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THE INFLUENCE OF ENTREPRENEURIAL EDUCATION ON ECONOMIC DEVELOPMENT

THE INFLUENCE OF ENTREPRENEURIAL EDUCATION ON ECONOMIC DEVELOPMENT

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CHAPTER ONE

INTRODUCTION

Background of the Study

Indeed, studies have established its positive relationship with stimulation of economic growth. Employment generation; education and empowerment of the disadvantaged segment of the population. Which include women and the poor (Oluremi and Gbenga, 2011; Thomas, 2010).

These resources require the ability to identify potentially useful and economically viable fields of Endeavour’s. Nigerians have made their marks in diverse fields such as science, technology, academics, business and entertainment.

 

In the area of financial banking services, there are banking, insurance and stock trading. In engineering and fabrication work, there are machines and tools fabrications. There is also the building and construction, where there are plan and design services and material sourcing (Agbeze, 2012).

The major concerns this study enormously that irrespective of spatial and natural abundances of the country, greater percentage of the nation’s citizens are still living under US 1 dollar a day.

The concept of economic growth is relevant at levels of firms, regions, industries and nations, hence, linking entrepreneurship to economic growth means linking the individual level to aggregate levels.

 

Obviously, entrepreneurship is a behavioural characteristic of persons. Even obvious entrepreneurs may exhibit their entrepreneurship activities only during a certain phase of their career and/or concerning a certain part of their activities.

 

THE INFLUENCE OF ENTREPRENEURIAL EDUCATION ON ECONOMIC DEVELOPMENT

Entrepreneurship is not synonymous with small business. Certainly, small firms are an outstanding vehicle for individuals to channel their entrepreneurial ambitions. The small firm is an extension of the individual in charge (Lumpkin and Dess, 2006). However, entrepreneurship is not restricted to persons starting or operating an (innovative) small firm. Enterprising individuals in large firms, the so-called ‘entrepreneurs’ or ‘corporate entrepreneurs’, undertake entrepreneurial actions as well.

In these environments there is a tendency of ‘mimicking smallness’, for instance using business units, subsidiaries or joint ventures. Entrepreneurship is ‘at the heart of national advantage’ (Porter, 2010).

 

Moreover, it is of eminent importance for carrying out innovations and for enhancing rivalry. This directs our attention to two related phenomena of the 1980s and 1990s. The resurgence of small business and the revival of entrepreneurship. There is ample evidence that economic activity moved away from large firms to small firms in the 1970s and 1980s. The most impressive and also the most cited is the share of the 500 largest American firms, the so-called Fortune 500. Their employment share dropped from 20 percent in 1970 to 8.5 percent in 1996.

 

Furthermore, Carlsson (2012) provide evidence concerning manufacturing industries in countries in varying stages of economic development. They advanced two explanations for the shift toward smallness. The first deals with fundamental changes in the world economy from the 1970s onwards. These changes relate to the intensification of global competition, the increase in the degree of uncertainty and the growth in market fragmentation.

The second deals with changes in the character of technological progress, which shows that flexible automation has various effects resulting in a shift from large to smaller firms. Also Piore and Sable (2014) argue that the instability of markets in the 1970s. Resulted in the demise of mass production and promoted flexible specialization. This fundamental change in the path of technological development led to the occurrence of vast diseconomies of scale.

 

Loveman and Sengenberger (2011) stress the influence of two trends of industrial restructuring. That of decentralization and vertical disintegration and that of the formation of new business communities. These intermediate forms of market coordination flourish owing to declining costs of transaction.

 

Furthermore, they emphasize the role of public and private policies promoting the small business sector. Audretsch and Thurik (2010) point at the necessary shift towards the knowledge based economy being the driving force behind the move from large to smaller businesses.

Specifically, the causes of this shift are one aspect. Its consequences cover a different area of research. He distinguishes four consequences of the increased importance of small firms: entrepreneurship, routes of innovation, industry dynamics and job generation.

Thus, his claims are that small firms play an important role in the economy serving as agents of change by their entrepreneurial activity. Being the source of considerable innovative activity, stimulating industry evolution and creating an important share of the newly generated jobs. Acs and Audretsch (2011) are key references on the role of smallness in the process of innovative activities.

 

The re-evaluation of the role of small firms is related to a renewed attention to the role of entrepreneurship in firms. In case the size class distribution has an influence on growth, it must be differences in organization that matter.

The major difference between the organization of a large firm and a small one is the role of ownership and management. In a small firm usually there is one person or a very small group of persons, which is in control and which shapes the firm and its future.

The role of such a person is often described with the term ‘entrepreneurship’. Also, attention has been given to the role of entrepreneurship in economic development, i.e., for the functioning of markets. Many economists and politicians now have an intuition that there is a positive impact of entrepreneurship on the growth of GDP and employment.

 

Furthermore, many stress the role of the entrepreneur in implementing innovations. This renewed interest of politicians and economists coincides with a revival of business ownership rates in most Western economies.

Entrepreneurship is like riding bicycle, you keep moving up or fall down, it reminds us that people who succeed are the efficient few with right ambition, and courage and they have power to develop themselves. Entrepreneurship brings about desired change and accelerates economic development. The role of entrepreneur was thus a practical response to a need for an organ that will cater for the interest and welfare of people in business and to business development in Nigeria.

 

 

Statement of the Problem

Indeed, entrepreneurship activities are very fundamental to any meaningful development of an economy (Ogundele and Ashamu, 2011). This explains the reason behind the government conscious policy statements that are often made in this direction. Chukwuemeka, Nzewi & Okigbo (2010) opine that a cursory look at Nigeria indicates that there is either lack of entrepreneurship ability or that the government entrepreneurship oriented policies are not effective.

The gains of entrepreneurship are only realized, however, if the business environment is receptive to innovation. In addition, policymakers need to prepare for the potential job losses that can occur in the medium term through ‘’creative destruction’’ as entrepreneurs strive for increased productivity (Sen, 2010).

However, the theoretical and empirical cases for understanding the role of entrepreneurship are not yet solid. Evidence on whether entrepreneurship matters for economic growth is not straightforward. How entrepreneurship has been promoted and how it contributed to development in countries like China and the East Asian Tigers is still a matter of contention.

Also, whether and why private-sector development initiatives may be effective is not well understood (Naude, 2011). Above all, this study desires to look critically into the influence of entrepreneurial development on economic education.

 

CONCLUSION

In conclusion, entrepreneurship without doubts is an important component in the process of economic development. In fact, The start up and development of small business remains one of the major ingredients of continued growth in any economy.

Therefore, there is need to have good business training and skills that enable them know the intricacies and logistics in business administration. The spectrum of data need include among others, business trend, operating environment dynamics, ingredients for business survival etc.

 

IMPORTANT POINTS FOR FURTHER READING

What is the link between entrepreneurship education and economic growth?

What is the impact of entrepreneurship on economic development?

The role and significance of entrepreneurship education.

The impact of entrepreneur education on business performance.

The impact of entrepreneurship education on entrepreneurial intention.

The concept of entrepreneurship education.

What are the role of entrepreneurship education in economic development?

What are the effects of entrepreneurial education?

Entrepreneurship education articles.

Which methodology is used in entrepreneurship education?

 

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Joselyn Nya

My Name is Joselyn Nya A Publisher in Project Boss Team. I'm a Nigerian I'm a graduate/Educational Researcher. Project Boss Team. We are the best for Project materials and project writing services. Email: admin@projectboss.com.ng

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