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Chapter one


1.1 Background of the Study

Over the years, numerous definitions of entrepreneurship have been proposed, all of which are legitimate, but I describe it as the ability and willingness to establish, organise, and manage a new initiative, including any associated risks, in order to benefit. The most obvious example of entrepreneurship is starting a new firm.

Entrepreneurship, when paired with land, labour, natural resources, and capital, has the potential to generate profit. The entrepreneurial spirit is defined by creativity and risk-taking, and it is a critical component of a country’s ability to flourish in an ever-changing and increasingly competitive global market.

Simply defined, entrepreneurship is the pursuit of a self-owned enterprise or firm. Entrepreneurs are persons who are prepared to take risks in order to benefit, whether by inventing a new product or establishing their own firm.

It is also the behaviour of starting a business or taking on financial risk in the aim of profiting. Entrepreneurship is practically a way of life. If you have it, it will infiltrate everything you do.

Entrepreneurship is the process of establishing a firm, arranging business transactions, and taking risks in order to profit from the skills gained (Omolayo 2006). Entrepreneurship education can also be defined as the capacity to turn new ideas into profitable operations.

In other words, entrepreneurship is the act of combining creative, original ideas with management and organisational abilities in order to bring people, money, and resources together to meet a need and produce profit.

In the similar line, Nwangwu (2007) believes that entrepreneurship is the process of combining the factors of production, which include land, labour, and capital, in order to offer a product or service for public consumption.

However, the practical meaning of entrepreneurship is a person’s or people’s willingness and capacity to gain educational skills in order to investigate and capitalise on investment possibilities, as well as develop and operate a profitable business.

Entrepreneur is described as an innovative individual who has created an ongoing business activity where none previously existed. Meredith (1983) defined an entrepreneur as a person or group of people who can identify and analyse business possibilities, gather the resources needed to capitalise on them, and take proper action to achieve success.

Entrepreneurs are persons who are continuously discovering new markets and figuring out how to serve them efficiently while making a profit.

An entrepreneur is someone who seeks out, responds to, and capitalises on change by transforming it into a business opportunity.

Political instability and discrepancies in successive governments’ social-economic policies contributed to Nigeria’s high jobless rate. In the mid-1980s, Nigeria’s economy deteriorated, and youth and graduate unemployment skyrocketed.

Large-scale layoffs and early retirements occurred as a result of the country’s structural adjustment programmes and poor economic trends. In the face of this situation, entrepreneurship, which could have saved the day, was not encouraged.

Tertiary education has not been properly integrated with the philosophy of self-reliance, such as creating a new cultural and productive environment that will promote pride in self-discipline, encouraging people to participate actively and freely in discussions and decisions affecting their overall welfare, and promoting new sets of attitudes and culture for the achievement of future challenges.

According to Nwangwu (2007), tertiary education’s failure to instill the aforementioned concept in students has resulted in waste of both human and natural resources.

This is because the youth and graduates from educational institutions lack the skills required to exploit Nigeria’s abundant natural resources. All of these circumstances have made our graduates’ desire of self-reliance difficult to sustain. It is questionable whether technology alone will be adequate to ensure a sustainable future for entrepreneurship.

This will be determined by public and private support for beneficial entrepreneurship innovations, as well as the extent to which continued global population and economic output growth would jeopardise per capita emissions reductions and more efficient use of natural resources.

Sustainable development is a pattern of economic growth in which resources are used to meet human needs while simultaneously maintaining the environment, ensuring that these requirements are met not only now, but also for future generations (Paul, 2005).

Sustainable development combines concern for natural systems’ carrying capacity with the social concerns that humanity faces. In order to achieve progress and a higher standard of living, sustainable development must strike a balance between environmental, sociological, and economic issues.

Sustainability encompasses intergenerational fairness, gender equity, just and peaceful communities, social tolerance, environmental preservation and restoration, poverty reduction, and natural resource protection (Paul 2005). The most important tool for attaining sustainable development is the following:

• Improve the quality of basic education.

· Reorient existing education programmes towards sustainable development.

· Increase public awareness and understanding;

· Offer training to all areas of private and civil society.

Education for Sustainable Development is the emphasis or vision of education that aims to prepare people to create a sustainable future. Stakeholders such as the government, corporations, educational institutions, media, and organisations play critical roles in ensuring sustainability.

Each of these industries has a unique view of sustainable development. Some are engaged in environmental preservation and protection, others in economic development, and yet others in social development.

According to UNESCO (2003), each nation, cultural group, and individual’s perspective on sustainable development will be shaped by their own values.

In many European countries, universities and technical institutions educated students in science, economics, and business management on how to develop more sustainable communities. Many schools implement programmes such as Peace Education, Human Rights Education, Environmental Education, and Youth Entrepreneurship (UNESCO, 2003).

As a result, such activities assist students and instructors in recognising the interdependence required for long-term growth (Paul, 2005). The emphasis has been on education that will offer individuals with life and occupational skills that will help them achieve their full potential, reinforcing self-sufficiency and boosting quality of life.

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