ENTREPRENEURSHIP AND SMALL BUSINESS A CASE OF A DEVELOPING COUNTRY BY DR. S. L.

ADEYEMI DEPARTMENT OF BUSINESS ADMINISTRATION UNIVERSITY OF ILORIN, ILORIN Abstract This study revolve around the socio-economic structure of entrepreneurship, factors affecting the growth and development of enterprises and problems faced by them. For the purpose of data collection a sample of fifty small scale units was taken and a common schedule of structure questionnaire containing questions of various aspect of entrepreneurship was administered personally to the owner/managing director of each of the units as the case may be. This study is partially exploratory but basically descriptive in nature. From the interpretation and analysis of data collected the result shows that age is not a static phenomenon for entrepreneurship. Those who have less education but have more practical experience and training, enter into the industry early. owever, in such cases less education restricts the growth and development of the enterprise. The paper also finds reasons for enterpreneurship, the three was to earn high profits and prosperity. The variables which decide the area of activity or the product line are based on assured market, parental business, experience and revival of the sick unit etc. There are certain irritants that also serve as impediments for the growth of enterprises. For instance competition from small scale units, !"#$% financial constraints, high intent ratio and others. Intro !ct"onn The prosperity and progress of a nation depends on the quality of its people. &f they are enterprising, ambitious and courageous enough to bear the risk, the community/society will develop quickly. 'uch people are identified as entrepreneurs and their character reflects entrepreneurship. (ntrepreneurship is no monopoly of any religion or community, )usiness

Timus !*++,% entrepreneurial potential can be found and developed anywhere irrespective of age, qualification, experience or socio-economic background, only efforts are required in the right direction. (ntrepreneurship may not be regarded as a sufficient condition for growth activity but is surely a necessary condition. !-estipande *+#.% hence it must be given top priority in the national programmes of a country. &t is widely acknowledged in entrepreneurship literature that entrepreneurship is about people who reali/e new opportunities. (ntreprenuers are persistent, passionate, adaptable and able to take risks. 0s a result entrepreenuership can occur in a range of environments. owever, at the core of entreprenership lies the creation of new business ventures by individuals or teams Timmons, !*+++%. (nterpreneurship is the lifeblood of the 1igerian economy. &t is the cradle of 2ob and weath creation in the most innovative ways. &t is therefore imperative that we recognised an contribution that the entreprenuer makes to our economy and development. 0 small business unit, is, thus an enterprise, its owner, an entrepreneur and his activities are the entrepreneurship. (ntrepreneurship is a human activity development. &t indicates to the spirit of enterprise such as spirit transforms the man from a nomad to a cattle rearer, to a settled agriculturist, to a trader and an industrialist. 3urthy !*+#+%. CONCEPTUALI#ATION AND REVIE$ OF LITERATURE The concept of entrepreneurship as an organi/ed knowledge came into being about hundred years ago. Though the economists from 0dam 'mith to 3arshall were talking about it but without assigning the name of entrepreneurship. They used the terms as employer, the master, the merchant and the undertaker for carrying out different entrepreneurial activities now comprising of entrepreneurship. &t was eantillon, who first brought out the term entrepreneur !3urthy *+#+% and entrepreneurship was recogni/ed in economic literature. 4onsiderable attention has focused on the definition of the term 5entrepreneur6. 'chumpeter!*+,+% considered the entrepreneur as an innovator. e writes that (ntrepreneurship is the 5carrying out of new combination we call enterprise67 the individuals whose function is to carry them out we call entrepreneurs. The new combination focuses on five aspects !'chumpeter *+8.%9 The introduction of new goals, new methods of production, opening up of new markets, new sources of supply of raw material and new industrial organi/ations. 'ay !*+:.% uses the term entrepreneur to refer to someone who creates and then, perhaps, operates a new business firm,

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whether or not there is anything innovative in those acts. )aumol !*++8% sees the 5'chumpeter6 type as an innovating entrepreneur and the 5'ay6 type as the firm-organi/ing entrepreneur. ;eople who get ideas for creating a new business, bring that business into existence and then carry on the work of the enterprise, are entrepreneurs !<ena *+#+%. ;recisely, an entrepreneur is one who undertakes to organi/e, manage, and assume the risks of a business. (ven a small business unit is an entrepreneur and his activities are the entrepreneurhip. (ntrepreneurship is a human activity which plays a ma2or role in economic development its history is as old as human history it indicates to the spirit of enterprise. 'uch a spirit transform the man 5from a nomad to a cattle rearer, to a settled agriculturist, to a trader and an industrialist6 !3urthy *+#+%. 0n entrepreneur is a person while entrepreneurship is the process of its actual working. (ntrepreneurship is also consistently equated with the establishment and management of small business enterprises. &n =nited 'tates, the entrepreneur is often defined as one who starts his own, new and small business. !-rucker *+#,%. 3odern literature on economic development classifies the entrepreneurship in four broad categories. The innovating, The imitating, The Fabian and The drone entrepreneurship !>illiamson and )ultrick *+:+%. &nnovating and imitating entrepreneurship is generally available in developed countries and very rare and limited in developing countries. -eveloping countries have in them the Fabian and -rone types of entrepreneurship. The reason of the backwardness of the developing countries lies in the fact that they are deficient in innovating and imitating entrepreneurs whereas they are found in abundance in developed countries. (ntrepreneurship has been a ma2or factor in the economic growth of the west, the =''? and of <apan in 0sia and it was undoubtedly of innovating and imitating type which made the process of development smooth and fast there. This bring to mine an area of interest that has captured the imagination of scholars regarding the phenomenon of entrepreneurship is the big question, 50re entrepreneurs born or made6. 3any people believe that entrepreneurs possess innatic, genetic talents. owever, experts generally agree that most entrepreneurs were not born, rather, it is the environment, traning family tradition etc which help in the development of successful entrepreneurs !<ha,!*+#+%. ;@

The role played by entrepreneurship in the development of western countries has made the people of developing countries very much conscious of its importance in the programme of rapid economic development. ;eople have begun to reali/e that for achieving the goal of development it is necessary to increase both the quantitative and qualitative entrepreneurship in the country. The qualitative entrepreneurship implies the stress on innovating and the quantitative implies the stress on imitating entrepreneurship. )oth of them contribute stimulus for development. &t is also known that even though a country has resources - labour, technology, capital and raw material etc, but these remain under-explored in the absence of the active and enthusiastic entrepreneurs, who have the ability to organi/e the various factors of productions. &nnovating entrepreneurs are rarely found in developing countries. &n the past these countries have depended, largely on developed countries for their manufacturing requirements. )ut now they are planning to develop as early as possible for which they require modern kinds of innovating and imitating entrepreneurs. Fabian entrepreneurs do not want to take huge risk, they do not believe in making big changes, unless, of course, it becomes inevitable for their existence. -rone entrepreneurs go on using their own traditional techniques, even at a loss. &ndustrial entrepreneurship in developing countries is about *,$ of world industrial output. 'ee7 >oriel )aul 'urvey, "AA". The efforts are in progress for enlarging the developing countries share of world industrial output from B$ in *+B. to at least ",$ by the year "AA, 0.-. >hile scope for bilateral and multilateral cooperation exists between developed and developing countries, the developing countries can advantageously establish linkages among themselves in sharing technologies and industrial know how with each other. The important fact is that the nature of modern technology adapted it due to Cpaucity of funds@ and imperfect market conditions !Tandon *+B8%. 0nother qualification to adopt the available technology in developing countries is that it requires huge initial investment. This capital intensive technology can not be undertaken due to lower propensity to save and mass unemployment possibilities !&rwin *+::%.

S%a&&& Sca&' B!s"n'ss. (Ent'r)r"s'* The role of small scale industries has been emphasi/ed from time to time, keeping in view the over all plan ob2ectives of the economic growth coupled with social 2ustice. The small sector has distinct advantage of low investment with high potential for employment generation. &t is also brings out dispersal of industries in rural and semi-urban areas with definite advantage of equitable distribution of national income. This sector has been identified in all the 1ational development plans of 1igeria. &t is widely acknowledged that the creation, sustenance and growth of small and medium enterprises !'3(% is a key ingredient for the sustainable develoopment of any 1ation. The role of '3( has also been emphasi/ed from time to time, keeping in view the overall plan ob2ectives of the economic growth coupled with social 2usties. The small business sector has distinct advantage of low investment with high potential for employment generation. &t also brings out dispersal of industries in rural and semi-urban areas with definite advantage of equitable distribution of 1ational income. 4onsequently, 1igeria, like other similar developed 1ations of the world, has initiated a number of sector reforms on '3(' aimed at transforming the 1igerian (conomy from its present prostrative statue to a highly industriali/ed one, as achieved by some 0sian countries in the second half of the last century. 0ccording to llpo, et al, !"AA.%, these reforms aimed at creating employment, reducing poverty and improving the welfare of people, are in agreement with the goals of industriali/ed countries of the world. There is no concensus on the definition of '3(' throughout the world due to differences in general economic development and the prevailing social conditions within each country !pacific (conomic 4oorperation 4ouncil "AA8%. Thus, various indicies such as number of employees, invested capital, asset employed, sales volume, production capability and a combination of these variables are ued by various countries to classify a business under the '3( sector !Dwnalah, *+++7 and 0llal, *+++%. (ssien !"AA*% defines a small scale enterprise as an enterprise with a total capital employed of over 1*.,m but not more than 1,Amillion, including working capital but excluding cost of land and/or a labour si/e of **-*AAworkers. This depicts small businesses. capital income of the citi/ens. 'mall business is defiined by owever, ma2ority of small business in 1igeria might not be able to boast of capital employed of 1*.,m due to low per olmes !"AA*% as a business which

is independently owned and operated with close control over operations and decisions held by the owners. )usiness equity is not publicly traded and business financing is personally guranteed by the owners. The business will have less than twenty employees. This paper align with this definition as it tries to capture small business in terms of ownership and operations. The Federal Eovernment of 1igeria since *+:A has put in place different kind of institutional frame work to promote small scale enterprises in the country. These include the establishment of industrial development centers !&-4'%, the small scale industries credit scheme, credit guidelines to financial institution, working for yourself/entrepreneurship development programme !>FF;/(-;% 1ational (conomic ?econstruction Fund and others 'o the overall industrial policy of the country continued with the basic frame work provided by the 1ational development plans from time to time, ad2ustment have been made in the policy to meet the emerging needs and challenges of industrial development. The Eovernment continues to protect small scale enterprises vis-G-vis the large ones through its policy of reserving industries for exclusive manufacturing in small scale sector. Financial assistance to small business sector is also available in the form of credit scheme i.e. small scale and medium industries credit scheme !''&4%, small scale enterprises loan scheme !'3('%. &n *+++ )anker@s committee came up with the small and medium industries (quity investment scheme !'3&(&'%. Through this, banks are to be set aside *A percent of their profit before tax for the purpose of entering into equity financing of small and medium enterprises. To what extent do 1igeria small and medium businessmen fulfill the role as entrepreneur in accordance to the definition of entrepreneur given above. 1igerian businessmen and women are innovative in assessing opportunities and in the ability to nearly as effective in product innovation. They tend to concentrate on the rapid adoption and imitation of foreign innovation and know-how rather than to engage in basic research themselves. For example most manufacturers usually make products based on foreign brand label under license. 0s to technology, most of the machinery used in production are imported from developed economy and developing countries like =nited 'tate, and ong Hong

respectively. This may explain the difficulty of 1igerian industries to diversify away from the traditional light industry sectors. Iooking into the background of individuals comprising the manufacturing sector of 1igeria, most of the firms are small family enterprises with well developed skills in manufacturing imitation goods at low production costs. They are remarkably similar. &n the past, 1igeria concentrated producing a limited range of highly labour-intensive goods such as textiles plastic etc. it is quite true that ?esearch and development !? J -% is not common with small si/e firms. They prefer rapid imitation of new imported technology as a more viable and economical alternative. &n other words, many manufacturers prefer to stay in industries where ? J - are not important METHODOLOGY The research design adopted in this study is partially exploratory as it attempts to uncover the various motivating and facilitating factors in entrepreneurship. The design is basically descriptive in approach in the sense that it tries to establish relationship between two and more variables. The data for this study have been collected both from the secondary and primary sources. 0mong the ma2or secondary sources are the publications of the ministry of industry, Eovernment of 1igeria, industries centre, trade 2ournals and 2ournals related to small business. 0 representative sample of ,A !fifty% (ntreprenuers drawn through the convenience sampling method compriised of business owners who have stated their own businesses or taken over existing one in ilorin. ;ersonal interviews were conducted with the respondents. The collections of data was through a structured questionaire was prepared and administered personally to either the owner of the business unit or its managing director as the case may be. The questionnaire consisted of five parts, each containing a different set of questions dealing with demographic and personal profiles of entrepreneurs, motivational and influencing factors, effect of subsidies and facilities which promote entrepreneurship and small business, effect of training and developmental programmes for executives and entrepreneurs and certain questions pertaining to the problems of executives and entrepreneurs. 1o sophisticated statistical method except analysis of variance, has been used

and conclusions will be drawn primarity from descriptive data analysis. 0 through interpretation and analysis of the data was carried out to draw the inferences, the details of which are in the following paragraphs. DATA INTERPRETATION ANALYSIS AND DISCUSSION Dut of a sample of ,A entrepreneurs #.$ were the proprietors of their own small scale units and rest i.e. *:$ were running their units under partnership or limited company. &t signifies that in small business proprietorship is a popular concept. 0 trend analysis of these ,A units was carried in terms of their commencement during the period *++A K "AAA. it is noted that during *++. K +: 8#$ units started functioning whereas "A$ in *++* K +8, *#$ in *++B K ++, *:$ till *++A and the rest of the #$ commenced in "AAA. The phenomenal increase of 8#$ in *++. K +: has been attributed to Cemphasi/e on small scale sector@ by the newly formed government during this period. AGE AND EDUCATION The study revealed that ."$ entrepreneurs were in the age group of ": K 8, years, ".$ were ", years or below, ""$ in 8: K ,A years and *"$ above ,A years. The most popular age group for entrepreneurship is ": K 8,. the average age of the entrepreneur comes out to be "B K "# at the time of starting his business. &n this age group people are by and large prepared to take a calculated risk but it all depends upon the type of entrepreneur. (ducation wise among the ,A entrepreneurs ", were non graduates, *A technical diploma holders whereas *, were graduates or post graduates. The study reveals that the new generations of entrepreneurs were more educated than the old. This laid credence to the fact that education has become an important requirement for entrepreneurs. &n the past, many entrepreneurs had been successful without a formal degree. Today, however, the market is increasingly competitive and a substantial amount of knowledge is necessary to run a successful business. VARIOUS FACTORS AND REASONS FOR ENTREPRENEURSHIP 0mong the various factors which led the entrepreneurs to their present involvement in business are to make high profits, to make an independent living, to fulfill a desire of one@s life time, few entrepreneurs father or wife were deeply interested in the venture and in some cases people

resorted to entrepreneurship to gain prestige and status in the society. The details are shown in table no. & A%b"t"ons +ro% Entr')r'n'!rs,") Tab&' no. igh ;rofits To make independent living To fulfill desire of one@s life time Father wanted >ife wanted To gain social status and prestige Dther expectations and ambitions 'ource9 field survey !"AA8% No. *# ** A# A8 A* A, A, No. . *8 A+ *, A" A* AB A8 No. / *8 A, ** A8 -*: A" $t. Scor' +. :A :" *8 A" .# "A Rat"n0 8*.8 "A.A "A.: A... A*.* *:.A A:.: Ran1 * 8 " : B . ,

Table & shows .. out of ,A !##$% became entrepreneurs to earn high profits *# of these gave it top rank and *8 put it at second rank, whereas another *8 ranked it third. &t@s over all rating was first !8*.8$%. The ambitions Cto fulfill desire of one@s life time@ stood second, "A.:$ in the over all rating. &t was closely !"A$% followed by Cto make independent living@ which got third rank. &t is clear from the above that by becoming entrepreneur people certainly want to earn high profits and get rich and would also like to fulfill the desire of their life time. Table && points out the compelling reasons which forced an individual to go in for his own small scale business. Co%)'&&"n0 R'asons to 0o "n +or Entr')r'n'!rs,") Co%)'&&"n0 R'asons =nemployment -issatisfaction with earlier 2ob To make use of idle fund -ev. Df (co. interest Dther compelling reasons 1o. of entrepreneurs not responded Tota& So!rc'4 +"'& s!r5'6 (.33/* No. AB *, *" A# A# 23 No. . A8 A. A# A+ A" ". 23 No. / A* A" A8 A. A" 8# 23 $t. Scor' "B ,: ,A .B 8" .-. Rat"n0 *".B ":.. "8., "".* *,.A Ran1 , * " 8 .

0s indicated Cdissatisfaction with the earlier 2ob@ consisted to be the ma2or compelling reason for as many as "* !."$% persons which made them to leave the earlier 2ob and go in for their own ventures. Dther reasons have been detailed in the table no. &&.

The facilitating factors which have encouraged towards entrepreneurship and set up small scale units are detailed in table no. &&&. This table shows that Cinherited property@ is rated as the highest !*#.,$% of all facilitating factors, followed by acquired technical skills and Csuccess stories of other entrepreneurs@ Fac"&"tat"n0 Factors L'a "n0 to Entr')r'n'!rs,") "n S%a&& B!s"n'ss Tab&' III. Fac"&"tat"n0 Factors 'uccess story of entrepreneurs@ ;rev. exp. &n manufacturing ;rev. employment in industry ;roperty inherited ;roperty acquired ;roperty belonging to wife (ncouragement of friends and relatives (ncouragement of family member 0cquired tech. skills 1o. of entrepreneurs@ not responde8d Tota& F"'& s!r5'6 (.33/* No. . . , *8 + * 8 " + 23 No. . # . 8 # . * : , + " 23 No. / *, " * * * * 8 " + *, 23 $t. Scor' ., "A "" ,, 8, *A ": *: ," .7Rat"n0 *:.* B." B.# *+., *".. 8., +.. ,.: *#., Ran1 8 B : * . + , # "

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Table &&& shows that "+ !,#$% entrepreneurs were of the opinion that they were attracted towards a particular industrial line, as either they already had know how about it or there was no difficulty in getting it. This aspect secured the first rank !table no. &L%. Dther reasons which include assured market, father@s experience in related industry, revival of sick units, advantage of acquiring a functional unit, advice e of family members, friends and relatives, secured the second rank. ;eople were also inclined in business area where there was Cno or very little competition, Cit was placed at rank third. Dther details are as per table no. &L. S)'c"+"c L"n' o+ In !str6 (B!s"n'ss* Tab&' IV R'asons (asy to set up No. 8 No. . B No. / ** $t. Scor' 8, Rat"n0 *".. Ran1 .

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igh margin of ;rofit 1o difficulty in securing 3ech. 0nd skill workers ;rev. employment in industries ;rev. employment in trade 1o completion ?elated to p-profession occupation pursued 1o difficulty in securing tech. know. (xistence of similar ind. &n neighborhood Dther reasons 1o of entrepreneur not responded Tota& 'ource field survey !"AA8%

" * + " + 8 : * *. 23

* , * * " 8 *. " . 8 23

" B " -8 -+ , " + 23

+ "" 8A # .: *: ,, *A ,* .7.

8." B.# *A.B ".# *:.. ,.: *+., 8.: *#.A

+ : , *A 8 B * # "

4hoice of estate town for setting up the enterprise was heavily influenced by variable like nearness to native place !first rank% availability of plot/shed !second rank% and nearness to market !third rank%. (ntrepreneurs after having chosen the lines of industry and selected the town, the leading factors which made them to locate their units in industrial estates had been !a% allotment of plot/shed in the estate at concessional rates !first rank% !b% facilities and fascination of estate idea !third rank% !d% in-capacity to acquire plot outside the estate area etc. !fourth rank% :"$ entrepreneurs themselves thought it fit to move or to set up unit in the industrial estate. &n this regard *,.:$ entrepreneurs were influenced by the advice of government agency and ""..$ by friends, relatives and family members. .#$ entrepreneurs opined that in the absence of the industrial estate, they would have gone in to set up their units elsewhere 8#$ said they would have never thought of the idea. Dthers had no definite opinion about this aspect. SLO$ GRO$TH (ntrepreneurs also pointed out certain crucial factors as detailed in table no. L which resulted in slowing down !discouraging% the commencement of the production. 3a2or among them had been, delayed supply of machinery, want of raw material and skilled manpower, lack of power supply and delayed water connection and delay in allotment of industrial plot etc. Factors R's)ons"b&' +or S&o8"n0 Do8n o+ Co%%'nc'%'nt o+ Pro !ct"on **

Tab&' V D"sco!ra0"n0 Factors -elay in allotment -elay in const. of shed for the want of blue print and skilled labour -elayed const. of shed for want of finance -elayed supply of mech. -elayed commen. Df prod. For want of raw material/skilled workman/power connection -elay water connection Dther factors 1o. of entrepreneurs not responded Tota& So!rc'4 +"'& st! 6 (.33/* services for machinery. PROBLEMS 0mong the ma2or problems which the entrepreneurs encountered with respect to marketing are K competition from small scale units !.A$%, competition from large scale units !"#$%, slackness in demand !#$%, and the rest of the entrepreneurs ,pointed out certain other problems like transportation bottlenecks and seasonal demand. The ma2or problem faced in financial area was shortage in working capital requirement !B,$%. &t had been a mater of utmost concern to a substantial number of small business units. Dther minor, problems were high rate of interest and settlements of accounts in case of credit sales. 88$ entrepreneurs were concerned about the scarcity of raw material, its high price and low quality. *.$ units !out of ,A% reported problem of power, 8A$ units complained of labour problems, "A$ entrepreneurs were having shortage of skilled manpower and some entrepreneurs were having the problem absenteeism. 8A$ entrepreneurs had an opportunity to attend short duration management development programmes. 3ost of these were conducted by small industry extension training institute of " " "A 23 * * 8# 23 --.: 23 # # --9 B.* B.* -33 , , No. . 8 * : *" No. . * * * " , No. / ---* 8 $t. Scor' *8 ** : "* .B Rat"n0 **.. +.: ,." *#.. .*." Ran1 8 . : " *

Dther factors9 clearance by department of industries or other agencies, want of installation

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packaging in &lorin. The entrepreneurs found these programmes to be very useful. 0nother 8A$ had some problems in under-going these courses and the rest .A$ were having an indifferent attitude. CONCLUSIONS AND RECOMMENDATION )ased on the interpretation and analysis of the data the following conclusions have been drawn. (ntrepreneurs, the central figure of economic activity and propeller of progress, plays a crucial role in determining the level of development in any economy. The difference in the nature and magnitude of investment between the developed and the under developed and between different stages in the progress of any single country is to be found in the si/e, energy, initiative and scope of operation of the entrepreneurial class. &n the modern times the entrepreneurs are better educated than in the earlier days. 0nalysis shows the newer the unit the better qualified is the entrepreneurs The popular age group for going in, for entrepreneurship is ":-8, years. partnership type of organi/ational set up is quite popular among entrepreneurs and in most of the cases it is the family partnership Dne of the biggest obstacles to progress in 1igeria is deemed to be limited aspirations of her people. 3aking money or earning high profits is rated as the highest of all ambitions but that too by only 8*.8$ entrepreneurs -estiny is shaped by the compulsions of the situation7 hence reasons that have made the individuals as entrepreneurs were non-satisfaction and non-achievement of aspirations with their idle fund. Dthers wanted diversification of economic interest and about *"$ went in for entrepreneurship because of unemployment The success stories of other entrepreneurs helped these entrepreneurs in developing the necessary motivation and the drive to go in for the small scale business. ;revious experience, encouragement from relatives and friends have also been instrumental for entrepreneurs impetus 'election by entrepreneur of specific industries !business% is based on the availability of technical know how, lack of competition in that area and previous experience etc. 'etting up the business in the industrial estate of the town has been basically the decision of the entrepreneur himself, keeping in view the various facilities available in the estate *8

like plot/shop, nearness to native place, nearness to market, and other economic considerations. (ntrepreneurs expected better organi/ation of common facilities in the industrial estate. The larger the si/e of the estate, the larger the number of entrepreneurs it normally attracts. 0mong the factors which contributed to delays or slow growth of entrepreneurial ventures were lack of power supply, scarce raw material and shortage of skilled workman etc. The ma2or problems which the entrepreneurs faced were competition from other small scale units and some large units, shortage of working capital and raw material, labour problems and lack of proper managerial guidance and consultancy (mpirical evidence suggest that people with =niversity degrees are not necessarily prone to take risks and venture into the unknown. Dnly a small percentage of them are likely to start their own businesses. Therefore, public and private sector developmental programmes that promote entrepsreneurship should take cognisance of this fact and not be unduly disappointed when intellectuals are not interested in business propositions. 3ove often, it is the resolve of people rather than their academic degrees that determine their success in business. R'+'r'nc's 0llal, 3. !*+++% 5)usiness -evelopment 'ervices for 3'(s in Thailand6 &n 3'( -evelopment and ;overty 0lleviation in Thailand, Finnega Eerry !ed.%, &ID/=1-; >orking paper. )usiness Times !*++,% 1igeria. 0pril *"th, ;p8, )aumol, >. <. !*++8% Formal (ntrepreneurship Theory in (conomic9 (xistence and )onds. <ournal of )usiness Lenturing #, pp. *+B-"*A -eshpande, 3.= !*+#.% (ntrepreneurship of 'mall 'cale &ndustries, -eep and -eep ;ublication, 1ew -elhi, ;p .+. -rucker ;eter F. !*+#,% &nnovation and (ntrepreneurship einemann, Iondon, ;p. "A.

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(ssien, D. (. !"AA*%, 5The ?ole of -evelopment Finance &nstitutions in the Financing of 'mall 'cale &ndustries6 4)1 )ullion. Lol. ",, 1o. 8. (ntrepreneurs in &ndia, in 'amiuddin !ed% (ntrepreneurship in -evelopment in &ndia, <ena, ). 4., !*+#+%, 3ittal ;ublication -elhi ;p 8+ oliness, 'cott !"AA*% 5-efinition of 'mall )usiness6 Final ?eport of the 'mall )usiness 4oalition !')4% 0ustralia, 0pril ,. &rwin, F. !*+::%. The ;ropensity to save in &ndia, -r. ;. '. Ioknathan B" nd )irthday 4ommemoration Lolume, Love ed 4o., )ombay. ;p *:8-*BA &lpo, 0., 3. ;assi and 1. 3ikko !"AA.%. &ntergenerational Transmission of ;overty in Finland in the *++As. =niversity of Turkey, -epartment of social ;olicy 'eries 49 *8. 3urthy, 1. !*+#+a% (ntrepreneurship in 'mall Towns, &n 'amuddin !ed% (ntrepreneurship -evelopment in &ndia, 3ittal ;ublication, -elhi ;p.. ;acific (conomic 4o-operation 4ouncil !;(44%, !"AA8% Financing 'mall and 3edium (nterprises. 4hallenges and Dptions, 'ingapore, ;(44 &nternational 'ecretariat. Tandon, ). 4. !*+B8%. (nvironment and (ntrepreneur, 4hug ;ublication, 0llahabad. ;p :A Tha, '. 3. !*+#+%. The 4onstraint in (ntrepreneurial ?enaissance, in 'amiuddin !ed% (ntrepreneurship -evelopment in &ndia, 3ittal ;ublication -elhi ;p *A+ Timmons, <effry !*+++%, 1ew Lentures 4reation, (ntrepreneurship in the "*st 4entury. &rwin 3cEraw- ill, ;ages "B-8A Dwualah, '. &. !*+++% (ntrepreneurship in 'mall )usiness Firms, Iagos7 E. 3ag &nvestment Iimited

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'ay, <. ). !*++.% 0 Treatise of ;olitical (conomy or the ;roduction, -istribution and 4onsumption of >ealth 'chumpeter, <. 0. !*+8.%9 The Theory of (conomic -evelopment. 4ambridge. 3. 0. 'chumpeter, <. 0. !*+,+%9 The Theory of (conomic -evelopment. 4ambridge, 3assachusetts. >illiams and )ultrick !*+:+%. (conomic -evelopment K 4hange and (ntrepreneur, 4ambridge =niversity ;ress. ;p ":,-"#, >orld )ank 'urvey !"AA"% 0frican ?egion@s ?egional ;rogramme on (ntreprise -evelopment !?;(-% arvard =niversity ;ress, arvard =niversity ;ress.

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