MEANING OF ENTREPRENEURSHIP
Entrepreneurship is the willingness and ability of an individual to seek out investment opportunities in an environment and be able to establish and run an enterprise successfully based on the identifiable opportunities. It is the act of being an entrepreneur or one who undertake innovation, finance and business acumen in an effort to transform innovations into economic goods”. This may result in new organization or may be part of revitalizing mature organizations in response to a perceived opportunity.
The most obvious form of entrepreneurship is that of starling new business (referred as Setup Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing When large entities spin-off organization. Entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital to build the business angel investor generally seek annualized returns of 20 – 30% and more, as well as extensive involvement in the business.
The entrepreneur is a factor in micro-economics, and the study entrepreneur reaches back to the work of Richard Canitillon and Adam Smith in the Late 17th and early 18th centuries, but was largely and early 20th centuries and empirically until a profound resurgence in business and economic in the last 40 years.
In the early 20th century, the understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter in the 1930s and other Austrian economist such as Carl Menger Ludwig Vonmises and Frieedrich Von Hayek.
Today, entrepreneurship is no longer in the discipline of economic rather in management sciences and core engineering. In modern organization, there are two group of people, those who do not want to take risk and those that did not want take risk (i.e. salaried employment and self employment)
To understand this better, it is important to learn about, the history development of entrepreneurship education in Nigeria, entrepreneurial teaching and national development, the importance of entrepreneurship teaching to Nigeria society. The economic perspective on entrepreneurship and the role of entrepreneurship in the economic development of a country.
LITERATURE REVIEW AND THEORETICAL FRAMEWORK
Entrepreneurship has been recognized as an important aspect and functioning of organization (Dickson 2008) it contributed in an immeasurable way to ward creating new jobs, wealth creation, poverty reduction and income generating for both government and individuals.
Schumpter in 1934 argued that entrepreneurship is very significant to the growth and development of economies (Kester 2005). Having understood the vital role of entrepreneurship in economic development, it becomes apparent that careful attention I needed to invest and promote entrepreneurship in our education system. Education is also seen as one of the precondition for entrepreneurship development particularly in a place where the spirit and culture is vary minimal. It is said to be an important determinant of selection into entrepreneurship formation of new venture and entrepreneurial success (Dickson Solomon and Weave 2008). However, it equally assumes here that there is a positive relationship between education and individuals choice to become an entrepreneur as well as the result and outcome of his or her entrepreneurial activity.
Adejimola and Olufunmilayo (2009) reported that 80% of the graduates in this country find it difficult to get employment every year. And at the same time much has not been done in trying to bring collaboration between the entrepreneurs and our constitution of learning.
The universities, polytechnics an other academic. Institutions stand to benefit a lot from entrepreneurship development. It properly encouraged. Similarly the entrepreneurs may harness and use the expertise of faculties in these institutions. This kind of interaction and interrelationship will go along way in bring the gap that exist between entrepreneur and this institution of higher learning.
Lack of these kind of synergy shows the weakness, inadequate and fallacies of the educational policies in Nigeria in attainment it’s of educational objectives (Akadekomo, 2004 Akpomi 2008, Adejimola and Olunfunmilayo, 2008).
Human capital theory provides a framework for examining the impact of acquired variables such as education, learning and experience on career outcomes and it was further developed on the assumption that education can serve as a key determinant of decision making and proving benefits to specific ventures (Dickson 2008).
Generally, most of the theories examines on this topic assume education as a means of enhancing managerial capabilities and generating broader option of making entrepreneurial selecting lesser or of great value (Dickson 2008) in cognizance of this fact, our educational system should be refined with a view of creating ands enhancing the supply of entrepreneurial initiative and activities.
The button lie here is to inculcate the spirit of entrepreneurship in our student through education. In fact this calls for more serious adjustment of policies and programme of our educational system. New circular should be developed in line with the demand of the present situation.
In the final analysis from the reviewed research, it was concluded that in both developing and industrialized countries there is evidence of support a positive and significant relationship between education and entrepreneurial performances, whether performance is measured as growth, and profit or earning of the entrepreneur. They further conclude that evidence linking general education to selection into entrepreneurship is ambiguous and can be classified either positive or negative (Dickson).
There are some certain questions:
The reason to become an entrepreneur is the selection of entrepreneurship by the student matter of opportunity, or necessity?
Opportunity entrepreneurship came into being as a result of explanting certain opportunity that exist while on other hand necessity came as a respond to employment crisis, this necessitate second optimal of being in self employment (Koster and Keister 2005).
ROLE OF ENTREPRENEURSHIP DEVELOPMENT IN ECONOMIC DEVELOPMENT OF NIGERIA
Entrepreneur who is a business leader looks for ideas and puts it or them into effect in fostering economic growth and development. Entrepreneurship is one of the most important input in the economic development of the Nigeria. The entrepreneur acts as a trigger head to give spark economic activities by his entrepreneurial decision. He play’s a role not only in development of country but also to the development of farm and service sector. The major role played by an entrepreneur in the economic development of an economy is discuss in a systematic and orderly manner as follows:-
- Promote capital formation: Entrepreneur promote capital formation by mobilizing the idle savings of public .They employ their own as well as borrowed resources for setting up their enterprises. Such type of entrepreneurial activities leads to value addition and creation of wealth which is very essential for the industrial and economic development of the country.
- Promotes balanced regional development: Entrepreneurs help to remove regional disparities through setting of industries in less developed and backward areas. The growth of industries and business in these areas lead to a range number of public benefits like road transport, health, education, entertainment. Setting up of more industries lead to more development of backward regions and thereby promotes balanced regional development.
- Reduce concentration of economies powers: economics power is the natural outcome of industrial and business activities. Industrial development normally lead to the concentration of economics poorer in the hands of individuals which results in the growth of monopolies.
In order to redress this problem a large number of entrepreneur need to be developed which will help to reduce the concentration of economies power among the population.
- Creates large-scale employment opportunities: Entrepreneur provides immediate large-scale employment to the unemployed which is a chorine problem of undeveloped nations with the set up of more and more entrepreneur both on small and large scale numerous job opportunities are created for the student. As time passes, these enterprise grows , providing direct and indirect employment opportunities to may more . in this way entrepreneur plays an effective role in reducing the country which in turn clears the path to wards economic development of the nation .
- Wealth creation and distribution: It stimulates equitable redistribution of wealth and income in the country to more people and geographical area , thus giving benefit to range sections of the society. Entrepreneurial activities also generate more activities and give a multiplier effect in the economy.
- Increase in the standard of living: increase in the standard of living of people is a characterize features of economic development of the country entrepreneur plays a role in the standard of living of the people by adopting the latest innovations in the production of wide variety of goods and services in the large that too at a lowest cost.
This enable the people to quail better quality goods at lower prices which results in the improvement of their standard of living.
- Increasing gross national product and per capita income: Entrepreneur are always on the look out for opportunities. They explore and exploit opportunities, encourage effective resources mobilization of capitals and skill bring in new products and services and developments for growth of the economy. In this way they help increasing gross national product as well as per capital income of the people in a country. Increase in gross national product and per capita income of the people in a country, is a sign of economic growth.
- Induces backward and forward leakages: Entrepreneurs like to work in an environment of change and try to maximize profits by innovation, when an entrepreneur is established in accordance with the changing technology. It includes backward and forward linkages which stimulate the process of economic development of the country.
- Promotes countries export trade: entrepreneur help in promoting a country’s export trade, which is an important ingredient of economics development. They produce goods and services in large scale for the purpose of earning huge amount of foreign exchange from the export in order to contribute to the economy development of the country.
THE HISTORY DEVELOPMENT OF ENTREPRENEURSHIP EDUCATION IN NIGERIA
Nigerian president Olusegun Obasanjo has set an ambitious goal: he wants the country to become one of the world’s top 20 economies during the next two decades. In order to hit that target by 2010, Nigeria will need to increasingly globalize education in communications technology, and entrepreneurship. In fact, president Obasanjo has mandate that all University students in Nigeria, regardless of their major, will need to study entrepreneurship.
That is one of the factor that brought Peter Bankole, General Manager, Enterprises Development Services at Lagos Business School, to Wharton. He and a colleague, Olayinka David-west a lecturer in information systems at Lagos. Business school, recently spent time with the Warton small business development Center exploring how to set up an entrepreneurship program in Nigeria, Bankole.
The Nigeria economy, historically, has depended significantly on oil revenue. As the country lies to diversity away from dependence on oil, how important entrepreneurship to the future of the Nigeria economy?.
Entrepreneurship education serves as a panacea to social economic problems. The present student in Nigeria posed serous threats and challenges to both government and well meaning citizens. These socio-economic call for it different strategies and action for it to be ameliorated. Entrepreneurship education has been embraced by almost all the developed countries and its capabilities and efficacy in spinning up economics is not in doubt. It is believed that refocusing education system will immensely contribute in developing the sprite and culture of entrepreneurship in country. The Nigeria has set up some institution to support the activities entrepreneur in the small and media industries in the countries.
Institution set up were:
- Nigeria Industrial Bank (NIB)
- Nigeria Bank for commerce and industries Nigeria Agriculture and co-operative Bank (NACB)
In 1981 National Policy of education attempt has been made by the government to link the policy with the issues of self employment and the industrial policy.
But then, the main focus was only on primary and secondary school only. The higher institution policy was deficient in the sense that it failed to take issues of self employment at tertiary level. The higher education policy was concerned with the development both higher and middle manpower. This higher education policy as stipulated is expectedly to cater for production scientists and technologist and absolutely none was directed for self employment but for the vacant positions in government or public offices. It was discovered that the current education system is deficient in providing the necessary impetus for development. It also finds out that some problem keeps escalating despite various efforts by the government to review policies and programmer in the past. The uniqueness of the paper is providing entrepreneurship education framework as aim explanation of what and how it should be rather than what it is. It also challenges policy makes on the need to returns policies in problem solving rather than maintaining the statues quo.
Entrepreneurship development through education has been receiving attention globally. Several attempts have been made through researches, mounting of entrepreneurship course, programmer in both institutions of learning and entrepreneurship research centers for the purpose of developing both entrepreneurship spirit and culture, (Akpomi 2009) (AK Aladekomo 2004) – There is a problem of which education to adopt in order to develop entrepreneur in Nigeria.
The Nigeria government is very worried on the increasing unemployment rate, poverty and generally bad economics condition in the country. Different scholar are of the opinion that vocational and technical education cannot provide the necessary remedy to the problem of unemployment Urwick, 1992, in Onifade (2002), has not and cannot provide permanent solution to unemployment solution to unemployment as some of us may believe.
Ojukwu 1999 in Onifade (2002) observed that “the threat of job scarcity and growing unemployment creates doubts and pessimism on the programmes of vocational technical schools and the education system in general”.
Adamu (2008) asserted that the Nigeria University education, patterned after the “gold standard” of British colonial universities remain. The highway to white collar jobs and social security for millions of Nigeria.
However, with the growing number of students coming out from various institutions into labour marker, if some measures are not taken there is every tendency that the situation escalate the rate poverty and corruption and other social crime especially among youth. Hence it is hoped that in the first place, the government should encourage a diversification of the economy through aquat support for private establishments and practical acquisition of skills in all higher institution of skills in all back drop that the need to redefined and refocus the current system of education with a view to creating and enhancing the supply of entrepreneurship initiatives and activities. Akpomi 2008; Adljimola and Olunfunmilayo, 2009). It is expected that our educational institutions will become centers for inculcating the spirit of entrepreneurship rather than the spirit of passing exam to get white collar job.
The best way to do this is to create a curriculum that is all encompassing in developing that spirit and culture of entrepreneurship in the youth through educational programmers in University and other institutions of higher learning.
Entrepreneurial education and national development:
The need of education in the development effort of any nation cannot be underestimated. The development of any education sector is sin-qua non for the development in all other sectors. Adamu (2007) asserted that “development in any society is achieved primarily to education process” Sule (2004) is of the opinion that educating is a sure pathway to liberation of the mind and the improvement of socio economic status of people. Is also follows that education and training help individuals to be empowered and escape poverty by providing them with the kills and knowledge to raise the output, income and wealth (Aliu 2007).
In light of the above stated facts, various government and international agencies are making serous effort in both developed and underdeveloped to optionally develop the education sector. Although a number of achievements have been recorded in this regard, yet a lot of effort is needed to meet up with the ever increasing demands of the present and of course the future. The economic of the countries must be sustainable to be able to impact and change the life and living of the masses (Kazaure & Danmallam, 2006).
The term entrepreneurship means different things to different people and with varying conceptual perspectives. However, it is important to know that in spite of these differences, there are some common aspects such as risk taking, creativity, independence and rewards. Therefore the question here is how do we harness, inculcate and develop the entrepreneurship careers of the younger generations and also improve their potentially toward entrepreneurial skills which will consequently foster economic growth and development.
The model tries to identify the need to incorporate entrepreneurial education in order to ameliorate the persistent socio-economic problems especially unemployment among youth and high incidence of poverty in the country. The need for entrepreneurship education has to be up-hold by the society and calls for re-orientation among students and their teachers. This will ensure debunking and unlearning the earlier belief of been employed rather than self employment after schooling. The government is expected to play a grater role in providing the necessary atmosphere and policy framework for the success of this transformation process. Students while in school will acquire the necessary skills and training, identify an opportunity to exploit and eventual creation of their venture and develop entrepreneurship as a means of providing employment and powerful weapon of fighting poverty in the country.
As such school should not center for knowledge creation and acquisition but also centers for human employment and development through entrepreneurial skills acquisition and training.
THE IMPORTANCE OF ENTREPRENEURSHIP EDUCATION TO NIGERIA SOCIETY:
- Entrepreneurship is a key driver of our economy, wealth and a high majority of jobs are crated by small business started by entrepreneurially minded individuals may of whom go on to create big business. People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. As a result, many experienced business people political leaders, economics and educators believes that fostering a robust entrepreneurial culture will maximize individual and collective local, national and global scale. It is with this in mind that the national standards for entrepreneurship education were developed: to prepare youth and adults to succeed in an entrepreneurial economy.
- Entrepreneurship education is a life long learning process starting as early as elementary school and progressing through all levels of education, including adult education. The standard and there are a framework for teachers to use in building appropriate objectives, learning activities; and assessment for their target audience. Using this framework student will have progressively more challenging educational activities. Experiences that will enable them to develop the insight needed to discover and create entrepreneurial opportunities, and the expertise to successfully start and marriage then own business to take advantages of these opportunities.
- Entrepreneurial skill and attitudes provides benefits to society, even beyond their application to business activity. Obviously speaking, personal qualities that re relevant to entrepreneurship such as creativity and a sprit of initiative can be useful to everyone in their daily technical and business skill need to be provided to those who choose to be self-employed and/or might do so in the future.
- Entrepreneurship should be taught to students in all disciplines in the institution. It is not out of place to say that many business ideas emerge from non-business disciplines but are often waved aside or ignored because students are not sufficiently educated in the knowledge and skills required.
- Entrepreneurship training focuses on developing understanding and capacity for pursuit of entrepreneurial behaviors, skills and attributes in widely different contexts. It can be portrayed as open to all and not exclusively the domain of the highflying growth-seeking business person. The propensity to behave entrepreneurially is not exclusive to certain individuals. Different individuals will have a different mix of capabilities for demonstrating and achieving entrepreneurial behaviors, skills, and attitudes. There behaviors can be practiced, developed and learned, hence it is important to expose all students to entrepreneurship training.
- Entrepreneurship activity and the resultant financial gain are always of benefit to a country! The important of entrepreneurship to any economy is like that of entrepreneurship in any community. If you have entrepreneurial skills than you will recognize a genuine opportunity when you come across one.
THE ECONOMIC PERSPECTIVE ON ENTREPRENEURSHIP
The economic importance of the entrepreneur in world history has be recognized for several decades. Weber (1930), put forward the thesis that the protestant ethic is spirit of capitalism (Green 1959). Other writers have discussed, from different perspectives, the importance of entrepreneurship to different countries in the postindustrial era, recently, some development economist have said that the expansion of high grade personal (such as entrepreneurs) rather than the increase of physical capital, is the major determinant of economic development Schumpter (1947), who was perhaps the first major economist to analyze the role of entrepreneurship to economic development attributed invention to the entrepreneur. He argued that “to study that entrepreneur is to study the central figure in modern economic history”.
In the theory of distribution put forward by say (1824), a neoclassical economist, the entrepreneur play a crucial role through he or she is not a production factor, unlike the capitalist, the entrepreneur directs the application of acquired knowledge to the production of goods for human consumption. Sing postulated that the to be successful, the entrepreneur should be able to estimate future demand determine the appropriate quality and timing of inputs calculate problem production cost and selling prices and have the arts of supplementing and administration. As this combination is not common, the entrepreneur is limited, especially in industry.
For Schumpeter (1949) as mentioned earlier the entrepreneur is the centre of an integrated model of economic development, in cooperating a theory of profit and interest, as well as a theory of the business cycle and the capitalist system. The entrepreneur is an innovator, one who carries a combination of the following: the introduction of new product: the opening of a new market, the conquest of new sources of materials and the organization of new industry.
NIGERIA EDUCATION POLICY AND ENTREPRENEURSHIP
The history of Nigeria education system could be traced back to the colonial period, the educational policy then was geared towards serving the interest of the colonial masters in terms of supply of manpower for their effective administration of Nigeria colony and protectorates (Alakekomo).
The policy was aimed at producing Nigerians who can read and write to hold certain positions such as clerks, interpreters and inspectors est. without any entrepreneurial or professional skills to stands on their own or even establish and manage their own venture. The Nigeria industrial policy that came immediately after independence place emphasis and concentrated attention on the establishment of big companies by completely neglecting the development of small scale sectors (Akadekomo 2004).
This neglect invariably means killing entrepreneurship at the micro level in Nigeria at the very beginning, which is considered to be a very essential for economic growth and development. The over pressing demand for white collar job for majority of graduates is just an upshot of colonial education policies.
However, later in the mid 70s the government because of perceived importance of small scale industries to the economy decides to focus attention on small and medium sector.
Thirteen industrial centres and some institution where set up to support the activities entrepreneurs in the small and median industries in the country. Institution set up were Nigeria Bank for commerce and industrial Bank (NIB)
Nigeria bank for commerce and industries (NBCI)
Nigeria Agricultural and Cooperative Bank (NACB) etc.
In an attempt to ascertain the way forward and in response to the current socio-economic problems of the country as earlier mentioned question were raised by various people as to what is the right education for Nigeria for Nigeria and what king of education may be suitable in propelling development in the country? So many suggestions were made in favour of refocusing system to reflect the present realities. It would be recalled that in Nigeria, technical and vocational education has received a lot of attention at both state and federal levels. Different institutions were established to offer technical education. There include technical college, polytechnics colleges of technical education, vocational centers and schools etc. the nation policy on education of 2004described technical education as “aspect of action which leads to the acquisition of practical and applied skills as well as basic scientific knowledge” the technical education aims at:
- Providing trained manpower in applied science, technology and commerce, particularly at sub-professional grades.
- Providing the technical knowledge and vocational skills necessary for agricultural, industrial, commercials and economic development.
- Providing people who can apply scientific knowledge to the improvement and solution of environmental problems for the used and conveniences of man.
- Giving an introduction to professional studies in engineering and other technology.
- Giving training and impact the necessary skill leading to the production of craftsman technicians and other skilled personnel who will be enterprising and self-reliant.
- Enabling young men and women to have an intelligent understanding of the increasing complexity of technology.
Technical and vocations institution where designed largely to prepare technician at occupational levels. Fakae (2005) asserted that “emphasis is on skill acquisition and sound scientific. Knowledge, which gives ability to the use of hand and machine for the purpose of production, maintenance and self-reliant” despite these well articulated policies, the problem remains very conspicuous.
Although, some modification has been made with time to reflect changing demand of little or no achievement has been recorded in ameliorating the diverse socio-economic problems in the country.
In recent times, the most viable education reform in the country is on higher education, under this kind of reform vocations enterprise institution (VEIs) and Innovation Enterprise Institutions (IEIs) where introduced by the government to provide another dimension for higher education in the country.
VEIs and IEIs are principally private institutions that will offer vocational technical technology or professional education and other skill-based training at poor basic VEIs and post secondary IEIs, to equip our youth and working adults, employment skill and knowledge to meet the ncreasing demand for technical manpower by various sectors of the nations economy (Mulid 2008).
In another development, Ojukwu 1999 in Onifade (2002) poured out that commonwealth Association of Polytechnics in African (CAPA) in 1991 opined that “student in tertiary institutions should be taught entrepreneurship education in their final sessions”. The criticism still continued in same manner that many graduates came out from University with the expectation of work for others not for themselves. Because of the unprecedented increasing number of graduates without corresponding vacancies that felt that entrepreneurship education is very necessary to make this large scale number of graduates self reliant.
It is believed that the current formal education is only aimed at making people to be the same in spite of the difference in them. This fact has been incorporated by Ingalla (1976) “it is becoming increasing clear that formal schooling in our society generally aims at creating saneness and not differences”. The numbers of class for example are graded on the basis of how well they each acquire the same information presented in same way to all. While this process appears necessary in order to produce doctor, engineers, lawyers, teachers and so forth, it does not necessarily produced individual who are different. In order words, it produce person who can fill social and work roles, which is obviously important, but it does not tend to produce individuals who can transform society itself”. However, a number of macro and institution factors were identified as affecting vocational development in the country some membership home influence, institution attended community, pressure groups, role perception etc.
However with the growing number of student coming out from various institutions into the labour market, if some measures are not taken there is every tendency that the situation escalated the rate poverty and corruption and other social crime especially among youth.
THE PROGRAMME METHODOLOGY:
This program should leverage culture of high-tech entrepreneurship to help students become entrepreneurs, and enable them lean what they need to develop ideas into successful business and how to increase entrepreneurial opportunities in their nation institutions, and state. The training materials should introduced students to technology transfer system, entrepreneurial network. Through lectures by faculty numbers versed and experience in practical entrepreneurship endeavor list to high-tech start-ups and live case students with successful entrepreneurs, students will be exposed to the content, contexts and contacts that enable entrepreneurs to design and launch successful new ventures based on innovative technologies.
Specially designed team projects give students hand-on practical experience developing a business plan, while networking event bring them together with the members of nations entrepreneurial community.
DEVELOPING AND SUPPORTING ENTREPRENEURIAL CENTERS
There is much effort and enthusiasm to teach entrepreneurship course, using wide range of methods such as venture creation by students, developing formal business plan creating out feasibility studies etc. (Vincent and Farlow 2008; Dickson 2008). This shift from general education to specifically entrepreneurship education becomes necessary in the present realities of the need to develop and empower particularly the youths in our society.
There is seeming consensus on the importance of entrepreneurship in ameliorating some unemployment, and all sort of social vices in the society. Thus, the focus of teaching and learning particularly in developing countries where these problems are predominant call for another approach. This clearly indicates the sheer needs of re-orientation towards inculcating value that allow acquisition of necessary competencies to our sense of self reliance, independence youth empowerment and course poverty reduction (Akpomi 2009).
Vincent and Farlow (2008) asserted that there are several attempts to teach students entrepreneurship; using venture creation in order for the students to acquire business skill and competencies. But not withstanding, those with this kind of approach is perhaps small minority. People also believe that entrepreneurial behaviour can be learned through experience and discovery (Akpomi, 2009). Hence there is need for leaning in which students can experience aspect of entrepreneur’s way of life. Serious importance has been attached to formal business plan in teaching entrepreneurship by the educators, but Gibbin Vincent and Farlow (2008) feels that there is need to have a rethink in the value of developing business plan as a process of learning career development in entrepreneurship.
This position was concurred by Johnnisson (19991) in Vincent and Farlow (2008) “to teach individuals become not only more enterprising but businessmen as well as undertaking that is both in time and scope beyond the capabilities of academic business schools. The issue here is that plan may be inevitable for entrepreneurs to succeed but emphasis placed by developing business plan by the students are expected to fell and act as entrepreneurs rather than only assuming or strengthen their inspiration and would be indoctrinated towards the culture of entrepreneurship.
Our educational system should try to identify and emphasis the need to incorporate entrepreneurial education in order to ameliorate the persistent socio-economic problem especially unemployment among youths and high incidence of poverty in the country. The need for entrepreneurship education has to be up-hold by the society and call for reorientation among students and their teachers. This will ensure debunking and unlearning the earlier belief of being employed rather than self employment after schooling.
The government is expected to play a grater role in providing the necessary atmosphere and policy framework for the success of this transformation process in our educational system. Students while in school will acquire the necessary skills and training, identify an opportunity to exploit and eventual creation of their own venture after graduation.
Vincent and Farlow (2008) in their rese task of educators involve in entrepreneurship training and this will go on a way in explaining and clarifying the above mentioned framework. Viz.
- The number of businesses should be limited to as to allow a highly interactive environment: classroom environment is identified as a key complement of students’ entrepreneurial workshop.
The bulk of classroom tine is devoted to students discussing their experience. It allows free flow of business ideas with oversee concepts and experience. It also provides an opportunity for the student experience the creative initiative and lateral thinking from various people.
The government can only perform its economic function by making sure that the rate of unemployment in the country is drastically reduced but that cannot be achieved through providing employment to all or teeming number of all employable into its institutions or agencies. Developing entrepreneurship has been identified as a means of providing employment and powerful weapon of fighting poultry in the country.
There is need for complete charge on approach in the education sector particularly in our policy direction and decision making process, which will pave way for a more realistic and attainable result.
- Student must have serious business ideas there are of the opinion that good ideas cannot be unvented. Normally students were asked to produce a business plan and their assessment was basically rested on that. Therefore, they were urged to provide a realistic guided experience of the entrepreneurial life, which can be done if students were truly committed to their own real ideas and can actually be entrepreneurs not pretending to be so during their course.
- A formal business plan in not required, but planning itself it important. Honing (2004), have argued on the position of business plan. He raised a question on whether formal business plan correlate with business success. According to him, it may even be counter productive, time consuming and perhaps psychologically diminishing flexibility in the early state of the actual operations”.
The development of entrepreneurship will go a long way in providing and the necessary impetus for economic growth and development. The wide spread and acceptance of entrepreneurship education it a clear indication of its usefulness and importance in the present realistic. It will be crucial in boosting production, increasing competition and innovation, creating employment and prosperity eradication been the major development challenge facing the Nigeria government, efforts have been tailored toward re-structuring the Nigeria economy in light of available resources and business opportunities.
Moreover, policies and programmers’ were designed particularly with regard to poverty eradication but to no avail (Adejimola Anlufunmilayo, 2009, Adadekomo, 2004). It is proper motion that policies and programmers on entrepreneurship teaching in universities cannot be formulated not implemented hasting and frantically and discoursed that the current education systems keep escalating despite various efforts by the government to review policies and programmers . It also challenges policy and progress on the need to refocus their policies in problem solving rather than maintain the status quo.