Social economic factors influencing the involvement in entrepreneurship among students in higher institutions: a study of selected higher institutions in Lagos, Nigeria (University of Lagos and Yaba College of Technology)
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The concept of entrepreneurship entails the creation of value with risk beyond what is usually faced in starting an organization which may involve other values than simply economic ones (Abubakar, 2010).Olatunji and Ejalonibu (2014) posited that entrepreneurs are hardworking enthusiasts that are committed to a course and can persevere; while others view a cup from the standpoint of being half empty, they see it as being half full.
Despite the fact that there does not exist any uniform term in defining an entrepreneur, various authors, writers and researchers have sought to explain it in a variety of ways. Osalor (2013) defined entrepreneurship as an individual that personally carries the burden of executing a business through buying the raw materials needed for a product and then subsequently selling it at his own fixed price."According to Kagbu (2018), an entrepreneur is a someone that creates new ideas, develops businesses from theseincubated ideas, which in turn addsmore value to the community at large. In the words of Bornstein and Davis (2010), entrepreneur conduct represents a type of individual prepared to lose his or her career and financial stability in the name of an idea, investing a significant amount of time and resources in an uncertain enterprise
.Entrepreneurship still remains the most effective technique for boosting economic of a nation and generating employments (Barringer and Ireland, 2010).
According to Agu (2010), less developed countries may possess more untapped entrepreneurial prospects than industrialized countries,which is the reason why many undergraduate students are entrepreneurial inclined. Furthermore, due to the increasing rate of unemployment in developing nations like Nigeria, students of in higher institutions study for many years but find it difficult to obtaininggainful employmentupon graduation (Akpor-Robaro, 2012). As a result of this aforementioned difficulty, many undergraduates have become involved in entrepreneurial activities as a means of preparing for life after school. According to Abubakar (2010), entrepreneurship revolves around producinga livelihood and prosperity via the production of commodities and services.
Entrepreneurship involves practical method which has assisted mostunderdeveloped Nations in overcoming their unemployment problems. On the one hand, the rising rate of graduate unemployment and the efforts to find a lasting solution to issue of unemployed graduates, as well as the need to advance to an economy that encourages competition that is market based necessitated the level of priority given to entrepreneurship (Ihugba, Odii and Njoku, 2013).
Today, entrepreneurship is believed to be a mental activity and process (Brown and Wyatt, 2015) which is extremely complicated, involving socioeconomic factors (Forster and Grichnik, 2013).
In addition, there are several social factors influencing the participation of students of higher institutions in entrepreneurship which this study seeks to investigate.
1.2 Statement of the Problem
Economic challenges as well as unemployment in various developing countries have been an issue of concern to individuals, policy makers and governments. Education is a tool that empowers the individual for a career or business path (Bornstein and Davis, 2010). Although, entrepreneurship is taught in various higher institutions, the problem is that there are several factors that have significant effect on the participation of students in entrepreneurship in higher institutions. Furthermore, a major problem exists where these factors discourages and demotivate individuals instead of motivating them to take up the entrepreneurship. Ihugba, Odii and Njoku (2013) claimed that one of the significant reason for uneven distribution and presence of entrepreneurship is the social and cultural factors where an individual has been raised. Conversely, Johnson, George, Owoyemi and Adegboye (2014) averred that one major problem hindering persons for involvement in entrepreneurship is the inability to make judgmental decision or taking calculated risks. Nwibo and Okorie (2013) stated that curltural and social norms have significant influence on persons’ involvement in entrepreneurship. Inability of individuals to raise initial capital according to Olowa and Olowa (2015) is a major problem to involvement in entrepreneurship activities.
Despite the above problem, various undergraduates, and the younger generation in general, dream of starting their own business because many graduates are unable to find work after graduation.
These factors have necessitated this study to investigate the social determinants affecting the participation of undergraduates in entrepreneurship usingselected tertiary institutions in Lagos, Nigeria as case study.
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