many entrepreneurs had been successful without a formal degree. Today, however, the market is increasingly competitive and a substantial amount of knowledge is necessary to run a successful business. VARIOUS FACTORS AND REASONS FOR ENTREPRENEURSHIP Among the various factors which led the entrepreneurs to their present involvement in business are to make high profits, to make an independent living, to fulfill a desire of ones life time, few entrepreneurs father or wife were deeply interested in the venture and in some cases people

resorted to entrepreneurship to gain prestige and status in the society. The details are shown in table no. I Ambitions from Entrepreneurship Table no. 1 High Profits To make independent living To fulfill desire of ones life time Father wanted Wife wanted To gain social status and prestige Other expectations and ambitions Source: field survey (2003) No. 1 18 11 08 03 01 05 05 No. 2 13 09 15 02 01 07 03 No. 3 13 05 11 03 -16 02 Wt. Score 94 60 62 13 02 48 20 Rating 31.3 20.0 20.6 04.4 01.1 16.0 06.6 Rank 1 3 2 6 7 4 5

Table I shows 44 out of 50 (88%) became entrepreneurs to earn high profits 18 of these gave it top rank and 13 put it at second rank, whereas another 13 ranked it third. Its over all rating was first (31.3%). The ambitions to fulfill desire of ones life time stood second, 20.6% in the over all rating. It was closely (20%) followed by to make independent living which got third rank. It is clear from the above that by becoming entrepreneur people certainly want to earn high profits and get rich and would also like to fulfill the desire of their life time. Table II points out the compelling reasons which forced an individual to go in for his own small scale business. Compelling Reasons to go in for Entrepreneurship Compelling Reasons Unemployment Dissatisfaction with earlier job To make use of idle fund Dev. Of Eco. interest Other compelling reasons No. of entrepreneurs not responded Total Source: field survey (2003) No. 1 07 15 12 08 08 50 No. 2 03 04 08 09 02 24 50 No. 3 01 02 03 04 02 38 50 Wt. Score 27 56 50 47 32 212 Rating 12.7 26.4 23.5 22.1 15.0 Rank 5 1 2 3 4

As indicated dissatisfaction with the earlier job consisted to be the major compelling reason for as many as 21 (42%) persons which made them to leave the earlier job and go in for their own ventures. Other reasons have been detailed in the table no. II.

The facilitating factors which have encouraged towards entrepreneurship and set up small scale units are detailed in table no. III. This table shows that inherited property is rated as the highest (18.5%) of all facilitating factors, followed by acquired technical skills and success stories of other entrepreneurs Facilitating Factors Leading to Entrepreneurship in Small Business Table III. Facilitating Factors Success story of entrepreneurs Prev. exp. In manufacturing Prev. employment in industry Property inherited Property acquired Property belonging to wife Encouragement of friends and relatives Encouragement of family member Acquired tech. skills No. of entrepreneurs not responde3d Total Field survey (2003) No. 1 4 4 5 13 9 1 3 2 9 50 No. 2 8 4 3 8 4 1 6 5 9 2 50 No. 3 15 2 1 1 1 1 3 2 9 15 50 Wt. Score 45 20 22 55 35 10 26 16 52 281 Rating 16.1 7.2 7.8 19.5 12.4 3.5 9.4 5.6 18.5 Rank 3 7 6 1 4 9 5 8 2

100

Table III shows that 29 (58%) entrepreneurs were of the opinion that they were attracted towards a particular industrial line, as either they already had know how about it or there was no difficulty in getting it. This aspect secured the first rank (table no. IV). Other reasons which include assured market, fathers experience in related industry, revival of sick units, advantage of acquiring a functional unit, advice e of family members, friends and relatives, secured the second rank. People were also inclined in business area where there was no or very little competition, it was placed at rank third. Other details are as per table no. IV. Specific Line of Industry (Business) Table IV Reasons Easy to set up No. 1 3 No. 2 7 No. 3 11 Wt. Score 35 Rating 12.4 Rank 4

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High margin of Profit No difficulty in securing Mech. And skill workers Prev. employment in industries Prev. employment in trade No completion Related to p-profession occupation pursued No difficulty in securing tech. know. Existence of similar ind. In neighborhood Other reasons No of entrepreneur not responded Total Source field survey (2003)

2 1 9 2 9 3 6 1 14 50

1 5 1 1 2 3 14 2 4 3 50

2 7 2 -3 -9 5 2 9 50

9 22 30 8 46 16 55 10 51 282

3.2 7.8 10.7 2.8 16.4 5.6 19.5 3.6 18.0

9 6 5 10 3 7 1 8 2

Choice of estate town for setting up the enterprise was heavily influenced by variable like nearness to native place (first rank) availability of plot/shed (second rank) and nearness to market (third rank). Entrepreneurs after having chosen the lines of industry and selected the town, the leading factors which made them to locate their units in industrial estates had been (a) allotment of plot/shed in the estate at concessional rates (first rank) (b) facilities and fascination of estate idea (third rank) (d) in-capacity to acquire plot outside the estate area etc. (fourth rank) 62% entrepreneurs themselves thought it fit to move or to set up unit in the industrial estate. In this regard 15.6% entrepreneurs were influenced by the advice of government agency and 22.4% by friends, relatives and family members. 48% entrepreneurs opined that in the absence of the industrial estate, they would have gone in to set up their units elsewhere 38% said they would have never thought of the idea. Others had no definite opinion about this aspect. SLOW GROWTH Entrepreneurs also pointed out certain crucial factors as detailed in table no. V which resulted in slowing down (discouraging) the commencement of the production. Major among them had been, delayed supply of machinery, want of raw material and skilled manpower, lack of power supply and delayed water connection and delay in allotment of industrial plot etc. Factors Responsible for Slowing Down of Commencement of Production 11

Table V Discouraging Factors Delay in allotment Delay in const. of shed for the want of blue print and skilled labour Delayed const. of shed for want of finance Delayed supply of mech. Delayed commen. Of prod. For want of raw material/skilled workman/power connection Delay water connection Other factors No. of entrepreneurs not responded Total Source: field study (2003) services for machinery. PROBLEMS Among the major problems which the entrepreneurs encountered with respect to marketing are competition from small scale units (40%), competition from large scale units (28%), slackness in demand (8%), and the rest of the entrepreneurs ,pointed out certain other problems like transportation bottlenecks and seasonal demand. The major problem faced in financial area was shortage in working capital requirement (75%). It had been a mater of utmost concern to a substantial number of small business units. Other minor, problems were high rate of interest and settlements of accounts in case of credit sales. 33% entrepreneurs were concerned about the scarcity of raw material, its high price and low quality. 14% units (out of 50) reported problem of power, 30% units complained of labour problems, 20% entrepreneurs were having shortage of skilled manpower and some entrepreneurs were having the problem absenteeism. 30% entrepreneurs had an opportunity to attend short duration management development programmes. Most of these were conducted by small industry extension training institute of 2 2 20 50 1 1 38 50 --46 50 8 8 114 7.1 7.1 100 5 5 No. 1 4 3 1 6 12 No. 2 1 1 1 2 5 No. 3 ---1 3 Wt. Score 13 11 6 21 47 Rating 11.4 9.6 5.2 18.4 41.2 Rank 3 4 6 2 1

Other factors: clearance by department of industries or other agencies, want of installation

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packaging in Ilorin. The entrepreneurs found these programmes to be very useful. Another 30% had some problems in under-going these courses and the rest 40% were having an indifferent attitude. CONCLUSIONS AND RECOMMENDATION Based on the interpretation and analysis of the data the following conclusions have been drawn. Entrepreneurs, the central figure of economic activity and propeller of progress, plays a crucial role in determining the level of development in any economy. The difference in the nature and magnitude of investment between the developed and the under developed and between different stages in the progress of any single country is to be found in the size, energy, initiative and scope of operation of the entrepreneurial class. In the modern times the entrepreneurs are better educated than in the earlier days. Analysis shows the newer the unit the better qualified is the entrepreneurs The popular age group for going in, for entrepreneurship is 26-35 years. partnership type of organizational set up is quite popular among entrepreneurs and in most of the cases it is the family partnership One of the biggest obstacles to progress in Nigeria is deemed to be limited aspirations of her people. Making money or earning high profits is rated as the highest of all ambitions but that too by only 31.3% entrepreneurs Destiny is shaped by the compulsions of the situation; hence reasons that have made the individuals as entrepreneurs were non-satisfaction and non-achievement of aspirations with their idle fund. Others wanted diversification of economic interest and about 12% went in for entrepreneurship because of unemployment The success stories of other entrepreneurs helped these entrepreneurs in developing the necessary motivation and the drive to go in for the small scale business. Previous experience, encouragement from relatives and friends have also been instrumental for entrepreneurs impetus Selection by entrepreneur of specific industries (business) is based on the availability of technical know how, lack of competition in that area and previous experience etc. Setting up the business in the industrial estate of the town has been basically the decision of the entrepreneur himself, keeping in view the various facilities available in the estate 13

like plot/shop, nearness to native place, nearness to market, and other economic considerations. Entrepreneurs expected better organization of common facilities in the industrial estate. The larger the size of the estate, the larger the number of entrepreneurs it normally attracts. Among the factors which contributed to delays or slow growth of entrepreneurial ventures were lack of power supply, scarce raw material and shortage of skilled workman etc. The major problems which the entrepreneurs faced were competition from other small scale units and some large units, shortage of working capital and raw material, labour problems and lack of proper managerial guidance and consultancy Empirical evidence suggest that people with University degrees are not necessarily prone to take risks and venture into the unknown. Only a small percentage of them are likely to start their own businesses. Therefore, public and private sector developmental programmes that promote entrepsreneurship should take cognisance of this fact and not be unduly disappointed when intellectuals are not interested in business propositions. Move often, it is the resolve of people rather than their academic degrees that determine their success in business. References Allal, M. (1999) Business Development Services for MSEs in Thailand In MSE Development and Poverty Alleviation in Thailand, Finnega Gerry (ed.), ILO/UNDP Working paper. Business Times (1995) Nigeria. April 12th, Pp35 Baumol, W. J. (1993) Formal Entrepreneurship Theory in Economic: Existence and Bonds. Journal of Business Venturing 8, pp. 197-210 Deshpande, M.U (1984) Entrepreneurship of Small Scale Industries, Deep and Deep Publication, New Delhi, Pp 49. Drucker Peter F. (1985) Innovation and Entrepreneurship Heinemann, London, Pp. 20.

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Essien, O. E. (2001), The Role of Development Finance Institutions in the Financing of Small Scale Industries CBN Bullion. Vol. 25, No. 3. Entrepreneurs in India, in Samiuddin (ed) Entrepreneurship in Development in India, Jena, B. C., (1989), Mittal Publication Delhi Pp 39 Holiness, Scott (2001) Definition of Small Business Final Report of the Small Business Coalition (SBC) Australia, April 5. Irwin, F. (1966). The Propensity to save in India, Dr. P. S. Loknathan 72 nd Birthday Commemoration Volume, Vove ed Co., Bombay. Pp 163-170 Ilpo, A., M. Passi and N. Mikko (2004). Intergenerational Transmission of Poverty in Finland in the 1990s. University of Turkey, Department of social Policy Series C: 13. Murthy, N. (1989a) Entrepreneurship in Small Towns, In Samuddin (ed) Entrepreneurship Development in India, Mittal Publication, Delhi Pp4. Pacific Economic Co-operation Council (PECC), (2003) Financing Small and Medium Enterprises. Challenges and Options, Singapore, PECC International Secretariat. Tandon, B. C. (1973). Environment and Entrepreneur, Chug Publication, Allahabad. Pp 60 Tha, S. M. (1989). The Constraint in Entrepreneurial Renaissance, in Samiuddin (ed) Entrepreneurship Development in India, Mittal Publication Delhi Pp 109 Timmons, Jeffry (1999), New Ventures Creation, Entrepreneurship in the 21st Century. Irwin McGraw-Hill, Pages 27-30 Owualah, S. I. (1999) Entrepreneurship in Small Business Firms, Lagos; G. Mag Investment Limited

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Say, J. B. (1994) A Treatise of Political Economy or the Production, Distribution and Consumption of Wealth Schumpeter, J. A. (1934): The Theory of Economic Development. Harvard University Press. Cambridge. M. A. Schumpeter, J. A. (1959): The Theory of Economic Development. Harvard University Press, Cambridge, Massachusetts. Williams and Bultrick (1969). Economic Development Change and Entrepreneur, Cambridge University Press. Pp 265-285 World Bank Survey (2002) African Regions Regional Programme on Entreprise Development (RPED)

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