Entrepreneurial Activities and Economic Development in Delta State, Nigeria

Abstract

In today’s economies, global consciousness of entrepreneurial, democracy, is spurring increasing realization that small business entrepreneurship should assume a new dimension in Nigeria, due to its prime contribution to economic development. The study examined the impact of entrepreneurial activities on economic development. The survey research design method was employed. The primary research instrument used was a validated structured questionnaire in which all items were assessed on a 5-point Likert Scale, ranging from 1-5 (strongly disagree to strongly agree). Stratified random sampling technique was employed to select 180 small business entrepreneurs from Ika South Local Government and Ika North East Local Areas in Delta State Nigeria. The analytical tools used were correlation and Multiple Regression Analysis. The study revealed that entrepreneurial activity is a multidimensional construct whose aspects have significant positive relationship with economic development. Specifically, establishment of diverse firms that fosters firms diversity enhances employment generation and economic growth. It is concluded that entrepreneurial activities foster wealth creation which resulted from entrepreneurial innovation, and enhances employment generation and competitive advantage. The study recommended amongst others that government should create an enabling environment for entrepreneurship to thrive and entrepreneurs should venture into diverse and innovative enterprises; because encouraging and releasing people’s entrepreneurial energies are significant factors in the process of any counties growth and development.