IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 5 NO. 1 2019

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Entrepreneurship: Characteristics, Practices and Impacts on Nigeria Economy in Relation to Geosciences

E. L Iwueke, G. O. Anyarum, V. I. Fagorite, O. C. Okeke & N. N. Ehujuo

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Abstract

Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. An Entrepreneur is commonly seen as an innovator, a designer of new ideas and business processes. The main objective of this paper is to review the characteristic practices of entrepreneurship on the Nigerian economy using Geoscience discipline as a case study. Characteristics of entrepreneurship may be reviewed in terms of the strategies adopted by the entrepreneur to achieve his or her objectives and they include; introduction of new products/services , use of new business model, use of modern technology, effective communication system and continuous improvement on the quality of the products/strategies. Entrepreneurial practices transcend national boundaries. What is practical globally may apply all countries through the styles and strategies may depend on the mineral and agricultural resources so of the region or countries and the enterprise of the people. Thus in Nigeria, most entrepreneurial activities are not limited to mineral resources (oil, gas, solid mineral), buying and selling, wood carving, bronze casting and weaving. The Nigerian Government has encouraged the development of entrepreneur through the establishment of some agencies including; National Directorate of Employment (NDE), National Open Apprentice Scheme (NOAS), Small and Medium Enterprise Development Association (SMEDA). Entrepreneurship has contributed to Nigerian Economy in terms of creation of employment, generation of revenue and production of raw materials for local industries. These companies that are established by entrepreneurs are related to the oil/gas and solid mineral development, are resources development which are geosciences. Others are agricultural production and general services (including transportation), making distributive trade etc.

keywords:

Entrepreneurship, Entrepreneur, Practices, Solid Minerals, Employment Generation and Profit.

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