Entrepreneurship Development; A Panacea for the Unemployment crisis in Nigeria
by Stephen Isayinka (MICMC, AUSIP)
Concerns have been growing among Nigerians about the country’s high youth unemployment rate, and this has prompted calls for the government to do more to help its young people find gainful employment so they can take on the world’s greatest wealth creation challenges. During this time of economic downturn, the emergence of entrepreneurship education is a national concern.
However, high levels of unemployment have emerged in Nigeria as a result of political instability and inconsistencies in the socio-economic policies of successive governments. Entrepreneurship, which could have saved the day here, has been largely ignored. Creating a new cultural and productive environment that will promote pride in primitive work and selfdiscipline, encouraging people to take part actively and freely in decision making affecting their general welfare, and promoting new sets of attitudes and culture for the attainment of future challenges are all aspects of the philosophy of selfreliance that have been observed to be lacking in Nigeria. Poverty, unemployment, war, disease, and other hardships are just some of the issues that Nigeria, and other developing countries, must contend with. These circumstances necessitate the education and preparation of men and women who can contribute meaningfully to the society in which they live.
It is also clear that a lack of financial resources is a significant barrier to business development in the country. Illiteracy, a focus on theory and whitecollar work, and a lack of practical experience have also been highlighted as issues. In light of this situation, the goal of this article is to investigate methods for increasing access to and participation in entrepreneurship education among Nigeria’s youth labor force.
An entrepreneur is someone who has used their creativity and initiative to create a sustainable business where none existed before. One definition of an entrepreneur is someone who is able to spot profitable business opportunities, assess their viability, and then put together the resources and implement the strategies needed to realize those opportunities. Successful business owners are always on the lookout for new markets and brainstorming ways to efficiently supply those markets while turning a profit.
He is the type of person who actively seeks out and embraces new experiences, and who then turns those new experiences into profitable ventures. On the other hand, entrepreneurs use their schooling to launch businesses, negotiate deals, and take calculated risks in pursuit of financial gain. To further define entrepreneurship, we can say that it is the process of combining creative and innovative ideas with management and organizational skills to pool together people, money, and resources to fill a market niche and generate profit. Similarly, one could argue that learning how to be an entrepreneur involves coordinating the use of land, labor, and money to create something for sale to the general public.
The operational definition of entrepreneurship education, however, is the willingness and ability to acquire educational skills to explore and exploit investment opportunities, establish, and manage a successful business enterprise. The goal of entrepreneurship classes is to equip students with the understanding, competence, and drive necessary to be successful as entrepreneurs in a wide range of fields. Education about entrepreneurship can be found in a variety of forms.The key difference between management education and entrepreneurship education is that the former emphasizes seizing opportunities, while the latter emphasizes optimizing established structures. Both strategies seek to maximize profits, which can take the form of more or better services for the public or more or less responsiveness to their constituents in the case of government.
As a result, it is clear that entrepreneurship education is crucial for national development because it provides individuals with the tools they need to realize their full potential, increase their sense of independence, and raise the bar for their own education and living standards. It refocuses the current education system on supporting national development and offers training to members of the public and private sectors alike. It’s worth noting that in one economy, entrepreneurship is a major force. Most wealth and employment are generated by small businesses started by entrepreneurial individuals, many of whom go on to found large corporations. People who are exposed to entrepreneurship often report feeling more empowered, more confident, and more in charge of their own lives.
In conclusion, teaching unemployed young people business skills is important for any country’s economic growth. The research highlighted the importance of providing training for Nigerian youth in a variety of soft skills, such as creativity, innovation, communication, management, entrepreneurship, and record keeping. All young people, regardless of their interests or talents, should take part. It is also important for schools to incorporate lessons on entrepreneurship and creativity into their curricula for young students. Student entrepreneurial endeavors in Nigeria’s higher education system need to be better funded and supported in order to fan the flames of entrepreneurialism there. The government should foster an environment that is conducive to business development and encourages the participation of its citizens.
