Education involve preparation of full individual to enable them non merely to read. compose and cipher or to be proficient in a given occupation but besides to enable them to suit themselves for populating in the society. hence. it is the preparation of a individual intellectually. morally and physically. It is besides an instrument for societal development or societal reform through single development. instruction is a comrade. it chastens frailty and it guide virtues.
Unarguably. instruction provides the agencies through which young persons are informed in the facets of life which are necessary for a happy and successful life. These facets are the vocational and consumer facet. Education is characterized with the undermentioned functions in the society: a. To develop societal and single efficiency. B. It aim at self fulfilment or realisations c. It prepare and train immature people for the jobs. undertakings and leisure as they exist today and can be for seen tomorrow. vitamin D.
It develops the full potencies of every kid. e. It makes people critical and originative. NATURE OF ENTRPRENEURSHIP Different persons view entrepreneurship in different manner. Economist see it as an indispensable investing bring forthing chances. sociologist as an provoker in modernisation of societies. Psychologist see him as an entrepreneurial adult male and seek to decode him as a character of economic development and the political scientists consider him as a kid of political system ( Bard I and Bard I 2005 ) .
Entrepreneur possesses the undermentioned characteristics: 1. Invention 2. Function of high accomplishment. 3. Organization edifice map. 4. Gap make fulling map. 5. Function of Managerial Skills and leading. Who is an Entrepreneur? Entrepreneur is a individual who undertakes an endeavor – moving as an intermediary between capital and labor. It is an person who through a dint of work. turn a concern from fruition to a lustful venture. An Entrepreneur must possess the following features they are: 1.
Moderate hazard taking. 2. Problem convergent thinker. 3. Goal puting. 4. Team builder and incentive 5. Communication accomplishments. 6. Good Human relation. CLASSIFICATION OF ENTREPRENEUR. a. The Innovation Entrepreneur. B. The Inaugural Entrepreneur. c. The Fabian Entrepreneur. d. The Drone Entrepreneur. DISTINCTION BETWEEN AN ENTREPRENEUR AND MANAGER It is a common fact that people errors Entrepreneur for professional director. who is appointed by the organisation and paid while an Entrepreneur is non a paid director.
How be it. an enterpriser is greatly motivated to get down his new concern and besides pull off it successfully. he is the investor and takes hazards in the endeavor. He is an pioneer and a director and works for his satisfaction and he is happy to acquire positive consequences. an enterpriser appoints a director to transport out some of his maps. whereas the contrary is non true. an enterpriser may besides execute responsibilities of director in acquiring done his originative activities and fulfilling demand of accomplishment. CONCEPT OF ENTREPRENEURSHIP EDUCATION.
The United States Colorado pedagogues. cited in Osuala ( 2004 ) defined Entrepreneurship Education as a programme or portion of the instruction programme that prepares single to set about the information and operation of a little concern endeavor. Entrepreneurship instruction involves a specialised preparation given to pupils of vocational concern instruction to enable them get the accomplishments. thoughts and managerial abilities and capablenesss for self employment instead than being employed. the purpose of entrepreneurship instruction is to promote and develop the receivers to make self employment
chances for themselves through developing new concerns. In this way. Entrepreneurship Education is the cardinal agent in the development of human originative and advanced endowments in concern. OBJECTIVE OF ENTREPRENEURSHIP EDUCATION Here under are the aims for entrepreneurship instruction ; 1. Supply alumnus with adequate preparation that will do them to be originative. 2. Supply little and average size companies with the chance to enroll alumnuss who will have preparation in accomplishments relevant to the direction of little concern. 3.
Supply the alumnuss with adequate preparation in accomplishments that will do them run into the manpower demands of the society. 4. Supply the alumnuss with adequate preparation in hazard direction to do unsure by bearing possible and easy. 5. Stimulate industrial and economic growing of rural and less developed countries. UNEMPLOYMENT AMONG GRADUATES * Unemployment is a province of joblessness or idling of one with labor demands. potencies. accomplishments. attitudes and competences ( Bosah 1987 ) . * It is a common phenomenon among graduate hence the demand for entrepreneurship instruction. so as to cut down if non eradicated.
This is because ; unemployment has caused much mayhem in our society today runing from mental wellness. wellness disease. offense and force. suicide instance and even poorness. * The word “Poverty” has been diversely perceived by many bookmans. It could be expressed as the inability to procure for oneself the basic necessities of life. Poverty is one of the most common features of bulk of Nigeria today. * Poverty can be reduced through the undermentioned schemes: a. Promoting chance. B. Facilitating Empowerment. c. Enhancing security.
* CONCEPT OF APPRENTICESHIP * Apprenticeship system can be handily defined as the acquisition of an art. trade or other careers by practical experience under the counsel of a maestro trade adult male. It involves scheme for geting occupational accomplishments necessary for entrepreneurial development in our society. In Nigeria. Apprenticeship system is responsible for the production of most self employed craftsmans who have been playing important function in maintaining the country’s wheel of advancement and economic activities on the move.
It has for a long clip constituted the chief beginning of skill acquisition and development in really many trades including vesture and fabrics. Till day of the month. this system remains one of the gateways to get awaying the flagellum of poorness and the defeat of unemployment among young persons in our society. * Problems Associated With Apprenticement A. The system is extremely restricted to a peculiar trade. B. Lack of Admission Regulation. C. Vagueness of aims. D. Lack of uniformity. E. Lack of statutory supervisory organic structure. * NATIONAL DIRECTORATE OF EMPLOYMENT ( NDE ) .
* The National Directorate of Employment is an entrepreneurial preparation programme was established in 1986 and statutorily mandated by decree No 24 of 1989 to among others. ; design and implement programmes to battle mass unemployment and articulate policies aimed at developing poverty work programmes with labour intensive potencies. The board of directors is meant to undertake employment and poorness jobs in both the short and the long term position by explicating and administrating occupation creative activity every bit good as self employment related preparation programmess NDE ( 2000 ) .
* To execute these statutory maps. the board of directors launched four good articulated preparation and employment coevals programmes in 1987. these include ; a. Vocational preparation. B. Business preparation. c. Training for rural employment. d. Training for labor based work programme. * CONCEPT OF VOCATIONAL TECHNICAL EDUCATION * Vocational Technical Education is a comprehensive term mentioning to the educational procedure where it involves. in add-on to general instruction. the survey of engineerings and related scientific disciplines and the acquisition of practical accomplishments and cognition relating to businesss in assorted sectors of economic and societal life.
* The major business countries of vocational proficient instruction are as follows: a. Vocational agribusiness B. Vocational concern and office business. c. Distributive instruction. d. Vocational place economic sciences instruction. e. Technical instruction. * OBJECTIVES OF VOCATIONAL TECHNICAL EDUCATION a. To fix the scholar for entry in employment and promotion in his chosen calling. B. To run into the Manpower demands of the society. c. To increase the options available to each pupil. d. To function as a actuating force to heighten all types of acquisition. vitamin E.
To enable the receivers to sagely choose a calling. * CHALLENGES OF VOCATIONAL TECHNICAL EDUCATION IN NIGERIA * Vocational Technical Education in Nigeria today is challenged by legion jobs. they are: a. Reasonable figure of private sector endeavors is non technically or skilfully driven. B. There is low low degree of attractive force to proficient and vocational instruction. c. Poor pay in vocational countries discourages persons. d. Parents largely encourage or have penchant for classs that would enable their wards gain white neckband occupations or graduation. vitamin E.
Equipment and Infrastructure are unequal proficient and vocational establishments and preparation centres. * REMEDIES TO THE CHALLENGES a. Better the profile of instruction and vocational instruction in peculiar. B. Increase investing in proficient and vocational instruction bringing system whether at the school. the specialised colleges and within the house. c. Encourage private sector investing in in-service proficient and vocational instruction. d. Governments. peculiarly at the latter phases of their battle with the proficient and vocational instruction focused on turning the economic system. * CONCEPT OF DISTRIBUTION IN ENTRPRENEURSHIP.
* Entrepreneurs play a critical function in the channel of distribution both by action and by the virtuousness of their concern activities. * Distribution maps provide feasible entrepreneurial chances. The jobbers. the retail merchants and concern agents are wholly enterprisers by their several concern activities and operation. Distribution is an indispensable facet of selling and as such signifiers portion of the inevitable activities in selling. hence holding an effectual channel of distribution is one of the surest schemes that could assist entrepreneurs win or last in their concern.
* CHANNEL OF DISTRIBUTION * Channel of distribution defines the assorted gaps and mercantile establishments through which entrepreneur’s merchandises get into the custodies of the concluding consumers that is without the channel of distribution. the merchandise can non make the concluding consumer and this will impact the criterion of life. * CHAIN OF DISTRIBUTION * Producer – jobber – retail merchant – consumer. * Functions of each of them in the concatenation of distribution ; * The Manufacturer: the manufacturer is besides known as the maker. He manufactures the goods or merchandise which is distributed to the consumer.
* The Jobber: He is a majority buyer that bargain of the green goods in big measure and sell in to the retail merchant in little measure or unit. His maps include: 1. Financing of production or Distribution. 2. Repositing of Goods. 3. Channeling of Information. 4. Preparation of Goods for Sale. * The Retailer: He buys from the jobber in little unit and sell to the consumer in smaller unit ; His maps include: 1. Stocking of a great assortment of goods. 2. Provision of goods at accessible musca volitanss. 3. Information and counsel to the consumer. 4. Sharing of hazards. 5. Financing of ingestion.
* TYPES OF AGENTS * Agents is a in-between adult male between the channel of distribution for a firm’s merchandises. Included among the types are: 1. Cosmopolitan Agent. 2. General Agent. 3. Particular Agent. 4. Delcredere Agent. 5. Factors Agent. 6. Brokers. 7. Forwarding and uncluttering Agents. 8. The Auctioneer. * TERMINATION OF AGENCY CONTRACT * An bureau contract can be terminated if the undermentioned happen: 1. Bankruptcy of either party. 2. Death of either party. 3. Insanity of the principal or the agent. 4. The Inception of war between the states of the two parties. * THE SOLE ENTREPRENEURSHIP BUSINESS.
* These are concern venture and organisations set up. owned and perchance managed by their proprietors. their start-up is as a consequence of the originative and Advanced thoughts of the enterpriser. which has been transformed or translated into an endeavor for the intents of doing net income. In most instances. this concern is normally financed. managed. controlled and directed by one individual normally the proprietor ( enterpriser ) . * FEATURES OF A SOLE ENTREPRENEURSHIP BUSINESS a. Net income maximization aim. B. Ownership is normally personal. c. Start-up capital is normally raised by the enterpriser. vitamin D.
The exclusive enterpriser bears all the hazards of his concern. e. The life span of the concern depends on the pick of the enterpriser as the endeavor can turn up up at any clip. f. Meager capital. * ADVANTAGES OF SOLE ENTREPRENEURSHIP BUSINESS a. It requires little capital for start-up. B. Quick determination devising. c. It is easy to pull off. d. There is high degree of secretiveness in running the concern. e. The exclusive enterpriser maintains close links with his clients. helpers or employees and therefore can easy place their demands. * DISADVANTAGES OF SOLE ENTREPRENEURSHIP BUSINESS a. The exclusive enterpriser bears all the hazards of his concern.
B. The concern suffers the jobs of enlargement due to limited fund or finance. c. The decease of the proprietor may take to the terminal of the concern. * PARTNERSHIP ENTREPRENEUR BUSINESS * It is a type of concern organisation in which two or 20 spouses agree lawfully to put up and pull off a concern ventures with the exclusive motivation of doing net incomes and losingss together. * FEATURES OF PARTNERSHIP BUSINESS a. It is ain jointly by spouses b. Its chief aim is for net income devising. c. The start-up capital is normally raised by spouses. d. The life span of the partnership agreement depends on the understanding of the involved spouses.
* ADVANTAGES OF PARTNERSHIP ENTREPRENEUR BUSINESS 1. It have more fiscal standing as members pool together to raise fund for the concern. 2. The hazard of concern is jointly shared. 3. It has better chance for direction as members pool their managerial accomplishments and abilities to run the concern. 4. It besides have better chance for continuity and enlargement. 5. High degree of committedness and engagement by all spouses. * DISADVANTAGES OF PARTNERSHIP ENTREPRENEUR BUSINESS 1. There is the possibility that dissension among spouses can set the concern to an terminal. 2.
Laxness in the operation of one spouse can impact the full operation therefore taking to inefficiency. 3. Conflict of sentiment or involvement among spouses can every bit thwart or sabotage the direction of the concern. 4. The action of one foolhardy spouse can present much danger to the single spouses and the concern itself. * PARTNERSHIP DEED * It is the regulations and ordinance regulating the spouses ; who are in partnership. normally giving the inside informations of agreement on investing form. net income sharing ratio. function and duties of each spouse. DUTIES OF PARTNERS.
The rights and responsibilities of spouses are as follows: a. All spouses must work hard with earnestness and honestness for common aims of the company. B. One spouse should non get down the same concern in the some other concern name to avoid unhealthy competition. c. All payment receivable and collectible should be done in the company name merely and non in any persons name. d. There should be truth and lucidity of cash-flow on histories. e. Both working and non-working class of spouses should interchange information refering the concern. DISSOLUTION OF PARTNERSHIP.
Since partnership is formed with an understanding. it can be besides be dissolved with another understanding. the disintegration can be due to one or more of the undermentioned grounds. 1. At the termination of the period of partnership. 2. Death or withdrawal one of the spouses. 3. When there is a tribunal or authorities order for disintegration. 4. Due to one or more spouse misapplying fund 5. In instance of lasting incapacity. madness or grass misconduct of one or more spouses. JOINT STOCK A Joint stock company is associations of persons called stockholders. who join together for net income and portions that are movable for transporting any concern activity.
FEATURES OF JOINT STOCK 1. Distinct legal entity. 2. Liability of members. 3. Ageless sequence. 4. Separation of ownership. 5. Authority. Private Limited COMPANY These are company formed by the group of individual who pool the fund with the purpose of doing net income. It is registered with registrar of joint stock companies. It is formed by lower limit of 2 and upper limit of 50 individuals. There is no public allocation of portions and unsecured bonds. PUBLIC LIMITED COMPANY In this company. the minimal stockholders are 7 and no maximal bound of portion holders. portions can be transferred to anybody.
A populace limited company has to publish a prospectus to the populace and allot portions within 180 yearss of the issue of prospectus. and one-year general meeting has to be arranged to inform the public presentation facets and fiscal inside informations to be posted in progress to all the stockholders. CO-OPERATIVE ENTERPRISES Co-operative societies are started fundamentally to avoid developments by in-between work forces. it possess the undermentioned features: 1. It has combined characteristics of partnership. companies and Joint stock companies. 2. Cooperate members are stockholder and portion the net income. 3.
All stockholders are equal and there is no concentration of wealth and power in few custodies. 4. It is managed on lower limit or no net incomes to assist members acquire trade goods at lesser than market rates. Examples of co0operative are: 1. Consumer co-operative society. 2. Farmer’s co-operative society. 3. Co-operative lodging society. 4. Co-operative diary. 5. Co-operative Bankss. ADVANTAGES OF CO-OPERATIVES A. Common adult male is benefited by manner of acquiring indispensable trade goods at sensible monetary values. B. Hoarding. black selling is avoided. C. The cost advantages are shared by members. DISADVANTAGES OF CO-OPERATIVES A.
Though office carriers are elected. there could be possibility of non-involvement and hence inefficiency. B. Some members in high place may order the office carriers. C. Routine cheque and confirmation on quality is hard due to some other business of office carriers. CONCEPT OF WOMEN ENTREPRENEUR Women have been identified as cardinal agents sustainable development and the comprise half of human resources. Women Entrepreneurship is farther defined as an endeavor owned and controlled by adult females holding a minimal fiscal involvement of 51 % of the capital and giving at least 51 % of employment generated in the endeavor of adult females.
Womans entrepreneurship option includes: 1. Particular bedcovers doing. 2. Embellishment and dress designs. 3. Catering services. 4. Hair dressing. 5. Photographic studio. CLASSIFICATION AND DESCRIPTION OF WOMEN ENTRPRENEURS A. Affluent Women Entrepreneur. B. Pull Factors Women Entrepreneurs. C. Rural Women Entrepreneurs. D. Self Employed Women Entrepreneurs. PROBLEMS OF WOMEN ENTREPRENEURS 1. In a male dominant society. adult females are sometimes discouraged because some work forces believe that it is large hazard financing the ventures run by adult females. 2.
Fiscal Institution are disbelieving about the entrepreneurial abilities of adult females. 3. Women’s household duty besides bar them going and developing states. 4. Womans give more accent to household ties and relationship. 5. Low degree hazard taking attitude. 6. HOW TO DEVELOP WOMEN ENTREPRENEURS 1. Encouraging women’s engagement in decision-making. 2. Better educational installations. 3. Reding through the assistance of committed NGO’s. Psychologist. managerial experts and proficient personal. 4. Activities in which adult females are trained should concentrate on their marketability and profitableness. 5.
Financial and expertness aid should be given to adult females enterprisers. Youth Entrepreneurship Development Objectives of Youth Entrepreneurship Development 1. To develop entrepreneurship spirit among young persons in the state. 2. To bring forth employment chances for young persons. 3. To help Nigerian alumnuss to procure agencies of lively goon in the absence of paid employment. 4. To airt the cachexia of energies of our young persons to more productive venture. 5. To help to cut down the offense rate and incidence of societal vises like armed robbery. snatch. thuggery etc. among our young persons.
Entrepreneurship Counseling Entrepreneurial guidance is rather a new country in the field of counsel and guidance ; the young persons in our society must be decently channeled. guided and assisted so as to absorb a good life/ good behavior. a productive and honoring economic life through micro-business start-up attempts. Entrepreneurial guidance services ( a ) . Academic guidance services ( B ) . vocational guidance services. ( degree Celsius ) . Occupational guidance. ( vitamin D ) . Skill acquisition guidance. ( vitamin E ) . Self employment guidance. Entrepreneurship and little graduated table concern endeavors.
Sometimes. entrepreneurship development is perceived as synonymous with little graduated table concern. conceptually. they are non the same. Entrepreneurship is related to little graduated table concern merely by construction relevancy. For a alumnus to go an enterpriser. he or she must ; 1 ) . Develop a specific entrepreneurial accomplishment. 2 ) . Develop motive accomplishments. 3 ) . Develop concern accomplishments. 4 ) . Develop fiscal literacy accomplishment. 5 ) Acquire computing machine and information engineering accomplishments. Lesson from Ghana In Ghana. the most entrepreneurs cease operation at chiefly the micro degree and less than 5 % of big concerns are Ghanese owed.
Another feature of Ghana enterpriser state of affairs is the dismaying section of enterprisers in the informal sector. The informal sector of Ghana is made up of about 90 % of the working population ( Baah and Achakoma. 2007 ) . In Ghana about 48 % represent the young person population which is from age 15-35 old ages of age. Like many African states. Ghana’s population is reasonably vernal ( Baah. 2007 ) . * Entrepreneurship in China used to be an oxymoron. but after the Communist rose to power in 1949. China’s bing market economic system was bit by bit transformed into a socialist economic system. * * .