1.1 BACKGROUND OF THE STUDY
Private sector initiative particularly, the development entrepreneurship which has generated a lot of employment opportunities amidst economic development is influenced by the present industrial and economic policy. Thus, we cannot ignore the main target groups as the small, medium and micro-scale enterprises which altogether account for about 85% of the state undertaking.
This involves in divers activities such as wood work carpentry, craft and welding, fashion designing, soap and concrete molding, garri processing, tailoring, etc. entrepreneurship having recognized as key factor in the development process initiate change and facilitate adjustment in dynamic fabric, increase employment income ands level of skill in the state.
The government cosigns of these fact has introduced various industrial policies in a bid to faster entrepreneurship, which of course is crucial to unlock the enormous potential of the state.
The objectives of such policies principally are aimed at achieving accelerated pace of industrial development therefore, considering the need to promote a dynamic and efficient entrepreneurship, a package of ancestries and fiscal measures said to have been put in place by government. These are deigned to promote investment, employment utilization of raw material by wealth and job. Thus ensure sustainable development and growth as well as ensuring effective management of enterprises.
1.2 STATEMENT OF THE PROBLEM
Stakeholders and management of organization do not much take into consideration the application of industrial policies as a tool for suitcase in stainable economic development. However a business is on example of organization system where economic recourses should be transformed by various business processes into goods and services. At this juncture, most organization do not rely on industrial policies that provide feedback on the operation of the development to entrepreneurship for the direction and maintenance of the system on it exchange input and output with it environment. This study therefore intend to reveal the need for industrial policies and entrepreneurship development.
1.3 OBJECTIVE OF THE STUDY
- To bring out the identified factors which hamper the growth of entrepreneurship in Akwa Ibom State.
- To investigate how government industrial policies influence the development of entrepreneurship in Akwa Ibom State.
- To see and determine how the negative effects of industrial policy may be minimized and eradicated.
1.4 RESEARCH QUESTIONS
- Does the element of industrial policies hinder entrepreneurship development in Akwa Ibom State?
- Does government industrial policy influence entrepreneurship development in Akwa Ibom State?
- Can the negative effect of industrial policies be eradicated from the entrepreneurship?
1.5 RESEARCH HYPOTHESES
In order of the researcher to arrive at a reliable conclusion as regard this study, it is important to formulate the hypotheses (i.e null and alternative) so that at end, one could be accepted and the other rejected to facilitate the dependability of this research work thus.
- Ho: The element of industrial policies does not hinder to entrepreneurship development in Akwa Ibom State.
H1: The element of industrial policies hinder to entrepreneurship development in Akwa Ibom State.
- Ho: Government industrial policy does not influence entrepreneurship development in Akwa Ibom State.
H1: government industrial policy does not influence entrepreneurship development in Akwa Ibom State.
1.6 SIGNIFICANCE OF THE STUDY
To the importance of entrepreneurship development in our society the research of this study assist government in assessing the impact of its industrial policies on entrepreneurs.
- Government: It will enable the government realize the relevance of entrepreneurship development policies to the business and thus, strive to meet the challenges posed by managing information. It will also help the government plan their business policy along the path of management information system.
- Private organization: This research work will provide opportunity to the private organization to look in word and restructure their organization to meet the intrigues of management information simultaneously. Its relevance to the modern day business.
- Education institution: It is believe that at the end of this study, the educational authorities will see urgent need.
- Student: This research work will serve as vital academic tool for students who may wish to write further on this topic.
1.7 SCOPE OF THE STUDY
This study is really focused on the impact of industrial policies on the development of entrepreneurship in Akwa Ibom State and it is limited to small, predominantly in Ikot Ekpene (Siba groups of company). The study is also limited in scope because of inadequate financial resources and insufficient time during the period of the research.
1.8 LIMITATION OF THE STUDY
Limitations of the study are those constraints the researcher faced in the course of carrying out this study. In carrying out this research, some basic problems were encountered which to an extent inflexed the debt nesses of the research primary among this problem include:
- Time constraint: A study of this nature requires a period of at list one year but in thee case, it was conducted in less than six months; hence, the researcher found it difficult to research more as expected.
- Finance: Work of this nature requires finance for assembling of materials used for study, but due to limited resources that are easily accessible and affordable, it hindered an in-depth investigation demanded and made it difficult to compare fact.
- Lack if Statistical Data: Information sought for are either totally unavailable or cannot be released to the public, despite all these short comings, much afford was indeed does not out weight the desire ability or need to carryout a sound research.