ENTREPRENEURSHIP DRIVE AND UNDERGRADUATE IN NIGERIA

ENTREPRENEURSHIP DRIVE AND UNDERGRADUATE IN NIGERIA
ENTREPRENEURSHIP DRIVE AND UNDERGRADUATE IN NIGERIA

ENTREPRENEURSHIP DRIVE AND UNDERGRADUATE IN NIGERIA

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CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Entrepreneurship drive among undergraduates in Nigeria has been a subject of increasing interest due to its potential to drive economic growth, create employment opportunities, and foster innovation. Specifically, the term “entrepreneurship” refers to the process of designing, launching, and running a new business venture, which typically involves identifying and exploiting opportunities for profit.

In the context of Nigeria, where the unemployment rate among graduates is high, entrepreneurship has emerged as a viable alternative to traditional employment. This trend has been fueled by various factors such as the desire for financial independence, the need to address societal challenges, and the quest for self-actualization.

Venture creation among undergraduates has become increasingly popular in recent years with more students taking an interest in entrepreneurship and starting their businesses while still in college (Olokundun et al.2018). However, there are several reasons for this trend, including the availability of resources and support for student entrepreneurs, the desire for greater control over one’s career path, and the potential financial rewards of starting a successful business.

Undeniably, unemployment is a significant issue in Nigeria, with many graduates struggling   to find employment after completing their studies.

Furthermore, according to the National Bureau of Statistics (2021), the unemployment rate in Nigeria stood at 33.3% in the first quarter of 2021, with a significant proportion of that figure being made up of unemployed graduates. Without a doubt, there are various reasons for graduate unemployment in Nigeria, including a lack of job opportunities, inadequate skills and training and a mismatch between the skills graduates possess and the skills required by employers (Aminu2019).

 

Additionally, the Nigerian educational system often emphasizes theoretical knowledge over practical skills and entrepreneurship, which can make it challenging for graduates transition to the workforce. According to Ibidunni, Mozie and Ayeni (Ibidunni 2020), developing students’ entrepreneurial attributes before they become graduates has been identified as one of the ways to contribute to the development of the Nigerian economy.

 

Without reservation, entrepreneurship education has been a powerful tool for developing students’ at- tributes needed to succeed in today’s rapidly changing and dynamic business environment (Boldureanu et al.2020; Moses et al.2016). Also, it helps individuals become more resilient, adapt- able and innovative and prepares students to take on the challenges of entrepreneurship with confidence and enthusiasm (Ogbari et al.2016).

Obviously, entrepreneurial attributes refer to a set of personal characteristics, skills and traits that enable students to identify and pursue business opportunities successfully (Farrington et al.2012). In the context of this study, entrepreneurial attributes are the creativity, critical thinking, risk taking, leadership skills, perseverance and resilience abilities of an entrepreneur. Therefore, this study aimed to examined entrepreneurship drive and undergraduate in Nigeria.

 

1.2 Statement of the Problems

It has been observed that, entrepreneurship within the university has gained significant attention and importance in recent years. Universities recognize the value of fostering an entrepreneurial mindset among students and actively support and promote entrepreneurship education as part of their academic and research programs. These universities offer entrepreneurship programs, courses and workshops to provide students with the knowledge, skills and mindset required to start and manage their businesses.

It has also been observed that, the problem statement on entrepreneurship drive and undergraduate education in Nigeria revolves around the challenges and opportunities for fostering an entrepreneurial mindset among undergraduate students in the country. Thus, this encompasses the examination of the current state of entrepreneurship education.

 

The impact of cultural and economic factors on entrepreneurial initiatives, and the potential strategies for enhancing the entrepreneurial drive among Nigerian undergraduates.

The problem also involves an analysis of the role of educational institutions, government policies, and industry collaborations in promoting entrepreneurship among undergraduates, as well as the identification of barriers that hinder the development of a robust entrepreneurial ecosystem in Nigeria. Entrepreneurship drive and undergraduate in Nigeria.

 

Universities, particularly entrepreneurial institutions, play a critical role in developing student entrepreneurs who are responsible for creating businesses that will contribute   to socioeconomic success (McKellar2020). However, these institutions have not been able to identify specific skills and abilities required to promote venture creation among undergraduate students.

Furthermore, a limited number of studies have shown a dire need to cultivate entrepreneurial attributes among undergraduates that can initiate venture creation in Nigeria. Hence, the study examined entrepreneurship drive and undergraduate in Nigeria.

 

1.3 Purpose of the Study

The main objective is to critically examine the impact of entrepreneurship studies among university graduates.

Specially, this study would seek to:

1)            Determine where there is need for Entrepreneur Education for Nigeria Undergraduate in students of University of Uyo.

2)            Examine approaches of providing entrepreneurial education in University.

3)            Determine the extent to which students exposed to entrepreneurial education are willing to undertake the establishment of their own enterprises.

4)            Find out the current impact of entrepreneurship education among university graduates in Nigeria.

5)            Critically examine various challenges facing entrepreneurship education among university graduates.

 

1.4  Research Questions

The following are the formulated research questions to provide guidelines to this study:

  1. Why is there need for Entrepreneur Education for Nigeria Undergraduate in students?
  2. What are the approaches of providing entrepreneurial education in University?
  3. What is the extent to which students exposed to entrepreneurial education are willing to undertake the establishment of their own enterprises?
  4. What is the current impact of entrepreneurial education among University graduates in Nigeria?
  5. What are the challenges militating against entrepreneurship education among university graduates in Nigeria economy?

 

1.5          Significance of the Study

This study will enlightened the Government and the Nigerian universities on the need to inculcate some of the best practices used in the western world, such as financial literacy concepts relevant to entrepreneurship (budgeting, financial forecasting and resource allocation), experiential learning, mentorship and training programs to develop entrepreneurial attributes among undergraduate students

Also, the students will develop interest in the Entrepreneurship Education. They will be more serious with the course and can apply themselves in establishing small business enterprise in absence of employment opportunities after graduating from the universities.

 

CONCLUSION

In conclusion, entrepreneurial attributes play a critical role in facilitating venture creation among undergraduate students. Empirical research has also shown that creativity, critical thinking, risk taking, leadership skills and resilience significantly affect venture creation among undergraduate students. Entrepreneurship drive and undergraduate in Nigeria.

These attributes can help undergraduate students identify opportunities, manage risk and uncertainty and build networks.

 

In addition, by providing resources, support and opportunities to students interested in entrepreneurship, universities can help to foster a culture of entrepreneurship and sustain entrepreneurship attributes among undergraduates through entrepreneurial education.

The entrepreneurship education curriculum should focus more on the practical aspects of entrepreneurship to develop creativity, critical thinking, risk taking, leadership skills and resilience among undergraduate students.

Venture creation among undergraduate students can provide a valuable opportunity to develop entrepreneurship skills, gain real-world experience and create new businesses and innovations.

 

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