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
1
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,
2
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’
3
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).
4
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
5
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-à-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 Banker’s 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
6
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
7
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 one’s life time, few
entrepreneurs father or wife were deeply interested in the venture and in some cases people
8
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
No. 1
No. 2
No. 3
Wt. Score
Rating
Rank
High Profits
18
13
13
94
31.3
1
To make independent living
11
09
05
60
20.0
3
To fulfill desire of one’s life time
08
15
11
62
20.6
2
Father wanted
03
02
03
13
04.4
6
Wife wanted
01
01
--
02
01.1
7
To gain social status and prestige
05
07
16
48
16.0
4
Other expectations and ambitions
05
03
02
20
06.6
5
Source: field survey (2003)
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. It’s over all rating was
first (31.3%). The ambitions ‘to fulfill desire of one’s 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
No. 1
No. 2
No. 3
Wt. Score
Rating
Rank
Unemployment
07
03
01
27
12.7
5
Dissatisfaction with earlier job
15
04
02
56
26.4
1
To make use of idle fund
12
08
03
50
23.5
2
Dev. Of Eco. interest
08
09
04
47
22.1
3
Other compelling reasons
08
02
02
32
15.0
4
-
24
38
-
-
50
50
50
212
No. of entrepreneurs not responded
Total
9
Source: field survey (2003)
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
No. 1
No. 2
No. 3
Wt. Score
Rating
Rank
Success story of entrepreneurs’
4
8
15
45
16.1
3
Prev. exp. In manufacturing
4
4
2
20
7.2
7
Prev. employment in industry
5
3
1
22
7.8
6
Property inherited
13
8
1
55
19.5
1
Property acquired
9
4
1
35
12.4
4
Property belonging to wife
1
1
1
10
3.5
9
Encouragement of friends and
3
6
3
26
9.4
5
Encouragement of family member
2
5
2
16
5.6
8
Acquired tech. skills
9
9
9
52
18.5
2
No. of entrepreneurs’ not
-
2
15
-
50
50
50
281
relatives
responde3d
Total
100
Field survey (2003)
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).
10
Other reasons which include assured market, father’s 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
No. 1
No. 2
No. 3
Wt. Score
Rating
Rank
Easy to set up
3
7
11
35
12.4
4
High margin of Profit
2
1
2
9
3.2
9
No difficulty in securing Mech. And
1
5
7
22
7.8
6
Prev. employment in industries
9
1
2
30
10.7
5
Prev. employment in trade
2
1
--
8
2.8
10
No completion
9
2
3
46
16.4
3
Related to p-profession occupation
3
3
--
16
5.6
7
No difficulty in securing tech. know.
6
14
9
55
19.5
1
Existence of similar ind. In
1
2
5
10
3.6
8
14
4
2
51
18.0
2
-
3
9
-
50
50
50
282
skill workers
pursued
neighborhood
Other reasons
No of entrepreneur not responded
Total
Source field survey (2003)
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
11
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
Table V
Discouraging Factors
No. 1
No. 2
No. 3
Wt. Score
Rating
Rank
Delay in allotment
4
1
--
13
11.4
3
Delay in const. of shed for the want
3
1
--
11
9.6
4
1
1
--
6
5.2
6
Delayed supply of mech.
6
2
1
21
18.4
2
Delayed commen. Of prod. For want
12
5
3
47
41.2
1
Delay water connection
2
1
--
8
7.1
5
Other factors
2
1
--
8
7.1
5
No. of entrepreneurs not responded
20
38
46
Total
50
50
50
114
100
of blue print and skilled labour
Delayed const. of shed for want of
finance
of raw material/skilled
workman/power connection
Source: field study (2003)
Other factors: clearance by department of industries or other agencies, want of installation
services for machinery.
12
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
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.
13

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
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
14
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.
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World Bank Survey (2002) African Region’s Regional Programme on Entreprise Development
(RPED)
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