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| Impact of Entrepreneurship on Economic Growth and Development |
Adegbola, Muritala Makinde, Aladesoun, Caroline Bunmi, Ayoade, Abayomi Adewuyi, Olaniyan, Ibunkunoluwa Hannah, Akinde, Blessing Onyi
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Abstract:
This work is targeted at examine the impact of entrepreneurship on economic growth. The objectives of this study include: to examine the impact of entrepreneurship on economic development; determine the role of entrepreneurship on economic development; evaluate the application of entrepreneurship as a remedy for economic growth; and determine the challenges business start-up faces in an economic challenges. The study employed a descriptive and cross-sectional survey design. The area of the study is Osun State College of Technology Esa Oke, Osun State, staff and students are the respondent. The instrument used for this study is primary data. The primary data was obtained through properly structured questionnaire. A total number of one hundred and fifteen questionnaires were distributed but only ninety were retrieved. The study found that significant respondents widely agreed that entrepreneurship plays a significant role in economic development. The study discovered that in the developing economies like Nigeria, there exist a positive relationship between entrepreneurship and economic growth. Hence, it is a potential remedy for Nigeria economic crisis. The study also found out that Nigeria has depended on oil for more than 90 percent of its foreign exchange income for far too long and for the country to come out of its current economic crisis there has to be an aggressive diversification of the economy. The study recommended that reforms in institutions such as the education system's curriculum are necessary to encourage self-reliance and vocational skills. Also, there is a need to revitalize infrastructure such as the country's power sector owing to its enormous impact on primary activities that can enhance development. More importantly, there should be a drastic reduction in tax and lending interest rate for SMEs to encourage large-scale industrial investor's interest.
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