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THE EFFECT OF EDUCATIONAL LEVEL AND ENTREPRENEURIAL SUCCESS.
This study is focused on the educational level and entrepreneurial success. My interest in the study aroused by the alarming rate of massive failures among entrepreneurs, considering important role played by the private sector in the social, political and economic life of every nation. The questionnaire method was the major data collection instrument. Other secondary sources of data were text books, journals, professional publications and inter-net services etc. the sample percentages satisfied techniques while the peason product movement correlation co-efficient (R) and t-test was used to test the hypothesis and the level of significant respectively. Based on the result obtained it is recommended that, since the (Ct4.2970) is >Tt (3.1824) the null hypothesis is rejected. By so doing the alternative hypothesis (HI) is accepted. However, by accepting the alternative hypothesis, therefore means that there is a positively and significantly relationship between educational qualification of entrepreneurs and entrepreneurial success. Among other issue, it was found that most entrepreneurs need government encouragement by establishing more microfinance institutions. By making it compulsory for all the higher institution of learning to establish enterpreneuring studies department in their management faculties. There is a great need to educate to those already in business of the present technology as to enhance their business success. And it is only through education that one can differentiate between self and business as well as establishing good relationship etc.
TABLE OF CONTENTS
Table of Content vii
List of Tables viii
1.1 Introduction 1
1.2 Statement of problems 4
1.3 Purpose of the study 5
1.4 Research questions 5
1.5 Research hypothesis 6
1.6 Scope of the study 6
1.7 Definition of terms 7
1.8 Organization of the study 7
2.1 Introduction 10
2.2 The concept of education 10
2.3 Education and qualification 11
2.4 The concept of entrepreneurship/entrepreneur 13
2.5 Types of entrepreneurs 15
2.6 Success model 18
2.7 Critical success factors in entrepreneurship 19
2.8 Educational level and entrepreneurial success 23
3.1 Introduction 25
3.2 Research design 25
3.3 Sample size determination/sampling techniques 25
3.4 Data collection methods 27
3.5 Questionnaire design 28
3.6 Validity of instrument 28
3.7 Data analysis techniques 28
4.1 Introduction 32
4.2 Questionnaire distribution and collection 32
4.3 Analysis of research data 33
4.4 Testing of hypothesis 36
5.1 Introduction 46
5.2 Discussion of the study 46
5.3 Conclusion 47
5.4 Findings 48
5.5 Recommendations 48
5.6 Suggestions for further study 49
1.1 OVERVIEW OF THE STUDY
Education is now a standard for placement in our society today in terms of social, economic and political structures.
After receiving education up to a certain level, people get employed or self-employed in a job of their choice. But with the current situation in Nigeria, the entrepreneurial ability of most school leavers and graduates is being challenged and this has raised the awareness of the entire populace to be enterprising in whatever thing they have engaged themselves in, they now become responsible for their success and failure of business.
Education has been defined in different ways by different authors. One of the definition as given by Odedele and Egotanwa (2004) defined education as the process by which people gain knowledge, learn attitudes values so as to be operational (function effectively) as members of the society.
At the end of a level of education the certificates obtained with the qualification are used to pursue one job opportunity or the other, whether it is primary, secondary school certificate or ordinary diploma or national certificate of education or higher national diplomas or bachelor’s degrees and above.
Quality education has therefore become the key that unlock all careers in politics, top civil service positions, journalism and arts and even business. The economic and social circumstances of Nigeria now demand that the teaming population who possess these educational qualifications should be able to engender economic growth and sound management through the acquisition of appropriate entrepreneurial skills.
The clamour for entrepreneurial abilities and habits has led the Nigeria government to produce students and graduates who are employable and therefore introduce the subject (course) entrepreneurship into her academic curriculums. Typical examples exist in higher institutions like University of Port Harcourt and Rivers State University of Science and Technology taking a course on entrepreneurial development in their faculties of management sciences. University of Port Harcourt had gone a step further by establishing a department of this noble course in the faculty.
According to Nwachukwu (1990) in his opinion stated that closely allied to this (demand) is the present emphasis on all our institutions especially the higher institution of functional education. The subject of entrepreneurship or small business management is now very popular for all graduates and undergraduates students especially those in the professional oriented faculties.
Nwachukwu (1990) also observed that entrepreneurs are made and not born. This implies that given the right explosive, correct environment necessary incentives opportunities, education and orientation, certainly entrepreneurship will emerge. One of the success factors understood by Nwachukwu is education which is believed to given individual both potential entrepreneurs and practicing entrepreneurs the right values or qualities and attitudes, knowledge to be able to fit in the world of business.
To the practicing entrepreneurs they are equipped based on the level of education acquired to face the challenges of running business in a country where government policies are unpredictable based on the training exposure from the educational institutions. Consequently the result of their persistence in business against all odd now engenders entrepreneur’s success.
It can therefore be said that the level of educational qualification determines the type of entrepreneurial qualities or values held by secondary school leavers will always be different from that of primary school leavers. Similarly, the type and quality of knowledge held by someone who holds the qualification from a higher institution will be different from that held by secondary school leavers. It is on this note that Baridam (1993) stressed that the contribution of managerial ability to entrepreneur’s level of education.
The need for education for entrepreneurial success has become more imperative for all lovers of education because of the spate of declining business in Obio/Akpor Local Government Area of Rivers State. Actually, the number of entrepreneurship spread within the local government area is quite high. Obio/Akpor local government houses several important industries, institutions and factories both private and public ones. There are also a good number of small scale businesses in the area. Suffice it to say that the local government is rich with entrepreneurship of different worth.
For this study, Clivco Multiventures Limited will be studied. It is a limited liability private company with head office at Air force flyover by Eliozu East-West Road Port Harcourt, and the company was incorporated in 1998, about ten (10) years ago. It deals on plant hiring and leasing of earth moving equipment. The company has done very well since inception in discharging its service especially in terms of good customer relationship. With the nature of its operation, most of its works are done outside the company premises, specifically in places where the equipment (s) are needed. The company is doing is its best in terms of equipment maintenance and an enabling working environment. Equipment leaves the company premises after an agreement has been reached with its clients on the working conditions including numbers of days to work, safety of the equipment, place of work, accommodation of the equipment operator, number of working hours per day etc.
Apart from the chairman of the company, the company has staff strength of twenty four (24) currently distributed in four different department personnel, maintenance, operation and security departments. The workers include the General Manager, the company secretary cleaners, supervisors, machines operators and security guards.
1.2 STATEMENT THE OF PROBLEM
A number of felt problems underlie this study on educational level on entrepreneurial success. With the mass shift of many Nigerians into entrepreneurship, the following are some of the problem existing which this study is out to provide solutions to;
Loss of investment capital by entrepreneurs who are not skilled in their line of business.
Poor family economic situation, as a result of entrepreneurial failure.
Loss of revenue to the economy in term of taxes and
Retrenchment of workers; and jobs for workers who may be affected by entrepreneurial failure.
1.3 PURPOSE OF THE STUDY
The main purpose of this study is to find out how educational levels and qualification of entrepreneurs influences their success in business. The specific objectives of the study include the following.
a. To ascertain the relationship between the entrepreneurs and their success in business.
b. To ascertain the relationship between the entrepreneurial qualities of entrepreneurs and their success in business.
c. To determine the impact of technology on the success of entrepreneurship.
d. To find out what is the educational qualification of most entrepreneurs in metropolis.
1.4 RESEARCH QUESTIONS
The following research questions will guide this study.
a. Does educational qualification of an entrepreneur enhance entrepreneurial success?
b. Does the qualities possessed by an entrepreneur enhance entrepreneurial success?
c. How much experience do entrepreneurs in the metropolis have on the average?
1.5 RESEARCH HYPOTHESES
For the successful completion of this study two hypotheses were formulated;
H01: There is no positive and significant relationship between educational qualification of entrepreneurs and entrepreneurial success.
H02: There is no positive and significant relationship between experience and entrepreneurial success.
1.6 SIGNIFICANCE OF THE STUDY
This study is timely and beneficial to individual who are already entrepreneurial in their rights, the consumers of goods and services and the government.
The founding of this study will make students schooling at different levels of education both the vocational and non-vocational training, acquiring knowledge to make them successful entrepreneurs. While in school the findings give them hope of a bountiful reward for their academic pursuit in their future lives. Also this study will be good for intending entrepreneurial and encourage those in business the more.
To other individuals who possess some qualities of entrepreneurs, the finding of the study will awaken their consciousness that a certain level of education is necessary to enable them break some ground in their business. It is not enough to possess natural inherent qualities of an entrepreneur without some formal training whether primary education, secondary education or higher education.
The academic will be made to extend their services beyond the classroom by offering professional, managerial, accounting, financial and marketing services to practicing entrepreneur considering the roles, they could play in economic growth and development.
Failures in business due to lack of managerial skills will reduce considerable. There will be economic stability by the time most entrepreneurs have improved on their educational qualifications and the equilibrium of supply and demand for goods and services will be relatively stable. Both consumers and employees of business organizations will begin to enjoy some high level of certainty confidence will be restored on our entrepreneurships.
1.7 SCOPE OF THE STUDY
This study was limited to the metropolis of Obio/Akpor local government area headquarters and its surrounding-Rumuodomanya,. The choice of the area is because it has of recent becomes a fast developing areas in the last one decade and so as study of this nature is necessary.
The study was restricted to both entrepreneurs is corporate organizations and small scale business organizations.
1.8 DEFINITION OF TERMS
For the purpose of easy understanding of the topic being studied the following terms have been defined in their contextual sense.
This is any stage of the Nigeria educational system whereby certificates are issued.
This is a certificate showing the level of education attained.
This refers to a person who has the ability to see and evaluate business opportunities, gather the necessary resources to the advantage of them and imitate appropriate action to ensure success. He operates a business enterprise with the main motive of making profit.
This refers to a business ownership or outfit owned or operated by an entrepreneur. It could be sole proprietorship, partnership, joint private or public company.
This is the extent of achieving goals and objectives of an entrepreneurship through deliberate and combined strategies.
1.9 ORGANIZATION OF THE STUDY
The entire study is presented in five chapters. Chapter one discusses the general overview, statement of the problem, purpose of the study, research questions, research hypotheses, and significance of the study, scope of the study and definition of terms used in the study.
Chapter two presents the review of literature on the concept of education, education and qualification, the concept of entrepreneur/entrepreneurship, success model in business, types of entrepreneurs and critical success factors in entrepreneurship.
Chapter three presents the research methodology. The various instrument of data collected and tools of analysis adopted are thorough explained here. It further includes questionnaire design and sampling procedure.
Chapter four presents the analysis and presentation of results from the study.
Chapter five presents the discussion, conclusion, finding and recommendations of the study.