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THE EFFECT OF EDUCATIONAL LEVEL AND
ENTREPRENEURIAL SUCCESS.
ABSTRACT
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
Title i
Certification ii
Declaration iii
Dedication iv
Acknowledgment v
Abstract vi
Table of Content vii
List of Tables viii
CHAPTER
ONE
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
CHAPTER
TWO
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
CHAPTER
THREE
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
CHAPTER
FOUR
4.1 Introduction 32
4.2 Questionnaire
distribution and collection 32
4.3 Analysis
of research data 33
4.4 Testing
of hypothesis 36
CHAPTER
FIVE
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
CHAPTER ONE
INTRODUCTION
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.
Educational Level
This
is any stage of the Nigeria educational system whereby certificates are issued.
Education Qualification
This
is a certificate showing the level of education attained.
Entrepreneur
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.
Entrepreneurship
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.
Entrepreneurial
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.
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