...The Role of Business Economics in National Development In: Business and Management The Role of Business Economics in National Development INTRODUCTION Following this introduction on Nigeria’s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria. Nigeria as the most populous country in Africa is naturally endowed with millions and millions of acres of arable land, 38.5 billion barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million. It is the world’s eighth largest exporter of oil, and Africa’s second largest economy, after South Africa. Nigeria accounts for 15 per cent of Africa’s population, contributes 11 per cent of Africa’s total output and 16 per cent of its foreign reserves while it accounts for half of the population and more than two-thirds of the output of the West Africa sub-region. It has been at the forefront...
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...Role of Entrepreneurship in Economic Development Entrepreneurship: Entrepreneurship is the attempt to create value through recognition of business opportunity, the management of risk taking appropriate to the opportunity and through the communicative and management skills to mobilize human financial and material resources necessary to bring a project to fruition. According to A. H. Cole, "Entrepreneurship is activity of an individual, undertaken to initiate, maintain or aggrandize profit by production or distribution of economic goods and services." According to Schumpeter, "Entrepreneurship is based on purposeful and systemic innovation. It included not only the independent businessman but also company directors and managers who actually carry out innovative functions". Need For Entrepreneurship Development: Economic development essentially means a process of upward change whereby the real per capita income of a country increases over a period of time. Entrepreneurship has an important role to play in the development of a country. It is one of the most important inputs in economic development. The economic history of the presently advanced countries like USA, Russia and Japan supports the fact that economic development is the outcome for which entrepreneurship is an inevitable cause. The crucial and significant role played by the entrepreneurs in the economic development of advanced countries has made the people of developing and under developed countries conscious...
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...industrialization explain the key institutional and organizational characteristics of national business systems, and do they have any bearing on long-term national competitiveness? Introduction The concept of industrialization has been used among different nations and regions, while many countries have carried out their own industrialization progress during the past several decades, which stimulates the development of organizations and better corporate performance. There are different kinds of national business systems with their distinctive characteristics varying among countries. Then ‘early’ and ‘late’ industrialization is applied to describe two main types of national businesses that existing in developed and developing countries, which explains the key institutional and organizational differences among countries in particular to some extend. Each country has fallowed different pathway and carried out their industrialization in different period. It is known that the UK is the first country that achieved early industrialization revolution, which was followed by the US. And then in the late twentieth century, Germany, Japan and China implemented their industrialization process with dramatic change on their economic performance. The purpose of this essay is to use the conception of ‘early’ and ‘late’ industrialization to explain the key institutional and organizational characteristics of national business systems by comparative perspective. First of all, the theories of industrialization...
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...in Nigeria Okezie A. Ihugba Alex Odii Asoluka C. Njoku Department of Economics, Alvan Ikoku Federal College of Education, Owerri-Imo State, Nigeria Doi:10.5901/ajis.2012.v2n5p25 Abtsract The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity...
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...EXTERNAL BUSINESS ENVIRONMENT Get assignment help for this unit at assignmenthelpuk@yahoo.com LO1 Understand the impact of socio-economic change on the development of commercial organisations in a business and services industry context Structure and operation of UK economy: market structure; perfect/imperfect competition; oligopoly; duopoly and monopoly; national/local factors; determinants of free-market economy Government economic policy: aims and influence; effects on employment policy; inflation; balance of payments; economic growth in industry sector; current issues Income, wealth, employment and occupational distribution: structure and composition of business and services industry; patterns of demand for business and services; the socioeconomic framework of demand; labour demand in industry sector Demographic trends: geographical pattern of labour demand; nature of employment in business and services industries; employment profiles eg age, sex Social structures: types of people employed; geographical variations; self-employed; unemployed; labour turnover; levels of pay Industry context: contexts eg hospitality and catering, hairdressing and beauty therapy, sports and leisure, travel and tourism LO2 Understand the effect of legal and political environments on business and service industries Structure, operation and influence of local government: structure; areas of control; limits of authority; interface with national government; powers affecting business and services...
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...knowledge economy have repositioned cities as drivers of national economies 2025: 75% of the world population will live in cities 2025: 17 of the world’s 25 largest cities will be in coastal regions in Asia 1925:25% of the world population will live in cities Greta Nasi Bocconi University p. 3 Global economy and international cities World is changing fast. Different trends are affecting cities and fostering a new age of urbanizations and metropolitanization To succeed cities must adjust (and need to be): open, integrated, diverse, connected, skilful, innovative, investable, attractive, sustainable, stable and safe This requires investments, strong coordination of programs and policies, effective tools for intervention: cities need partnerships with global corporations and small businesses to achieve this in order to create opportunities for business growth Greta Nasi Bocconi University p. 4 What are international cities? A close look An international city is a city deemed to be an important node point in the global economic system. They are also known as global cities, world cities or alpha cities It is routed in the principle of globalization according to a hierarchy of importance to the operation of the global system of finance and trade The most complex of these entities is the "global city", whereby the linkages binding a city have a direct and tangible effect on global affairs through socio-economic means Greta Nasi Bocconi University p. 5 ...
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...the Role of Innovation in the Economic Growth Process Surrounding the Role of Innovation in the Economic Growth Process Innovation Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure. Innovation can be summarized in two main areas: innovation is doing something nobody has done in the history of the world or do something that we have not done before. Innovation does not always fit with what we do, and a lot of new opportunities that are found in the company do not sit well with her. So the first step is to create a "space" where these opportunities can be developed, at their own pace and without neglecting the routine tasks. It is therefore; necessary to release resources to enable people to experiment with these new ideas. It is also necessary that...
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...summarize and interpret them for its various users, because financial information is necessary for informed decision to the management, employees, regulatory bodies, potential investors and other stakeholders. Accordingly, accounting is often referred to as the language and soul of business for the fact that it produces and keeps pertinent financial information of business entities. The profession strives to protect its core values of integrity, competence and objectivity which remains the time tested building blocks for what has been a truly successful and honoured profession. For the study of accountancy in Africa, Nigeria is important for several reasons. Nigeria, the most populous country in Africa, has crude oil as her main export and she has remained a rentier state in terms of revenue generation. The need for legal regulations for exercising accounting profession came to reality on September 1, 1965 by the enactment of the Institute of Chartered Accountants of Nigeria Act (ICAN). Some decades later the Association of National Accountants of Nigeria was established by law. For the accountants to truly play a leadership role in their field, they must be proactive participants in the development process. Nigeria became independent in 1960 at the crest of a global wave of decolonization. Nigeria was born a giant. Economically it started out on a strong base, when its per capita income was higher than those of India, Pakistan and the Congo. She could feed her people and was a...
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...net/publication/235266981 International business and finance scholarship ARTICLE in RESEARCH IN GLOBAL STRATEGIC MANAGEMENT · JUNE 2008 DOI: 10.1016/S1064-4857(08)00001-6 CITATION READS 1 11 1 AUTHOR: Raj Aggarwal University of Akron 203 PUBLICATIONS 1,943 CITATIONS SEE PROFILE Available from: Raj Aggarwal Retrieved on: 23 February 2016 INTERNATIONAL BUSINESS AND FINANCE SCHOLARSHIP Raj Aggarwal ABSTRACT This chapter explores how scholarly work in the fields of Finance and International Business (IB) can be mutually supportive. First, it is clear that technology has been a major driver of modern developments in both Finance and IB. Second, Finance can provide many insights into IB scholarship since it has much to say about firm operations and strategy. Third, IB scholarship with its focus on culture also provides significant opportunities for a better understanding of the global aspects of Finance. Finally, it is contended that transaction-costs economics provides an excellent theoretical and fundamental basis for bringing together IB concepts and Finance scholarship. However, while the potential for Finance and IB scholarship to contribute to each other is great, such advances must await the removal of cultural barriers between the two disciplines. INTRODUCTION The field of IB generally focuses on inter-national business, that is, business across national boundaries and, thus, in diverse institutional and cultural International Business Scholarship: AIB Fellows on the First...
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...Agricultural Policy Forum on Social Market Economy In the Context of National & International Challenges Prepared by Mrs. Nawal Nehme Info-Com Division Held in Damascus on 13 April 2006 With the support of Table of Contents Introduction ...................................................................................................................................... 3 Synthesis of The Presentation .......................................................................................................... 3 Summary of Discussion ...................................................................................................................12 Annex (1) List of Participants .......................................................................................................... 15 Annex (2) Slides of The Presentation ..............................................................................................18 Proceedings No. 21– Social Economy Market 1 2 Proceedings No. 21 – Social Economy Market Introduction The workshop “the Social Market Economy in the Context of National & International Challenges” was the first activity of the 2006 Agricultural Policy Forum series organized by the National Agricultural Policy Center (NAPC) with the support of the FAO Project GCP/SYR/006/ITA. Dr Isam El-Zaim, Director General of The Arab Center for Strategic Studies and Head of the Syrian Economic Scientific Association, presented this workshop on April 13, 2006...
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...Can the distinction between 'late' and 'early' industrialization fully explain the origins and long-term competitiveness of national business systems? Rostow (1978) was a theorist who studied the competitiveness of national business systems, and concluded that there were a number of common characteristics of modern economic growth. Modern economic growth is usually accompanied by underlying characteristics such as a rise of the use of technology in production and a shift from agriculture to production. Political, institutional and cultural changes also usually occur alongside economic growth. Rostow's theory was better to suited to Anglo-American economies, and assumes there are definitive, sequential steps in developing economies. The preconditions stage assumes that nations undergo an industrial revolution, with advances in agriculture and food production. In this initial stage, technology is developing and there is plentiful investment. The second stage is the take off stage, where capital accumulation rises sharply, with living standards improving and changes within institutions and the culture. This stage may take several decades to complete. The final stage is the maturity stage, where the economy is developed enough to become a self sustaining process. Porter also provided a framework of how firms and industrial sectors may gain competitive advantage, but he doesn't specify the variations between nations or give enough weight to the...
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...initiate maintain or organize profit oriented business unit. This is for the production and distribution of economic goods and services and exploiting newfound opportunities. Productive entrepreneurship and creativity combine these inputs into profitable ways. An institution that encourages free entrepreneurship becomes the ultimate determinants of economic growth of a nation. Economic development involves a sustained and concerted action by the community and policy makers to promote the standards of living and economic health of a nation. Some of the actions undertaken involve the development of critical infrastructure, environmental sustainability, social inclusion, and even regional competitiveness to achieve the economic development. Literature review of entrepreneurship and economic development: The industrial economy in the post-world war two periods led to competition among geographical areas to provide tax to attract industrial companies. In the 1990s, the old managerial and industrial economy was replaced by the knowledge and entrepreneurial economy. The rise of companies such as apple, Microsoft and Google exemplified entrepreneurial creation of wealth at the end of twentieth century(Phillips, 2011).The second decade of twenty first century begins virtually with all countries in the world implementing actively the promotion of economic development at state region, regional and national level. What made economic development to be on the focus in the past two decades of...
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...TOURISM 1. Role of Government in tourism The role of local government is to promote the social, economic, environmental and cultural well–being of their communities and their involvement in tourism must be related to that. The LGUs have the mandate to craft their own tourism plan which sets out the priorities over the medium to longer term and how the local authority intends to contribute to community well–being. The plan must set out the following the community outcomes as a result of tourism development, how these have been identified and how the local authority will contribute to these. The Local Government Tourism Strategy may contribute to economic development strategies and or regional as well as national tourism strategies and serve as the basis of the role of LGUs 2. What is National Tourism Organization? The national tourist organisation is the body highly responsible for the formation and implementation of national tourist policy. It is the proper residency and instrument for the execution for the execution of national Govt. responsible for the control, direction and promotion of the tourism. All the countries which are indirectly engaged in tourism have program. The National Tourism Organisation may be full fledged ministry, a directorate general, a directorate corporation or abroad etc. 3. What are the role of function of (N.T.O.) The important function of NTO is to ensure that the maximum international tourist visit in the country for its economic and social benefits...
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...European Journal of Business and Management ISSN 2222-1905 (Paper) ISSN 2222-2839 (Online) Vol 4, No.8, 2012 www.iiste.org The Role of Entrepreneurship in Economic Development: The Nigerian Perspective Dr. Mrs Ann Ogbo AGU CHIDIEBERE NWACHUKWU Dept. Of management, University of Nigeria, Enugu Campus. PMB 011 *E mail of the correspondence author: annogbo@yahoo.com brightchidi@yahoo.com Abstract The aim of the paper is to develop and analyse the contributions of entrepreneurship in the economic development through SME development in Nigeria. A total of 100 SMEs were randomly selected from a cross section of a population of all SMEs spread around some states of Nigeria and covering virtually all forms of enterprise. Participants were selected through a simple random sampling. The responses to the questionnaires were complemented with personal interviews of some SMEs operators. The responses of the participants were analyzed using the statistical package for social sciences (SPSS), which generated the frequency distributions, means, standard deviations, chi-square statistics, analyses of variance, etc of the responses. The hypotheses of this research which were tested at 0.05 level of significance using chi-square statistics hinged on identifying the greatest problem which SMEs face in Nigeria, the identification and ranking of the top ten problems or challenges of SMEs in Nigeria and the relationship between the form and nature of the business enterprise and its sources of funding...
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...CHAPTER 1 INTRODUCTION 1. The Tanzania Development Vision foresees that by the year 2025, “Tanzania should have created a strong, diversified, resilient and competitive economy, which can effectively cope with the challenges of development and, which can also easily and confidently adapt to the changing market and technological conditions in the regional and global economy”. The challenge is therefore to mobilise human and other resources towards that goal. 2. Economic Reform Programmes implemented by the Tanzanian Government have been based on the philosophy that Tanzania is committed to a market economy whereby the private sector will take the lead in creating incomes, employment and growth. On the other hand, the State will be a producer of public goods, play a regulatory role to level the playing field and create conducive environment for the private sector to take the lead in driving economic growth. This philosophy is evident in almost all policy statements made since 1986 and in particular after 1996. The private sector has started playing an ever- increasing role in creating incomes and employment. Small and Medium Enterprises (SMEs) account for a large share of the enterprises active in Tanzania. In fact Small and Medium Enterprises are the emerging private sector and do form the base for private sector-led growth. 3. SMEs, important as they are to the economy, have been facing a number of problems despite the on-going reform programmes. This...
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