International Journal of Small Business and Entrepreneurship Research

Vol.7, No.1, pp.32-39, January 2019

Published by European Centre for Research Training and Development UK (www.eajournals.org)

ENTREPRENEURSHIP EDUCATION: AN IMPERATIVE TOOL FOR ECONOMY

DIVERSIFICATION IN A MONO SECTOR ECONOMY

Francis, U. U.
Department of Business Education,
Adeyemi College of Education, Ondo

Morebise, A. S.
Department of Agricultural Science
Adeyemi College of Education, Ondo

ABSTRACT: The study focuses on “entrepreneurship education: an imperative tools for

economic diversification”, its purpose is to ascertain the effect of entrepreneurship education as an
imperative tool for economic diversification in a mono-sector economy. The objectives of the study
are: to determine if the quality of entrepreneurship education given to students is enough to make
them successful entrepreneur, to find out if the environment is conducive enough to make
entrepreneurship education good enough for a long lasting diversification measure and to
ascertain if entrepreneurship education is actually a tool for diversification of our economy. The
research questions are: is the quality of entrepreneurship education given to students enough to
make them successful entrepreneur?, how conducive enough is the environment to make
entrepreneurship education good enough for a long lasting economic diversification measure? is
entrepreneurship education actually a tool for diversification of our economy? A survey research
design was adopted for the study; a structured questionnaire was used as the instrument for data
collections. The questionnaire was administered on 60 randomly selected students in the five (5)
schools in Adeyemi College of Education. The statistical tool used for analysis was mean and
standard deviation, to ascertain the difference in responses. Four rating scale was used in eliciting
level of response: Strongly Agreed (SA), Agreed (A), Disagreed (D) and Strongly Disagreed (SD).
From the findings some recommendations were made they are: that entrepreneurship education
should be sponsored by the government to make it a worthwhile project, that entrepreneurship
education curriculum should not be theory oriented but practical, that financial empowerment
should be incorporated into the entrepreneurship package to serve as a takeoff fund for the
beneficiaries.

KEYWORDS: Entrepreneurship education, economic diversification, mono-sector economy

INTRODUCTION

Education is the bedrock on which any developed society is laid on. According to Obinna (2000) in
Nigeria educational system, the development of the total man is not a priority as exemplified by the
type of graduate the school produces on a yearly basis. Nigeria system of education emphasizes
certificate acquisition with little or without emphasis on the psychomotor development of the
learners. In Nigeria today every potential graduate has the mind of pursuing a white collar job in
the oil sector of the economy since Nigeria’s main economy is the oil and gas sector. It is obvious
in Nigeria that the larger percent of our graduate are either unemployed or underemployed due to
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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

their inability of critical and creative thinking in bringing out something out of nothing. It is
therefore imperative for us as a nation to consider entrepreneurship education as an imperative tool
for economy diversification in a mono sector economy to build, sustain and develop of country for
better living standard among the populace. Obinna (2000) noted that our formal education system
in the recent past seems to be continuously turning out people who are ill-prepared to help in the
development of the country. Our present educational system majorly prepared people for non –
existent white collar jobs. Most graduates are characterized by a lack of creative initiatives; spend
years waiting for the non existent white collar job, not interested in being entrepreneurs or self
employed and lack the vision of being employers of labour. They look down on goods produced
locally and instead have a ravishing taste for the ones made abroad; they cheat and scramble for
naira and political positions without any agenda in mind.

Drucker (1970) and Knight (1967), stressed that entrepreneurship is about taking a risk; it is the
process of creating new ventures that did not previously exist; it is the practice of starting new
organization, especially new business; it involves creation of new wealth through implementation
of new concepts. Drucker (1970) believes that what entrepreneurs have in common is not
personality traits but a commitment to innovation. For innovation to occur the entrepreneur must
have not only talent, ingenuity and knowledge but he must also be hard working, focused and
purposeful. As seen from the above contribution, entrepreneurship is a needed tool for economy
diversification in a mono sector economy a common practice in Nigeria. How then can
entrepreneurship ability be raised among Nigerian student. The answer is through entrepreneurship
education.

According to Ediagbonya (2013), entrepreneurship education is the kind of education given to

people with a view to developing entrepreneurship qualities properly followed up with support
services for smooth take off and successful running of business. In a similar vein, Ekankumo and
Kemebaradikumo (2011) stressed that Entrepreneurship education seeks to provide student
(especially those in tertiary schools) with the knowledge, skills and motivation to encourage
entrepreneurial studies in a variety of setting. UNESCO (2008) stated that entrepreneurship
education is made up of all kinds of experiences that give students the ability and vision of how to
access and transform opportunities of different kinds. It goes beyond business creation. It is about
increasing students’ ability to anticipate and respond to societal changes. It is also seen by
UNESCO as education and training which allows students to develop and use their creativity and to
take initiatives, responsibility and risks.

Ewubare (2010), opined that entrepreneurship education programme can equip students with
entrepreneurial skills that will enable them create and develop enterprises in various areas. The
emphasis here is that the programmes have a way of shifting the focus of students from paid
employment to self-employment. During the colonial era, people were trained to work for the
colonial masters and as such, their education was patterned towards such. Immediately after
independence the emphases of our education system was after paid employment (Akpomi, 2009).
Another role of Entrepreneurship education is that it has the tendency of equipping and making
students experts in the production of certain items. The curriculum framework of this programme
has been designed such that individuals will be able to channel their creative abilities and skills to
an area or areas of interest. The interest area may be barbing, soap making, farming and so on
(Agoha, 2011).
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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

Statement of the Problem

In Nigeria today many graduates can be seen on the major streets after leaving school seeking for
employment opportunities in non existing organization. As a result of this problem the rate of
social vices such as kidnapping, armed robbery and others has been on the increase among our
unemployed youths who after roaming around the street without any success results into this
inhuman act. Due to this increase in social vices the government of the day is of the opinion that
job creation should be the aim of potential graduate other than an employee. To this extent, the
government has opened up a loan scheme for graduate entrepreneur and those who choose to
venture into agriculture and other entrepreneurship ventures. In order to maximally benefit from
the scheme, entrepreneurship education has to be placed in the right shape in our tertiary
institutions and made a compulsory course for all undergraduates.

Objectives of the Study

The main aim of the study is to look at entrepreneurship education as an imperative tool for
education diversification in a mono-sector economy. The specific objectives are:
1. Determine if the quality of education given to students is enough to make them successful
entrepreneur
2. To find out if the environment is conducive enough to make entrepreneurship education
good enough for a long lasting diversification measure.
3. Ascertain if entrepreneurship education is actually a tool for diversification of our economy.

Research Questions
The following research questions were formulated to aid the study:
1. Is the quality of education given to students is enough to make them successful
entrepreneur?
2. How conducive enough is the environment to make entrepreneurship education good
enough for a long lasting economic diversification measure?
3. Is entrepreneurship education actually a tool for diversification of our economy?

Hypothesis
HO1: There is no significant difference between the mean response on the quality of education
given to graduate and if entrepreneurship education is actually a tool for diversification of our
economy.

Concept of Economic Diversification

Economic diversification is generally taken as the process in which a growing range of economic
outputs is produced. It can also refer to the diversification of markets for exports or the
diversification of income sources away from domestic economic activities (i.e. income from
overseas investment). Economic diversification in its standard usage, either in terms of the
diversity of economic activities or markets, is a significant issue for many developing countries, as
their economies are generally characterized by the lack of it. They have traditionally relied heavily
on the production of primary commodities that are predominantly vulnerable to climate variability
and change (Anonymous, nd).

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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

METHODOLOGY

The study “entrepreneurship education: an imperative tool for economy diversification in a mono
sector economy” made use of survey research design in carrying out the research. The population
of the study comprises of 60 randomly selected from the five schools in Adeyemi College of
Education, Ondo, Ondo State. Final year student was used for the study, because most sof them had
undergone one entrepreneurship education course or the other. A well structured questionnaire was
used to elicit information from the students. The questionnaire was structured to elicit the responses
of the base on four (4) rating scale of Strongly Agreed (SA), Agreed (A), Disagreed (D) and Strong
Disagreed (SD. Mean and Standard deviation was used to analyze the research questions, and one
sample t-test was used to test the hypothesis at 0.05 level of significance. Adapting 2.5 as
ACCEPTED, and below 2.49 as REJECTED.

Data Presentation and Analysis

Research Question one (1)
Is the quality of education given to students is enough to make them successful entrepreneur?

Table 1: Mean and standard deviation on the respondent response

S/N STATEMENTS SUM MEAN SD REMARKS

X
1. The entrepreneurship education taught
adequately enough to meet the requirement for 187 3.12 .865 ACCEPTED
successful entrepreneurial practice.
2. There are adequate facilities to adequately
impact entrepreneurship skills needed by the 146 2.43 .810 REJECTED
student.
3. The entrepreneurship education provides up-
to-date knowledge to meet the 21st century 179 2.98 .748 ACCEPTED
entrepreneurial demand.
4. The course content of entrepreneurship ACCEPTED
178 2.97 .802
education is good enough and detailed enough.
5. There is adequate and qualified staff for ACCEPTED
162 2.70 1.013
entrepreneurship education in my school.
GRAND MEAN 2.84 ACCEPTED

The table above indicates a grand mean of 2.84 which shows a high level of acceptance of the view
that the quality of education given to students is enough to make them successful entrepreneur.
This implies that entrepreneurship education is adequately taught, but that facilities are not
adequate enough to impact entrepreneurship skills needed by the students, that entrepreneurship
education provides up-to-date knowledge to meet the 21st century entrepreneurship demand, that
the course content of entrepreneurship education is good and detailed enough and that there are
adequate and qualified staff to impact the skills of entrepreneurship.

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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

Research Question two (2)

How conducive enough is the environment to make entrepreneurship education good enough
for a long lasting economic diversification measure?

Table 2: Mean and standard deviation on the respondent response

S/N STATEMENTS SUM MEAN SD REMARKS

X
6. The economic situation of the nation is good enough to REJECTED
make entrepreneurship education an imperative tool for 130 2.17 1.137
diversification.
7. The banking system provides flexible banking services
that make it easier for entrepreneur to obtain loan and 146 2.43 1.047 REJECTED
start up business.
8. Regional difference is a factor that facilitates
169 2.82 .813
entrepreneurship practice in Nigeria. ACCEPTED
9. The value of dollar to naira affects how entrepreneurship
education can be a long lasting economic diversification 172 2.87 1.081 ACCEPTED
tool
10. There is sufficient fund from the government for
108 1.80 1.005
entrepreneurship education in my school. REJECTED
GRAND MEAN 1.84 REJECTED

The table above indicates a grand mean of 1.84 which shows a high level of rejection of the view
that the environment is conducive enough to make entrepreneurship education good enough for a
long lasting economic diversification measure. This implies that the economic situation of the
nations is not good enough, that the banking system does not provides flexible banking services
that makes it easier for entrepreneur to obtain loan and start up business, that regional difference
does not facilitate entrepreneurship practice in Nigeria, that the value of dollar to naira affects how
entrepreneurship education can be a long lasting economic diversification and that there is no
sufficient fund from the government for entrepreneurship education in the school.

Research Question three (3)

Is entrepreneurship education actually a tool for diversification of our economy?

Table 3: Mean and standard deviation on the respondent response

S/N STATEMENTS SUM MEAN SD REMARKS

X
11. Entrepreneurship education helps in job creation if
214 3.57 .673
properly taught. ACCEPTED
12. Entrepreneurship education helps in economy
199 3.32 .624
diversification by raising entrepreneur. ACCEPTED
13. Entrepreneurship is the required way out for an
192 3.20 .777
economic diversification in Nigeria. ACCEPTED
14. It equips students with strength needed for the 213 3.55 .565
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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

successful running of a business venture. ACCEPTED

15. Entrepreneurship education can help to reduce
poverty thereby raising the standard of living of the 219 3.65 .547 ACCEPTED
people.
GRAND MEAN 3.46 ACCEPTED

The table above indicates a grand mean of 3.46 which shows a high level of rejection of the view
that the environment is conducive enough to make entrepreneurship education good enough for a
long lasting economic diversification measure. This implies that the economic situation of the
nations is not good enough, that the banking system does not provides flexible banking services
that makes it easier for entrepreneur to obtain loan and start up business, that regional difference
does not facilitate entrepreneurship practice in Nigeria, that the value of dollar to naira affects how
entrepreneurship education can be a long lasting economic diversification and that there is no
sufficient fund from the government for entrepreneurship education in the school.
Test of Hypothesis
There is no significant difference between the mean response on the quality of education given to
graduate and if entrepreneurship education is actually a tool for diversification of our economy.
The result is shown in table 4 below.
Table 4. Result of Test of Hypothesis
One-Sample Statistics
N Mean Std. Deviation Std. Error
Mean
Quality_of_education 60 12.0833 4.78094 .61722
Tool_for_Economic_Div
60 17.2833 2.91165 .37589
ersification
One-Sample Test
T df Sig. (2-tailed) Mean
Difference
Quality_of_education 19.577 59 .000 12.08333
Tool_for_Economic_Diversifi
45.980 59 .000 17.28333
cation

Using the mean of the response as bases of comparison indicates that there is a significant
difference in the mean responses on the quality of entrepreneurship education given and the fact
that entrepreneurship education is a tool for economic diversification. Mean 12.08 indicates low
mean compared to 17.28 which is a clear indication. Comparing the P-value which is both 0.000
lower than the alpha level (significance level) 0.05, it shows that there is no significance difference
in the mean response of the both compared variables.

FINDINGS OF THE STUDY

The following are the findings of the study:

1. That the quality of education given to students is enough to make them successful
entrepreneur.

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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

2. That there is no adequate facility to adequately impact entrepreneurship skills needed by the
student.
3. That the environment is not conducive enough to make entrepreneurship education good
enough for a long lasting economic diversification measure.
4. That entrepreneurship education is one major actually a tool for diversification of our
economy.

DISCUSSION

The table above indicates a grand mean of 2.84 which shows a high level of acceptance of the view
that the quality of education given to students is enough to make them successful entrepreneur.
This supports the view of UNESCO (2008) that entrepreneurship education is made up of all kinds
of experiences that give students the ability and vision of how to access and transform
opportunities of different kinds. It goes beyond business creation, also Ewubare (2010), opined that
entrepreneurship education programme can equip students with entrepreneurial skills that will
enable them create and develop enterprises in various areas. The emphasis here is that the
programmes have a way of shifting the focus of students from paid employment to self-
employment.

The table above indicates a grand mean of 1.84 which shows a high level of rejection of the view
that the environment is conducive enough to make entrepreneurship education good enough for a
long lasting economic diversification measure. This is closely in line with the argument of Obinna
(2000) that in Nigeria educational system, the development of the total man is not a priority as
exemplified by the type of graduate the school produces on a yearly basis. Nigeria system of
education emphasizes certificate acquisition with little or without emphasis on the psychomotor
development of the learners. In Nigeria today every potential graduate has the mind of pursuing a
white collar job in the oil sector of the economy since Nigeria’s main economy is the oil and gas
sector. It is obvious in Nigeria that the larger percent of our graduate are either unemployed or
underemployed due to their inability of critical and creative thinking in bringing out something out
of nothing.

The table above indicates a grand mean of 3.46 which shows a high level of rejection of the view
that the environment is conducive enough to make entrepreneurship education good enough for a
long lasting economic diversification measure. This supports the view of Agoha (2011) that role of
Entrepreneurship education is that it has the tendency of equipping and making students experts in
the production of certain items. The curriculum framework of this programme has been designed
such that individuals will be able to channel their creative abilities and skills to an area or areas of
interest. The interest area may be barbing, soap making, farming and so on.

CONCLUSION

The study concludes that economic diversification can be achieved if there is an adequate
entrepreneurship education with machinery put in place to empower the trained entrepreneurs. A
flexible and enabling environment will go a long way to improve the quest for diversification. The
nation and other well meaning countries who intend to help our situation in this country must grow

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 International Journal of Small Business and Entrepreneurship Research
Vol.7, No.1, pp.32-39, January 2019
Published by European Centre for Research Training and Development UK (www.eajournals.org)

beyond just sympathizing with us and empathize with us by taking practical steps in providing
solution to our plight.

Recommendations
In view of the conclusions and findings the study therefore recommends majorly that enabling
environment be provided by Nigerian and other Nations for adequately entrepreneurship
engagement. Other specific recommendations are:
1. That Nigerian banking system should provide flexible banking services that make it easier
for entrepreneur to obtain loan and start up business with little or no interest.
2. That regional difference should be sought out by the government facilitate entrepreneurship
practice in Nigeria.
3. Those economic policies should be developed to stabilize the value of dollar to naira so as
to provide an entrepreneurship education that can be a long lasting economic diversification
measure.
4. That government should provide sufficient fund for entrepreneurship education in the
school and support the graduates of vocational education with takeoff capital.
5. That adequate facility should be provided by the government to adequately impact
entrepreneurship skills needed by the student.

REFERENCES

Agoha, G. (2011). Skill Acquisition and Entrepreneurship Education: The Basic Requirement for
Secretarial Business Education Students. ABEN Book of Readings, 1 (11), 117-121.
Akpomi, M.E. (2009). Achieving Millennium Development Goals (MDGs) through Teaching
Entrepreneurship Education in Nigeria Higher Education Institutions (HEIs). Europe
Journal Social Science 8 (1), 154-157.
Anonymous (nd) Concept of Economic Diversification. Retrieved 22nd May, 2016.
http://unfccc.int/adaptation/workstreams/nairobi_work_programme/items/3994.php.
Ekankumo, B & Kemebaradikumo, N. (2011). Entrepreneurship and Entrepreneurial Education
(EE): Strategy for sustainable Development. Asian Journal of Business Management, 3(3),
196-202.
Ewubare, M. U. (2010). Strategies for Promoting Entrepreneurship Education in (NCE) Home
Economics. JHER, 13, 137-143.
Obinna, A. (2000). The Higher Education System Bides for a Clamp don Federal Government
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Ediagbonya, K. (2013). The Roles of Entrepreneurship Education in Ensuring Economic
Empowerment and Development. Journal of Business Administration and Education. 1.
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Drucker, P. (1970) and Knight (1967). Concept of Entrepreneurship in Ayatse, F. A. (2013).
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Journal of Business and Management Review Vol.1, No.4, pp.83-90.
UNESCO (2008), Promoting Entrepreneurship Education in Secondary Schools. Final report of
UNESCO inter-regional Seminar on promoting entrepreneurship education in Secondary
Schools, held in Bangkok, Thailand on 11th – 15th February, 2008.

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