ENTREPRENEURSHIP EDUCATION AND ENTREPRENEURIAL INTENTION AMONG NYSC MEMBERS IN NIGERIA Obembe, O.B (PhD) & Adeleye, O. Kelvin Department of Economics Obafemi Awolowo University, Ile-Ife.

OVERVIEW OF PRESENTATION  Introduction/Background  Motivations for the study  Theoretical Background/Literature Review  Methodology  Data Analysis and Presentation of results  Conclusions/Recommendations  Final Word

INTRODUCTION/BACKGROUND  Who is an Entrepreneur?  Someone who is involved in the allocation of resources in order to improve productivity growth in the economy—Baptist Say  A very exceptional person, a revolutionary innovator who overturns know ways of production and brings about disequilibrium in the economy—Schumpeter (1943)  A person who has an inclination to foresee uncertain events in pursuit of profit rather bringing about change in the economy— Knight (1921).  A person who is alert to opportunities for profit—Kirzer (1979)  Someone who specializes in taking judgmental decisions about the coordination of scarce resources—Carson (1982).

 Role of Entrepreneur in an economy Middleman Innovator

 Entrepreneur as a Middleman  At point B: Best technology is not instantaneously utilized Transactions cost prevent beneficial exchanges Resources may not be efficiently utilized within the firms Production may be less than the maximum possible Entrepreneurs, individuals who are alert to opportunities spot the missing links and steps in to improve resource allocation. The economy is moved from within the curve and expand it to a point on the PPF (A).

 Entrepreneurs as innovators  They adopt new ideas  Discover new resources  Produce new products  Recognize new needs  Create new markets In this role, they create turbulence where calm and equilibrium have previously existed. The existing equilibrium is thus re-adjusted and pushed forward thereby creating further opportunities for entrepreneurship and economic growth.

 Entrepreneurship and Nigerian Economy  Severe unemployment (16% growth rate) Youth unemployment = 50% ( )--NBS  Chronic poverty  Crisis of instability 2012 budget allocated $5.7 billion (N921.91B)to defense and security  The problems identified clearly shows that Nigeria is operating far below the PPF in our diagram above.

 Policy Response by government:  NDE (1987)—was established to equip youths with necessary skills to promote self employment.  Results: beneficiaries include: 673,000 from Acquisition training 373, 366 from Entrepreneurial (Business) Training 21,708 from vocational training in 36 states of the federation in In spite of this, youth unemployment continues to be on the increase.

Study Motivations  This study is motivated by three reasons:  Inadequate attention from researchers  Puzzling Results from Nigerian Researchers Izedonmi and Okafor (2010)—found a positive support for EE. (a university in the south west) Ekpo and Edet (2011)—EE impacts positively on career intentions of the students in Akwa Ibom and C/Rivers States. Sinyanbola et al (2012)—found a strong positive support for EE as a determinant of entrepreneurial intention among 7560 students all over Nigeria. These results are puzzling going by the GEM observation.  Observation by Global Entrepreneurship Monitor (GEM) Factor driven economies Efficiency driven economies Entrepreneurship and innovation driven economies.

Economic Theory of Entrepreneurship  The Carson’s theory of Entrepreneurship.

 The demand curve DD shows that, the Larger the number of active entrepreneurs, the lower the entrepreneurial reward.  The position of the demand curve is influenced by the pace of change in the economy.  The faster the pace of change, the further away it is from the origin.  The supply curve shows the number of individuals with necessary personal traits who decide to become entrepreneurs.  At point No, no one is willing to become an entrepreneur  The positive section of the SS curve indicates a positive reward for entrepreneurs and hence, individuals with necessary traits can leave paid employment and take up entrepreneurship.  The rate of increase of Ne as Re increases will depend on social and institutional factors which may affect the willingness of individual to become entrepreneurs.

 The position of SS depends on:  Number of individuals who possess the necessary traits to become entrepreneurs  Proportion of potential entrepreneurs who can acquire control of the necessary resources to qualify as entrepreneurs  The shape of the SS curve is believed to be influenced by three factors:  Changes in wealth distribution  Social mobility and;  Educational qualifications.

CONCEPTUAL FRAMEWORK  Previous studies have examined determinants of entrepreneurship using three major factors:  Socio-Demographic traits  Psychological traits  Contextual variables

METHODOLOGY  The work is a binary choice model based on the occupational choice of Lucas (1978). A logit model is thus specified as:  Specified in terms of odds, we have:  The dependent variable takes a value of 1, if a respondent is taking to Entrepreneurship, and 0, otherwise.

Definition of Variables

DATA ANALYSIS AND PRESENTATION

Econometric Result

Conclusions and Recommendations  Entrepreneurship Education has no significant impact on entrepreneurship intention among the corps members.  Recommendations:  Government should provide the basis for entrepreneurship: Stable government Basic infrastructure Primary health care Education Reduce dependence on oil.

FINAL WORD

 Thanks a lot for your rapt attention.