ABSTRACT

Abstract

This paper is based on the general concept of entrepreneurship and the influence globalization has on entrepreneurship development in Nigeria. Globalization as an academic discipline is an aspect of developmental studies in the transformation of the rudiments of economic, technological, political, socio-cultural and spiritual upliftment of humankind in the industrialized and industrializing countries worldwide. The economic aspect is concerned with how globalization has been useful in making goods and services readily available to customers more than ever before since what one country cannot provide, another one can make it available. Therefore, governments of developing nations must as a matter of urgency encourage the establishment of new ventures and develop the existing ones to boost their nation’s economies. Entrepreneurship preserves competitiveness in meeting some of the problems posed by globalization as well as the ability to encourage progress or change economic growth of a nation. Entrepreneurship is often conceptualized as the identification of opportunities and the setting up of a new venture/organization. The entrepreneur is one who is willing to take risks when he identifies new and better opportunity that has a chance of profit making; he is an innovator and would do anything in his power to succeed in his chosen venture. The role of entrepreneurship in economic development involves more than just increasing per capital output and income, it also involves initiating and constituting change in the structure of business and society. This paper therefore examines the concepts of entrepreneurship in relation to globalization, the benefits and influence of entrepreneurship development in Nigeria and ways it can be encouraged by the government for maximum benefits to the economy. It also viewed its problems and prospects. In this sense, the paper adopted secondary sources of data collection. It is understandable that entrepreneurship is frequently associated with something new (innovation), the creation of more jobs and wealth for the people particularly in the developing economies. This has seen the governments of developing countries most especially Nigeria more resolute in its efforts to promote entrepreneurial activities by encouraging creativity among youths especially graduates of tertiary institutions.

Keywords: Globalization; Entrepreneurship; Entrepreneur; Economy.