Thesis Abstract

Abstract
This research project explores the relationship between higher institutions in Nigeria and the preparation of students for small-scale business ventures. The study aims to investigate how higher education institutions in Nigeria are preparing students for entrepreneurship and small business ownership. The research will focus on identifying the factors within higher institutions that correlate with students' readiness and ability to engage in small-scale business activities upon graduation. The research will employ a mixed-methods approach, including surveys, interviews, and document analysis, to gather data from students, faculty members, and administrators in selected higher institutions across Nigeria. The study will investigate the presence of entrepreneurship courses, business development programs, mentorship opportunities, and practical training within higher institutions. Additionally, the research will explore the extent to which these initiatives are integrated into the curriculum and extracurricular activities of students. By examining the current landscape of entrepreneurship education in higher institutions in Nigeria, this research aims to provide insights into the effectiveness of existing programs and identify areas for improvement. The findings of this study can inform policymakers, educators, and stakeholders in higher education about the importance of fostering an entrepreneurial mindset among students and equipping them with the necessary skills and knowledge to succeed in small-scale business ventures. The results of this research may have implications for curriculum development, faculty training, and institutional policies aimed at promoting entrepreneurship education in higher institutions. By understanding the factors that contribute to students' readiness for small-scale business ownership, higher institutions in Nigeria can better support aspiring entrepreneurs and contribute to the growth of the entrepreneurial ecosystem in the country. Overall, this research project seeks to contribute to the existing literature on entrepreneurship education in higher institutions and provide practical recommendations for enhancing students' preparation for small-scale business ventures in Nigeria. By bridging the gap between academia and the business world, this study aims to empower students to pursue entrepreneurial opportunities and contribute to economic development and job creation in the country.

Thesis Overview

INTRODUCTION

Background to the Study

Higher education, as defined by National Policy on Education (2013) 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-reliant 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.

Higher institution in Nigeria have been saddled with the main responsibility of training both youths and the nation’s professional personnel such as managers, scientists, engineers and technicians who participate in the development, adaptation and diffusion of innovations in the country. The development of higher education 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 through higher education in terms of preparing the youths for small scale business. It is against this background that this study examines the extent to which higher education in Nigeria has really succeeded in preparing youths for small scale business and the world of work.

On the other hand, Schumpeter (1994) defines small scale business as the ability to perceive and undertake business opportunities, taking advantage of scarce resource utilization. In simplest form, small scale business is the willingness and the ability to seek out investment opportunities and to run an enterprise for profit. In this later sense, small scale business 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 contributions 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 risks 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 typically charismatic leaders, and tend to be introspective in the skills of job creation, wealth generation and innovative skill utilization.

Besides, empowering Nigerian youths towards wealth creation, employment generation, poverty reduction and value re-orientation (NEEDS, 2005) is a foremost cardinal point for strategic macro-economic framework. This also reflects in the recent increase in the demand for educational programmes in small scale business 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 youths who will have the right tools necessary to commence and grow successful businesses with reduced risk of failure. It is in this vain of activities that higher education contributes to human resource development in many ways. Investment in higher education therefore remains a key contributor to the nation’s economic growth.

Purpose of Study

The aim of this study includes the following:

• To examine the extent to which university education influences the development of students’ intellectual skill for small scale business;
• To ascertain whether university education influences the development of students’ affective skill for small scale business; and
• To determine the extent to which university education influences the development of students’ psychomotor skill for small scale business.

Research Questions

In order to successfully achieve the above objectives, the questions below were raised to guide the study.

• Has university education been influential to the development of students’ intellectual skill for small scale business?
• How relevant is university education to the development of students’ affective skill for small scale business?
• To what extent has university education been influential to the development of students’ psychomotor skill for small scale business?

Statement of Problem

It is worthwhile to re-emphasize here that entrepreneurs and the small businesses they create are economic stimulators. Our country’s economic growth hinges on our ability to create new jobs through small scale business, and successful small scale business, in turn, requires well-trained graduates from our institutions of higher learning who are aspiring entrepreneurs willing to take the helm of venture creation. But the underpinning issue at this point still remains ascertaining whether the quality of education offered at present by tertiary institutions in the country is the one assuring the genuine preparation of young graduates for small scale business and not for job seeking. The above issue of concern is predicated on the apparent hues and cry of many scholars (Tawari, 2002; and Okoroma, 2006) about the 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 higher education in Nigeria has prepared the youths for small scale business.

Research Hypotheses

The hypotheses below were stated for the study.

• University education has not significantly influenced the development of students’ intellectual skill for small scale business.
• University education has not significantly influenced the development of students’ affective skill for small scale business.
• University education has not significantly influenced the development of students’ psychomotor skill for small scale business.

Significance of the Study

• This study is significant for providing relevant information on the need to improve on higher education towards proper preparation of undergraduates for the world of work.
• It will also be a sensitization document to undergraduates and anybody who accesses it on the paramount importance of going for small scale business skills development education programmes to acquire relevant skills that will enable one survive in a depressed economy.
• The results of the study are also meant to create a high level of awareness among prospective graduates on the relevance of small scale business education.
• The study is also significant for articulating the need for education planners and Nigerian tertiary institutions’ authorities (private and public) to direct effort at inculcating courses for small scale business development skills into tertiary institutions’ curricula and programmes.

Scope of the Study

This study focused on examining higher education in Nigeria as correlates of youth preparation for small scale business. It was limited to determining the extent to which Nigerian higher education programmes have influenced the development of the intellectual, affective and psychomotor skills of youths for small scale business. The study was limited to institutions of higher learning in Lagos State. Besides, only two hundred students sampled from these institutions were involved in the study.

Definition of Terms

The terms below were operationally defined relative to their usage in the study.

Entrepreneur: This is a motivated person who seeks profits by undertaking such risky activities as starting new businesses, creating new products, or inventing new ways of accomplishing tasks.

Small scale business: This is the creative ability or skills of individuals to seek profits by taking risks and combining resources to produce innovative products.

University Education: This is the education given after secondary education in universities, including those institutions in the universities offering graduate and post graduate correspondence courses.

REFERENCES

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Bamidele, D (1999) The fate of Nigerian Universities in Nigeria Tribune April, 1010.

Fabiyi, A.I & Adetoro, J.A (2006) Relevance of University Education: Filling the gap in Small scale business Education. Nigerian Journal of educational administration and Planning, Vol.6, No.2 pg. 31-42

Federal Government of Nigeria (2004), National Policy on Education Lagos, Federal Government.

Nwagwu, R.E. (2000). Bridging the gap between education and the world of work in Nigeria. In Emergent Issues in Nigerian Education. (eds.) Aloy Ejiogu and R.A Alani. 114-127.

Nwana, O.C (1979) Three Dimensional Approach to Achievement West African Journal of Education and Vocational Development. (1), 1.

Ocho, L.O (2005), Issues and Concerns in Education system, Issues and Problems, Guardian, Wednesday, March 22, page 8.

Ramson, S. (1994). Towards the learning Society, London: Cassel.