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EFFECT OF
FORMAL EDUCATION ON THE DEVELOPMENT OF ENTREPRENUERSHIP
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
1.1Background
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.
(1) Knowing if the development of
entrepreneurship has any significant effect on the rural communities.
(2) Examining if entrepreneurs are
given any adequate incentive to help develop rural communities.
(3) 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 Research Questions
The research
question are stated as follows:
(i) How true is formal education a tool for self employment?
(ii) How far is it true that formal
education and Entrepreneurship are central to nation building?
(iii) To what extent can we say that
government policies and programmes have been able to eradicate unemployment?
1.4 Objective of the Study
(1) To find out if formal education
enhance self employment.
(2) To determine if formal education
and Entrepreneurship are central to nation building.
(3) To assess the extents to which
government policies and programme are central to nation building.
1.5 Statement of the Hypotheses
(1) Formal education is not a tool for self
employment.
(2) Formal education and Entrepreneurship have
not been seen as central to nation building
(3) Government policies and programmes have
not been able to eradicate unemployment
1.6 Scope 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.
1.7 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.
1.8 Limitations of the Study
The
limitations of this work are as follows:
Cost of
executing the study or project, Inadequate relevant text and journals for
references. Uncompleted questionnaires that are returned by some of the
respondents. Inadequate response by the prospective interviewer graduates,
non-graduate, skilled and un-skilled owners of small scale businessmen and
women within the area of study. Inadequate time for research and writing of
this work.
1.9 Operational 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.
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