ENTREPRENEURSIP DEVELOPMENT AND POVERTY ALLEVIATION IN THE SOCIETY (A STUDY OF YOUNG MEN AND WOMEN ENTREPRENEURS IN LAGOS STATE)

Abstract

It is believed in some quarters that entrepreneurship development has positive effect on poverty alleviation in the society. The proponents of this notion are of the opinion that multiplicity of entrepreneurial activities would bring about increased job opportunities and earnings among people in the society. Other scholars are of the view that government substantial investments in agricultuire is the only sure way to provide abundant food and agrarian job opportunities for the masses and thus alleviate poverty in the society. These assumptions have remained conceptual and theoretical without any empirical support. This paper has carried out an empirical study on the subject matter in order to validate or reject those assumptions and postulations. Descriptive research design was adopted in this study. Copies of structured questionnaire were administered on five hundred (500) entrepreneurs around Lagos State who served as respondents for the study. Out of the 500 copies administered, three hundred and twenty-five (325) copies were returned correctly completed for analysis. Three hypotheses were formulated and tested in the study. Quantitative data gathered were analyzed using statistical package for social sciences (SPSS) and regression. The study sourght to establish the extent to which government soft loans extended to entrepreneurs affect business survival. It also investigated how entrepreneurial skills affect business profitability and how factors in the business environment influence successful entrepreneurial activities. The results of the hypotheses tested revealed that government soft loans have significant effect on the survival of entrepreneurial businesses, entrepreneurial skills have significant positive effect on business profitability and factors in the business environment has significant effect on successful entrepreneurial activities. The paper therefore recommended that entrepreneurs should seek more soft loans from government agencies to expand their businesses and increase profitability and also improve their skills to remain relevant in today’s burgeoning digital business environment.