EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONG GRADUATES IN NIGERIA
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EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONG GRADUATES IN NIGERIA
PREAMBLING – – – – – – The promotion of indigenous small scale firms is currently receiving a lot of attention from both the state and federal governments in Nigeria with the goal of promoting entrepreneurship.
This study addresses important issues like life aspirations, likely sources of financial capital, entrepreneurial orientation, attitude towards work, intention towards becoming an entrepreneur, perceived behavioural control, behavioural beliefs, nor mature belief and control beliefs others.
The importance of the social status of entrepreneurial actions and situations was noted by Johannisson (1991) and Auto et al. (1997), who also noted the favourable effects of students’ perceptions of entrepreneurship as a career option.
Both current behaviour and future intentions are influenced by entrepreneurship education. The major differences between students who have completed entrepreneurship courses and those who have not are examined by Kolverldmoen (1997).
2.2 THE CONCEPTUAL FRAMEWORK It has been said that entrepreneurship is a creative and original response to the environment. According to Meredith et al. (1991), an entrepreneur is someone who has the capacity to recognise and assess business opportunities, assemble the resources required to take advantage of them, and take the necessary steps to achieve success.
In early empirical research, this interest was heavily focused on the psychological traits of business founders, even though the research was not closely related to contemporary developments in psychology.
This turn of events has been mirrored by a rising academic interest in entrepreneurship, understood as the creation and establishment of new independent firms.
Almost limitless lists of entrepreneurial traits were proposed using the trait method, which was frequently used (Hornaday 1982). However, it finally became clear that this line of inquiry was unable to provide more than a small portion of the answer to the question, “What makes people found new firms?”
2.3 The Necessity, Range, and Characteristics of Entrepreneurship It has long been understood that entrepreneurship is a crucial component of economic growth.
In France at the beginning of the 16th century, army commanders were referred to as entrepreneurs. It was first used to describe a leader in their business who buys and sells items at specific pricing in the 18th century.
Since years, the main emphasis of economics has been on resource allocation and how it is accomplished by the market or by government, not on entrepreneurship.
Only recently, with the resurgence of interest in the topic of economic growth, has Schumpeter’s theory called for more restraint. Surprisingly little empirical study has been done on entrepreneurship in the economy.
One of the most frequently cited justifications for starting a business or wishing to do so is the need for autonomy (or independence) (Bamberger, 1986; Cromie, 1988; Scot and Twomey, 1988).
2.4 THE ENTREPRENEURIAL TRAITS Noel (2001) provided a detailed explanation of the significance of entrepreneurship, focusing on the growth of entrepreneurial intention and self-efficacy perception.
The sample’s students all completed entrepreneurship education programmes and finished with degrees in entrepreneurship, management, or other fields.
Noel’s findings at least partially supported the hypothesis that graduates in entrepreneurship were more inclined to start new businesses, had higher levels of intention, and had better developed perceptions of their own efficiency.
In his work, McClelland (1961) identified the necessity for achievement (also known as “n-achievement”) to be connected with the entrepreneurial spirit required to take chances in order to expand a nation’s economy. He added that entrepreneurs that possess the following qualities are likely to succeed.
Entrepreneurs are very calculated risk takers, therefore when a crisis arises in a firm, they support themselves. However, they do not gamble. Â Entrepreneurs typically avoid low-quality businesses because they lack challenges and steer clear of high-risk situations because they want to succeed.
They enjoy overcoming obstacles. When you must choose between two or more options, the prospective outcomes cannot be objectively assessed, you are in a risk position. A risky scenario has both the potential for success and failure. The more at stake, the bigger the potential loss.
SELF CONFIDENCE: Entrepreneurs are self-assured in their abilities. They think that in order to fulfil their potential, they must take ownership of their actions. Entrepreneurs are typically generally upbeat and aspire to freedom.
They enter private business even when others are hesitant to do so or are failing because of their self-confidence, prior experience, capacity for responsibility, and ability to shape their own destiny.
Entrepreneurs are driven people that put forth a lot of effort to accomplish their goals. To ensure that the work was completed, he made more of an effort. He balances his personal and work time well. Even after the task is over and the day is over, he keeps working. Entrepreneur is emotionally invested in his or her work.
GOAL SETTING: Entrepreneurs have goals, and they set their own goals based on those goals. Until the goals in their varied strategies try to reach the given goals or objectives, some appear to be tough and restless in the quest to attain the set goal.
Accountability: Entrepreneurs strive for success and put a lot of effort into doing so, but occasionally encounter failure in the course of their endeavours. According to the business owner, profitability and growth will result in stability, growth, and development of the enterprise.
In order to accomplish the business’s goal, the entrepreneur works as a team with its workforce, encouraging cooperation and soliciting input. Â In order to be able to recount and share the tales of how they first started the firm, they must also keep a thorough record of their accomplishments.
The entrepreneur benefits from this record-keeping mindset when it comes to planning and high business ethics. He is not only interested in his bank account, but also in the things he may buy with it.
Even though others would define accountability in terms of growth and profit, he measures himself differently. Since his entire life depends on him, he is only responsible to himself.
VERSATILITY: Entrepreneurs frequently possess a high level of knowledge and versatility, traits necessary to ensure that both they and their employees do the task to the highest standard.
2.5 ENTREPRENEURIAL TASKS Numerous tasks related to the creation and management of a business enterprise fall under the umbrella of entrepreneurship.
These tasks include finding profitable investment possibilities, assembling the resources required for the manufacture and delivery of goods and services, and organising and managing both people and material resources.
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