Entrepreneurship education and poverty reduction, its implications in the Nigeria labour market

CHAPTER ONE/INTRODUCTION

Background to the Study

There is much discussion about the possibility of developing entrepreneurs. Some biographies of successful entrepreneurs often read as if such people entered the word with an extraordinary generic endowment. But there are almost as many counter stories of those who hit on the entrepreneurial jackpot without the benefit of genetics. It is clear that these traits genetics do not fall any sensible pattern for start- up successes. Banfe,(1991) suggest that there is a serendipity of unpredictable events that does not have much to do with family heritage. Successful new ventures are as much the result of a driving entrepreneur with an abundance of luck and timing. The literature suggests that, on balance; it is also beneficial to gain work experience and get adequate education, this scenario will substantially enhance the probability of success. So, many factors are unrelated to genetics and support the counter paradigm that “entrepreneurs are often made, not born”.

Wiklund and Shepherd (2003), put forward that a positive correlation exists between education and business creation. Based on Timmons and Spinelli (2004) and others who are of the opinion that entrepreneurship can be learnt, Kuratko (2003) observes the decision by many tertiary institutions in Nigeria to design and implement relevant entrepreneurship teaching programme. Entrepreneurial training and education encourages Nigerian to become jobs creator rather than job seekers. It also equips them with skills for constant improvement and innovations in their undertaken. (Ogundele, 2004) observes that for the success of National Economic Empowerment and Development Strategy (NEEDS), Nigeria require a new development approach which will release the best in the nation human capital for the economic development effort. He argued that spiritual capitalism, which will involve among others calling out the best from every Nigerians. It will also involve individual self-development where individuals are the key driver in developing themselves. These will be capped by leadership with vision. One of the major thrusts of NEEDS is, growing the private sector, and this calls for massive training and development of indigenous entrepreneurs in Nigeria, hence the demand for refocusing on training programme more importantly on entrepreneurship he concluded.

A research in 2004 by the European Commission regards education as an important means to create a more entrepreneurial mind-set among young people and they assert that promoting entrepreneurial skills and attitudes provides benefits to society even beyond their application to new business ventures. In fact, there is a widespread idea that entrepreneurship education would generate more and better entrepreneurs than there have been in the past (Ronstadt, 1985) and that education would increase the chances of obtaining entrepreneurial success (Kirby, 2002). Entrepreneurship education encourages the growth of new businesses, exploiting the creative potential and depth of knowledge within higher education sector. De Faoite et al. (2003) found that entrepreneurship education contributes for (i) the integration of a variety of business subjects, (ii) the promotion of improved decision-making skills and (iii) the increase in technology transfer between education establishments and the market place.

Entrepreneurship education is relevant in higher education curriculum once it teaches the fundamental of employment skills and how to start and run a business. Students gain experience in “creating” a business, sometimes in a stimulating environment or in the real market place. Examples of how this can be done include the availability of funds to help finance venture creation projects by students and support networks for entrepreneurial initiatives Paco,( 2010).

However, a study conducted with the aim to test the notion that students who participated in entrepreneurship education course actually produced tangible outcomes. The number of new businesses, increases in sales turnover attributed to learned skills and incidences of career change from course participation, growing venture within an organisation and the strengths and weaknesses of the course as perceived by graduates is reported. At least some 22 new businesses have been started. A total of 300 questionnaires were distributed and 60% response rate recorded from Swinburne University of Technology, Australia. The research was reported and highlighted by Gillen and Powe (1994).

Another study was conducted by Kolvereid and Moen (1997) on the effectiveness of entrepreneurship education on students of Bodo Graduate school of Business, in Norway. A total of 720 questionnaires were distributed in which 51.8% responses were recorded. Their work suggested that exposure to entrepreneurship education is positively associated with new venture formation. The findings suggest that entrepreneurship, at least to some extent, is influence by the level of education and training.

Clark et al., 1984 conducted a study of undergraduates in North-America who have taken entrepreneurship course between 1978 and 1982. Data was collected via mail questionnaire and those who started ventures were interviewed by telephone. In total, 10.2 per cent of graduates started their own businesses subsequent to course completion. The findings of the study revealed that 75 percent of those who started ventures claim the entrepreneurship course had a large or very large impact on their decision TO new venture creation, cited by Shane, (2011).

The results presented above clearly give some justification to the emphasis placed on entrepreneurship education in many universities and business schools. The findings suggest that entrepreneurship, at least to some extent, is a function of factors which can be altered through education.

For many, the power of entrepreneurship and its importance in maintaining a growing and thriving economy, poverty reduction and employment creation is unquestionable. It is seen as the engine driving the economy of most nations, creating new industries, employment and wealth. Fiet, (2000) as cited by (Henry, et, al,. 2003) believes that the sustained interest in entrepreneurship is more than just a fad; rather it reflects an emerging economic environment created by the confluence of changes in the corporate world, new technology and emerging world markets. Policy makers and academics have recognise the very positive impact that new business creation can have on employment levels, poverty reduction, as well as the competitive advantages that small firms can have over large firms.

Entrepreneurship is not just a mere skill acquisition for acquisition sake. It is an acquisition of skills and ideas for the sake of creating employment for one‟s-self and also for others. It also includes new venture development based on creativity. Entrepreneurship leads to the development of small, medium and sometimes large scale businesses based on creativity and innovation. The success of these businesses in turn helps in developing the nation. It also reduces poverty rate with visible increment of employment rate among the youths. However, entrepreneurship requires training.

Entrepreneurial programmes if properly planned and executed will ensure that the issue of self- employment and job creation will increase thereby reducing crime rate especially among the unemployed. Also, menaces and other anti- social behaviours usually visible due to youth unemployment and restiveness will be highly reduced. This reality is one of the greatest challenges facing the leadership of Nigeria.

The entrepreneurship programme is seen as a short term approach to the unemployment crises in order to cater for the out-of-school youth and the ever increasing number of jobless graduates. In the long run it

will bring desired result of growth and development. The entrepreneurship programme in Nigeria seeks to move youth entrepreneurship into the mainstream of the economy with growth oriented and sustainable businesses.

In summary, entrepreneurial firms make two indispensable contributions to Nigeria economy. First, they are an integral part of the renewal process that pervades and defines market economies. Entrepreneurial firms play a crucial role in the innovations that lead to technological change and productivity growth. In short, they are about change and competition because they change market structure. The U.S. economy is a dynamic organic entity always in the process of “becoming,” rather than an established one that has already arrived. It is about prospects for the future, not about the inheritance of the past (Kuratko & Hodgetts, 2004).

Second, entrepreneurial firms are the essential mechanism by which millions enter the economic and social mainstream of American society.

It is against this background that the study seeks to investigate Entrepreneurship education and poverty reduction, its implications in the Nigeria labour market

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Feb 11

Influence of female entrepreneurial performance on the Economic Growth of developing countries

INTRODUCTIONS

It is critical for a country’s long-term economic prosperity that the number of women entrepreneurs who are actively involved in the formation of new firms grows (GEM 2000). In addition to their economic and income-generating occupations, women shoulder a wide range of societal obligations, including unpaid family workers, community service providers, and mother/caretaker of the family. The fact that women have made major contributions to socioeconomic growth does not mean that they are free of hurdles that impede them from realizing their full potential (UNIDO 2003).
Africa possesses enormous untapped potential, particularly in terms of the potential of women. Women are one of Africa’s hidden growth engines, accounting for the vast majority of the region’s labor force. However, their productivity is hindered by widespread disparities in education, as well as unequal access to land and productive inputs, according to the findings of a new study (World Bank report 2000). A path that African women entrepreneurs take in their quest to find an African answer to the application of models and ideas created in other parts of the world is, in the majority of situations, unique from entrepreneurial activity in developed Western countries. Many women in Africa work in small businesses, especially in the informal sector, and many of them are self-employed. Importing entrepreneurial methods in large quantities from wealthier nations is both unethical and undesirable for Africa’s economic development (SAMEN 2005).
Traditionally, women have had an important role in the production of traditional African economies, notably in agriculture, food processing (including both preservation and storage of foodstuffs), and the sale and trade of surpluses of critical family goods. During this time period, women also engaged in a range of other jobs such as weaving, spinning, and a variety of handicrafts, whereas the major duty of males during this time period was hunting (Kpelai, 2009:145). Generally speaking, the roles held by women were more entrepreneurial in character. Although women’s involvement in entrepreneurship have been put to the side as a consequence of recent expansion, their male counterparts have been catapulted into the limelight as a result of this development. Women, according to Jeminiwa (1995), are at the heart of development and economic progress because they manage the majority of the non-monetary economy (such as subsistence agriculture, childbearing, domestic labor, and so on) and also play a significant role in the monetary economy (such as banking and insurance) (trading, wage, labour, employment among others). As Nigeria strives for economic development, entrepreneurship must be prioritized. A number of entrepreneurial programs, including the Family Economic Advancement Program (FEAP), the Peoples Bank of Nigeria, the National Economic Empowerment and Development Strategy (NEEDS), the Small and Medium Enterprises Development Agency (SMEDAN), the Small and Medium Industries Equity Investment Scheme (SMIEIS), and others, have already been launched by the Federal Government of Nigeria, all of which are intended to cultivate a vibrant entrepreneurial class that will actively articulate the country’s development strategy. In contrast, women are not expressly targeted; rather, it is anticipated that spreading these services to rural areas, where women dominate economic activity, will increase their empowerment. Although entrepreneurship initiatives targeted at enhancing Nigerians’ business talents are being implemented, women continue to be susceptible and confront a number of challenges and inhibitions that hinder their personal and national advancement. As Jeminniwa (1995) points out, women in rural areas are getting poorer and more disadvantaged as a result of resource depletion and lack of access to key production inputs. According to the Abuja Declaration on Participatory Development, “Sustainable development can only be achieved through the full participation of women, who account for approximately half of the population” (Iheduru, 2002). Given that women constitute such a big part of the Nigerian population (FGN Census, 2006), it is predicted that they would make a significant contribution to the country’s growth. Inaction on the part of women in the development process is a waste of human resources. Therefore, in order for actual economic growth to occur, it is necessary to address the role of female entrepreneurs in a positive manner. Women in developing nations continue to be the most economically and socially disadvantaged population, despite major gains in their status in both developed and developing countries.

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May 04

VOCATIONAL AND TECHNICAL EDUCATION AS A TOOL FOR ADDRESSING YOUTH UNEMPLOYMENT IN NIGERIA

ABSTRACT

The success of Vocational And Technical Education (VTE) in any country can be considered a key indicator of the country„s advancement in technology. For a country to evolve into a technologically advanced one, VTE must have played an active and vital role. With a growing population like Nigeria, youth placement in education and/or work is very critical. Studies have revealed that youth participation in education and skills training in Nigeria is inadequate, hence their vulnerability in terms of employment. In view of these situations the Vocational And Technical Education (VTE) sector which has the potential to generate job opportunities for the youth needs to be promoted. The regulatory body in the VTE has to be strengthened and given the necessary independence to provide an enabling environment for private participation in the sector to develop and create the much needed jobs for the youth. In view of the above, this paper discusses consequence of youth unemployment, state of the youth unemployment, VTE and employment prospects for the youth, employment problems of the youth and VTE sector as job creation opportunity for the youth

CHAPTER ONE/INTRODUCTION

Vocational And Technical Education (VTE) is an education and training to “acquire the practical skills, know-how and understanding necessary for employment in a particular occupation, trade or group of occupations or trades”( UNESCO 2001). This conceptual definition of VTE cuts across education levels (post- primary, secondary, and even tertiary) and sectors (formal or school-based, non-formal or enterprise based and informal or tradition apprenticeship). The World Bank (2005), International Labour Organization (ILO) (2002), United Nations Education, Scientific and Cultural Organization (UNESCO) (2002), and other organizations have recently shown drive towards actively recognizing a new role of VTE. However, UNESCO who is at the vanguard of VTE promotion had the following objectives established at the Seoul Congress (UNESCO in Abdullahi 2001):

To provide VTE for all;
To orient VTE for sustainable development;
To strengthen VTE as an integral component of lifelong learning

Youths represent the future and hope of every country, today‟s youth are tomorrow‟s workers, entrepreneurs, parents, active citizens and leaders. In light of these great functions that youth is liable to play; it can only be achieved if they are empowered through active and powerful approaches. As economic and technological change gathers pace, youth people everywhere need to develop their knowledge and skills, on a continuous basis, so that they can live and work meaningfully in the knowledge society especially in the era of the current global economic crisis (Linda 2009). As noted earlier, Vocational and Technical Education and Training contribute to an individual‟s personal development, increase his/her productivity and incomes at work, and facilitate everybody‟s participation in economic and social life. In addition, VTE can also help individuals to escape poverty by providing them with the skills and knowledge to raise their output and generate income. Investing in VTE will be therefore an investment in the future. This is because knowledge and skills are the engine of economic growth and social development.

According to UNESCO and ILO (2002) that the effort to provide Vocational and Technical Education and training for all youth and adults will underpin the economic and social

development of countries by ensuring the capacity of people to learn and provide the foundation for their employability and access to decent work. This is also one of the key policy challenges in the ILO‟s Global Employment Agenda; Education (2002). UNESCO and ILO (2002) further reported that in a time of continuous economic, social and technological change, skills and knowledge become quickly out-of-date. As such youth who have not been able to benefit from formal education and training must be given opportunities to acquire new skills and knowledge that will give them a second chance in life and at work.

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Jan 27

Online Entrepreneurship as a resurgence Strategy of Post Covid-19

ABSTRACT

Research question: How startups and entrepreneurs will make sure the survival of their business in the post-COVID-19 economy? Research Method The qualitative research method is being used in this article The objective of the article: The objective of this article is to identify the ways and steps that are required for the entrepreneurs and startup businesses to survive in the post-pandemic economy. This article will direct them to step by step to minimize their risk and maximize their chances of survival in the post COVID world also it will provide them the Does and don’t in this current economic system of the post-pandemic world.

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Entrepreneurship education and poverty reduction, its implications in the Nigeria labour market