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importance of entrepreneurship education in nigeria

Updated on November 26, 2009
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the importance of entrepreneurship education to nigerian society

Importance of Entrepreneurship Education

Entrepreneurship is a key driver of our economy. Wealth and a high majority of jobs are created by small businesses started by entrepreneurially minded individuals, many of whom go on to create big businesses. People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms, higher self esteem, and an overall greater sense of control over their own lives. As a result, many experienced business people political leaders, economists, and educators believe that fostering a robust entrepreneurial culture will maximize individual and collective economic and social success on a local, national, and global scale. It is with this in mind that the National Standards for Entrepreneurship Education were developed: to prepare youth and adults to succeed in an entrepreneurial economy.

Entrepreneurship education is a lifelong learning process, starting as early as elementary school and progressing through all levels of education, including adult education. The Standards and their supporting Performance Indicators are a framework for teachers to use in building appropriate objectives, learning activities, and assessments for their target audience. Using this framework, students will have: progressively more challenging educational activities; experiences that will enable them to develop the insight needed to discover and create entrepreneurial opportunities; and the expertise to successfully start and manage their own businesses to take advantage of these opportunities.

The importance of entrepreneurship to any economy is like that of entrepreneurship in any community. Entrepreneurial activity and the resultant financial gain are always of benefit to a country. If you have entrepreneurial skills then you will recognise a genuine opportunity when you come across one. WSI has franchise opportunities available globally for the all-inclusive fee of $49,700. The company, who has been awarded the accolade of being rated the Number 1 Internet Consultancy business for six consecutive years, has franchisees operating in 87 countries worldwide. Because a WSI consulting business

          Entrepreneurship Education focuses on developing understanding and capacity for pursuit, of entrepreneurial behaviours, skills and attributes in widely different contexts. It can be portrayed as open to all and not exclusively the domain of the high-flying growth-seeking business person. The propensity to behave entrepreneurially is not exclusive to certain individuals. Different individuals will have a different mix of capabilities for demonstrating and acquiring entrepreneurial behaviours, skills and attributes. These behaviours can be practiced, developed and learned; hence it is important to expose all students to entrepreneurship education

          Entrepreneurial skills and attitudes provide benefits to society, even beyond their application to

business activity. Obviously speaking, personal qualities that are relevant to entrepreneurship, such as

creativity and a spirit of initiative, can be useful to everyone, in their working responsibilities and in

their daily existence. Also the relevant technical and business skills need to be provided to those who

choose to be self-employed and/or to start their own venture – or might do so in the futu

          Entrepreneurship should be taught to students in all disciplines in the institution. It is not out of

place to say that many business ideas emerge from non-business disciplines but are often waved aside

or ignored because students are not sufficiently educated in the knowledge and skills required.

The economic perspective on entrepreneurship

The economic importance of the entrepreneur in world history has been recognized for several decades. Weber (1930) put forward the thesis that the protestant ethic is spirit of capitalism (Green 1959). Other writers have discussed, from different perspectives, the importance of entrepreneurship to different countries in the postindustrial era. Recently, some development economists have said that the expansion of high-grade personnel (such as entrepreneurs), rather than the increase of physical capital, is the major determinant of economic development. Schumpeter (1947), who was, perhaps, the first major economist to analyze the role of entrepreneurship in economic development, attributed innovation to the entrepreneur. He argued that "to study the entrepreneur is to study the central figure in modern economic history."

In the theory of distribution put forward by Say (1824), a neoclassical economist, the entrepreneur plays a crucial role, though he or she is not a production factor. Unlike the capitalist, the entrepreneur directs the application of acquired knowledge to the production of goods for human consumption. Say postulated that, to be successful, the entrepreneur should be able to estimate future demand, determine the appropriate quantity and timing of inputs, calculate probable production costs and selling prices, and have the arts of superintending and administration. As this combination is not common, the number of successful entrepreneurs is limited, especially in industry.

For Schumpeter (1947), as mentioned earlier, the entrepreneur is the centre of an integrated model of economic development, incorporating a theory of profit and interest, as well as a theory of the business cycle and the capitalist system. The entrepreneur is an innovator, one who carries a combination of the following: the introduction of a new product; the opening of a new market; the conquest of new sources of materials; and the organization of new industry.



Akeredolu-Ale, E.O. (1975). The underdevelopment of indigenous entrepreneurs in Nigeria.

Ibadan: University Press.


Akpomi, M.E. (2008). Developing Entrepreneurship Education Programme (EEP) for Higher

Education Institutions (HEIs) in Nigeria. Post-doctoral research project carried out at the

University of Reading, Reading UK.


Curran, J & Stanworth, J. (1989). Education and training for enterprise – some problems of

classification, education and policy research. International Small Business Journal., Vol 7 (2)


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    • profile image

      Ogunbadenusi swot@. 

      2 years ago

      Educating and useful

    • profile image

      auwal muhd lawan 

      4 years ago

      thanks 4 ur spiritual exception Google

    • profile image

      Sharp One 

      4 years ago

      Article so helpfull.

    • profile image


      6 years ago

      we need know much about entreprenuership for the development of my country.

    • profile image


      7 years ago

      thro' reading those notes i hv found my answer to my exam revision question.thax and keep it up i appreciate your concern about my studies.

    • profile image


      7 years ago

      thanks,my assignment z done

    • profile image

      Ishmel Al-joswe 

      7 years ago

      I like bcos of innovation and it creativity

    • profile image

      Vitalis absu 

      7 years ago

      This enlightenment paves way for greater insight among proative and determined individuals especially 'graduates'

    • profile image

      Man-messi 4rm abiapoly 

      7 years ago

      I love that,u make me fill good at google.keep it up.

    • profile image

      Comrade Obanla Fm 

      7 years ago

      "Entrepreneurship", a creative establishment for proactive & skilly individuals

    • profile image


      7 years ago

      I need a job

    • profile image

      Gbor Spy 

      7 years ago

      Thanks. These information are useful for my project topic

    • profile image

      ndubueze oge 

      7 years ago

      such an educative topic and researchable

    • profile image


      8 years ago

      i love to be self made millionaire thanks for the needed tools given in your web to become an entrepreneur

    • profile image

      Kunat m. 

      8 years ago

      Tanx 4 makn us feel gud wit google

    • profile image

      Sonia Simeon 

      8 years ago

      Nice to read and i love that

    • profile image


      8 years ago

      very very useful

    • profile image


      9 years ago

      This is oa nice one,Find out how to test your entrepreneurship skill at


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