Education involve training of entire person to enable them not only to read, write and calculate or to be proficient in a given job but also to enable them to fit themselves for living in the society, therefore, it is the training of a person intellectually, morally and physically. It is also an instrument for social development or social reform through individual development, education is a companion, it chastens vice and it guide virtues.
Unarguably, education provides the means through which youths are informed in the aspects of living which are necessary for a happy and successful life. These aspects are the vocational and consumer aspect. Education is characterized with the following roles in the society: a. To develop social and individual efficiency. b. It aim at self fulfillment or realizations c. It prepare and train young people for the problems, tasks and leisure as they exist today and can be for seen tomorrow. d.
It develops the full potentialities of every child. e. It makes people critical and creative. NATURE OF ENTRPRENEURSHIP Different individuals view entrepreneurship in different way, Economist see it as an essential investment generating opportunities, sociologist as an instigator in modernization of societies, Psychologist see him as an entrepreneurial man and try to decipher him as a character of economic development and the political scientists consider him as a child of political system (Bard i and Bard I 2005).
Entrepreneur possesses the following features: 1. Innovation 2. Function of high achievement. 3. Organization building function. 4. Gap filling function. 5. Function of Managerial Skills and leadership. Who is an Entrepreneur? Entrepreneur is a person who undertakes an enterprise – acting as an intermediary between capital and labour. It is an individual who through a dint of work, grow a business from fruition to a lusty venture. An Entrepreneur must possess the following characteristics they are: 1.
Moderate risk taking. 2. Problem solver. 3. Goal setting. 4. Team builder and motivator 5. Communication skills. 6. Good Human relation. CLASSIFICATION OF ENTREPRENEUR. a. The Innovation Entrepreneur. b. The Initiative Entrepreneur. c. The Fabian Entrepreneur. d. The Drone Entrepreneur. DISTINCTION BETWEEN AN ENTREPRENEUR AND MANAGER It is a common fact that people mistakes Entrepreneur for professional manager, who is appointed by the organization and paid while an Entrepreneur is not a paid manager.
How be it, an entrepreneur is greatly motivated to start his new business and also manage it successfully, he is the investor and takes risks in the enterprise. He is an innovator and a manager and works for his satisfaction and he is happy to get positive results, an entrepreneur appoints a manager to carry out some of his functions, whereas the reverse is not true, an entrepreneur may also perform duties of manager in getting done his creative activities and satisfying need of achievement. CONCEPT OF ENTREPRENEURSHIP EDUCATION.
The United States Colorado educators, cited in Osuala (2004) defined Entrepreneurship Education as a programme or part of the education programme that prepares individual to undertake the information and operation of a small business enterprise, Entrepreneurship education involves a specialized training given to students of vocational business education to enable them acquire the skills, ideas and managerial abilities and capabilities for self employment rather than being employed, the aim of entrepreneurship education is to encourage and train the recipients to create self employment
opportunities for themselves through developing new businesses. In this direction, Entrepreneurship Education is the key agent in the development of human creative and innovative talents in business. OBJECTIVE OF ENTREPRENEURSHIP EDUCATION Here under are the objectives for entrepreneurship education; 1. Provide graduate with enough training that will make them to be creative. 2. Provide small and medium size companies with the opportunity to recruit graduates who will receive training in skills relevant to the management of small business. 3.
Provide the graduates with enough training in skills that will make them meet the manpower needs of the society. 4. Provide the graduates with enough training in risk management to make uncertain by bearing possible and easy. 5. Stimulate industrial and economic growth of rural and less developed areas. UNEMPLOYMENT AMONG GRADUATES * Unemployment is a state of joblessness or idleness of one with labour requirements, potentials, skills, attitudes and competencies (Bosah 1987). * It is a common phenomenon among graduate hence the need for entrepreneurship education, so as to reduce if not eradicated.
This is because; unemployment has caused much havoc in our society today ranging from mental health, health disease, crime and violence, suicide case and even poverty. * The word “Poverty” has been variously perceived by many scholars. It could be expressed as the inability to secure for oneself the basic necessities of life. Poverty is one of the most common characteristics of majority of Nigeria today. * Poverty can be reduced through the following strategies: a. Promoting opportunity. b. Facilitating Empowerment. c. Enhancing security.
* CONCEPT OF APPRENTICESHIP * Apprenticeship system can be conveniently defined as the learning of an art, trade or other callings by practical experience under the guidance of a master craft man. It involves strategy for acquiring occupational skills necessary for entrepreneurial development in our society. In Nigeria, Apprenticeship system is responsible for the production of most self employed artisans who have been playing significant role in keeping the country’s wheel of progress and economic activities on the move.
It has for a long time constituted the main source of skill acquisition and development in very many trades including clothing and textiles. Till date, this system remains one of the gateways to escaping the scourge of poverty and the frustration of unemployment among youths in our society. * Problems Associated With Apprenticement A. The system is highly restricted to a particular trade. B. Lack of Admission Regulation. C. Vagueness of objectives. D. Lack of uniformity. E. Lack of statutory supervisory body. * NATIONAL DIRECTORATE OF EMPLOYMENT (NDE).
* The National Directorate of Employment is an entrepreneurial training programme was established in 1986 and statutorily mandated by decree No 24 of 1989 to among others,; design and implement programmes to combat mass unemployment and articulate policies aimed at developing poverty work programmes with labour intensive potentials. The directorate is meant to tackle employment and poverty problems in both the short and the long term perspective by formulating and administering job creation as well as self employment related training programmess NDE (2000).
* To perform these statutory functions, the directorate launched four well articulated training and employment generation programmes in 1987, these include; a. Vocational training. b. Business training. c. Training for rural employment. d. Training for labour based work programme. * CONCEPT OF VOCATIONAL TECHNICAL EDUCATION * Vocational Technical Education is a comprehensive term referring to the educational process where it involves, in addition to general education, the study of technologies and related sciences and the acquisition of practical skills and knowledge relating to occupations in various sectors of economic and social life.
* The major occupation areas of vocational technical education are as follows: a. Vocational agriculture b. Vocational business and office occupation. c. Distributive education. d. Vocational home economics education. e. Technical education. * OBJECTIVES OF VOCATIONAL TECHNICAL EDUCATION a. To prepare the learner for entry in employment and advancement in his chosen career. b. To meet the Manpower needs of the society. c. To increase the options available to each student. d. To serve as a motivating force to enhance all types of learning. e.
To enable the recipients to wisely select a career. * CHALLENGES OF VOCATIONAL TECHNICAL EDUCATION IN NIGERIA * Vocational Technical Education in Nigeria today is challenged by numerous problems, they are: a. Reasonable number of private sector enterprises is not technically or skillfully driven. b. There is abject low level of attraction to technical and vocational education. c. Poor wage in vocational areas discourages individuals. d. Parents mostly encourage or have preference for courses that would enable their wards gain white collar jobs or graduation. e.
Equipment and Infrastructure are inadequate technical and vocational institutions and training centers. * REMEDIES TO THE CHALLENGES a. Improve the profile of education and vocational education in particular. b. Increase investment in technical and vocational education delivery system whether at the school, the specialized colleges and within the firm. c. Encourage private sector investment in in-service technical and vocational education. d. Governments, particularly at the latter stages of their engagement with the technical and vocational education focused on growing the economy. * CONCEPT OF DISTRIBUTION IN ENTRPRENEURSHIP.
* Entrepreneurs play a vital role in the channel of distribution both by action and by the virtue of their business activities. * Distribution functions provide viable entrepreneurial opportunities. The wholesalers, the retailers and business agents are altogether entrepreneurs by their respective business activities and operation. Distribution is an essential aspect of marketing and as such forms part of the inevitable activities in marketing, therefore having an effective channel of distribution is one of the surest strategies that could help entrepreneurs succeed or survive in their business.
* CHANNEL OF DISTRIBUTION * Channel of distribution defines the various openings and outlets through which entrepreneur’s products get into the hands of the final consumers that is without the channel of distribution, the product cannot reach the final consumer and this will affect the standard of living. * CHAIN OF DISTRIBUTION * Producer – wholesaler – retailer – consumer. * Functions of each of them in the chain of distribution; * The Producer: the producer is also known as the manufacturer, He manufactures the goods or product which is distributed to the consumer.
* The Wholesaler: He is a bulk purchaser that buys of the produce in large quantity and sell in to the retailer in small quantity or unit, His functions include: 1. Financing of production or Distribution. 2. Warehousing of Goods. 3. Channeling of Information. 4. Preparation of Goods for Sale. * The Retailer: He buys from the wholesaler in small unit and sell to the consumer in smaller unit; His functions include: 1. Stocking of a great variety of goods. 2. Provision of goods at accessible spots. 3. Information and guidance to the consumer. 4. Sharing of risks. 5. Financing of consumption.
* TYPES OF AGENTS * Agents is a middle man between the channel of distribution for a firm’s products, Included among the types are: 1. Universal Agent. 2. General Agent. 3. Special Agent. 4. Delcredere Agent. 5. Factors Agent. 6. Brokers. 7. Forwarding and clearing Agents. 8. The Auctioneer. * TERMINATION OF AGENCY CONTRACT * An agency contract can be terminated if the following happen: 1. Bankruptcy of either party. 2. Death of either party. 3. Insanity of the principal or the agent. 4. The Inception of war between the countries of the two parties. * THE SOLE ENTREPRENEURSHIP BUSINESS.
* These are business venture and organizations set up, owned and possibly managed by their owners, their start-up is as a result of the creative and Innovative ideas of the entrepreneur, which has been transformed or translated into an enterprise for the purposes of making profit. In most cases, this business is usually financed, managed, controlled and directed by one person usually the owner (entrepreneur). * FEATURES OF A SOLE ENTREPRENEURSHIP BUSINESS a. Profit maximization objective. b. Ownership is usually personal. c. Start-up capital is usually raised by the entrepreneur. d.
The sole entrepreneur bears all the risks of his business. e. The life span of the business depends on the choice of the entrepreneur as the enterprise can fold up at any time. f. Meager capital. * ADVANTAGES OF SOLE ENTREPRENEURSHIP BUSINESS a. It requires small capital for start-up. b. Quick decision making. c. It is easy to manage. d. There is high level of secrecy in running the business. e. The sole entrepreneur maintains close links with his customers, assistants or employees and thus can easily identify their needs. * DISADVANTAGES OF SOLE ENTREPRENEURSHIP BUSINESS a. The sole entrepreneur bears all the risks of his business.
b. The business suffers the problems of expansion due to limited fund or finance. c. The death of the owner may lead to the end of the business. * PARTNERSHIP ENTREPRENEUR BUSINESS * It is a type of business organization in which two or twenty partners agree legally to set up and manage a business ventures with the sole motive of making profits and losses together. * FEATURES OF PARTNERSHIP BUSINESS a. It is own jointly by partners b. Its main objective is for profit making. c. The start-up capital is usually raised by partners. d. The life span of the partnership arrangement depends on the agreement of the involved partners.
* ADVANTAGES OF PARTNERSHIP ENTREPRENEUR BUSINESS 1. It have more financial standing as members pool together to raise fund for the business. 2. The risk of business is jointly shared. 3. It has better prospect for management as members pool their managerial skills and abilities to run the business. 4. It also have better prospect for continuity and expansion. 5. High level of commitment and participation by all partners. * DISADVANTAGES OF PARTNERSHIP ENTREPRENEUR BUSINESS 1. There is the possibility that disagreement among partners can put the business to an end. 2.
Laxity in the operation of one partner can affect the entire operation thus leading to inefficiency. 3. Conflict of opinion or interest among partners can equally frustrate or undermine the management of the business. 4. The action of one reckless partner can pose much danger to the individual partners and the business itself. * PARTNERSHIP DEED * It is the rules and regulation governing the partners; who are in partnership, usually giving the details of arrangement on investment pattern, profit sharing ratio, role and responsibilities of each partner. DUTIES OF PARTNERS.
The rights and duties of partners are as follows: a. All partners must work hard with sincerity and honesty for common objectives of the company. b. One partner should not start the same business in the some other business name to avoid unhealthy competition. c. All payment receivable and payable should be done in the company name only and not in any individuals name. d. There should be accuracy and clarity of cash-flow on accounts. e. Both working and non-working category of partners should exchange information pertaining the business. DISSOLUTION OF PARTNERSHIP.
Since partnership is formed with an agreement, it can be also be dissolved with another agreement, the dissolution can be due to one or more of the following reasons, 1. At the expiration of the period of partnership. 2. Death or withdrawal one of the partners. 3. When there is a court or government order for dissolution. 4. Due to one or more partner misusing fund 5. In case of permanent incapacity, lunacy or grass misconduct of one or more partners. JOINT STOCK A Joint stock company is associations of individuals called shareholders, who join together for profit and shares that are transferable for carrying any business activity.
FEATURES OF JOINT STOCK 1. Distinct legal entity. 2. Liability of members. 3. Perpetual succession. 4. Separation of ownership. 5. Authority. PRIVATE LIMITED COMPANY These are company formed by the group of person who pool the fund with the aim of making profit. It is registered with registrar of joint stock companies. It is formed by minimum of 2 and maximum of 50 persons. There is no public allotment of shares and debentures. PUBLIC LIMITED COMPANY In this company, the minimum shareholders are 7 and no maximum limit of share holders, shares can be transferred to anybody.
A public limited company has to issue a prospectus to the public and allot shares within 180 days of the issue of prospectus, and annual general meeting has to be arranged to inform the performance aspects and financial details to be posted in advance to all the shareholders. CO-OPERATIVE ENTERPRISES Co-operative societies are started basically to avoid exploitations by middle men, it possess the following characteristics: 1. It has combined features of partnership, companies and Joint stock companies. 2. Cooperate members are shareholder and share the profit. 3.
All shareholders are equal and there is no concentration of wealth and power in few hands. 4. It is managed on minimum or no profits to help members get commodities at lesser than market rates. Examples of co0operative are: 1. Consumer co-operative society. 2. Farmer’s co-operative society. 3. Co-operative housing society. 4. Co-operative diary. 5. Co-operative banks. ADVANTAGES OF CO-OPERATIVES A. Common man is benefited by way of getting essential commodities at reasonable prices. B. Hoarding, black marketing is avoided. C. The cost advantages are shared by members. DISADVANTAGES OF CO-OPERATIVES A.
Though office bearers are elected, there could be possibility of non-involvement and hence inefficiency. B. Some members in high position may dictate the office bearers. C. Routine check and verification on quality is difficult due to some other occupation of office bearers. CONCEPT OF WOMEN ENTREPRENEUR Women have been identified as key agents sustainable development and the comprise half of human resources. Women Entrepreneurship is further defined as an enterprise owned and controlled by women having a minimum financial interest of 51% of the capital and giving at least 51% of employment generated in the enterprise of women.
Women entrepreneurship option includes: 1. Special bedspreads making. 2. Embroidery and apparel designs. 3. Catering services. 4. Hair dressing. 5. Photographic studio. CLASSIFICATION AND DESCRIPTION OF WOMEN ENTRPRENEURS A. Affluent Women Entrepreneur. B. Pull Factors Women Entrepreneurs. C. Rural Women Entrepreneurs. D. Self Employed Women Entrepreneurs. PROBLEMS OF WOMEN ENTREPRENEURS 1. In a male dominant society, women are sometimes discouraged because some men believe that it is big risk financing the ventures run by women. 2.
Financial Institution are skeptical about the entrepreneurial abilities of women. 3. Women’s family obligation also bar them becoming and developing nations. 4. Women give more emphasis to family ties and relationship. 5. Low level risk taking attitude. 6. HOW TO DEVELOP WOMEN ENTREPRENEURS 1. Encouraging women’s participation in decision-making. 2. Better educational facilities. 3. Counseling through the aid of committed NGO’s, Psychologist, managerial experts and technical personal. 4. Activities in which women are trained should focus on their marketability and profitability. 5.
Financial and expertise assistance should be given to women entrepreneurs. Youth Entrepreneurship Development Objectives of Youth Entrepreneurship Development 1. To develop entrepreneurship spirit among youths in the country. 2. To generate employment opportunities for youths. 3. To assist Nigerian graduates to secure means of lively hood in the absence of paid employment. 4. To redirect the wasting of energies of our youths to more productive venture. 5. To assist to reduce the crime rate and incidence of social vises like armed robbery, kidnapping, thuggery etc. among our youths.
Entrepreneurship Counseling Entrepreneurial counseling is quite a new area in the field of guidance and counseling; the youths in our society must be properly channeled, guided and assisted so as to imbibe a good life/ good conduct, a productive and rewarding economic life through micro-business start-up efforts. Entrepreneurial counseling services (a). Academic counseling services (b). vocational counseling services. (c). Occupational counseling. (d). Skill acquisition counseling. (e). Self employment counseling. Entrepreneurship and small scale business enterprises.
Sometimes, entrepreneurship development is perceived as synonymous with small scale business, conceptually, they are not the same. Entrepreneurship is related to small scale business only by structure relevance. For a graduate to become an entrepreneur, he or she must; 1) . Develop a specific entrepreneurial skill. 2) . Develop motivation skills. 3) . Develop business skills. 4) . Develop financial literacy skill. 5) Acquire computer and information technology skills. Lesson from Ghana In Ghana, the most entrepreneurs cease operation at mainly the micro level and less than 5% of large businesses are Ghanaian owed.
Another characteristic of Ghana entrepreneur situation is the alarming segment of entrepreneurs in the informal sector. The informal sector of Ghana is made up of about 90% of the working population (Baah and Achakoma, 2007). In Ghana about 48% represent the youth population which is from age 15-35 years of age. Like many African countries, Ghana’s population is fairly youthful (Baah, 2007). * Entrepreneurship in china used to be an oxymoron, but after the communist rose to power in 1949, China’s existing market economy was gradually transformed into a socialist economy. * *.