THE PREPARATION OF YOUTHS FOR ENTREPRENEURSHIP IN HIGHER EDUCATION

THE PREPARATION OF YOUTHS FOR ENTREPRENEURSHIP IN HIGHER EDUCATION

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Higher education is defined as education provided after secondary school at universities, colleges of education, polytechnics, and monotechnics, as well as institutions offering correspondence courses, according to the National Policy on Education (1998). The stated objectives of Nigerian tertiary education policy are as follows: to contribute to national development through high-level relevant manpower training; to develop and instill proper values necessary for individual and societal survival; to develop individuals’ intellectual capacity to comprehend and appreciate their local and external environments; and to acquire both physical and intellectual skills that will enable individuals to be self-reliant and use technology.

Schumpeter (1994), on the other hand, defines entrepreneurship as the ability to recognize and pursue business opportunities while maximizing the exploitation of scarce resources. Entrepreneurship in its broadest sense

In its most basic form, it is the willingness and ability to seek out investment opportunities and run a profitable business. In this latter sense, entrepreneurship takes precedence over capital. It is also more fundamental than capital because entrepreneurial activity results in the formation of capital (Tawari, 2002). As a result, entrepreneurs are regarded as critical players in economic development. Their contributions are made through labor actions, capital goods movement, raw material conversion to finished products, and finally, effective product distribution to final customers.

Entrepreneurs are those who seek out and discover economic opportunities, marshal the financial and other resources required to develop them, evaluate available alternatives in the environment and allocate resources to the most profitable ones, and ultimately bear responsibility for the management and/or successful execution of those opportunities.

of opportunities. An entrepreneur is relatively comfortable taking and assuming risks motivated by the pursuit of a goal. He or she understands where to get help and when it is needed, as well as being constantly prepared to adapt to changes in the corporate environment (Schumpeter, 1994).

As a result, Nigeria’s higher education institutions are expected to begin educating high-level workers who are often obsessive, focused, eloquent, and resourceful. As a result, graduates tend to be charismatic leaders with an introspective approach to career development, wealth accumulation, and innovative talent utilization.

Furthermore, enabling Nigerian youths to contribute to wealth creation, job creation, poverty reduction, and value reorientation is an essential component of a strategic macroeconomic framework (NEEDS, 2005).

This is mirrored in the recent increase in demand for entrepreneurial educational programs at the country’s academic institutions, parastatals, and non-governmental organizations. This new vision and principles, if fully realized, would shine a light on Nigeria’s small and medium-sized businesses. Increasing higher education focused on entrepreneurial skills would thus create the ideal environment for economic growth. As a result, higher education institutions are responsible for properly training individual students who will have the necessary skills to start and run profitable businesses with a low failure rate. Through these types of activities, higher education contributes to human resource development in a variety of ways. As a result, investment in higher education remains a critical component of the nation’s economic growth (NEEDS, 2005).

University education

Institutions in Nigeria have been charged with the primary responsibility of teaching both young and professional individuals such as managers, scientists, engineers, and technicians who contribute to the development, adaptation, and diffusion of innovation in the country. The advancement of higher education in a country is inversely proportional to economic growth (Tawari, 2002). However, comparing the current quality of products produced by the country’s institutions of higher learning to the country’s laudable higher educational goals reveals that the Nigerian nation has yet to find her path toward achieving the higher education goals in terms of preparing youth for entrepreneurship. This study investigates how well higher education in Nigeria has prepared students for entrepreneurship and the workforce.

1.2 THE PROBLEM’S STATEMENT

It’s It is worth emphasizing once more that entrepreneurs and small businesses stimulate the economy. Economic development in our country is dependent on our ability to create new jobs through entrepreneurship, and effective entrepreneurship necessitates well-trained graduates from our universities who are eager to take the reins of venture creation (Tawari, 2002). However, the fundamental question at this point is whether the nation’s current level of education adequately prepares new graduates for entrepreneurship rather than job searching. The preceding concern is based on the obvious hues and cries of numerous scholars (Okoroma, 2006) regarding the low quality and declining standard of tertiary education in Nigeria, which is seriously impeding the system’s ability to produce the type of graduates required.

for the country’s genuine economic growth and development.

1.3 THE STUDY’S OBJECTIVES

The overarching goal of this research is to look into how young people are prepared for entrepreneurship in higher education. Other specific goals of this research include:

i. To investigate the extent to which higher education influences students’ desire to be entrepreneurs.

ii. Determine whether higher education fosters the development of students’ emotional skills for entrepreneurship.

iii. Determine how students’ entrepreneurship skills can be developed during their higher education.

1.4 QUESTIONS FOR RESEARCH

This study will address the following research questions:

i. How much influence does higher education have on students’ desire to be entrepreneurs?

ii. Does higher education help students develop emotional skills for entrepreneurship?

iii.

What are the methods for developing students’ entrepreneurship skills during their higher education?

1.5 THE STUDY’S IMPORTANCE

This study is important because it provides relevant information on the need to improve higher education in order to adequately prepare undergraduates for the world of work. It will also serve as a sensitization document for students and anyone else who reads it, emphasizing the critical importance of enrolling in entrepreneurial skills development education programs in order to gain the necessary skills to thrive in a down economy.

The findings of the study are also meant to raise prospective graduates’ awareness of the importance of entrepreneurship education.

Furthermore, the study is critical for articulating the need for education planners and the authorities of Nigerian university institutions (private and public).

to concentrate their efforts on incorporating entrepreneurial development courses into the curriculum and programs of tertiary institutions.

Finally, this study will be useful to scholars and researchers because it will provide existing material for future studies and references.

1.6 STUDY OBJECTIVES

This research will look into how young people are prepared for entrepreneurship in higher education. This study will look specifically at how higher education influences students’ desire for entrepreneurship, whether higher education promotes the development of students’ emotional skills for entrepreneurship, and how students’ entrepreneurship skills can be developed during higher education.

The population of this study will be selected lecturers and students from Afe Babalola University in Ekiti State.

1.7 RESTRICTIONS OF THE STUDY

This study will only look at how young people are prepared for entrepreneurship in higher education. This study will specifically examine the extent to which higher education influences students’ desire for entrepreneurship, determine whether higher education promotes the development of students’ emotional skill for entrepreneurship, and identify ways in which students’ entrepreneurship skill can be developed during higher education.

The population of this study will be selected lecturers and students from Afe Babalola University in Ekiti State; thus, the sample size was limited because only a few respondents were chosen to answer the research instrument; thus, the results cannot be generalized to other secondary schools outside the state.

1.8 TERM DEFINITION

Youth: The period of one’s life when one is young.

and frequently refers to the period between childhood and adulthood. It is also defined as “the appearance, freshness, vigor, spirit, etc., characteristic of one who is young”.

Entrepreneurship is defined as the creation or extraction of value. According to this definition, entrepreneurship is defined as change, generally involving risk beyond what is normally encountered when starting a business, and may include values other than monetary ones.

Higher education is tertiary education that leads to the award of an academic degree. Higher education, also known as post-secondary education, third-level education, or tertiary education, is an optional final stage of formal learning that occurs after secondary school.