Entrepreneurship skills is possessed and adequately put into practice will enable Women in Idemili south local government area of Anambra state, to become relevant in the world of work and be able to contribute immensely of their families and societies. These women may be able to provide and sell their goods but they do not have adequate skills that can enable them to do well in their field of endeavor, somehow, they are stagnant, they cannot yield much materially and financially. Idemili south women are mostly farmers and petty traders, very few of the women engage in small scale business enterprises for family sustenance.
1.1Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Background of the Study
Entrepreneurship is the
activities of the entrepreneurs geared towards identifying an innovative idea,
to seize an opportunity, mobilize money and management skills, and take
calculated risks to open markets for new products, processes and services.
(Lankford, 2004) states, entrepreneurship is the process of creating something
different with value by devoting the necessary time and assuming the
accompanying financial and social risks and reviewing the resolution towards
most personal satisfactions. This entrepreneurship is about self-reliance which
involves creativity and taking risk. Entrepreneurship involves three important
features, namely organization of business production in exchange economy and
management of risks.
(Cantillon,2011), an entrepreneur is someone who exercises initiative by organizing
a venture to take benefitÃ‚Â of an
opportunity and as the decision maker, decides what, how much of a goods or
service will be produced. (Robert and Reich, 2010), noted that an entrepreneur
is a person who organizes and operates a business or businesses taking on
financial risk to do so.
defined entrepreneur as a person who sees opportunities where others do not, he
is a visional, a problem solver, a creative genius, an innovator, wealth
generator (not money maker), an inventor and one who produces jobs for others.
Women entrepreneurship is an important source of employment and economic
improvement to family. Family according to Anyakoha (2010), is a group of
persons who live together and are united by ties of marriage, blood or adoption.Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Ã‚Â Steinem (2009), noted that family is
a group consisting of parents and children living together in a house. Mbanefo
(2012), noted what family is the collective body of persons who live in one
house and under one head or manager of a household which include parent,
children and servants. Family is a unit of people who are related, living
together share a common line of ancestors and share common bonds of love and
An individual or
families make many financial decisions every year. These relate to a wide range
of financial matters such as decisions on how to budget, how much to spend and
to save, where to invest their money, how to manage other financial risk, how
much debt they may need to fund other expenditure and what form that debt
should take, (HopkinsÃ‚Â 2009).
Moris (2009), noted that in a world of escalating
financial complexity, there is an increasing need for financial knowledge and
at least basic financial risks. The
ability to make well informed financial decision play an important part in the
ability of individuals to manage their financial affairs in business
enterprise. The outcomes of financial decisions have significant implication
for entrepreneurÃ¢â‚¬â„¢s financial security and standard of entrepreneurship venture.
A person with a good level of financial literacy is likely to be better placed
than someone without skills and knowledge to manage their financial affairs
prudently. An entrepreneur with adequate financial and accounting skills is
more likely to budget effectively invest wisely and manage, her
entrepreneurship business in a sustainable manner.
Financial literacy is important at several levels.
It has major implications for the welfare of individuals in the management of
their financial affairs. It affects the behavior of family resource management
and hence has implication for financial stability. And it influences the
allocation of resource (human, physical, material and financial resources) in
the real economy and longer-term potential growth rate of the economy of a family.
The important role that business and
entrepreneurship play in stimulating economic activity, creating jobs,
alleviating poverty and uplifting living standards has been recognized
internationally as well as in Africa ( Vuuren and Groenewald,2009). Nigeria is
a developing country with high unemployment rates, low level of formal and
higher education. The migration of individuals from rural areas to cites,
corporate restructuring and government policies and regulations means enforce
the restructuring of larger organizations. Nigeria thus has an urgent need for
women entrepreneurs, who can act as a tool to combat unemployment (Mass and
Herrington, 2011). An entrepreneur should be self confident, that is she or he
should believe in her or himself, be self-reliant innovative and creative
hardworking be a goal setter, and able to take risks from financial investment
to marketing men and women can become entrepreneurs. Globally women own twenty
to thirty percent (20-30%) of small to medium business enterprise (Delmar
Women entrepreneurship therefore, represents one of
the most important job option for women especially women in developing
countries Common Wealth Business WomenÃ¢â‚¬â„¢s Network (CBWN),(Dahlgren,2004). Women
entrepreneurship is an important source of employment and potential to family
and growth. Women are also responsible for nearly two third of world wilder
consumer spending leading corporations are seeking competitive advantage by
including more women value chains to better serve and understand their
customers, moreover women tend to spend more of their earned income than men on
the health and education of their families by yielding significant social
impact future gains in productivity and human growth. Women have become
stakeholders, successors, managers, policy makers, business owners in the
society. Stakeholder women have a vested interest in the firm through stock or
partnership holdings. Women entrepreneurs provide labour to the business in an
ongoing manner and receives compensation succession, or the next in line
position has provided many women the top slot in a family business.
Frishkoff and Brown (2001), noted that women take an
active role in the family upbringing especially when involved in active
entrepreneurship business enterprise.
Entrepreneurship has become an important issue among
women in Nigeria at various levels, both in urban and the rural areas due to
poverty. The women of middle class families who have always lived restricted
lives have ventured into wealthier creating profession as a challenge and an
adventure into a new world of economic ability through entrepreneurship. On the
other hand, many women have now taken up entrepreneurship and become business
women to earn a living, improve economic status and raise the standards of
their family living. Entrepreneurship also form in their careers and become
professionals. EntrepreneurshipÃ‚Â Ã‚Â helps
women to establish their rights through the development of a sector and thereby
contribute towards the progress of the society and the nation. Based on the
above facts this study investigates the contribution of women entrepreneurship
to family economic empowerment in Idemili south local government area of
Anambra state, Nigeria.