IMPACT OF ENTREPRENEURSHIP AS A TOOL FOR SUSTAINABLE EMPLOYMENT IN AN ORGANIZATION
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- 1-5 Chapters
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- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background to the study
A crucial role in the acceleration of economic growth has played entrepreneurial activity, which has served as the primary agent in the bulk of production, distribution, and expansion activities. The majority of currently accessible definitions of entrepreneurship are focused on the functional tasks of entrepreneurs, which include coordination, invention, and the ability to deal with unpredictability in the marketplace. Other definitions of entrepreneurship place emphasis on the provision of money, the exercise of decision-making authority, ownership, and the distribution of resources (Abefe-Balogun, 2020).
Kuratko (2019) and Ogboru (2016) define entrepreneurship as the desire and ability of a person to explore investment opportunities, form a business, and effectively operate a business. Kuratko (2019) and Ogboru (2016) define entrepreneurship as the desire and ability of a person to explore investment opportunities, form a business, and effectively operate a business. Hornby (2016) describes entrepreneurship as the process of starting a business endeavor and taking risks in order to create a profit. This definition is taken from the Oxford Advanced Learner's Dictionary of modern English. Another way to say it is that entrepreneurship may be described as the process of creating, developing, and running a commercial business.
Based on the definition provided by Ogboru (2016), entrepreneurship is described as the act of an individual, group of individuals, or corporate organization accepting an opportunity to benefit from a risk in the hopes of achieving financial success. Entrepreneurship, according to Abefe-Balogun (2020), is defined as the seemingly paradoxical act of bringing together resources in order to manufacture things or deliver services to clients in order to make a profit. As defined by Kuratko (2019), entrepreneurial education is specialized training offered to students in order to assist them in gaining the skills, ideas, managerial abilities, and competences that they will need for self-employment rather than being employed for a paycheck.
Nigeria's unemployment crisis, which affects both educated and unskilled people, has emerged as one of the most urgent and controversial issues confronting the nation today. It is one of the most pressing and contentious issues facing the country today. The unemployment situation has shifted from one characterized by prolonged periods of unemployment and misemployment to one in which graduates from higher education institutions must typically wait for a significant amount of time before finding their first job, if they are lucky enough to find one at all, according to the Bureau of Labor Statistics.
During the first decade of the twenty-first century, job insecurity emerged as one of the most serious issues confronting many nations across the world. A continuing worldwide economic depression, along with uncertainties surrounding economic growth prospects, has resulted in gloomy global financial circumstances. The outcome of this was that many economies were driven into a severe recession, with the ramifications of this being felt across the labor market. These ramifications are especially visible in emerging and underdeveloped countries throughout the world, where unemployment has risen as a result of the recession.
Nigeria has one of the world's highest rates of youth unemployment (60-65 percent), making it one of the most unemployable nations on the globe, according to the World Bank (Federal Ministry of Labour and Productivity Report, 2016). In the past few years, a large number of young people have graduated from universities, polytechnics, and other institutions of higher learning, constituting the majority of those interviewed. According to the most current available estimate, around 1.6 million individuals, the majority of whom are young adults, graduate from college each year. 3.8 million certificate-carrying adolescents who have no formal education, or who have completed elementary and secondary school but did not continue their education, are poured into an already over saturated labor market each year, on top of the total of 3.8 million certificate-carrying adolescents mentioned above (Federal Ministry of Labour and Productivity Report, 2016).
Many adolescents are unproductive and have been relegated to the status of small merchants and smugglers; in many cases, the rise in the phenomena of human trafficking and child labor can be traced back to poverty and unemployment among young people. It is true that even those lucky few who are able to find their way out of the country to seek work abroad have done so, but their departure has resulted in a deterioration in the general quality of human capital resources across the country. We hope that this article will serve as a wake-up call to responsible authorities, prompting them to turn their attention toward entrepreneurial development initiatives as a means of resolving Nigeria's unemployment problems.
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