Basic Concept and Meaning of Entrepreneurship, Entrepreneurial Traits and Characteristics

A Definition of Entrepreneurship and the Entrepreneur

The issue of graduate unemployment has tasked the ingenuity of many university teachers and administrators. Many graduates remain unemployed and sometimes unemployable.

In recent times however, the government has come to recognize the importance of entrepreneurship in economic development: that industrial and economic development is fostered not by few large-scale industries, but by numerous entrepreneurial ventures or rural small-scale enterprises, which have the capacity to provide employment and aid growth in an unprecedented manner.

Industrialized nations like the US and Japan owe their development to the activities of fast growing small-scale enterprises rather than the few large-scale companies that operates in their economics.

The Conceptual Model of Entrepreneurship Development, Education and Failure

Characteristics of entrepreneurship

Man and His Cosmic Environment

The Cosmos (Universe) The word “cosmos” is used to refer to the universe, regarded as one orderly system with a structure, whose parts are linked together in an orderly manner. Both philosophy and astronomy study the structure of the universe. Cosmology is the area of study (in both disciplines) concerned with the structure of the universe. Cosmology therefore is,

Definition of Cost Accounting

Cost may be defined as the amount of cash equivalent or the fair value
of other consideration given to acquire an asset at the time of its acquisition or construction.

To the economists, cost is what must be given up in order to obtain something. Accountants, extending the perspective of economist, view cost as the value of economic resources used in the production of goods, services, income or profit. Accounting is a term desired from account and which is simply defined as an expression of transaction.

A Review and comparison of Entrepreneurship Development in Nigeria with Japan, South Africa, Malaysia, India and Dubai.

Introduction

Nigeria is naturally endowed with entrepreneurship opportunities; however the realization of the full potential of these opportunities has been dampened by the adaptation of inappropriate industrialization policies at different times. Several policy interventions that were aimed at stimulating entrepreneurship development via small and medium scale enterprises promotion, based on technology transfer strategy, have failed to achieve the desired goals as it led to the most indigenous entrepreneurs becoming distribution agents of imported products as opposed to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture and experts services.

One of the goals of economic development strategies pursued by many countries of the world has been improvement in the standard of living through job creation. Entrepreneurship development is no doubt a vital tool in fostering job creation. Entrepreneurs orchestrate transformations and create new channels for economic activity and employment. Petrin (1994) emphasized that for countries to accelerate economic development in their rural areas, it is necessary to build up the critical mass of first generation entrepreneurs. Thus, all countries that wish to pursue continued development must encourage entrepreneurship.

History of Entrepreneurship in Nigeria