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Entrepreneurship as a Solution to Poverty in Nigeria
Subject area: Science,Engineering and Technology · Area of research: Technology Incubation
Abstract
Regardless of the fact that it is endowed with a variety of earth's assets, Nigeria is still regarded as among the world's most impoverished nations. Also, irrespective of the several programs launched to eradicate poverty, unemployment and poverty still continues to grow rapidly in Nigeria. On the other hand, entrepreneurial development has proven to be a veritable tool that can engender better socioeconomic well-being for business owners, create jobs and improve the standard of living of entrepreneurs. As we argue in this paper, embracing entrepreneurship is the solution to Nigeria's poverty. The population for this research consists of Small business owners in the commercial cities of Aba, and Onitsha Nigeria. Random sampling was used to select 400 business owners from the two cities. The study adopted the stratified-random sampling method to select the respondents. The instrument used for this study was a self-designed questionnaire. A 6-point Likert-type scale was used to find out how people felt about the subject under investigation, with answers ranging from "strongly agree" to "strongly disagree." The pilot study was done by the authors and Drawbridge Automation Ltd., which used 40 small businesses as part of the pilot scheme. The factor analysis test and Component analysis method of data extraction show the average variance extracted was greater than 0.5 for all the constructs. Reliability analysis was used to figure out how reliable the study variables were. Cronbach's alpha reliability values of 0.7 and above were found. It is expected that the tenet of assumption will prove beyond measure the effectiveness of eradicating povert through entrepreneurship in Nigeria
Keywords
Entrepreneurship, Poverty, Socioeconomic status, standard of living
How to cite this paper
@article{1703971,
author = {Somefun Akinwunmi Taiwo, Solomon E. Esomu, Nkume Chukwuemeka Martins},
title = {Entrepreneurship as a Solution to Poverty in Nigeria},
journal = {Iconic Research And Engineering Journals},
year = {2022},
volume = {6},
number = {6},
pages = {277-294},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1703971.pdf},
abstract = {Regardless of the fact that it is endowed with a variety of earth's assets, Nigeria is still regarded as among the world's most impoverished nations. Also, irrespective of the several programs launched to eradicate poverty, unemployment and poverty still continues to grow rapidly in Nigeria. On the other hand, entrepreneurial development has proven to be a veritable tool that can engender better socioeconomic well-being for business owners, create jobs and improve the standard of living of entrepreneurs. As we argue in this paper, embracing entrepreneurship is the solution to Nigeria's poverty. The population for this research consists of Small business owners in the commercial cities of Aba, and Onitsha Nigeria. Random sampling was used to select 400 business owners from the two cities. The study adopted the stratified-random sampling method to select the respondents. The instrument used for this study was a self-designed questionnaire. A 6-point Likert-type scale was used to find out how people felt about the subject under investigation, with answers ranging from "strongly agree" to "strongly disagree." The pilot study was done by the authors and Drawbridge Automation Ltd., which used 40 small businesses as part of the pilot scheme. The factor analysis test and Component analysis method of data extraction show the average variance extracted was greater than 0.5 for all the constructs. Reliability analysis was used to figure out how reliable the study variables were. Cronbach's alpha reliability values of 0.7 and above were found. It is expected that the tenet of assumption will prove beyond measure the effectiveness of eradicating povert through entrepreneurship in Nigeria},
keywords = {Entrepreneurship, Poverty, Socioeconomic status, standard of living},
month = {December},
}