Entrepreneurship

1. ENTREPRENEURSHIP
3RD INTERNAL ASSESMENT
PRESENTED BY:
MITESH PATIDAR
MUSKAN PUROHIT
TANYA CHATURVEDI
PRAKHAR PANDEY
SUBMITTED TO:
DIKSHA MA'AM

2. The Development Of
Entrepreneurship in a
Depressed Economy

3. ENTREPRENEURSHIP
ENTREPRENEUR
DEPRESSED ECONOMY

4. WHAT IS
ENTREPRENEURSHIP?
• “Entrepreneurship is living a few years of your
life like most people won't so you can spend the
rest of your life like most people cant.”
- WARREN G. TRACY
• An entrepreneur is an individual who creates
a new business, bearing most of the risks and
enjoying most of the rewards. The process of
setting up a business is known as
entrepreneurship. The entrepreneur is
commonly seen as an innovator, a source of
new ideas, goods, services, and business/or
procedures.

5. WHO IS AN
ENTREPRENEUR??
•An entrepreneur is an individual who creates a new
business, bearing most of the risks and enjoying most
of the rewards. The process of setting up a business is
known as entrepreneurship. The entrepreneur is
commonly seen as an innovator, a source of new ideas,
goods, services, and business/or procedures.
•Entrepreneurs play a key role in any economy, using
the skills and initiative necessary to anticipate needs
and bring good new ideas to market. Entrepreneurship
that proves to be successful in taking on the risks of
creating a startup is rewarded with profits, fame, and
continued growth opportunities. Entrepreneurship that
fails results in losses and less prevalence in the markets
for those involved.

6. Depressed
Economy
•There’s no formal definition of a depression, but
economists generally agree that it is a severe and
lengthy period of economic decline that impacts several
countries simultaneously.
•The Great Depression, for example, lasted more than
10 years, from the stock market crash on Oct. 24, 1929,
until 1941, when the U.S. entered World War II, when
millions of jobs were created to fulfill wartime needs.
•During a depression, the unemployment rate spikes
into double-digits and demand for consumer goods
collapses.
•Companies usually slow production or shut down
factories to compensate, and investment activity dries
up. As a result, GDP and other measures of economic
activity experience deep contractions. Recovery from a
depression can take years or decades.

7. A STUDY OF
THE NIGERIA
ASSOCIATION
OF SMALL
SCALE
INDUSREIES
(NASSI)OF
KWARA STATE
• As far as the development of the rural and urban areas in
Nigeria is concerned, the role of small scale enterprises
cannot be under-estimated.
• The small scale businesses have the potentiality to reduce
the rate of unemployment in Nigeria and thus to contribute
to the Gross Domestic Product (GDP) and economic growth
of the nation
• Due to the positive contribution of small scale businesses
to the economic development of the nation, there is the
increased need for the government to be seriously involved
in the support and encouragement of the small scale
ventures to enable them realize their full potentials to the
benefit of the whole nation.
• The development plan articulated the need for the
Nigerian economy to be self reliant through
industrialization, entrepreneurial development
employment generation and development
through increasing export trade.

8. WHAT IS A SMALL SCALE ENTERPRISE
Personal savings of the
owner forms the start-up
capital of the business
Low Initial capital
requirement
Simple technology
Low level of managerial
skills
Difficulty in accessing
external funds for
establishing and running the
business

9. Contribution of
the small scale
enterprises to
the growth and
development of
the Nigerian
economy:
• Increased output of goods and services for the generality of
the people of Nigeria.
• Helping to solve the daunting unemployment situation in
the country by the creation of jobs and employment of
large number of unskilled and semi-skilled people.
• The small scale enterprises, in a way, develop a pool of
skilled and semi-skilled manpower. Because people with
inadequate skills are engaged by the entrepreneur, they
have the opportunity to develop their skills for future
advanced functions in well-established industries.
• Data from the Federal Office of Statistics in Nigeria
confirmed that about 97% of the entire enterprises in the
country are small-scale enterprises and they employ an
average of 50% of the working population as well as
contributing about 50% of the country’s industrial output
Ariyo (1999) and Ihua (2009) averred that the small-scale
enterprises in Nigeria are not only catalysts of economic
growth and national development but are also the bedrock
of the nation.

10. PROGRAMS RUN BY NIGERIAN GOVERNMENT
TO PROMOTE BUDDING ENTERPRENEURS
SMALL AND MEDIUM
ENTERPRISE
DEVELOPMENT AGENCY
OF NIGERIA
YOUTH ENTERPRISE
WITH INNOVATION IN
NIGERIA
ESTABLISHMENT
OF ENTERPRENEURSHIP
DEVELOPMENT CENTRES

11. Challenges of Small Scale Enterprises in Nigeria
Financial
Challenge
Managerial
Challenge
Production
Challenge
Personnel
Challenge
Marketing
challenge
Challenge
Resulting
from Poor
Organization
of Work
Challenge
Resulting
from Poor
Organization
of Work

12. CONCLUSION
• Small scale enterprises are essential agents
of economic growth and national
development.
• they are able to engage large number of
applicants because they employ both
unskilled and semi-skilled individuals. .
• The presence of the small scale enterprises
and the provision of jobs to unemployed
people keep the idle mind busy thinking and
doing the job assigned to the individual.
• The Federal government of Nigeria needs to
encourage the establishment and running of
more small scale enterprises through the
provision of funds to entrepreneurs.

13. RECOMMENDATIONS
There is the need for the
Nigerian government to
put in place new policy
guidelines aimed at
making the acquisition of
funds easier for the
entrepreneurs of small
scale businesses.
The entrepreneurs of
small scale enterprises
must endeavour to
establish more businesses
in both the rural and
urban centres to provide
more goods and services
for the teeming
population of Nigeria.
Entrepreneurs should
aim as giving some basic
skills training to the
unskilled and semiskilled
people engaged to work
for them so that they can
contribute more
positively to the work of
the enterprise.