ENTREPRENEURSHIP DEVELOPMENT AS A TOOL FOR WEALTH CREATION (A STUDY OF FINAL YEAR BUSINESS ADMINISTRATION STUDENTS IN DISTANCE LEARNING INSTITUTE, UNILAG)

ABSTRACT

This study aims at looking into entrepreneurship development as a tool for wealth creation, which will serve as a panacea to some social economic problems. Survey research design was used for the study. The population is made up of entire final year students of Distance Learning Institute (DLI). The questionnaires were issued to one hundred and ten (110) respondents which formed the sample used.  The sample was drawn using simple random sampling technique. Data were analyzed using frequency tables and percentage method while formulated hypotheses were tested using Chi-square (χ²) based on 0.05 probability level of significance.

It was revealed that the performance level of the Distance Learning Institute, Business Administration final year students in entrepreneurship development is drastically low resulting from lack of infrastructure and other deficiencies in providing the necessary impetus for development. It also finds out that same problems keep escalating despite various efforts by the government to review policies and programmes in the past. The uniqueness of this study is providing entrepreneurship development framework as an explanation of what and how it should be rather than what it is. It also challenges policy makers on the need to refocus their policies in problem solving rather than maintaining the status quo.

TABLE OF CONTENTS

                                                                                                          Pages

Title page                                                                                         i

Certification                                                                                    ii

Dedication                                                                                       iii

Acknowledgement                                                                          iv

Abstract                                                                                           v

Table of content                                                                              vi

Chapter One:    Introduction

1.1    Background to the Study                                                     1

1.2    Statement of the Problem                                                     2

1.3    Objectives of the Study                                                        3

1.4    Research Question                                                                4

1.5    Research Hypotheses                                                            4

1.6    Significance of the Study                                                     5

1.7    Scope of the Study                                                                5

1.8    Definition of Terms                                                              6

Chapter Two:  Literature Review

2.1    Entrepreneurship as a Concept                                            8

2.2    The Concept of Entrepreneurship, Entrepreneur

and Entrepreneurship Development                                    9

2.2.1 Attributes of an Entrepreneur                                             12

2.2.2 Functions of an Entrepreneur                                              16

2.2.3 Factors That Necessitates Entrepreneurship                       24

2.3    Entrepreneurship and Education in Nigeria                       28

2.3.1 Constraints of Entrepreneurship in Nigeria                        30

2.4    Requisite Creativity and Problem Solving Skills             

For Entrepreneurship                                                            31

2.5    Sources of Funds for an Entrepreneur                                37

2.6    Entrepreneurship and National Development                    43

2.7    Entrepreneurship and Wealth Creation                               45

2.8    Challenges of Entrepreneurship in Nigeria                         48

2.9    Conclusions                                                                           49

Chapter Three: Research Method

3.1    Research Design                                                                    50

3.2    Area of Study                                                                        50

3.3    Population and Sample of a Study                                      50

3.4    Sampling Procedure                                                              50

3.5    Method of Data Collection                                                  51

3.6    Coding Procedure                                                                 51

3.6    Research Instrument                                                             51

3.6.1 Questionnaire                                                                        52

3.7    Validation of Instrument                                                      52

3.8    Method of Data Analysis                                                     52

Chapter Four:  Data Analysis and Results

4.1    Analysis of Respondent’s Responses                                  61

4.2    Analysis of Respondent’s Bio-data                                     61

4.3    Analysis of Responses to Research Questions                   65

4.4    testing of Hypothesis                                                            74

Chapter Five:    Summary, Conclusion and Recommendation

5.1    Summary of Findings                                                           80

5.2    Conclusion                                                                            81

5.3    Recommendations                                                                 84

5.4    Suggestion for Further Studies                                            85

          References                                                                              86

          Appendix 1                                                                            87

          Questionnaire                                                                       

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

Entrepreneurship development by way of education has been receiving attention globally. Several attempt have been made through researches, mounting of entrepreneurship courses, programmes in both institutions of learning and entrepreneurship research centers for the purpose of developing both entrepreneurship spirit and culture (Akpomi 2009; Adejimola and Olufunmilayo 2009; Dickson 2008).

As expressed by Kalirajan and Singh (2009) and MDG Report (2007), entrepreneurship drive entails intensified effort to mobilize and enhance entrepreneurial activity which will consequently benefit individuals, government, and the society at large. The issue of poverty eradication has been a top priority of many government and institutions especially in developing countries where extreme poverty is conspicuous and became pandemic.

To this end, Ewhrudjakpor (2008) asserted that poverty and unemployment are among the major developmental problems that face every developing economy in the 21st century. In Nigeria today, the increasing rate of poverty, unemployment, corruption and so many other social problems has become worrisome to the government and to every well meaning citizen. Therefore, the need for apparent change is very desirable and necessary for the country to move forward and to meet up with the global challenges. The integration of economies through globalization process any government or state that hesitates or vacillates on whether to imbibe the culture of change will certainly remain stagnant or create standstill not only at the detriment of its country but to the larger global community.

It is one thing to indulge in entrepreneurship and it is another thing to create wealth. Wealth creation from entrepreneurship entails proper coordination, strategy and implementation of appropriate policy. Other factors include infrastructures, awareness and education. It is pertinent to note that education can be a means to an end. It can simply be a tool for securing employment and emancipation of people through the provision and acquiring of necessary knowledge and skills to make lives more flourishing (Akingbola, 2008).

The rest of this study would investigate the need and importance of entrepreneurship development on wealth creation.

     1.2   STATEMENT OF THE PROBLEMS

     The problem of this study includes:

·        Poor perception of entrepreneurship amongst students;

·        Inability to appropriately classify the characteristics and functions of an entrepreneur;

·        Constraints against effective wealth creation from entrepreneurial drive of students owing to some militating factors;

·        Poor implementation of government policies on entrepreneurship;

·        Business environments that is not conducive for entrepreneurship.

1.3  OBJECTIVES OF THE STUDY

In the light of the above problem, it is therefore pertinent to offer some intension geared towards redressing and enhancing entrepreneurship development; as a tool for wealth creation. The following would therefore serve as specific objectives of the study:

·        To examine how students perceive the characteristics and function of entrepreneurship.

·        To investigate the factors militating against effective wealth creation and entrepreneurial activities with emphasis on government policies.  

1.4    RESEARCH QUESTIONS

·        How is entrepreneurship perceived amongst students? 

·        What are the characteristics and functions of an entrepreneur?

·        What are the factors militating against effective wealth creation from entrepreneurial drive of students?

·        To what extent are government’s policies on entrepreneurship implemented to the letter?

·        Are there conducive environment for entrepreneurship?

1.5   RESEARCH HYPOTHESES

Hypothesis I

Ho: There is no significant relationship between entrepreneurship development and efficiency of infrastructure.

HI: There is a significant relationship between entrepreneurship development and efficiency of infrastructure.

Hypothesis II

Ho: There is no significant relationship between entrepreneurial drive of students and wealth creation.

HI: There is a significant relationship between entrepreneurial drive of students and wealth creation.

1.6   SIGNIFICANCE OF THE STUDY

Taking into cognizance the rate of poverty occasioned by the rate of unemployment, high level of illiteracy, corruption and poor infrastructures, the study will have the following significance:

The study presents sufficient challenges to academic to increase their research interest in the field of knowledge.

The study will help in revealing the various constraints in entrepreneurship development and on how best to work and apply worked out strategies to better the state of the Nigerian youths to a more befitting and admirable condition.

The study will aim at enabling the government to prioritize and review the standard for guiding against the impact of poverty, unemployment, high level of illiteracy, corruption and bad governance amongst the Nigerian youths.

1.7 SCOPE OF THE STUDY

The research study is focused on entrepreneurship development as a tool for wealth creation. The study is limited to final year students of the Faculty of Business Administration, Distance Learning Institute (DLI), University of Lagos.  

1.8 DEFINITION OF TERMS

Unemployment: This occurs when people are without a job and has actively looked for work for a long time and finds it impossible to get one.

Entrepreneur: This is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome

Wealth:             This is the abundance of valuable resources or material possessions or the control of such assets.

Wealth creation: It is the combination of materials, labour, land, and technology in such a way as to capture a profit (excess above the cost of production).

Creativity:         This refers to the phenomenon whereby something new is created which has some kind of value.

Infrastructure: The technical structures that support entrepreneurship and wealth creation, such as roads, water supply, sewers, power grids, telecommunications, and so forth.

Poverty:             This is the lack of basic human needs, such as clean water, nutrition, health care, education, clothing and shelter, because of the inability to afford them

Gross Domestic Product (GDP): A measure of a country's overall economic output. It is the market value of all final goods and services made within the borders of a country in a year.

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