Challenges of Implementing Entrepreneurship Education in Nigeria

Entrepreneurship education leads to acquisition of practical and applied skills and basic scientific knowledge but there are some challenges in implementing entrepreneurship in Nigeria.

-      Insufficient funding

-      Insufficient periods for practical

-      Inadequate laboratory facilities

-      Lack of manpower

-      Unfavourable public attitudes

-      Poor attitude towards practical work

1.  Insufficient Funding: Adequate amount of funding is not provided for the effective teaching of entrepreneurship education. Olaitan (2001) noted that inadequate funding is a major challenge which can limit the level of participation of students and education of students and educators in practical work.

2.  Insufficient Periods for Practical: For students to acquire skill acquisition programme, adequate amount of time should be allocated for practical. Olaitan (2001) argues that students will definitely not have adequate opportunity to cover ground in the departmental practical courses but good amount of time should be allocated.

3.  Inadequate Laboratory Facilities:Okoro (1983) stresses that students have to work in well-equipped laboratories for learning to take place in any skill-oriented subject and for maximum output in practical work.

4.  Lack of Manpower:Entrepreneurship education is faced with challenges of inadequate manpower to effectively implement the programme this is because some of the educators and instructors are ‘half-baked’ and cannot give what they do not have.

5.  Unfavourable Public Attitudes:The attitudes of the public towards entrepreneurship education has deprived the course from receiving proper attention that can be led to successful implementation of entrepreneurship.

6.  Poor Attitude towards Practical Work: Lack of proper knowledge of the occupational benefits of entrepreneurship education at N.C.E. level and the general believe of the expensive nature of the course can result in lack of interest and low level participation of students in practical work.

Prospects of Entrepreneurship Education in Nigeria

        There are challenges of identifying the various groups of entrepreneurs that require entrepreneurial knowledge, attitudes and skills and there after provide them with appropriate entrepreneurship education through the various vocational educational programmes. Barker (1980) identified various groups of people who need entrepreneurship education. These include future entrepreneurs, potential entrepreneurs, existing entrepreneurs, and growth oriented entrepreneurs. These are challenges of funding entrepreneurship education programmes in our school systems. Finance plays a major role in the entrepreneurship education programme. Successful but there is diversion of funds to other purpose. Much of the skills and experience acquired as a result of training in vocational education could be used to start entrepreneurship concerns needed in the country. Some entrepreneurial offshoots from the business education dimension of vocational technical education including a typing, duplicating and photostating facility centre, business consultancy, a graduate from the technical education section could be self-employed in areas like wood work, carpentry and furniture making. Therefore, the issue of capital, choice of concern and location of an enterprise unit should be a major concern in entrepreneurship. Hence, entrepreneurship education is a tool with possibilities of nation building.

Factors that Influence Entrepreneurial Success or Failure

A variety of factors influence entrepreneurial success or failure. Mare (1996) identified both external and internal factors that play a role in business success. The external factors include the economic climate, the social and socio-economic environment, politico-legal aspects as well as the international climate. Internal factors are those aspects within the immediate environment of the enterprise,

which concern entrepreneurs and include experience, managerial skills, business philosophy and planning ability. Prospective entrepreneurs will constantly have to take note of both the external and internal factors to plan and maintain entrepreneurial success.

        The entrepreneur generally has no control over external factors and can in most cases only take limited precautions to restrict negative influences. It is however very important to take cognizance of these factors to establish whether the climate is conducive for entrepreneurial activity. Entrepreneurs find the limited control they have over external factors frustrating because it is in direct opposition to their need to be in control. In terms of the economic climate, a free market system is generally considered as a prerequisite for a favourable climate but however does not guarantee either economic growth or successful entrepreneurship. Furthermore, an economic recession, high inflation rates and a strict long term monetary policy can be detrimental to the advancement of entrepreneurship. In addition the influence of high standards, legal restrictions and bureaucracy can also hamper economic development and suppress entrepreneurial initiative.

        The demographic environment, in which the entrepreneur resides, has a great influence on the nature of the enterprise that can be considered. The available consumable income of the community also plays an important role in determining the viability of an enterprise. Furthermore, cultural and ethnic differences should also be taken into account when planning entrepreneurial activity. It can thus be concluded that it is important to evaluate the socio-economic standards and needs of the community to establish the feasibility of a proposed business enterprise. Furthermore, prompt action and the ability to adapt to the changing needs and circumstances of the community are important in ensuring entrepreneurial success.

        It is also important for entrepreneurs to be accustomed with legislation and they should be at least be conversant on the basic understanding of the laws that affect the business. This would ensure that entrepreneurs do not engage in illegal activities.

The Importance of Entrepreneurship

Entrepreneurship has a tremendously positive impact on the economy and on society. They describe the importance of entrepreneurship in terms of its impact on the economy on society and on larger firms. With regard to economic impact three reasons have been identified with entrepreneurial behaviour has a strong impact on an economy’s strength and stability. The reasons include innovation,

job creation and globalization. Innovation is the process of creating something new, which will either solve a problem or satisfy a need in a new cost-effective way. Many innovations help individuals and businesses work more smoothly and efficiently and this enhances performance and business returns. Enhanced performance and returns will in turn positively impact on Gross Domestic Product (GDP) and economic growth.

        The growth in smaller entrepreneurial firms enhances job creation as young people generally obtain their first job with a small firm. Furthermore, the development of small and medium sized businesses that create products that can be exported enhances globalization. In addition increased exports will affect the balance of payment of countries favourably. The innovations of entrepreneurial firms also have a dramatic impact on society as a whole. New products and services enhance the standard of living as well as the productivity in workplaces. In addition to the impact that entrepreneurial firms have on the economy and society they also have a positive impact on the effectiveness of larger firms. This is because many entrepreneurial firms have built their entire business around producing products and services that help larger firms be more efficient and effective.

        Mare (1996) summarized the importance of entrepreneurship in the following four advantages:

1.  Advancement of economic prosperity;

2.  Combating unemployment;

3.  Improved future perspectives; and

4.  The advancement of own initiatives.

The establishment of new ventures through entrepreneurship fuels economic prosperity and leads to job creation that will combat unemployment. In addition the prospect of establishing a new venture provides alternatives to job seeking individuals and could enhance creativity and innovations through the advancement of their own initiatives

Characteristics of Successful Entrepreneurs

Entrepreneurs are the economic heroes of modern society. Collectively their drive, energy and perseverance have produced high growth ventures with disproportionate impact on the economy.

An analysis of the characteristics of successful entrepreneurs confirmed that these entrepreneurs have much in common but they also differ widely. Thus, there is no universal set of characteristics distinguishing entrepreneurs from other human beings. Furthermore, there is no single set of attitudes and behaviours that every entrepreneur must have for every venture opportunity. What is required in each situation depends on the mix of key players and how promising and forgiving the opportunity is given the founder’s strength and shortcomings.

        Despite inherent differences there is consensus that successful entrepreneurs share a constellation of personality traits. Burch (1986) identified nine of the most salient personality traits of an entrepreneur. He describes an entrepreneur:

-      Someone with a drive to achieve;

-      Someone who is hardworking and has nurturing qualities. The person should be willing to accept responsibility.

-      Be optimistic; and

-      Must be a good organizer. Furthermore the entrepreneur must be reward, money and excellence oriented.