FACTORS AFFECTING ENTREPRENEURIAL DEVELOPMENT

CHAPTER ONE

1.0   INTRODUCTION

• BACKGROUND OF THE STUDY

An entrepreneur is a person who starts a business, or Businesses, taking on financial risk in the hope of profit. (Mertl, 2014). Entrepreneurs on the other hand enjoy relatively more employment. The greatest advantage that the entrepreneur enjoys in the sense of ownership beside the pleasure of creating an enterprise and or running the same in the way he or she likes. Other advantages includes; self-expression, community service, growth, self employment, social relations, advertisement, security, legacy, independence, enjoy greater prestige and status in the society etc.

Entrepreneurial is considered as the act of creating the risk and the tasks of an entrepreneur. Authority while discussing small business and it is initiators explained this almost in the same way (Pfeffer and Fong 2004).

The term entrepreneur and entrepreneurship are inter-linked, one can think without the other. Entrepreneur and entrepreneurship are increasingly getting attention of many irrespective of their age and status. (Kirby 2004)

It should be noted that though most entrepreneurial business owners they can also be big business owners. This is because entrepreneurs unlike small business owners are innovative and when operating in an enabling business environment, can rapidly create a large amount of wealth while bearing very high risk. In-fact innovative is considered to be the strategy tool of entrepreneur this is one of the tool that enable them to gain strategic advantages over competitors (Quick MBA 2010).

Entrepreneurship is actually concerned with creating opportunities and meeting the needs of individuals. The high rate of rural, urban migration, poverty, gangsters, hooliganism, political, assassination and kidnapping in Nigeria are mostly caused by unemployment, poverty and lack of entrepreneurial skills. (Odah 2009)

However the curriculum of tertiary institution in Nigeria currently lack adequate entrepreneurial component to prepare graduates to acquire suitable skills that would enable them to explore and exploit business opportunities within their environment. Entrepreneurship as defined by Hwawkolo (2003) is the ability to set up and effect wily manages an enterprise as different from being employed in paid employment.

The Nigeria educational curriculum in the universities, polytechnics, colleges of education are not adequate to prepare graduates to be self-sufficient. It is true that about 70% of business failures within our environments are attributed to lack of entrepreneurial information. (Nwosu 2006).

Entrepreneurship is basically concerned with creating wealth and livelihood through production of goods and services. This result in a process of upward change whereby the real per-capital income of a country experiences sustained increase over time or in other words economic growth takes place. The generation of the business opportunities in any country is a direct function of entrepreneurial activities. This emanates from idea generation leading to wise and profitable combination of human material and financial resources towards the actualization of pre-determined goals (Ebiringa 2011).

According to Harper (2003) entrepreneurship is the main mechanism that creates wealth. Nigeria is rich in human resources with abundant tapped and untapped natural resources. According to Anyadike et al (2012) this human and natural resources notwithstanding, Nigeria is still one of the poorest country in the world and has one of the highest rates of youth unemployment in Nigeria. Entrepreneurship development therefore is considered a vital link to an overall economic growth of a nation through its positive impact on economic development especially at the grass roots (Barringer and Ireland 2012, Weirich et al 2008).

Entrepreneurship helps to create wealth and reduce unemployment, produce creativity and innovation and increase the total production of a country (Shane 2003).

Globally entrepreneurship skill acquisition programs introduced into educational institution were not meant to provide the level of education or knowledge needed to exploit entrepreneurial opportunity which could help the economic development of such countries (Emaikwu 2011, Shane 2003).

The study have shown that skill acquisition is the most critical factor in the utilization of entrepreneurship opportunity for self-employment (Ekpe et al 2012)

• STATEMENT OF THE PROBLEM.

Over the years, majority of the graduate from tertiary institution has always looked out for white collar jobs that are always difficult to come by these days but by developing their competency, such students could be gainfully employed and also be employer of labour. (Agomas 2006)

Job issue and income source are the challenges for life especially among school leavers. Since the capacity of the state is limited in relation to attracting and employing the people have called for the unemployment graduate to start their own business.

Entrepreneurship helps to reduce the rate of unemployment and increase resources efficiency and income level. Unemployment is one of the most disturbing problems facing federal, state governments and unemployment graduates.

Most Nigeria graduates and youth do not have access to entrepreneurship training and equipment due to the insufficient equipments and machines. The ugly situation has resulted in increased poverty level and crime rate. Based on these, this study seeks to assess the entrepreneurial competency needs of Agricultural students in Ilorin Metropolis

• RESEACH QUESTION.

1. What are the socio-economic characteristics of the respondents?
2. What are the sources of information of the respondents?
3. What are the entrepreneurial competency needs of the respondents?
4. What are the factors affecting entrepreneurial developments in Ilorin Metropolis.?
   • OBJECTIVE OF THE STUDY

The general objective of the study is the Assessment of Entrepreneurial Information Needs of Agricultural Students of Tertiary Institution in Ilorin metropolis.

THE SPECIFIC OBJECTIVES ARE TO:

1. Ascertain the socio-economic characteristics of the respondents.
2. Identify the sources of information.
3. Determine the Entrepreneurial competency needs of the respondents.
4. Identify the factors affecting entrepreneurial development
   • RESEARCH HYPOTHESIS

The following hypothesis will be tested.

 HO₁: There is no significant relationship between the socio-economic characteristics and their entrepreneurial competency needs.

HO₂: There is no significant relationship between entrepreneurial competency needs and the factors affecting the entrepreneurial development in Ilorin Metropolis.

• DEFININATION OF THE TERMS

1. Entrepreneurial: Someone who exercises initiative by organizing a venture to the benefit of an opportunity and as the decision maker, decides what, how and how much of a good or resources will be produced.
2. Competency: The ability to do something well.
3. Need: To require something because they are essential or very important.
4. Agricultural STUDENTS: Final year students of Agriculture in university of Ilorin and Kwara State Polytechnic Ilorin.

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