Effect Of Formal Education On The Development Of Entrepreneurship

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Abstract

The study specifically investigate Effect of Formal Education on the Development of Entrepreneurship. A case study of Etsako West Local Government Area Auchi, Edo State. In conducting this study, three hypothesis were formulated to achieve the stated objective. Data were collected from secondary and primary sources. Questionnaire were designed, sorted presented analysed, interpreted the development of entrepreneurship has significant effects on the rural communities.

Government should make sure that incentives get to those who actually need them, and also give the amount that each business owners ask for and distribute more power for the people without which no significant progress can be achieved, Development actually rest heavily on power generation and distribution. Government can do better by educating the people to use the money for the purpose it is meant for and avoid diversion of funds.

Chapter One

Introduction

1.1 Background to the Study

In both the microeconomic and macroeconomic sector, one of the critical measuring tools for economic growth and development is the level of employment and employment opportunities opened to the people. It also help to determine the per capital income which we can give insight about the standard of living of the people.

Today, there are large number of employable graduates and non-graduates roaming the streets unemployed. Reasons is not unconnected with the fact that the employment opportunities in the public sector which happens to be the largest employer in the country is so inadequate that it cannot accommodate the teaming population of the skilled and unskilled workforce, because of the government inability to have a visible plan for the growing population. The private sector which was suppose to help, cannot make up for the ugly trend. Most government policies and programmes armed at reducing unemployment have been to no avail.

Studies have shown that a total shifts in both orientation and effort to the concept and practice of entrepreneurship is the remedy.

Stomper (1955) entrepreneurship is the basic requirement for economic development in a free enterprise or mixed economy like Nigeria.

Entrepreneurship according to Anuoha (2007) is the practice of starting new organizations or revitalizing nature organization, particularly new business generally in response to identified opportunities Entrepreneurship is often a different undertaking a vast majority of new business fail. Entrepreneurial activities are substantially different depending on the type of organization that is being stated.

Mamudu (2005) sees an Entrepreneur as a person or group of person’s who are willing to search act investment opportunities within his or her environment, establishment and run an enterprise successfully. An entrepreneur will usually invest their own capital in a business and take on the risk associated with the investment.

1.2 Statement of the Problem

In light of the general problem, this study would investigate the under listed specific problems.

Knowing if the development of entrepreneurship has any significant effect on the rural communities.
Examining if entrepreneurs are given any adequate incentive to help develop rural communities.
Determining if there is enough infrastructural development in the rural communities and also determining if there is enough infrastructural development in the rural communities for the entrepreneurs to thrive.

1.3 Objective of the Study

The objectives of the study are;

To find out if formal education enhances self employment.
To determine if formal education and Entrepreneurship are central to nation building.
To assess the extents to which government policies and programme are central to nation building.

1.4 Research Hypotheses

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

H0: Formal education is not a tool for self employment.
H1: Formal education is a tool for self employment.
H02: Formal education and Entrepreneurship have not been seen as central to nation building
H2: Formal education and Entrepreneurship have been seen as central to nation building

1.5 Significance of the Study

Though, much work might have been done in regard to the effect of formal education of the development of Entrepreneurship within the country. Nigeria will not be out of place if this research adds more to existing literature. Therefore, it is hoped that at the end of study, the findings will be of immense benefit to both government and most of our teeming unemployed graduates and non-graduate alike. It is also the wish of the research to provide a better and clear understanding of the concepts and practice of Entrepreneurship so as to improve and qualities and skills of Entrepreneurs which reduce the rate of unemployment and contribute to nation building.

1.6 Scope and Limitation of the Study

The scope of the study is intended to cover entrepreneurship development in Etsako West and their environs in Edo State. Its however important that research of its type naturally should cover small scale business in Auchi and environs and find out the general contribution to entrepreneurship development. Therefore, the study we must face, the enterprise in the above named and its contribution in the growth of entrepreneurship development in these areas. The researcher encounters some constrain which limited the scope of the study;

a) Availability of Research Material:

The research material available to the researcher is insufficient, thereby limiting the study

b) Time:

The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.

c) Organizational Privacy:

Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities

1.7 Definition of Terms

Micro Economic:

This is a branch of economic focuses on explaining the economic behavior of small units such as the individuals, households, individuals firms, individuals market or industries.

Macro-Economic:

This on the other hand concentrate on the study of aggregate economic activities. It looks at the economy as a whole rather than as individual unit.

Mixed Economy:

This is one in which resources are allocated partly through the decision of private individuals or the private sector and partly through the decision of the government or public sector.

Gross Domestic Product (GDP):

This could be defined as the total market of all final goods or services produced in a country at a given time. normally a year.

Per Capital Income:

This is the national income of the country over the population of the country.

Education:

This is the process of educating or teaching to develop the knowledge, skills or character of students.

Unemployment:

Okeke (1994) defined unemployment as a situation where there are people who are willing and able to work, who are actually seeking for work but find no employment.

Entrepreneur:

Is an individual who undertakes to supply goods and services to the market for profit. This will usually invest their own capital in a business and take on the risk associated with the investment.

1.8 Organization of the Study

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
Chapter three deals on the research design and methodology adopted in the study.
Chapter four concentrate on the data collection and analysis and presentation of finding.
Chapter five gives summary, conclusion, and recommendations made of the study

Chapter Five

Summary, Conclusion and Recommendation

5.1 Introduction

It is important to ascertain that the objective of this study was on effect of formal education on the development of entrepreneurship. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of effect of formal education on the development of entrepreneurship

5.2 Summary

This study was on effect of formal education on the development of entrepreneurship. Three objectives were raised which included: To find out if formal education enhances self employment, to determine if formal education and Entrepreneurship are central to nation building, to assess the extents to which government policies and programme are central to nation building. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of SME in Etsako West Local Government Area Auchi, Edo State. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made managers, secretaries, content developers and junior staff was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies

5.2 Conclusion

In this study it was discussed that business education is a vital tool that equips students with the needed knowledge and skills to be self reliant. In another vain, business education students can also be productive individuals who will become factors or drivers of the economy by applying the skills and ability learnt in the classroom situation into becoming entrepreneurs. In the event of becoming an entrepreneur such individuals will be able to apply the managerial skills, bookkeeping/accounting knowledge in the business that this are involved either as employees or employers of labour. It Is also pertinent to know that cost accounting knowledge can also help the entrepreneurs to forecast Into the future to know the area of business to Involve, thereby giving him/her the opportunity of making a viable decision that will benefit his/her business projection.

5.3 Recommendation

The following recommendations were made:

The grant should be given to graduates who are ready to start up their own business as this will create employment.
The graduate students should be encouraged to start up their own entrepreneurial business.
The environment should be made conducive for business to encouraged entrepreneurs. This is a responsibility of the government and other stakeholders.

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Frequently Asked Questions

Does education enrolment affect entrepreneurship?

This study has analyzed the role of education enrolment on entrepreneurship rates. The results confirm the proposed hypotheses and suggest that both secondary education and tertiary education have a very different effect, according to whether formal or informal entrepreneurship is investigated.

Does formal and informal education affect entrepreneurship?

In particular, formal entrepreneurship is positively associated to secondary and tertiary education, whereas informal entrepreneurship is only negatively affected by tertiary education.

How robust is education to formal entrepreneurship?

These robustness models yield very similar results to those described earlier, supporting the same hypotheses. As regards formal entrepreneurship, a higher rate of secondary (models 2c and 4c) and tertiary education (models 3c and 4c) once again significantly favor the creation of formal firms.

How does education level affect the formation of firms?

For example, an increase in the educational level might facilitate, at the same time, the creation of both formal and informal firms (according to whether each individual possesses the knowledge, abilities and resources needed for it), by individuals in a segment of the population that had been unemployed or had worked as employees.