Project – Effective Strategy for Enhancing Entrepreneurial skills in business education
CHAPTER ONE
INTRODUCTION
- Background to the Study
Hello! Entrepreneurial skills are crucial for the growth and development of any economy, and Nigeria is no exception. The business education sector in Nigeria has been identified as a significant platform for fostering these skills. According to Olokundun, Moses, Iyiola, Ibidunni, Ogbari, Peter, Borishade, and Falola (2018), the incorporation of entrepreneurial education in the curriculum of Nigerian universities has been a significant step towards enhancing entrepreneurial skills. The study further suggests that this strategy has led to an increase in the number of graduates who are job creators rather than job seekers.
However, the effectiveness of this strategy is not without challenges. A study by Arogundade (2011) highlights that the lack of practical exposure and inadequate funding are major obstacles to the successful implementation of entrepreneurial education in Nigeria. The study suggests that the government and private sector should collaborate to provide the necessary resources and create an enabling environment for entrepreneurship education.
In addition, the role of teachers in enhancing entrepreneurial skills cannot be overemphasized. According to a study by Ojeifo (2013), teachers’ attitudes and teaching methods significantly influence students’ entrepreneurial intentions. The study recommends that teachers should adopt more interactive and practical teaching methods to stimulate students’ entrepreneurial interests.
Furthermore, the importance of a supportive entrepreneurial culture in enhancing entrepreneurial skills is highlighted by Nwokah and Maclayton (2006). They argue that a culture that encourages innovation, risk-taking, and independence is crucial for fostering entrepreneurial skills. The study suggests that Nigerian universities should strive to create such a culture within their institutions.
Moreover, the role of government policies in enhancing entrepreneurial skills is also significant. According to a study by Oyelola, Ajiboshin, Raimi, and Raheem (2013), government policies that support entrepreneurship education can significantly enhance entrepreneurial skills. The study recommends that the Nigerian government should formulate and implement policies that promote entrepreneurship education.
In conclusion, the strategy for enhancing entrepreneurial skills in business education in Nigeria involves a multi-faceted approach. It includes the incorporation of entrepreneurial education in the curriculum, provision of practical exposure, teacher’s attitudes and teaching methods, a supportive entrepreneurial culture, and supportive government policies. However, more research is needed to explore other potential strategies and address the challenges associated with the current strategies.
- Statement of the Problem
The problem of inadequate entrepreneurial skills in business education in Nigeria is a pressing issue that needs to be addressed. According to Arogundade (2011), the current business education curriculum in Nigeria does not adequately equip students with the necessary entrepreneurial skills needed to start and manage a business successfully. This inadequacy has led to a high rate of business failures and unemployment among graduates.
The lack of effective strategies for enhancing entrepreneurial skills in business education is another significant problem. Okebukola (2014) noted that the teaching methods used in most Nigerian institutions do not encourage creativity and innovation, which are essential entrepreneurial skills. The traditional lecture method of teaching, which is predominantly used, does not provide students with the practical experience needed to develop entrepreneurial skills.
Furthermore, the lack of adequate funding and resources for entrepreneurial education is a significant challenge. According to Oviawe (2016), many Nigerian institutions lack the necessary resources to provide quality entrepreneurial education. This lack of resources affects the quality of education and the ability of the institutions to produce graduates with the necessary entrepreneurial skills.
The lack of a supportive environment for entrepreneurship is another problem. As noted by Nwokolo (2017), the Nigerian business environment is not conducive for entrepreneurship. The high cost of doing business, lack of access to credit, and poor infrastructure are some of the challenges that entrepreneurs face in Nigeria.
The lack of collaboration between the academia and the industry is another issue. According to Eze (2018), there is a disconnect between what is taught in schools and the realities of the business world. This disconnect makes it difficult for graduates to apply the skills learned in school in the real world.
In conclusion, the problem of inadequate entrepreneurial skills in business education in Nigeria is multifaceted. It is caused by a combination of factors including an outdated curriculum, ineffective teaching methods, lack of resources, an unsupportive business environment, and a disconnect between academia and the industry.
- Aim and Objectives of the Study
The aim of the study is to examine the effective Strategy for Enhancing Entrepreneurial skills in business education. The specific objectives are:
- To examine the current state of entrepreneurial skills in business education in Nigeria.
- To identify the gaps and challenges in the existing strategies for enhancing entrepreneurial skills in business education.
- To explore effective strategies that can be used to enhance entrepreneurial skills in business education in Nigeria.
- To evaluate the potential impact of these strategies on the overall development of entrepreneurial skills among business students.
- Research Questions
The research questions are buttressed below:
- What is the current state of entrepreneurial skills in business education in Nigeria?
- What are the gaps and challenges in the existing strategies for enhancing entrepreneurial skills in business education?
- What effective strategies can be used to enhance entrepreneurial skills in business education in Nigeria?
- What is the potential impact of these strategies on the overall development of entrepreneurial skills among business students?
- Research Hypothesis
The hypothetical statement of the study is buttressed below:
Ho: Entrepreneurial skills has no significant impact in business education in Nigeria.
H1: Entrepreneurial skills has significant impact in business education in Nigeria
- Significance of the Study
The significance of this study lies in its potential to shed light on the current state of entrepreneurial skills in business education in Nigeria. It is crucial to understand the existing level of these skills, as they are fundamental to the growth and development of the Nigerian economy. By examining the current state, we can identify gaps and challenges that need to be addressed to improve the quality of business education in the country.
Secondly, this study aims to identify the gaps and challenges in the existing strategies for enhancing entrepreneurial skills in business education. By doing so, it can provide valuable insights for educators, policymakers, and stakeholders in the business education sector. These insights can be used to revise and improve current strategies, making them more effective in enhancing entrepreneurial skills among business students.
Thirdly, this study explores effective strategies that can be used to enhance entrepreneurial skills in business education in Nigeria. The findings from this study can serve as a guide for educators and policymakers in implementing strategies that are proven to be effective. This can lead to an improvement in the quality of business education, and consequently, the entrepreneurial skills of business students.
Fourthly, this study evaluates the potential impact of these strategies on the overall development of entrepreneurial skills among business students. This is significant as it can provide evidence of the effectiveness of these strategies. If these strategies are found to be effective, they can be adopted more widely, leading to a significant improvement in the entrepreneurial skills of business students in Nigeria.
Fifthly, the findings from this study can contribute to the existing body of knowledge on entrepreneurial skills in business education. This can be beneficial for future research in this area, providing a foundation for further studies.
Lastly, this study has the potential to contribute to the economic development of Nigeria. By enhancing the entrepreneurial skills of business students, we can foster a more entrepreneurial culture in the country. This can lead to the creation of more businesses, job opportunities, and ultimately, economic growth.
- Scope of the Study
The study examines Effective Strategy for Enhancing Entrepreneurial skills in business education in Nigeria. The study is restricted to selected higher institution in Lagos, Nigeria.
- Operational Definition of Terms
“Effective” refers to the ability to produce a desired or intended result. It is often used to describe something that is successful in achieving its purpose, such as an effective strategy or method.
“Strategy” is a plan of action designed to achieve a long-term or overall aim. It involves the systematic planning and coordination of resources and actions to accomplish specific goals. In the context of business, a strategy might involve marketing tactics, operational procedures, or financial planning.
“Entrepreneurial skills” refer to the abilities and characteristics that are associated with successful entrepreneurs. These can include creativity, risk-taking, leadership, and the ability to identify and seize opportunities. Entrepreneurial skills are often seen as crucial for driving innovation and economic growth.
“Business education” is a branch of education that involves teaching the skills and knowledge needed to succeed in business. This can include a wide range of topics, from basic business principles and entrepreneurship to more specialized areas like marketing, finance, and management. Business education can take place at various levels, from high school and vocational training programs to undergraduate and postgraduate degrees.
Project – Effective Strategy for Enhancing Entrepreneurial skills in business education