ASSESSING THE PROBLEMS AND PROSPECTS OF ENTREPRENEURSHIP DEVELOPMENT IN CAMEROON
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CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
There has been a growing recognition of the importance of sustainable economic transformation activities in Cameroon. Indeed, the small businesses established by innovative entrepreneurs have proven to be the most significant contributors to national wealth (Antai and Agnes, 2018). Entrepreneurship is characterized by the willingness and ability of individuals to identify investment opportunities, establish, and successfully operate enterprises (Suleiman, 2019). Furthermore, Nwangwu (2020) observes that entrepreneurship involves recognizing environmental changes and exploiting opportunities to produce goods and services for public consumption. It encompasses the attributes that enable individuals to identify hidden business opportunities and organize necessary resources to profitably leverage such opportunities despite calculated risks and uncertainties (Essien, 2019). The prosperity and progress of a nation hinge on the quality of its people. If they possess enterprise, ambition, and courage to bear risks, society will develop rapidly. Such individuals are recognized as entrepreneurs, and their character embodies entrepreneurship (Adeyemi, 2013). Osemeke (2012) defines entrepreneurship development as the process of enhancing entrepreneurial skills and knowledge through structured training and institution-building programs. The aim of entrepreneurship development is to broaden the base of entrepreneurs to accelerate the pace at which new ventures are created, leading to increased employment generation and economic development. Entrepreneurial development primarily focuses on individuals interested in initiating or expanding businesses. Moreover, entrepreneurship development in Cameroon places more emphasis on growth potential and innovation. Therefore, a survey will be conducted in order to assess the problems and prospects of entrepreneurship development in Cameroon.
1.2 Statement of the Problem
Cameroon is naturally endowed with entrepreneurship opportunities; however, the realization of the full potential of these opportunities has been dampened by some challenges (Ebiringa, 2017). It has, however, been concerning that despite the accessibility of technology and government contributions towards entrepreneurship development, entrepreneurship in Cameroon has not performed creditably well. Hence, the expected vital and vibrant role entrepreneurship will play in the economic growth and development in Cameroon has been constrained by the challenges entrepreneurs face in Cameroon such as lack of knowledge of technology, unfair competition, multiple taxes, unfavorable monetary policies, uneasy access to funding, inadequate market research, unfavorable fiscal policies, poor policy implementation, which has constrained the development of entrepreneurship in Cameroon. Thus, it is in the light of these that the study seeks to assess the problems and prospects of entrepreneurship development in Cameroon.
1.3Β Objectives of the Study
The main purpose of this study is toΒ assess the problems and prospects of entrepreneurship development in Cameroon.Β Specifically, the study will;
To assess the environmental factors affecting entrepreneurship in CameroonΒ
To investigate the managerial factors affecting entrepreneurship in CameroonΒ
To investigate the prospects of growth of entrepreneurship in Cameroon.
Β 1.4 Research Questions
The following questions have been prepared for the study:
What are the environmental factors affecting entrepreneurship in Cameroon?
What are investigate the managerial factors affecting entrepreneurship in Cameroon?
What are the prospects of the growth of entrepreneurship in Cameroon?
1.5 Significance of the Study
This research is significant as it explores how the challenges experienced by entrepreneurs in Cameroon can impact different facets of business activities, including operations, sales, and customer relations. Furthermore, it offers valuable perspectives for governmental authorities and policymakers in Cameroon, assisting them in comprehending the hurdles faced by entrepreneurs and identifying potential avenues for advancement. Moreover, this study will play a role in shaping supportive policies and enhancing infrastructure to foster the expansion of entrepreneurship. Furthermore, subsequent researchers will use it as a literature review. This means that other students who may decide to conduct studies in this area will have the opportunity to use this study as available literature that can be subjected to critical review. Invariably, the result of the study contributes immensely to the body of academic knowledge with regard to the problems and prospects of entrepreneurship development in Cameroon.
1.6 Scope of the study
The scope of this study is to assess the problems and prospects of entrepreneurship development in Cameroon. Empirically, this study will assess the environmental factors affecting entrepreneurship development in Cameroon, investigate the managerial factors affecting entrepreneurship development in Cameroon and investigate the prospects of entrepreneurship development in Cameroon.
Geographically, the study will be delimited to business owners in YaoundΓ©, Cameroon.
1.7 Limitation of the study
In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed.Β
More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.
Β 1.8 Definition of Terms
Entrepreneurship: refers to the process of identifying, creating, and pursuing opportunities to generate value through innovative ideas, products, or services.
Small and Medium-sized Enterprises: SMEs are businesses that fall within a certain size range, typically defined by criteria such as the number of employees, annual revenue, or total assets.
Problems: the challenges or difficulties that SMEs face in the course of their business operations.
Prospects: For SMEs, prospects includes opportunities for growth, expansion into new markets, increased profitability, and other favorable outcomes
