INTRODUCTION Entrepreneurship has been identified globally as a potential tool for industrialization and rapid economic growth of any society. This is evidenced on the current economic boom in the southern Asia region. Therefore the rapid growth and changes in the socio-cultural climate particularly in these southern Asian countries like Taiwan, India, Indonesia, Singapore e.t.c. have significantly influenced the recognition of entrepreneurship in our modern societies. The concept of entrepreneur was identified as one of the factors of production that organizes the other factors like land, capital and labour towards the production of goods and services for the satisfaction of human utility. The term entrepreneurship was derived from a 17 th century French word, “entrepredreil” which refers to individual who undertook the risk of new enterprise. They were contractors who bore the risk of profit or loss. Many early entrepreneurs w...