ENTREPRENEURSHIP DEVELOPMENT AND ECONOMIC GROWTH IN RIVERS STATE

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Entrepreneurship is a dynamic process of creating incremental wealth. The creation of this wealth, the entrepreneurs assume the major risk in terms of equity time and career commitment of providing value for some products or services. According to Robert E. Holmes, Ph.D (Dean of UAB’s school of Business) “Entrepreneurship is more a philosophy than anything else, it is a way of not only taking advantages of existing opportunities but also bringing new opportunities into being”. To an economist, an entrepreneur is a factor of production one that can coordinate other factors of production such as land, labour and capital to make greater value and also who initiate changes and innovation of a new order of business. To the psychologist an entrepreneur is a person who have a goal – direction for the fulfillment of needs. To a businessman an entrepreneur is one who takes risk to start and run a business that create wealth for others as well as finding better ways to utilize resources waste and create jobs that other are glad to get.