BUSINESS EDUCATION STUDENT'S ENTREPRENEURSHIP SKILLS ACQUISITION AND THE ATTAINMENT OF SUSTAINABLE DEVELOPMENT IN PORT HARCOURT
ABSTRACT
Business education is a widely given high scores on the agenda of many governments. Such governments depend on the development of entrepreneurship through business education as the major source for their economic prosperity, growth and development.
This research project is thus a search business education students’ entrepreneurship skills acquisition and the attainment of sustainable development.
Chapter one of the study lays an introduction for subsequent chapters. Following the background of the study, the problem statement and the objective of the study which provided basis for the significance of the study and the hypothesis were stated. The limitations of this study were also highlighted.
In the literature review as contained in chapter two, works of various authors, international and local journals were reviewed to elicit views on business education students’ entrepreneurship skills acquisition and the attainment of sustainable development.
Chapter three, research methodology, description of population and sampling procedure for data collection were discussed. Methods of questionnaire design, determination of sampling size and questionnaire distribution were also highlighted.
Chapter four was based on analysis of data collected. This chapter was sub-divided into data analysis, hypothesis testing and summary. Percentage table, figure and narration were carefully employed for proper understanding and testing of hypothesis.
Finally, chapter five was divided into summary of findings, recommendation and conclusion.
TABLE OF CONTENTS
Title Page - - - - - - - - - i
Approval Page - - - - - - - - ii
Declaration - - - - - - - - iii
Dedication - - - - - - - - - iv
Acknowledgement - - - - - - - v
Abstract - - - - - - - - - vi
Table of Contents - - - - - - - vii
CHAPTER ONE – INTRODUCTION
1.1 Background of the Study - - - - - 1
1.2 Statement of General Problem - - - - 5
1.3 Objective of the Study - - - - - - 6
1.4 Research Questions - - - - - - 6
1.5 Significance of the Study - - - - - 7
1.6 Scope of the Study - - - - - - 8
1.7 Definition of Terms - - - - - - 8
CHAPTER TWO – REVIEW OF RELATED LITERATURE
2.1 Introduction - - - - - - - 10
2.2 Theoretical Framework - - - - - 11
2.3 Concept of Sustainable Development - - - 14
CHAPTER THREE – RESEARCH METHODOLOGY
3.1 Introduction - - - - - - - 32
3.2 Research Design - - - - - - 32
3.3 Area of the Study - - - - - - 32
3.4 Population of Study - - - - - - 33
3.5 Sample size and Sampling Techniques - - - 33
3.6 Instrument for Data Collection - - - - 33
3.7 Validity of the Instrument - - - - - 33
3.8 Reliability of the Instrument - - - - 34
3.9 Method of Data Collection - - - - - 34
3.10 Method of Data Analysis - - - - - 34
CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS
4.0 Introduction - - - - - - - 36
4.1 Data Presentation and Analysis - - - - 36
4.2 Characteristics of the Respondents - - - 36
4.3 Data Analysis - - - - - - - 39
4.4 Testing Hypothesis - - - - - - 46
4.5 Summary of Findings - - - - - - 51
4.6 Discussion of Findings - - - - - 52
CHAPTER FIVE – SUMMARY, CONCLUSION AND RECOMMENDATION
5.0 Introduction - - - - - - - 54
5.1 Summary - - - - - - - - 54
5.2 Conclusion - - - - - - - - 57
5.3 Recommendations - - - - - - 58
References --------61
Appendix - - - - - - - - 62
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Nigeria, like any other developing country is highly sensitive to the need of providing vocational and technical education to her teaming population in order to equip them with saleable skills. The complexities of modern societies demand a type of education that can equip the individuals with knowledge that can make them highly functional. The National Policy on Education (2004) highlighted Nigeria’s desire to achieve her national goals through education; hence, the need for acquisition of appropriate skills, abilities and competence both mental and physical as equipment for the individual to live and also contribute to development of the society.
Business education is by nature almost totally economic-oriented, and its contribution is significant to the realization of the transformation agenda. One of the two aspects of business education, “basic business”, contributes to economic literacy and therefore to the general education of everyone. Basic business education is that broad area of knowledge that with a country’s enterprise system identifies and explains the roles of business a nation’s economic institution and provides content and experiences that prepare individuals for effective participation as citizens, workers and consumers in nation’s society (Osuala, 2009). Quality Business education is vital in the programme of services delivery in the economic vision of transformation agenda of Nigeria. While entrepreneurship education can turn around the economic fortunes of the country and reduce the poverty level (Olorunmolu & Olufunwa, 2008). Etonyeaku (2009) affirmed that business education has a formidable force that will equip individuals with appropriate skills, knowledge, abilities and competencies that will enable them to be self-employed and self-reliant which will lead to sustainable economic development.
Business education is an aspect of vocational and technical education which is used as a term to refer to those educational processes involving the study of techniques, related sciences, acquisition of practical skills attitudes and knowledge relating to occupation in vocational sectors of economic and social life (Etonyeaku, 2009). While entrepreneurship education according to Olufunwa (2009) is a specialized training given to students of vocational and technical education to acquire the skills, ideas and managerial abilities and capabilities for self-employment rather than being employed for pay. In the same vein, Olurunmolu & Olufunwa in Ezemoyih, (2011) opined that entrepreneurship education is the type of education that involves the acquisition of skills, ideas and management abilities necessary for self-reliant, and can turn around the economic fortunes of the country and reduce poverty level.
1.2 STATEMENT OF THE PROBLEM
For many developing countries, development of entrepreneurial skills has been a powerful engine of economic growth and wealth creation, and is crucial for improving the quality, number and variety of employment opportunities for the poor. It has several multiplier effects on the economy, spurs innovation, and fosters investment in people, which is a better source of competitive advantage than other natural resources, which can be depleted. Acquiring entrepreneurial skills by business education students will enable them to create new enterprises, new commercial activities, and new economic sectors. They generate jobs for others; they produce goods and services for society; they introduce new technologies and improve or lower cost outputs; and they earn foreign exchange through export expansion or substitution of imports.
According to (Abdullahi, 2008) for countries to accelerate their economic growth and development, it is necessary for them to build up critical mass of first generation entrepreneurs because development is now being linked more and more to entrepreneurs. It stands as a vehicle to improve the quality of life for individuals, families and to sustain a healthy economy and environment. This can lead to economic development and the advancement private enterprises.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of this study:
1. To examine the entrepreneurship skills required by business education students in attaining a sustainable development.
2. To identify the factor limiting the development of entrepreneurial skills in business education.
3. To examine the role of entrepreneurship skill acquisition in sustainable development of Port Harcourt.
1.4 RESEARCH QUESTIONS
1. What are the entrepreneurial skills required by business education students in attaining a sustainable development?
2. What are the factors limiting the development of entrepreneurial skills in business education?
3. What are the roles of entrepreneurship skills acquisition in sustainable development of Port Harcourt?
1.5 RESEARCH HYPOTHESES
HO: Entrepreneurial skill acquisition plays no significant role in the sustainable development of Port Harcourt.
H1: Entrepreneurial skill acquisition plays significant role in the sustainable development of Port Harcourt.
1.6 SIGNIFICANCE OF THE STUDY
Business education is a skill-based course which inculcates entrepreneurial skills in the recipient. Entrepreneurship on the other hand, deals with creative identification and utilization of business opportunities. This paper establishes that Business education has the potentials of promoting entrepreneurship in Nigeria since it could lead to the acquisition of skills for identifying viable investment opportunities, proper marketing, financial management, proper management and avoidance of business failure. The implication of this work is that, for Nigeria to encourage entrepreneurship, reduce unemployment and help the practicing entrepreneurs to be successful and achieve the aim of making their ventures to be going-concerns, Business education should be taken serious and highly encouraged; otherwise, the desire of Nigeria to encourage self-employment through entrepreneurship may end up as a mirage.
1.6 SCOPE/LIMITATIONS OF THE STUDY
This study covers business education students’ entrepreneurship skill acquisition and the attainment of sustainable development.
LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.7 DEFINITION OF TERMS
Business Education:Is an aspect of Vocational and Technical Education, a specialized programme of instruction designed to provide individuals with knowledge, skills and attitudes leading to employability and advancement in office occupations as well as teaching business subjects
Entrepreneurship:The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
Skill Acquisition:Is the ability to be trained on a particular task or function and become expert in it.
Sustainable Development: Is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
2.1. Introduction
Education lies at the heart of every society. It is a key and a vital element in the broad development of the nation’s youth’s capacity to address and solves difficulties. Education forms the basis for the proactive and positive economic, social and political changes in the society. Education remains the key to empowerment of the people and the nations as a whole (Olawolu and Kaegon, 2012). Education consolidates and builds upon basic education to empower the youth to really live, function as a productive member of the society, earning a living, and contributing to societal progress. Business education continuously builds on the knowledge, skills, values and attitude learnt at the lower phases of education. The greatest weapon against poverty is education of the youths. (Nwangwua, 2007). The author further explains that any form of education that does not equip its beneficiaries with skills to be self-reliant is a faulty system of education. Kaegon (2009) believes that business education must be ready to offer their recipients functional education that will enhance performance as well as assist them to contribute meaning to the economic development of the country. According to Okereke and Okoroafor (2011) the desire of the Nigeria government to attain the vision 20-20:20 20 and Millennium Development Goals (MDG) propelled the Nigerian Educational Research and Development Council to revise the secondary education curricula. The reason for this exercise is the transformation at the curriculum with the entrepreneurial education, informational communication technology (ICT) skills, and civic education and for the nation’s sustainable development. The demand for higher education, particularly university education is on the increase all over the world. Entrepreneurship education prepares youths to be responsible and entering individuals, who become entrepreneurs or entrepreneurial thinkers by exposing them to real-life learning experiences where they will be required to think, take risks, manage circumstances and incidentally learn from the outcome (Olawolu and Kaegon, 2012). Ememe (2010) observes that entrepreneurship education enables youths to seek success in ventures through one’s effort. Buttressing the above view, Okereke and Okoroafor (2011), asserts that entrepreneurial education and ICT skills have been acknowledged world wide as a potent and viable tools for self-empowerment, job and wealth creation. Business education has three basic career options, such as skilled, vocational option, professional option and executive business education option. (Okoh, 1999). The professional option include: auditing, administration and the accountancy profession (Accounting), therefore, the accounting option is the focus for this study. Business education as a discipline is expected to expose its recipients to diversity curricula, hence, it is that type of education that inculcate in its recipients attitudes, knowledge, skills, values that is required in the business world. This is a means of producing a healthy, literate self-reliant citizen that would create wealth for human development, when they become self-employed, thereby resulting to sustainable nation’s development at large. Business education must have impacted accounting skills and creative knowledge required for employment generation opportunities, such entrepreneurial skills and accounting competences that would also make the business graduates to adopt some strategic survival instincts.
2.2. THEORETICAL FRAMEWORK Entrepreneurship Theories 2.2.1.Cantillon's theory (1755) This theory does not view the entrepreneur as a production factor as such, but an agent that takes on risk and thereby equilibrates supply and demand in the economy. In a neo-classical framework, this function resembles that of the optimizing residual claimant, e.g., the business owner who rents labor and capital from workers and land owners in a world of uncertain demand or production.
2.2.2. Marshall’s approach to entrepreneurship (Marshall, 1949) Marshall is an equilibrium creating entrepreneur. To Schumpeter, the crucial fact about the modern corporation is that its managers cannot fill the strong social role played by the entrepreneur. (Schumpeter, 1942, p. 134).The Neo-classical theory and thereby the „Marshallian‟ analysis tries to explain equilibrium conditions in the markets under the assumptions of perfect knowledge and information, perfect competition (existence of many firms), existence of homogenous goods, and free entry and exit. Marshall's main concerns and at the same time goal is to show that markets clear under the perfect competition assumptions and there are no excess profit opportunities and hence there is no exploitation of labor in production process since everyone earns his marginal contribution to production and national income. Marshall uses small changes (innovations) in the market process by many small competitors andconfusingly indicates that large scale production is essential for economic progress and economic innovation (Schumpeter, 1942). Marshall tried to create equilibrium by having many players in the market, hence perfect competition and not monopolist market. His theories consider many „great men‟ who establish equilibrium in the supply and demand in the market for goods and services. Marshallian analysis gives small contributions from a very large number of modest entrepreneurs‟ lead economic progress.
2.2.3 The Social Enterprise School Entrepreneurship is viewed as “social enterprise” initiative. This refers to any organization, in any sector, that uses earned income strategies to pursue a double bottom line or a triple bottom line, either alone or as part of a mixed revenue stream (as a social sector business) that includes charitable contributions and public sector subsidies.” Social Enterprise School centers on earned-income activity by nonprofits, but also includes market based solutions to social problems as well as businesses that generate profit that is donated to a social venture or purpose.
2.2.4 Schultz Approach (Schultz, 1975) Argues that entrepreneurship is closely connected to situations of disequilibria and that entrepreneurship is the ability to deal with these situations. In disequilibrium, agents are acting sub-optimally and can reallocate their resources to achieve a higher level of satisfaction. Entrepreneurship is the ability to coordinate this reallocation efficiently, and it follows that agents have different degrees of entrepreneurial ability. Schultz argues that, in disequilibrium, individuals know that opportunities to increase satisfaction exist but the reallocating process requires time. A better allocation of resources can be achieved either by experimenting (trial and error) or by investing in human capital. Schultz (1975) argues that entrepreneurship exists in all aspects of life. Thus, housewives and students are entrepreneurs when reallocating their time for housework or student activities. Furthermore, since entrepreneurship is an ability that can be augmented by investment, Schultz argues that a market for entrepreneurship exists and that it is possible to analyze entrepreneurship within the conventional supply and demand framework (Hebert and Link, 1988).
2.2.5. Kirzner’s "alert" entrepreneur (Kirzner, 1997) While in Neoclassical analysis (Marshall) the main focus is the conditions necessary to sustain an equilibrium, and Schumpeter's focus was to explain the progress in capitalistic system by using innovator entrepreneur's destructive creation, Kirzner- representing the Neo-Austrian approach to entrepreneurshipfocused on answering the question of whether a market economy works and, if it does so, what is the process that leads the economy towards an equilibrium? Kirzner claims that initially the economy is in disequilibrium and the competition among 'alert' entrepreneurs leads to equilibrium. Unlike Neo-classical economists, Kirzner realizes that markets are not always clear, there is no perfectly informed representative agent and for change to occur the entrepreneurs need incentives and this incentives comes from the difference among agents in terms of information and knowledge. According to Kirzner, an improvement in the technique of production or a shift in preferences leads to change (disequilibrium) in the market where initially there was equilibrium. If there is equilibrium in the market there is nothing for the entrepreneur to do and no exchange and profit opportunities for them since everybody will be able to carry out his initially determined exchange plans. But whenever the change has occurred, some planned activities will not be realized. Kirzner states, there is no room for entrepreneurialdiscovery and creativity: the course of market events is foreordained by the data of market situation and for the system to create profit opportunities for entrepreneur there is need for an exogenous shock to the system. Kirzner argues that the economy is in a constant state of disequilibrium due to shocks constantly hitting the economy. Furthermore, economic agents suffer from "utter ignorance"--they simply do not know that additional information is available. In this world, the alert entrepreneur discovers and exploits new business opportunities and eliminates (some of the) "utter ignorance" and thus moves the economy toward equilibrium, which is the state where no more information can be discovered. Kirzner's analysis of entrepreneurship identifies a disequilibrium that can only be corrected (to equilibrium) by alert entrepreneurs who produce and exchange, but the emphasis is on the exchange opportunities and progress that comes mainly from this part. He postulates that entrepreneurial progress does not depend on a “great man" but it does depend on many great men, many players in the business arena. Profits from an entrepreneurial venture may not usually be very large and in some cases before the break-even point is established, the returns maybe negative. Since there is a lot of uncertainty in the business environment, profits is always a speculative affair by the entrepreneurs and therefore an entrepreneurship is an act of risk-taking. Seeing risk and grabbing them may be considered too certain and requires an extra talent of people who can see the extra ordinary things. This scenario may therefore negate Kirzner theory.
2.2.6 Schumpeter (1999): the discovery and opportunity theory of entrepreneurship (equilibrium destruction theory) Schumpeter looks at entrepreneurship as innovation and not imitation. Schumpeter's innovator as an economic and social leader does not care much about economic profits and only joy he gets from being an innovator and being a server to his society. Schumpeter‟s entrepreneur is an innovator in the entrepreneurship arena. In the Schumpeterian theory, the entrepreneur moves the economy out of the static equilibrium. Marz (1991), states that "Schumpeter hardly denied that the process of accumulation is the ladder to social power and social prestige; but he thought the very mainspring of the exercise of the entrepreneurial function is the powerful will to assert economic leadership. The joy of carrying through innovations is the primary motive, the acquisition of social power a subsidiary to it. The entrepreneur is not (necessarily) the one who invents new combinations but the one who identifies how these new combinations can be applied in production. This line of reasoning implies that a business owner is considered an entrepreneur only if he is carrying out new combinations." The entrepreneur moves the economic system out of the static equilibrium by creating new products or production methods thereby rendering others obsolete. This is the process of "creative destruction"(creating uncertainty) which Schumpeter saw as the driving force behind economic development (Schumpeter, 1949).
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