- Business and Employment
importance of entrepreneurship education in nigeria
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.
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