AN ASSESSMENT OF ENTREPRENEURSHIP SKILLS NEEDED BY BUSINESS EDUCATION STUDENTS

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AN ASSESSMENT OF ENTREPRENEURSHIP SKILLS NEEDED BY BUSINESS EDUCATION STUDENTS IN FEDERAL COLLEGE OF EDUCATION IN OYO

 

 

 

 

 

 

 

 

 

 

ABSTRACT

This study assessed entrepreneurship skills needed by business education students in Federal College of Education (Special), Oyo. The study was guided by human capital theory, Innovative Diffusion theory and self-efficacy theory. A descriptive survey research design was employed, with data collected from 60 students in Federal College of Education (Special), Oyo using a self-structured questionnaire. Data collected from the respondents were analysed using frequency counts and simple percentages. Results revealed that Business Education students at the Federal College of Education (Special), Oyo, possess strong foundational entrepreneurial skills such as problem-solving, financial literacy, adaptability, and communication, though they lack creativity, innovation, and digital competencies. It further notes that challenges in assessment and resource limitations hinder skill development, calling for improved curriculum design, experiential learning, and contextually relevant evaluation methods to better prepare students for modern entrepreneurial demands. The study recommends that the curriculum should be updated to place greater emphasis on creativity, innovation, and emerging digital skills such as data analysis, artificial intelligence, and digital marketing. Also, practical, project-based learning and case studies should be integrated to help students translate theoretical knowledge into real-world entrepreneurial ventures and the college should invest in adequate resources and infrastructure to support experiential learning, such as entrepreneurship laboratories, innovation hubs, and access to modern technological tools.

 

Keywords: Entrepreneurship skills, Problem-solving skills, financial literacy,                            Adaptability, Communication

 

 

 

CHAPTER ONE

INTRODUCTION

• Background to the Study

Business Education encompasses a broad array of concepts aimed at equipping individuals with the knowledge, skills and competencies needed to excel in the world of business. It covers foundational topics such as economics, accounting, finance, management, marketing and entrepreneurship, providing students with an understanding of how businesses operate within larger economic systems (Odike and Kingsley, 2019). This educational field strives to balance theoretical knowledge with practical application, enabling students to analyse complex business challenges, make strategic decisions and lead teams effectively. Through Business Education, learners gain insight into market dynamics, resource management and organisational structures that influence business success.

A crucial component of Business Education is the development of analytical and critical-thinking skills. Courses in areas such as data analysis, business statistics and financial modeling enable students to access data, identify trends and make informed decisions based on quantitative and qualitative insights. This skill set is particularly valuable in today’s data-driven world, where the ability to interpret and leverage data can provide competitive advantages. Furthermore, Business Education often integrates case studies and real-world scenarios, helping students to apply theoretical frameworks to practical business issues and cultivate problem-solving abilities that are adaptable to various industries (Noori, Yao, and Hussein, 2023).

The state of employment in Nigeria reflects both the immense potential and significant challenges within the nation’s labour market. Nigeria has a large and growing population, currently over 200 million, which includes a youthful demography with a median age under 20 years. This youth bulge is both a demographic dividend and a potential liability, depending on the country’s ability to provide employment opportunities. Despite this vibrant workforce, unemployment and underemployment rates have been alarmingly high. As of recent years, Nigeria’s unemployment rate has hovered above 30%, with youth unemployment even higher, highlighting the urgent need for economic reforms, job creation and skills development to address this situation (Nigerian Youth SDGs, 2024).

One of the primary challenges to employment in Nigeria is the structure of the economy, which is highly reliant on oil exports. While oil contributes substantially to government revenue, it employs only a small portion of the population. This dependency on oil has created a lack of diversification in the economy, limiting job creation in other sectors such as agriculture, manufacturing and services. Although agriculture remains the largest employer in Nigeria, it is predominantly informal and plagued by low productivity, limited mechanization and insufficient access to financing. Consequently, agricultural jobs often fail to provide the level of income or stability needed to lift workers out of poverty, leaving many individuals underemployed or in low-wage, unskilled positions (World Bank, 2019).

Nigeria’s education system and skills mismatch further complicate the employment landscape. Many graduates from Nigerian universities face difficulties securing employment that matches their qualifications due to a skill gap between what is taught in schools and what is required by employers. Sectors that could absorb more young professionals: such as information technology, engineering and healthcare, struggle with a shortage of adequately skilled workers. This mismatch is compounded by outdated curricula and limited access to practical training, which leaves many graduates unprepared for the demands of the modern workforce. As a result, even educated Nigerians face high unemployment rates, leading some to seek opportunities abroad in what is commonly known as “brain drain.” (Pitan & Adesegun, 2012).

Entrepreneurship skills encompass a diverse set of abilities and mindsets essential for successfully starting, managing and growing a business. These skills go beyond technical knowledge and financial acumen, focusing on qualities that allow an individual to identify opportunities, innovate and take calculated risks (Pennetta, Anglani & Mathews, 2023). Key entrepreneurship skills include: creativity, problem-solving, strategic thinking and resilience, which enable entrepreneurs to navigate the uncertainties of the business environment. Entrepreneurs often operate in volatile settings with limited resources, so developing a flexible and adaptable approach is vital to overcoming challenges and pursuing business growth (Imaobong & Brownson, 2024).

One of the foundational skills in entrepreneurship is opportunity recognition, which involves identifying market gaps and unmet needs that a new product or service can fulfil. This skill requires an understanding of market trends, customer behaviour and industry dynamics to spot openings that could yield profitable ventures. Opportunity recognition is closely tied to innovation, as entrepreneurs must creatively brainstorm solutions that offer unique value to customers. For instance, the rise of digital technology has led many entrepreneurs to explore online solutions in sectors like education, healthcare and finance, adapting their offerings to meet the evolving needs of a tech-savvy audience (Rosa, 2024).

Entrepreneurship skills have become essential for Business Education students aiming to thrive in today’s rapidly evolving job market. As traditional employment landscapes shift and opportunities for self-employment grow, Business Education students must equip themselves with a range of skills that go beyond theoretical knowledge. These skills enable them to navigate the challenges of starting and running a business and empower them to contribute innovatively within established organisations. Developing entrepreneurship skills early not only boosts students’ employability but also fosters a mindset oriented towards innovation, resilience and problem-solving, all of which are valuable in any employment scenario (Adekola & Aribisala, 2023).

One key entrepreneurship skill for business students is critical thinking and problem-solving. In an environment marked by uncertainty, employers highly value individuals who can assess situations objectively, identify potential obstacles and devise effective solutions. This skill involves a keen analytical mindset that can evaluate risks and rewards, helping students to make informed decisions in real-world scenarios. Whether they start their own ventures or work within a business, the ability to think critically and solve problems creatively sets them apart as valuable contributors to any team (Bejinaru, 2019). Financial literacy is another indispensable skill for aspiring entrepreneurs. Business Education students must understand fundamental financial concepts, like budgeting, forecasting, cash flow management and financial analysis. Financial literacy ensures that students can evaluate the economic viability of business ideas and make prudent financial decisions. Moreover, a solid understanding of finance helps them communicate effectively with investors, banks and other stakeholders, whether they’re pitching a business plan or managing operational finances in a corporate role (Arya & Singla, 2022).

Communication and interpersonal skills are also critical for business students with entrepreneurial ambitions. In today’s interconnected business environment, the ability to communicate clearly, negotiate effectively and collaborate with diverse teams are essential. These skills allow them to build networks, foster partnerships, and manage customer relations. Strong interpersonal abilities enable students to influence others, whether it’s convincing a team to adopt a new idea, persuading a customer to try a product, or securing funding from investors (Oroka & Igberaharha, 2024). Also, digital literacy and technological skills have become indispensable for today’s business students. The integration of technology in nearly every aspect of business means that students must be proficient with digital tools, data analysis software and online platforms. Understanding digital marketing, e-commerce and data analytics enhances their ability to leverage technology for business growth and efficiency. These skills enable them to harness the power of data-driven decision-making, giving them a competitive edge in both entrepreneurial and traditional employment settings (Anthony & Orga, 2023).

The existing body of research on assessing entrepreneurship skills among Business Education students has made significant strides in identifying core competencies required for employment. However, several gaps persist that limit the effectiveness and applicability of these assessments. One primary gap is the lack of standardised assessment frameworks. While various studies highlight the importance of critical thinking, financial literacy and adaptability, there is no universally accepted method to measure these skills accurately. This lack of standardisation leads to inconsistencies

across institutions, making it difficult to compare outcomes and gauge the effectiveness of entrepreneurship education programme universally. Another critical gap is the limited emphasis on practical in entrepreneurship skill assessment. Many current assessment methods rely heavily on written exams and theoretical exercises, which may not accurately reflect students’ ability to perform in real business environments. Entrepreneurship is a practical field requiring hands-on experience, yet studies often overlook experiential learning and project-based assessments that simulate real-world challenges. This gap restricts students from demonstrating their skills in real-life scenarios, making it challenging to assess their preparedness for employment accurately.

Additionally, digital literacy and technology skills are increasingly vital in today’s entrepreneurial landscape, studies on entrepreneurship skill assessment often underplay their significance. With the rise of digital marketing, e-commerce, and data analytics, Business Education Students need to be proficient in using digital tools. However, many assessment frameworks either ignore this requirement or treat it as secondary to traditional business competencies. As a result, there is a gap in understanding how well students are equipped to leverage technology in entrepreneurial contexts, leaving them potentially unprepared for the demands of a digital-driven job market. Furthermore, existing research often neglects the cultural and contextual factors that influence entrepreneurship. Entrepreneurial success can vary widely depending on socio-economic and cultural contexts, yet assessments typically take a one-size-fits-all approach. This generalization fails to account for local business environments, cultural attitudes towards entrepreneurship and regional economic conditions, which all play a role in shaping entrepreneurial skills. Without context-sensitive assessments, Business Education students may receive training and evaluation that does not align with the specific challenges they will face in their respective markets.

1.2 Statement of the Problem

The statement of the problem in assessing entrepreneurship skills among Business Education students centers on the disconnection between current educational assessments and the practical skills needed in the workforce. As the job market increasingly values entrepreneurial abilities, Business Education students are expected to graduate with skills that enable them to think critically, innovate and adapt to the complexities of a dynamic economy. However, many assessment methods employed in educational institutions are outdated, focusing heavily on theoretical knowledge while neglecting the practical, experiential learning required to foster true entrepreneurial competence. This gap leaves students underprepared for employment, as they lack the hands-on experience and practical skills that employers demand. Another critical issue is the inadequate measurement of key entrepreneurial competencies, such as resilience, adaptability and digital literacy. Entrepreneurship requires a robust set of skills that go beyond traditional business knowledge, including the ability to navigate uncertainty, leverage technology effectively and respond to setbacks constructively. Despite their importance, these skills are rarely captured in standard assessments, as they are challenging to measure through conventional exams or written assignments. Consequently, graduates may possess a strong foundational understanding of business concepts but lack the competencies to apply this knowledge in real-world entrepreneurial or intrapreneurial settings. This mismatch between educational outcomes and workforce requirements poses a significant challenge for students transitioning from academia to employment.

Furthermore, a lack of standardized frameworks for assessing entrepreneurship skills contributes to inconsistencies across educational institutions. Without a cohesive approach, assessments of entrepreneurial skills vary widely, leading to significant disparities in student preparedness depending on their programme of study. This lack of standardization makes it difficult for educators to evaluate student performance accurately or to ensure that all students receive comparable training in entrepreneurship. For students, this means that their education and subsequent assessment may depend more on the institution’s specific approach rather than on a recognized set of skills that align with industry standard and employment demands. In addition, current assessments often overlook cultural and contextual factors that are essential to entrepreneurship. Entrepreneurial success can be influenced by local economic conditions, cultural attitudes and regional market demands. Yet, most assessment models take a one-size-fits-all approach, failing to prepare students for the particular challenges they may face in their respective environments. This lack of contextual sensitivity in assessments means that students are not adequately equipped with the adaptive skills needed to address the unique opportunities and constraints of different markets. As a result, they may struggle to apply their entrepreneurial skills effectively once they enter the workforce, particularly in culturally or economically diverse environments.

1.3 Purpose of the Study

The general purpose of this study is to evaluate the entrepreneurship skills needed by Business Education students, Federal College of Education Oyo to enhance their employability and readiness for the workforce. Specifically, the purposes of the study include to:

1. identify the core entrepreneurship skills required for Business Education students’ employability focusing on skills such as critical thinking, financial literacy, adaptability, digital proficiency and interpersonal communication.
2. examine the influence of cultural and contextual factors on entrepreneurship skills assessment within the college.

iii. explore the challenges and limitations faced by educators in assessing entrepreneurship skills.

1. evaluate students’ proficiency levels in key entrepreneurial competencies to determine if they meet the demands of employers and the entrepreneurial environment.

1.4 Research Questions

1. What core entrepreneurship skills are essential for the employability of Business Education students, specifically in the areas of critical thinking, financial literacy, adaptability, digital proficiency and interpersonal communication?
2. What is the proficiency level of Business Education students in key entrepreneurial competencies and does it meet the demands of employers and the current entrepreneurial environment?
3. What challenges and limitations do educators face in assessing entrepreneurship skills among Business Education students?
4. How do cultural and contextual factors influence the assessment of entrepreneurship skills within the college?

1.5 Significance of the Study

The significance of this study in assessing entrepreneurship skills among Business Education Students, Federal College of Education, Oyo lies in its potential to bridge the gap between academic training and practical employability. As the job market increasingly values entrepreneurial capabilities, particularly within local economies where self-employment and small business ventures are common, this study provides insights that are crucial for aligning the college’s curriculum with real-world demands. By identifying the specific skills that enhance students’ employability, such as critical thinking, financial literacy, adaptability, digital proficiency and interpersonal communication, the study helps in ensuring that graduates are equipped with competencies that meet the expectations of employers and the entrepreneurial landscape. This alignment not only enhances students’ career prospects but also contributes to the economic development of the region, as better-prepared graduates are more likely to succeed in launching businesses or excelling in existing roles.

For educators and curriculum developers, the study offers valuable recommendations on effective assessment methods for entrepreneurship skills. Currently, many educational programme focus heavily on theoretical instruction, which may not adequately prepare students for the practical demands of entrepreneurship. This study addresses this limitation by evaluating the effectiveness of existing assessment techniques and proposing improvements to ensure a balanced focus on both theoretical knowledge and hands-on skills. The study’s findings can serve as a foundation for developing a more comprehensive and experiential assessment framework that reflects the entrepreneurial requirements of today’s job market. Educators can use these insights to refine teaching strategies, incorporate more real-world applications and adapt assessment practices that promote practical skill acquisition, thereby improving the quality and relevance of Business Education at the institution.

Additionally, the study highlights the challenges and limitations that educators face in assessing entrepreneurship skills, such as lack of standardised frameworks, insufficient resources and difficulties in measuring soft skills like resilience and adaptability. By exploring these challenges, the study advocates for institutional support and policy changes that could provide educators with the necessary tools and resources to implement effective entrepreneurship skill assessments. For administrators and policymakers, this research provides a strong case for investing in resources, such as simulation tools, digital platforms and experiential learning opportunities, which enhance the teaching and assessment of entrepreneurship skills. This investment is likely to produce graduates who are not only more capable but also more resilient and adaptable in a competitive job market.

Finally, the study examines how cultural and contextual factors influence the assessment of entrepreneurship skills, which is particularly significant for an institution like Federal College of Education Oyo, situated in a unique cultural and economic setting. By considering these local factors, the study encourages the development of context-sensitive assessment models that recognize the specific needs and challenges of the region. This approach ensures that students are not only equipped with general entrepreneurial skills but also prepared to navigate the specific opportunities and limitations of the local economy. In doing so, the study contributes to a more holistic and relevant educational experience for students, fostering a new generation of business professionals who are attuned to their community’s economic landscape and poised to make meaningful contributions.

1.6 Scope of the Study

This study focuses on assessment of entrepreneurship skills needed by Business Education students for employment. The scope of this study is Federal College of Education (Special), Oyo. The population of the study comprises Business Education Students ranging from NCE I to NCE III who can provide insight in the essential entrepreneurial skills needed in the labour market. The instrumental scope includes the use of structured questionnaires, interviews and observational checklists to collect relevant data on students’ entrepreneurial competencies, awareness and preparedness for employment.