CHAPTER from 6.4% as at January 2015

CHAPTER
ONE

1.0                                                    INTRODUCTION

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1.1       Background to the Study

Over
the last decade the use of social media for commercial networking purposes has
increased. Many have suggested that social media can enhance the power of viral
marketing and that social media increase the speed at which consumers share
experiences and opinions with progressively larger audiences. Entrepreneurship
promotion in Lagos State, a state gradually assuming the status of a mega city
with an increasing population on a daily bases has become necessary given the
high level of unemployment in Nigeria which rose from 6.4% as at January 2015
to 14.2% as at July, 2017 according to the data released by the Nigerian Bureau
of Statistics (NBS)

 

The recent economic crisis and recession have increased the
tremendous need to position social question in the heart of the economy and job
creation in Nigeria. Entrepreneurship can prove to be an effective instrument
for economic value creation and simultaneously a means to deal with various
social issues and hence a call for entrepreneurship promotion. This dual nature
concept seems to be gaining popularity in both spheres of theory and practice,
with the rise of a new field of research: “social entrepreneurship” (Nicholls
2010). The concept of ‘social entrepreneurship’ has been quickly emerging in
the private, public and non-profit sectors over the last few years (Anderson et
al. 2006).

 

It
is an established fact globally that the Micro, Small, and Medium Enterprises
sector is a key engine to economic growth and development. This sector is
responsible for most of the advances in new products and process, provides most
of the employment opportunities but is also a key indicator of the overall
performance of an economy.

 

The
Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was
established in 2003, to facilitate the promotion and development of the Micro,
Small and Medium Enterprises (MSMEs) sector in an efficient and sustainable manner.
The overall objective was reducing poverty through wealth and job creation to
facilitate socio-economic transformation.

With
the overall objective of reducing poverty through wealth and job creation and
facilitating national economic development, the Micro, Small and Medium
Enterprise are perceived as engine of socio-economic transformation in both
developed and developing countries.

 

Due
to its popularity in recent years, social media has been generally known as a
new medium which can be used as a marketing instrument by companies and
individuals. Social media is not only appropriate for large companies, but also
for Small and Medium Enterprises (SMEs)

 

The
Internet has provided a new paradigm for communication and empowered millions
of people to network socially beyond the confines of geographical proximity.
Online social networking has moved from a niche phenomenon to mass adoption
(Wang 2009). Social media includes various methods such as social networking,
user-sponsored blogs, multimedia sites, company-sponsored websites,
collaborative websites, podcasts, etc. From the business perspective for any
business, effective networking is an essential component to success (Kelley
2010). Today’s social media tools are bringing rapid change to organisational
communication and public relations. These technologies have shifted the
emphasis of internet services from being consumption-based towards becoming
interactive and collaborative, creating new opportunities for interaction
between organisations and publics (Henderson and Bowley 2010). Therefore
considering the growing importance of social media as a strategic tool among
organizations, this research aims to investigate social media as a veritable
tool for promoting entrepreneurship in Lagos State, Nigeria.

 

1.2       Statement of the Problem

Nigeria as a nation produce over half a million graduates every
year, these graduates usually after the mandatory National service year are
always expecting to get jobs especially white collar jobs but are often faced
with the obvious reality of non-availability of jobs (good paying jobs). This
reality has the potential of making some to take to crimes in order to meet
their financial obligations. It is worthy of note that Nigerians are among the
world’s largest users of the internet (the social media) and often spend
quality times on the internet which has a great potential of making an
entrepreneur. This work arose in order to find a way of job creation by
promoting entrepreneurship using the social media also known as new media.

 

1.3       Objectives of the Study

The
objectives of this study are

1.      To
see how the social media can be used as a tool for promoting entrepreneurship
and job creation.

2.      To
examine the role of social media in employment creation in Lagos State, Nigeria.

3.      To
establish a relationship between social media usage and entrepreneurship drive.

4.      To
encourage socio-preneur as a way to self-dependence.

1.4       Research Questions

In order to carry out this research
work, some questions are asked and these include

i.                   
Is there a correlation between social
media usage and job creation?

ii.                 
What are the roles of social media and
employment creation in Lagos State?

iii.               
Is there a relationship between Social
Media usage and Entrepreneurship drive?

iv.               
How can Socio-preneur be encouraged
among the unemployed?

 

1.5       Significance of the Study

It
is believed that social media can influence entrepreneurial drive in Nigeria.
Individuals in strong social networks exchange business information and
material resources. Entrepreneurs organize, manage and take risks to bring new
ideas through information and also develop skills for the enhancement of
business activities. To determine new ways of jobs creation in Lagos State by
both graduates and policy makers (the government), it is very important to
study the social media and social networking and also concerned to see how
social networks develop among individuals and leads towards the entrepreneurial
activity. This study aims to provide information about how social media can
help in promoting entrepreneurship in Lagos State and thereby creating jobs
which will in turn lead to a reduction in youth unemployment. The extents to
which social media can help promote entrepreneurship are the main focus for
this study.

1.6       Scope of the Study

This
study focus on social media as a veritable tool for promoting entrepreneurship
in Lagos state, Nigeria with emphasis on small and medium scale enterprises in
Ikeja.  The media in consideration
include are Instagram and YouTube.

Instagram
was chosen for this study because of its extraordinary success which
corroborates the recent Pew report which states that photos and videos have become
the key social currencies online (Rainie, Brenner, and Purcell 2012).

 

YouTube
has become the third most visited website in the world (Alexa, 2011) – behind Google
and Facebook. Since its creation in February, 2005, YouTube saw rapid growth; sixteen
months after its creation, 100 million clips were being viewed per day
(comScore, 2006). In October 2008, the site attracted 100 million American
viewers a day, estimated to be over two thirds of the internet users in the
United States (comScore, 2008), for these reasons, it was chosen for this
study.

 

 

1.7       Operational Definition of Terms

Social:
being
extroverted or outgoing

Media:
means
and institutions for publishing and broadcasting information.

Social
Media: a group of Internet-based applications that build on
the ideological and technological foundations of Web 2.0 and that allow the
creation and exchange of user generated content

Network:
a
directory of people maintained for their advancement

Entrepreneur:
a
person who organizes and operates a business venture and assumes much of the
associated risks.

Entrepreneurship:
the
art or science of innovation and risk-taking for profit in business. It can
also be defined as the quality of being an entrepreneur

Veritable:
true
or real.

Promoting:
advancing
in position.

Promotion:
dissemination
of information about a product, product line, brand or company.

Unemployment:
the
level of joblessness in an economy, often measured as a percentage of the
workforce

Economy:
the
system of production, distribution and consumption. The overall measure of a
currency system; as the national economy.

Enterprise: A
company or business.

Micro Enterprises:
enterprises whose total assets (excluding land and buildings) are less than
Five Million Naira with a workforce not exceeding ten employees.

Small Enterprises:
enterprises whose total assets (excluding land and building) are above Five
Million Naira but not exceeding Fifty Million Naira with a total workforce of
above ten, but not exceeding forty nine employees.

Medium Enterprises:
enterprises with total assets excluding land and building) are above Fifty
Million Naira, but not exceeding Five Hundred Million Naira with a total
workforce of between 50 and 199 employees.