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Advancing Entrepreneurship Education

Advancing Entrepreneurship Education

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Published by Eduardo Canela

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Published by: Eduardo Canela on Jun 25, 2011
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ADVANCING
ENTREPRENEURSHIP
EDUCATION-INSPIRING YOUNG PEOPLE
INTRODUCTION
Today’s education should be predicated on the philosophy of creating jobs, ie
 transforming the students from job seekers to job creators. The cardinal objectiveshould be the creation and management of new enterprises. Entrepreneurship hascontinued to gain more recognition as both a viable academic discipline and asignificant force to transform the economy through creativity and innovation.
There is something fascinating about entrepreneurship, “it is initiating… and building an enterprise rather than … watching one.” It is the knack for sensing
opportunities where others see chaos, contradiction and confusion. It is the abilityto exploit and explore business opportunities. It is the willing and ability of anindividual to seek out investment opportunities, establish and run an enterprisesuccessfully. It is the willing and ability to bear calculated risk.We are in a dynamic world, and the role of the individual has become increasinglyimportant, with individual initiative becoming ever more necessary for economicsuccess. Individuals like Bill Gate, Mike Adenuga, Aliku Dangote, Michael Ibru,Raymond Dekposi, Richard Branson, and thousands of others. These are men andwomen who took their destines into their hands by engaging in the act of entrepreneurship and today are celebrated world-wide. It was the entrepreneurialspirit that inspired and powered these men/women of vision. The spirit is theenergy of creativity and innovation that drive entrepreneurship.Our educational system should be adaptive and flexile to create a new generationof Entrepreneurs. The new educational curriculum should be predicated on thephilosophy of creating new jobs by tuning the product of the system to jobcreators. A new class of Nigerian Graduates who are trained to create new business
 
enterprises. This class symbolizes a new beginning and hope for the country’s
growing army of unemployed youth for whom salvation does not appear to be inwhite collar jobs any longer. The solution to unemployment is entrepreneurship. Ithas to be instilled into the youth while in school to reorient ate their individualskills . These skills should be converted to entrepreneurial skills and alsoinculcating entrepreneurial habits and culture capable of transforming the
individuals into “complete entrepreneur.”
ENTREPRENEURSHIP
Entrepreneurship is the term used broadly in connection with the innovative andcreative modern industrial business leaders. It is being defined by reference to thefunctions of an entrepreneur as the man who perceived business opportunities andtakes advantage of the scarce resources to use them profitably. It is he/she alonewho directs the human and material resources in his business objective. To be anentrepreneur, one has to possess some psychological traits which are either latentand could be aroused through training or manifest which training could be builtupon. Thus to qualify as an entrepreneur, it is not sufficient to be a businessman just managing an enterprise. The entrepreneur has to be an originator of profitablebusiness ideas. The entrepreneur must possess the ability to gain command of andcombine resources in a new way that will be profitable. He must be prepared torisk personal energy and financial resources to achieve unpredictable results.The practice of entrepreneurship should, therefore, be well rooted in the individual,if he/she wants to become an entrepreneur. An individual who if he/she wants tobecome an entrepreneur. An individual who succeeded in selling refrigerators to
the Eskimos to prevent food from freezing would be an “innovator” quite as much
as if he or she had developed brand-new way that will be profitable. He must beprepared to risk personal energy and financial resources to achieve unpredictableresults.
 
The practice of entrepreneurship should, be well rooted in the individual, if he/shewants to become an entrepreneur. An individual who succeeded in selling
refrigerators to the Eskimos to prevent food from freezing would be an “innovator”
quite as much as if he/she had developed brand-new processes or invented a newproduct. To sell to the Eskimos a refrigerator to keep food cold is finding a newmarket; to sell a refrigerator to keep food from getting too cold is actually creatinga new product. Technologically, there is, of course, only the same old product, buteconomically there is innovation.Innovation goes right through all phases of business. It may be innovation indesign, in product, or in marketing techniques. It may be innovation in managingorganizations or in management methods. All these can only be achieved throughentrepreneurship. Entrepreneurship instills the enterprise culture into theindividuals. Enterprise here is defined as resourcefulness, initiative, drive,imagination, enthusiasm, zest, dash, ambition, energy, vitality, boldness, daring,audacity, courage, get up and go. Entrepreneurship, therefore, encompasses all theproductive functions that are not rewarded immediately by regular wages, interestand rent and non-routine human labour. It is also not investing capital funds alone.It is actually, the functions of seeking investment, production opportunity,organizing an enterprise to undertake new production process, raising capital,hiring labour, allocating resources, and creating new enterprises.
THE ENTREPRENEUR
The entrepreneur is often defined as one who starts his own new and smallbusiness. Entrepreneurs are action oriented, highly motivated individual who takerisks to achieve goals. Meredith, Nelson, and Neck (1991). Entrepreneurs havebeen described as people who have the ability to see and evaluate businessopportunities, gather the necessary resources to take advantage of them and initiateappropriate action to ensure success. He/She is that man/woman who sees and
dreams things that never were and says “why not?” An entrepreneur is that person
who is able to actualize his/her innate potentials and develop a character that is notdependent but independent. He/She is that person who undertakes the voyage of 

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