Sources of Information for Entrepreneurship Development

1. The Library is a primary resource for information. Government agencies have a variety of publications
that may be useful. Some colleges and universities have reference libraries that may have a circulation
section available to the public.

Also, research institutes and some large corporations have libraries with sections on specific topics.
Libraries are the storehouse of information that may be useful in operating a small business.

Books, periodicals, reports, and newspapers may contain information that can be of help in solving some
of the problems in operating a business.

2. The Internet can be used to carry out research and to find useful information and data. Examples of
these search engines are Google, Bing, Ask, etc Also E-mail can be used to communicate with providers
of information who have websites on the internet.

3. Subscribing to Trade Papers and Magazines. Desirable entrepreneurs should have time to read articles
especially in understanding new trends and developments relating to business.

It is advisable to keep a file of pertinent articles for future reference. An example of such is page 4 of
punch newspapers (Nigerian Newspaper) which carries articles that are related to entrepreneurship and
business.

4. Industrial Data is helpful in comparing a business to other similar businesses. The data is available
from trade associations or government agencies and includes ratios such as; stock turnover, cash
discounts percentage mark-up, etc.

5. Membership-Based Organisations can provide services such as conducting research, organizing

education and training programs, implementing new technology, responding to members’ questions and
concerns, and disseminating information through newsletters, magazines, and special reports.

An example of such a membership-based organization is MAN (Manufacturers Association of Nigeria)

6. Training Programmes can help entrepreneurs to develop formal plans for improving their managerial
skills and ability. Training courses and adult education programs are designed by many institutions,
agencies, and associations.

Entrepreneurs should be aware of these personal development possibilities and take full advantage of
them. One of such institution is the (CMD) Centre for Management Development at Magodo area in
Lagos (Nigeria).

7. Employees. The people who work for a business can provide answers to specific problems in a
business. For example, entrepreneurs might ask employees for their advice and assistance about stock
display or customer attitudes. Employees are in a good position to give valuable advice providing they
know that their opinions and suggestions are valued. Also, customers can supply very special
information about the products and services they buy. Customers should be asked about their opinions
because they are an excellent source of information about the relative strength and weaknesses of a
business operation.

8. Other Business Owners. Most businesses have common problems and owners are generally willing to
discuss their problems with one another. Occasionally, the competitive nature of the business may
discourage this frank exchange, but if the business is unrelated and does not compete for the same
customers, entrepreneurs may be willing to share ideas concerning solutions to a common problem. In
this way, all business owners can benefit from this interaction and improve their business operations.

Apart from the membership-based organizations and training programs, the government of Nigeria, like
its counterparts, the world, has realized the importance of entrepreneurship development and has over
the years formulated various public policies to encourage, support, and fund the promotion and
development of entrepreneurship.

Development in the small and medium enterprise is what gives a developing nation like ours the base
for employment creation, a solid base for creating a middle class, and encouragement for the use of
local raw materials and technology.

Among these establishments for the promotion and development of entrepreneurship are:

The Nigerian Export Promotion Council (NEPC)

It was established in 1976 and formally managed in March 1977 to minimize the bureaucratic
bottlenecks and increase autonomy in dealing with members of the organized private sector. Its goal
and mission me to make the non-oil export sector a significant contributor to Nigeria’s GDP and to
facilitate opportunities for exporters to promote sustainable economic development.

The Raw Materials Research and Development Council (RMRDC)

This is also an agency of the Federal Government of Nigeria which is vested with the mandate to
promote the development and utilization of Nigeria’s industrial raw materials. It is today, Nigeria’s focal
point for the development and utilization of the nation’s vast industrial raw materials.

It is hoped that RMRDC through its numerous programs, will promote new investments in the other
local resources and encourage industries to substitute local raw materials for currently imported ones.

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)

This was established in 2003 to promote the development of the MSME sector of the Nigerian Economy.
The agency positions itself as a “one-stop-shop” for micro, small, and medium Enterprises Development.

The mission is to facilitate the access of micro, small and medium entrepreneurs and investors to all
resources required for their development. It compiles, reviews and updates all existing economic
policies, regulations, incentives, and legislation affecting MSME operation within the state.

Another institution established was the Industrial Development Centers (IDCs) which is to provide
extension services to SMEs in such areas as project appraisal for a loan application, training of
entrepreneurs, managerial assistance, product development as well as other extension services.

In conclusion, we all need information to operate successfully, and with the internet, much is available.
Some of this information will come to you automatically, e.g. company annual reports, membership
newsletters, press briefings by ministers and heads of agencies and departmental brochures, etc.

What is Development?

Development is a process that creates growth, progress, positive change or the addition of physical,
economic, environmental, social and demographic components. The purpose of development is a rise in
the level and quality of life of the population, and the creation or expansion of local regional income and
employment opportunities, without damaging the resources of the environment. Development is visible
and useful, not necessarily immediately, and includes an aspect of quality change and the creation of
conditions for a continuation of that change.

Development is defined as the process of growth or new information or an event. An example of

development is the changing of a caterpillar to a butterfly. An example of development is emerging
details about a local robbery.

Differentiate Between Growth and Development

Growth Development
It is quantitative in nature It is both Quantitative & Qualitative in Nature

Growth is purley physical sense Development is overall,physical, mental,

Emotional, social, moral or any other

Growth focuses only on one aspect i.e increase in child’s Development focuses on various aspects like
body size interpersonal skills, and intelligence.

Changes produced by growth can be observed and Developmental changes that result in
measured directly improved behaviour or functioning cannot be
measured directly

Growth is only a part of the developmental process Development is a complex and

comprehensive process

The term ‘Growth’ refers to physical changes of an Development refers to overall changes in a
individual like an increase in height, size, length and physical organ or the structure that results in
weight etc improved functioning of the physical organ

Growth focuses only on one aspect i.e increase in child’s Development focuses on various aspects like
body size interpersonal skills, and intelligence.

Growth is an external process Development is an internal process

It is Quantitative in Nature It is both Quantitative & Qualitative in Nature

The term ‘Growth’ refers to physical changes of an individual like an increase in height, size, length and
weight etc. Development refers to overall changes in a physical organ or the structure that results in
improved functioning of the physical organ

Growth is Purley physical Sense Development is overall, Physical, Mental, Emotional, Social, moral or
any other

Growth is only a part of the developmental process Development is a complex and comprehensive
process

Growth is limited to a certain age it stops when maturity has been attained Changes produced by
growth can be observed and measured directlyChanges produced by growth can be observed and
measured directly Developmental changes that result in improved behaviour or functioning cannot
be measured directly

Growth focuses only on one aspect i.e increase in child’s body size Development focuses on
various aspects like interpersonal skills, and intelligence.

Growth is an external process Development is an internal process.

Growth is structural

Growth is influenced by the development Development is independent it does not depend upon
growth