ASSESSMENT

1.(a) Differentiate economic growth from economic development.

(b) Is there any nexus between entrepreneurship and economic growth in Nigeria?
(c) ‘Every individual endeavours to employ his capital so that its produce may be of
greatest value. He generally neither intends to promote the public interest, nor knows
how much he is promoting it. He intends only his own security, only his own gain.
And he is in this led by an invisible hand to promote an end which was no part
of his intention. By pursuing his own interest he frequently promotes that of society
more effectively than when he really intends to’. Sustain, otherwise recess this
assertion.
2. (a) Is there any deference between a feasibility study and a business plan?
(b) Categorize risks and device how you would contain them in your business venture?
(c) What are the major challenges facing entrepreneurs in Nigeria?
(d) Discuss 5 sources of finance disposed to business ventures in Nigeria.

QUESTIONS AND ANSWERS

1 Differentiate economic growth from economic development.

1
Growth and development are synonyms for each other but when ‘economic’ is prefixed to
each of the words, then both of them contradict the similarity. Adding economic to the words
creates fundamental differences between growth and development which are very important
and become even more prominent when countries start depending on them. 

Economic growth

The term economic growth is defined as the process whereby the country’s real national and
per capita income increases over a long period of time. This definition of economic growth
consists of the following features of economic growth:

Economic Growth implies a process of increase in National Income and Per-Capita

Income.

The increase in Per-Capita income is the better measure of Economic Growth since it reflects
increase in the improvement of living standards of masses.

Economic Growth is measured by increase in real National Income and not just the
increase in money income or the nominal national income.

In other words the increase should be in terms of increase of output of goods and services,
and not due to a mere increase in the market prices of existing goods.

Increase in Real Income should be Over a Long Period:

The increase of real national income and per-capita income should be sustained over a long
period of time. The short-run seasonal or temporary increases in income should not be
confused with economic growth.

Increase in income should be based on Increase in Productive Capacity:

Increase in Income can be sustained only when this increase results from some durable
increase in productive capacity of the economy like modernization or use of new technology
in production, strengthening of infrastructure like transport network, improved electricity
generation etc.

Economic development
Economic Development is the process focusing on both qualitative and quantitative growth of
the economy. It measures all the aspects which include people in a country become wealthier,
2
healthier, better educated, and have greater access to good quality housing. Economic
Development can create more opportunities in the sectors of education, healthcare,
employment, and the conservation of the environment. It indicates an increase in the per
capita income of every citizen. The standard of living includes various things like safe
drinking water, improve sanitation systems, medical facilities, the spread of primary
education to improve literacy rate, eradication of poverty, balanced transport networks,
increase in employment opportunities, etc. Quality of living standard is the major indicator of
economic development. Therefore, an increase in economic development is more necessary
for an economy to achieve the status of a Developed Nation.
It can be measured by the Human Development Index, which considers the literacy rates &
life expectancy which affect productivity and could lead to Economic Growth.

COMPARISON CHART: ECONOMIC GROWTH VS. ECONOMIC DEVELOPMENT

Economic Growth Economic Development

Meaning Economic growth refers to an increase inEconomic development implies changes

the real output of goods and services inin income, savings and investment along
the country. with progressive changes in socio-
economic structure of
country(institutional and technological
changes).

Span of Concept  It is a narrower concept than that of It is a broader concept than that of
economic development. economic growth.

Factors: Growth relates to a gradual increase in Development relates to growth of human

one of the components of Gross Domesticcapital, decrease in inequality figures,
3
 Product:consumption, governmentand structural changes that improve the
spending, investment, net exports. quality of life of the population.

Measurement: Economic Growth is measured byThe qualitative measures such as HDI

quantitative factors such as increase in(Human Development Index), gender-
real GDP or per capita income related index,Human poverty index
(HPI),infant mortality, literacy rate etc.
are used to measure economic
development.

Effect: Economic growth brings quantitativeEconomic Development leads to

changes in the economy. qualitative as well as quantitative
changes in the economy.

Economic Growth Economic Development

Relevance: Economic growth reflects theEconomic development reflects

growth of national or per capitaprogress in the quality of life in a
income. country.

Scope: It is a uni-dimensional approachIt is a multi-dimensional approach

that deals with the economicthat looks into the income as well
growth of a nation. as the quality of life of a nation.

Effect: Brings qualitative andBrings quantitative changes in the

quantitative changes in theeconomy
economy

Implications: Economic development impliesEconomic growth refers to an

an upward movement of the entireincrease over time in a country’s
social system in terms of income,real output of goods and services
savings and investment along(GNP) or real output per capita
with progressive changes in socioincome.
economic structure of country
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 (institutional and technological
changes).

Term Short-term process Long-term process

   Government Support It is an automatic process thatIt requires intervention from the

may or may not requiregovernment as all the
intervention from the government developmental policies are
formed by the government

Application Developed economies Developing economies

Examples Gross Domestic Product(GDP),Human Development

Gross National Product (GNP) Index(HDI), per capita Income,
industrial development

1b Is there any nexus between entrepreneurship and economic growth in Nigeria?

Nigeria is naturally endowed with entrepreneurship opportunities; however the realization of

the full potential of these opportunities has been dampened by the adoption of inappropriate
industrialization policies at different times. Several policy interventions that were aimed at
stimulating entrepreneurship development via small and medium scale enterprises promotion,
based on technology transfer strategy, have failed to achieve the desired goals as it led to the
most indigenous entrepreneurs becoming distribution agents of imported products as opposed
to building in-country entrepreneurial capacity for manufacturing, mechanized agriculture
and expert services (Thaddeus, 2012)

With the collapse of the last vestiges of the socialist economic system in 1991, virtually the
whole world has embraced free enterprise economic system. Entrepreneurship is the
5
cornerstone and at the heart of the free enterprise economy (Popoola, 2014). Entrepreneurship
is an activity that involves the discovery, evaluation and exploitation of opportunities to
introduce new goods and services, ways of organizing, markets, processes, and raw material
through organizing efforts that previously had not existed (Shane and Venkataraman, 2000;
Venkataraman, 1997.

Moreover,studies by UNIDO-Nigeria, 2012 show that Micro, Small and Medium Enterprises
(MSMEs) has the propensity to drive the Nigerian Economy, and data reveal that there are
currently over 17 million MSMEs employing over 31 million Nigerians. MSMEs account for
over 80% of enterprises that employ about 75 % of the Nigeria’s total workforce, and
therefore formulating and effectively implementing MSMEs friendly policies represents
innovative ways of building the capacity to engage in entrepreneurial activities and creating
job opportunities thus, playing a central and invaluable role in helping Nigeria realize its
quantity advantage. In addition, the 2012 Global Entrepreneurship Monitor (GEM) has
empirically identified Nigeria as one of the most entrepreneurial countries in the world. The
study showed that 35 out of every 100 Nigerians (over a third) are engaged in some kind of
entrepreneurial activity or the other. It is therefore imperative at this point in time to critically
evaluate not just the principles of entrepreneurship but the practice and its crucial role in
fostering economic growth and development in a developing economy like Nigeria.

The hypothesis that entrepreneurship is linked to economic growth finds its most immediate
foundation in simple intuition, common sense and pure economic observation: activities to
convert ideas into economic opportunities lie at the very heart of entrepreneurship.
Entrepreneurship is a source of innovation and change, and as such spurs improvements in
productivity and economic competitiveness (UNCTAD, 2004). Entrepreneurship is not
synonymous with small business. Certainly, small firms are an out-standing vehicle for
individuals to channel their entrepreneurial ambitions. The small firm is an extension of the
individual in charge(Lumpkin and Dess 1996). However, entrepreneurship is not restricted to
persons starting or operating an (innovative) small firm. Enterprising individuals in large
firms, the so-called ‘intrapreneurs’ or ‘corporate entrepreneurs’, undertake entre-preneurial
actions as well. Nigeria’s GDP growth rate of between 6 –8 percent in the last ten years

6
shows the country is one of the fastest growing economies in the world. The implication is
that any good business established is capable of generating unusual and above average
returns. It is one of the few countries with the highest returns on investment anywhere in the
world-money, market, capital market, mutual funds, real estate and property,
entrepreneurship, etc (Popoola, 2014).Furthermore, for entrepreneurs to play an appropriate
role, the role of the state remains important; if not more so than before. Strong states, as
regulators and gatekeepers, play a particularly vital role. In the absence of appropriate ‘rules
of the game’, entrepreneurship may result in undesirable social outcomes, including
corruption, crime, speculation and financial crises, and may worsen the vulnerabilities of
people during natural disasters (UN Report, 2011).

What we know about entrepreneurship suggests a drastic or revolutionary change, but does it
promote wealth creation, job opportunities. Although there is quite a lot of researches and
studies on the link between entrepreneurship and economic growth and development, there is
still the need to assess the case of the Nigerian economy. The real question is what is the
contribution of micro, small and medium enterprises (MSMEs) to the nation’s Gross
Domestic Product or more importantly how has the multiplicity of MSMEs bettered the
living standard of the over 170 million Nigerians. Against this background, the main
objective of this study includes the following:to evaluate the concept and principles of
entrepreneurship, to assess the practice of entrepreneurship development in Nigeria, to
examine the role of entrepreneurship in Nigeria’s economic growth and development. The
remainder of this paper consists of four parts. Section 2 provides the evolution of
entrepreneurship in Nigeria, recent development of entrepreneurship in Nigeria and the
relationship between entrepreneurship and economic growth/development. Section 3 presents
the methodology of the study. Section 4 discusses the Nigerian economic and
entrepreneurship development, the analysis of the performance of the economy, the trend of
entrepreneurship development such as government intervention, the prospect and challenges
of entrepreneurship in Nigeria and the discussion on the finding of the study. Finally section
5 indicates the conclusion and recommendation of the study.

The Relationship between Entrepreneurship and Economic Growth or development

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It is widely believed that entrepreneurship is beneficial for economic growth and
development. Entrepreneurship has been remarkably resurgent over the past three decades in
countries that achieved substantial poverty reduction (Naude, 2013). In the 1980s stag
inflation and high unemployment caused a renewed interest in supply side economics and in
factors determining growth. Simultaneously, the 1980s and 1990s have seen a revaluation of
the role of small firms and a renewed attention for entrepreneurship. In fact,understanding the
role of entrepreneurship in the process of economic growth requires the decomposition of the
concept of entrepreneurship (Wennekers & Thurik, 1999). Having considered the concepts of
entrepreneurship, economic growth and economic development individually, ascertaining the
link between the two concepts would not be unachievable.The idea that entrepreneurship and
economic growth are very closely and positively linked together has undoubtedly made its
way since the early works of Schumpeter .An increase in the number of entrepreneurs leads
to an increase in economic growth. This effect is a result of the concrete expression of their
skills, and more precisely, their propensity to innovate. Schumpeter has already described this
innovative activity, “the carrying out of new combinations”, by distinguishing five cases: “(1)
The introduction of a new good –that is one with which consumers are not yet familiar –or of
a new quality of a good. (2) The introduction of a new method of production, that is one not
yet tested by experience in the branch of manufacture concerned, which need by no means be
founded upon a discovery scientifically new, and can also exist in a new way of handling a
commodity commercially.

(3) The opening of a new market, that is, a market into which the particular branch of
manufacture of the country in question has not previously entered, whether or not this market
has existed before. (4) The conquest of a new source of supply of raw materials or half-
manufactured goods, again irrespective of whether this source already exists or whether it has
first to be created. (5) The carrying out of the new organization of any industry, like the
creation of a monopoly position (for example through fructification) or the breaking up of a
monopoly position” (Schumpeter, 1963). Through his innovative activity, the Schumpeterian
entrepreneur seeks to create new profit opportunities. These opportunities can result from
productivity increases, in which case, their relationship to economic growth appears quite
clearly. In terms of how entrepreneurship has been a stimulant in economic growth, there
exist enormous discussions and debates but it is however eminent to realize the importance of
constant innovations and rivalry enhancement (Todtling and Wanzanbock, 2003). There has
8
been a problem in defining and measuring entrepreneurial factors and this has further
complicated the exact contributions to economic growth. In addition, Carree and Thurik
(2002) explained that the concept of entrepreneurship is multidimensional and largely ill-
defined. Understanding the role of entrepreneurship in the process of economic growth will
therefore require a framework because of the nature of intermediate variables and
connections which exist (Bygrave and Minniti, 2000).The best examples of these
intermediate variables include innovation, competition mainly characterized by exit and entry
of firms, variety of supply and particular energy and efforts of invested by entrepreneurs.
Other conditions of entrepreneurship also add up when it comes to their contributions to
economic growth (Robbins et.al, 2000).In addition, Asc (2006) and Ahiauzu (2010) assert
that there is a positive relationship between entrepreneurship and economic growth while
Henderson (2007) explained that entrepreneurship is increasingly being recognized as a
primary engine of economic growth. By combining existing resources with innovative ideas,
entrepreneurs add value through the commercialization of new products, the creation of new
jobs, and the building of new firms. The Global Economic Monitor indicates that nations with
higher levels of entrepreneurial activity enjoy strong economic growth. In short,
entrepreneurs are the link between new ideas and economic growth. Entrepreneurship is the
manifest ability and willingness of individuals, on their own, in teams, within and outside
existing organizations, to: –perceive and create new economic opportunities (new products,
new production methods, new organizational schemes and new product-market
combinations) and to –introduce their ideas in the market, in the face of uncertainty and other
obstacles, by making decisions on location, form and the use of resources and institutions.
Entrepreneurship is “at the heart of national advantage” (Porter, 1990). It is of eminent
importance for carrying out innovations. Concerning the role of entrepreneurship in
stimulating economic growth, many links have been discussed. Both the role of the
entrepreneur in carrying out innovations and in enhancing rivalry is important for economic
growth (Wennekers & Thurik, 1999).

9
Furthermore, Naude (2013)posited that entrepreneurshipwill, in light of the above, contribute
to growth and employment creation in advanced, emerging and least developed economies
alike. This is a reasonable expectation –one that is supported by recent findings of historians,
economists and management scientists.“With too many entrepreneurs, levels of aspirations in
a country may rise -it is well-known that with increasing material wealth (or opportunities)
people’s aspirations increase.” Entrepreneurs create jobs –and we know that unemployment is
a major and significant cause of unhappiness. We also know that goods that entrepreneurs
provide, such as health and experiential activities, raise happiness levels.

1 (c) Every individual endeavours to employ his capital so that its produce
may be of greatest value. He generally neither intends to promote the public
interest, nor knows how much he is promoting it. He intends only his own security,
only his own gain. And he is in this led by an invisible hand to promote an end
which was no part of his intention. By pursuing his own interest he frequently promotes
10
that of society more effectively than when he really intends to’. Sustain, otherwise
recess this assertion.

Every individual endeavors to employ his capital so that its produce may be of greatest value.
He generally neither intends to promote the public interest, nor knows how much he is
promoting it. He intends only his own security, only his own gain. And he is in this led by an
invisible hand to promote an end which was no part of his intention. By pursuing his own
interest he frequently promotes that of society more effectually than when he really intends to
promote it.

This makes Smith sound as if he thought that the invisible hand always leads individuals who
are pursuing their own interests to promote the good of society. He did not. He saw the
interests of large capitalists as conflicting with those of the public: capitalists seek high
profits, which corrupt and impoverish society. In another example the famous division of
labor increases factory output but erodes the intelligence, enterprise, and character of
workers. Smith's passage on the invisible hand says only that it operates "in this as in many
other cases" -- not always, not even mostly.

2. (a) Is there any deference between a feasibility study and a business plan?

A feasibility study is not the same thing as a business plan.  The feasibility
study would be completed prior to the business plan.  The feasibility study
helps determine whether an idea or business is a viable option.  The business
plan is developed after the business opportunity is created.  Strategic Business

11
Team.com explained, “A feasibility study is carried out with the aim of finding out the
workability and profitability of a business venture. Before anything is invested in a new
business venture, a feasibility study is carried out to know if the business venture is worth
the time, effort and resources. A feasibility study is filled with calculations, analysis and
estimated projections while a business plan is made up of mostly tactics and strategies to be
implemented in other to grow the business.”

(b) Categorize risks and device how you would contain them in your business venture?

RISKS IN BUSINESS: Internal and External Pressures

Nobody said business was going to be easy. Unfortunately, every business faces challenges,
or risks. Whilst business risks can never be entirely eliminated, being aware of what these
risks are and where they come from can help you better manage their effects and steer a
course to business success.
Business risks are circumstances or factors which can have a negative impact on the
operations or profitability of your business. Business risks are generally classified into two
major risk factors – internal factors (circumstances or events within your organisation) or
external factors (those in the wider business arena).
Internal Business Risks
Take a look at these common internal business risks and think about how you think your
business fares with regards to each one…
Stability – The ability of a business to manage its finances; meet its debt obligations and
return capital to its investors is integral to its success. A business which is financially stable
can grow its profits more easily than one which is not; furthermore, investors, lenders and
employees are more willing to engage with and invest in a financially stable company.
Organisational structure –When assessing how organisational structure might pose a risk to
your business, evaluate its job positions, hierarchy, and lines of communication. Is your
organisation’s structure ordered and clearly defined and are all job positions working in
tandem with one another?

12
Politics and Mismanagement – Internal company politics, particularly in family businesses,
can be debilitating; causing management and staff alike to focus, not on the market and the
job at hand, but on what’s happening internally.
Taking your eye off the ball can ultimately open the door to competitors stealing your market
share. Mismanagement – including a lack of proper control over finances, production, labour
and marketing – results in increased costs for the business, which will affect your business’s
bottom line.
Resources – Having enough financial and human resources is crucial; if your business is
lacking in either of these, you will find it difficult to achieve your business goals.
Innovation – whether it relates to product development, marketing and promotion or staff
welfare, innovation is what keeps a business one step ahead of its rivals. 
Incentives – Did you know that incentivising employees could prove to be a business risk, if
it’s not done correctly, fairly and appropriately? Make sure that you explore the right
incentive and reward schemes for your business.

External Business Risks

Risks in the greater business environment include…
The Economy – whether it’s boom time or bust, how the economy is doing impacts on your
business. While you may not have control over the economy at large, understanding what
drives it can help you manage threats and maximise opportunities.
Political-Legal Factors – changes in government or government policies and legislation can
impact on business, which is why business owners need to keep abreast of latest
developments
Socio-Cultural Factors – ignore these at your peril!
Technology – if you wish to remain relevant, make sure that you monitor technological
developments in your field and in the wider business sphere
Shareholders – as a business manager, your wanting to invest any profits for future growth
may be at odds with company shareholders who wish to take value out of the business in the
form of dividends. Their business approach – which may be more focused on personal than
business wealth – can be very risky indeed for a business and requires careful yet firm
management.
Here Are Seven Ways to Minimizing Business Risk
i Be cash-conscious
13
ii Insure against your specific risk
iii If your business changes, your insurance should, too
iv Insure key people
v Use contractual indemnification clauses
vi Give yourself an out
vii Create separate entities

(c) What are the major challenges facing entrepreneurs in Nigeria?

The Nigerian economy that has been on the decline since the 1980’s has created a hostile
environment that is unfavourable to entrepreneurial success. The decadent state of
infrastructure in Nigeria limits entrepreneurial effectiveness and remains a barrier to success.
Also the high cost of doing business in Nigeria, such as the lack of adequate electricity and
basic needs by a large amount of the population stifle entrepreneurial activity. Another key
problem is the difficulty in obtaining venture capital to finance entrepreneurial intentions due
to the political and economic instability. Other constraints are the stiff policies of the
Nigerian government that remain barriers to the success of large-scale entrepreneurial success
for many Nigerians. Not left out is the corruption and greed that is the common language in
government functions. Also the government systematically ignores laws that are already in
place to promote free enterprise. There is also lack of enforcement of Nigerian patent laws
which discourages entrepreneurs from commercializing their ideas and inventions. The
constant political turmoil in the country greatly limits foreign investors who would be willing
to provide resources for entrepreneurship in the country. And lastly, the political and social
movements strongly affect the level of entrepreneurial activity in Nigeria. Religious
intolerance and ethnic warfare limit country progress in some areas of economic
development(Agu, 2010). These are some of the challenges entrepreneurs face in Nigeria and
that is why they are failing. Everybody has narrow view of what entrepreneurship is all about
or narrow view about how they should be done.

Challenges Facing Entrepreneurs in Nigeria

For decades, Nigeria, Africa's most populous country, has experienced severe economic
hardships. As a result of this ugly situation, poverty has been running unchecked, job

14
opportunities have vanished, and Nigeria's prosperity has dwindled considerably. Many
entrepreneurs have the initiative to start new ventures, but lack the skills, tools, and support to
succeed. Corruption, economic instability, and a lack of infrastructure and management
capacity have also combined to stifle new business growth.

Hassan Olanrewaju Makinde (2013) submitted that entrepreneurships in Nigeria have a lot of
problems. Entrepreneurship is faced with several constraints which limit its development.
Some of the challenges are:
i. Inadequate capital: Hassan Olanrewaju Makinde (2017) opined that inadequate capital
is one of the problem encountered by Nigeria Entrepreneurs. As a result of insufficient
capital, entrepreneurs are not able to carry out all the beautiful project/ideas that they may
have formulated. Borrowing from banks and other financial institutions have not been very
easy as very stringent conditions are required for the entrepreneurs. This has greatly affected
business development.
ii. Government Policies: Most time government came up with certain policies that may
not be in the interest of the entrepreneurs. This could either be in form of restriction on
certain key raw materials or outright ban, withdrawal of subsidies, increase in taxes etc.
These policies can affect business operation.
Iii. Lack of awareness of business opportunities: Sometimes, entrepreneurs are not aware
of business opportunities available to them, this is because most entrepreneurs do not know
how to seek for business opportunities. Most of them depend on their intuition and what is
obtained within their immediate environment, which may not be enough.
iv. Management Control: The employment of incompetent and low quality staff can
affect the features of a business. When a worker is incompetent, his output would surely be
poor. Most entrepreneurs have no effective control over their workers due to the fact that
most of the employees are well known to them.
v. Production of substandard goods: It has been noticed that most entrepreneurs are in
the habit of producing substandard goods. This is because they may not have the technical
know-how or the resources to make better products. These problem posses a lot of setbacks to
the entrepreneurs owing to the fact that they will not be able to compete with their foreign
competitors.
vi. Falling economic trends: The prevailing economic situation in Nigeria have the
potentials of affecting business activities. These include price change, market demand,
15
inflation etc. An increase or decrease in each of these variables can affect business operations
as well as the fortunes of the entrepreneurs.
Vii. Lack of adequate infrastructural facilities like electricity, water supply, good road etc
that will ensure smooth operation of the entrepreneur’s business activities.
Viii. Lack of strong patent law: A serious challenge that entrepreneurs face in Nigeria is
the level of competition from foreign producers. The local entrepreneurs are not protected,
the situation is worsened by the apparent lack of faith in the Nigeria patent law which many
entrepreneurs feel offer them little protection against piracy (Duru, 2011).ix.High cost of
doing business in Nigeria: Entrepreneurs are in business (take risk) because they want to
make profit, where the expected returns from aventure are lower than the opportunity cost; it
will act as a disincentive for the entrepreneur. Due to collapsed infrastructural facilities and
unbridled corruption, where entrepreneurs have to spend huge sums to provide some basic
infrastructure and bribe government officials, it makes the cost of doing business in the
country to be too high with adverse implications for profitability.

2 (d) Discuss 5 sources of finance disposed to business ventures in Nigeria.

There are many potential sources of capital or funding in Nigeria. If an entrepreneur

cannot personally provide the needed amount of money from his or her savings to fund the
business, there are other alternatives; other people’s money! Other people’s money is either
by Debt or Equity.

Debt: It is the act of borrowing money from a person or institution by signing a promissory
note. This is done through borrowing.

Equity: To finance with equity, the entrepreneur trades a percentage of ownership for
money. The investor receives a percentage of future profits from the equity. The investor also
receives a share of ownership from the company. The equity investor assumes a greater risk
than the debt investor because of his or her ownership interest.

16
Strategic Partnership
One can cautiously select and approach co-entrepreneurs to contribute part of the funds
needed to star-up a business. Apart from cash, they can also contribute knowledge and skills.
The cash infusions connected are usually much smaller than they might have been with
traditional financing deals. A person who is trustworthy can use this approach to finance her
business.

Private Placement and Venture Capital

An entrepreneur can raise capital from wealthy individuals or organizations if they get
prepared with a good presentation and business plan with motivating ideas. Some
entrepreneurs can make winning business proposals, resulting from their creativity, and
higher imaginations and get prospective investors to finance, at least, the initial capital
required to grow and sustain their businesses (Hofstrand, 2013). Just make your idea great;
the money will be attracted to you once people know about you.

Leasing

Some goods, materials, tools or equipment can be hired from the seller or owner and a rental
payment made periodically. For every costly and complicated goods, “ a part” or all of it can
be hired. This is called leasing, in leasing; the lessee pays on a regular basis a rental to the
lessor. The rental payment is not a part to the purchase price of the assets

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