CHAPTER ONE
1.0 INTRODUCTION
1.1 Background of the Study
Higher Education, as defined by National policy of Education (1998) is the education given after secondary education in Universities, Colleges of education, Polytechnics, Monotechnics, including those institutions offering correspondence courses. The goals of tertiary education in Nigeria as spelt out by the policy are to contribute to national development through high level relevant manpower training, to develop and inculcate proper values for the survival of the individual and society, to develop the intellectual capability of individuals to understand and appreciate their local and external environment, to acquire both physical and intellectual skills which will enable individuals to be self-relevant and useful members of the society, to promote and encourage scholarship and community service, to forge and cement national unity and to promote national and international understanding and interaction.
Schumpeter (1994) defines entrepreneurship as the ability to perceive and undertake business opportunities, taking advantage of scarce resource utilization. In simplest form, entrepreneurship is the willingness and ability to seek out investment opportunities and to run an enterprise for profit.
In this later sense, entrepreneurship takes premium over capital. It is equally more fundamental than capital because capital formation is the result of entrepreneurial activity. Entrepreneurs are therefore regarded as central figures in economic development. Their contribution run through labour actions, movement of capital goods and conversion of raw materials into finished products and ultimately, effectual distribution of the products to final consumers.
Entrepreneurs are therefore those who search and discover economic opportunities, marshal the financial and other resources necessary for the development of the opportunities, evaluate alternatives available in the environment and allocate resources to the most profitable ones as well as take the ultimate responsibility for the management and or successful execution of opportunities. An Entrepreneur is somewhat comfortable with taking and assuming risk which are impassioned with the dream being pursued. He or she knows where to get help, and when it is needed as well as being ever ready to receive changes in the business surrounding environment (Schumpeter, 1994).
Consequently, institutions of higher learning in Nigeria are expected to commence training high level manpower whose characteristics are usually obsessive, focused, articulate and resourceful. In this way graduates will turn out to be typically charismatic leaders and tend to be introspective the skills of job creation, wealth generation and innovative skill utilization.
Institutions of higher learning besides, empowering Nigerian youths towards wealth creation, employment generation poverty reduction and value re-orientation are a foremost cardinal point for strategic macro-economic framework. (Akinwumi 2005). This also reflects in the recent increase in the demand for educational programmes in entrepreneurship in the country's tertiary institutions, parastatals and non-governmental paradigms. If fully satisfied, this new vision and values would shine the spotlight on small medium scale business activities in Nigeria. Thus, increased higher education on entrepreneurial skills would create that perfect opportunity to stimulate economic growth. Higher institutions of learning are therefore to properly train individual youth who will have the right tools necessary to commence and grow successful business with reduced risk of failure. It is in the vein of activities that higher education contributes to human resources development in many ways. Investment in higher education therefore remains a key contributor in the nation's economic growth.
Higher Institutions in Nigeria have been saddled with the main responsibility of training both youths and nation's professional personnel such as managers, scientists, engineers and technicians who participate in the development adaptation diffusion of innovations in the country. The development of higher educates on in the country is correlated with economic development. However, matching the quality of the products of institutions of higher learning in the country at present with the country's higher educational laudable goals simply reveals that the Nigerian nation has not yet found her path on what was planned for it throughhigher education in terms of preparing the youths for entrepreneurship if is against this background that this study examines the extent to which higher education in Nigeria has really succeeded in preparing youths for entrepreneurship and world of work.
1.2 Statement of Research Problem
As the need and call for entrepreneurship increases day by day, the development of entrepreneurship has been stalled in the last few years. This is because of the problems affecting youth and limiting its development. Many Nigerian entrepreneurs face a lot of challenges. There are some major problem affecting youth and the development of entrepreneurship in Nigeria. There are thousands of Nigerians with wonderful ideas that could be turned into a real business. However, most of them lack the capital to push their ideas into reality. The lack of capital is the number one reason why the development of entrepreneurship has not improved over the years.
The second problem most Nigerian entrepreneur’s face is the lack of capital. Most people then try to turn to banks and other financial institution to secure loans to fund their idea or business. But getting a loan is very difficult and most times impossible for average Nigerians who are looking for funds to start up a business or who already have graduated. The reason for this is that the banks and financial institution feel it is a huge risk lending money to them. Financial institutions are not sure if young graduate that are willing to venture will be able to pay back the loan. The state of the Nigerian economy is also a major challenge for graduates in Nigeria. The state of a country and its economy plays a significant impact on the level of entrepreneurship in any country. The socio-economic problems and the unstable economy of Nigeria has killed a lot of mindset of graduates in the last couple years. This is the result of the mentality that was brought instilled in us in the last decades. This is how the colonial era influenced the mindset of many Nigerians. As mentioned, most people were taught to be in the labour force and not to be entrepreneurs. In Mubi Metropolis there are various problem facing by the young graduate over years. The issue of high level of unemployment have been a predicated concern of government. The problem of waiting for white colour job have also been a case over the year, couple with the fact of inadequate fund and availability of raw material and closeness to market and stable light have also contributed to the result of the poor knowledge on how to run a business. Most people don’t plan properly before they start their business. They don’t make researchers about the business, the market for the business, the cost of production, etc. Many do not even make a business plan. So, after they start a business, they get stuck and the business fails. Also, a lot of people start off the wrong path and eventually the business ends up failing. This research therefore, attempt to assess the impact of entrepreneurship education on graduated youth in Mubi metropolis.
It is worthwhile to re-emphasize here that entrepreneurs and the small business they create economic stimulators. Our country's economic growth hinges on our ability to create new jobs through entrepreneurship, and successful entrepreneurship, in turn, requires well-trained graduates from our institutions of higher learning who are aspiring entrepreneurs willing to take helm of venture creation. But the underpinning issue at this point still remains ascertain whether the quality of education offered at present by tertiary institutions in the country is the one assuming the genuine preparation of going graduates for entrepreneurship and not for job seeking. The above issue of concern is predicated on the apparent hues and cry of many schools (Tawan 2002; and Okoroma, 2006) about poor quality and falling standard of tertiary education in Nigeria, which is seriously incapacitating the system from producing the right type of graduates that suits the desired human capital needed for job creation and genuine economic growth and development in the country.
This study therefore attempts to examine the extent to which entrepreneur studies in Nigeria Polytechnic have prepared youths for entrepreneurship in reference to Federal Polytechnic, Mubi.
1.3 Objectives of the Study
The objective of this study is;
1.4 Research Questions
In order to successfully achieve the above objective the question below were raised to guide the study:
1.5 Scope/limitation of the Study
This study focuses on examining the impact of entrepreneur studies on Federal Polytechnic students. It aimed at determining the extent which Polytechnic graduate have influenced the development of the intellectual affectively and psychomotor skills of youths for entrepreneurship.
The study is limited to institutions of higher learning in Federal Polytechnic Mubi. A case study in Federal Polytechnic, Mubi, in Adamawa state. In the process of carrying out this research work, the researcher encountered a number of constraints. These include:
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