Entrepreneurship Practice: As a Means of Poverty Reduction in Southwestern Nigeria

Abstract

The main purpose was to examine and analyze the strong impact of entrepreneurship practices on poverty reduction in Southwestern Nigeria. This poverty issue has become households name in Nigeria, and despite various economic development polices and many different strategic policies designed to reduce poverty through human and highly capital development. Also, most economist guru in Nigeria has forecasted that, if government can make proper use of an entrepreneurship practices in all business sectors of their economy, poverty will be a thing of the past in Nigeria. These set of people view entrepreneurship practices as a business, which will involve suitable set of people who are fully ready to take risks in all their business activities. Ready prepared to identify every business opportunity and obtain materials, plan, and implement workable action that will achieve the business expectation. Data collection was done by interview, in-depth discussion with respondent. The study of this nature require highly proper interview in order to get desire results. Field note, and documentation are also used to complement the interview in order to get desired result. Pure and table water industry business owners are only key respondent in this study. Descriptive Statistics and Partial Least Square (PLS) analysis are method of data used. The reason why researcher is using this method is that it will easily show if entrepreneurship practices can solve poverty issue or not. The finding revealed that entrepreneurship practices have highly positive impact on poverty reduction in Southwestern Nigeria. Enterprise business operators are prospering well, but still need optimized entrepreneurial competency in all their activities to achieve the desired result. The result strongly indicates that in Nigeria, the Entrepreneurship practices are most antidote to poverty reduction and job creation at this moment that Nigeria is technically moving out of the economic recession.