The study specifically investigates Effect of Formal Education on the Development of Entrepreneurship. A case study of Etsako West Local Government Area Auchi, Edo State. In conducting this study, three hypothesis were formulated to achieve the stated objective. Data were collected from secondary and primary sources. Questionnaire were designed, sorted presented analysed, interpreted the development of entrepreneurship has significant effects on the rural communities. Government should make sure that incentives get to those who actually need them, and also give the amount that each business owners ask for and distribute more power for the people without which no significant progress can be achieved, Development actually rest heavily on power generation and distribution. Government can do better by educating the people to use the money for the purpose it is meant for and avoid diversion of funds.
In both the microeconomic and macroeconomic sector, one of the critical measuring tools for economic growth and development is the level of employment and employment opportunities opened to the people. It also help to determine the per capital income which we can give insight about the standard of living of the people. Today, there are large number of employable graduates and non-graduates roaming the streets unemployed. Reasons is not unconnected with the fact that the employment opportunities in the public sector which happens to be the largest employer in the country is so inadequate that it cannot accommodate the teaming population of the skilled and unskilled workforce, because of the government inability to have a visible plan for the growing population. The private sector which was supposed to help cannot make up for the ugly trend. Most government policies and programmes aimed at reducing unemployment have been to no avail. Studies have shown that a total shifts in both orientation and effort to the concept and practice of entrepreneurship is the remedy. Stomper (1955) entrepreneurship is the basic requirement for economic development in a free enterprise or mixed economy like Nigeria. Entrepreneurship according to Anuoha (2007) is the practice of starting new organizations or revitalizing nature organization, particularly new business generally in response to identified opportunities Entrepreneurship is often a different undertaking a vast majority of new business fail. Entrepreneurial activities are substantially different depending on the type of organization that is being stated. Mamudu (2005) sees an Entrepreneur as a person or group of persons who are willing to search act investment opportunities within his or her environment, establishment and run an enterprise successfully. An entrepreneur will usually invest their own capital in a business and take on the risk associated with the investment
In light of the general problem, this study would investigate the under listed specific problems.
(1) Knowing if the development of entrepreneurship has any significant effect on the rural communities.
(2) Examining if entrepreneurs are given any adequate incentive to help develop rural communities.
(3) Determining if there is enough infrastructural development in the rural communities and also determining if there is enough infrastructural development in the rural communities for the entrepreneurs to thrive.
The objectives of the study are;
(1) To find out if formal education enhances self employment.
(2) To determine if formal education and Entrepreneurship are central to nation building.
(3) To assess the extents to which government policies and programme are central to nation building.
1.4 RESEARCH HYPOTHESES
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
H0: Formal education is not a tool for self employment.
H1: Formal education is a tool for self employment.
H02: Formal education and Entrepreneurship have not been seen as central to nation building
H2: Formal education and Entrepreneurship have been seen as central to nation building
1.5 SIGNIFICANCE OF THE STUDY
Though, much work might have been done in regard to the effect of formal education of the development of Entrepreneurship within the country. Nigeria will not be out of place if this research adds more to existing literature. Therefore, it is hoped that at the end of study, the findings will be of immense benefit to both government and most of our teeming unemployed graduates and non-graduate alike. It is also the wish of the research to provide a better and clear understanding of the concepts and practice of Entrepreneurship so as to improve and qualities and skills of Entrepreneurs which reduce the rate of unemployment and contribute to nation building.
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study is intended to cover entrepreneurship development in Etsako West and their environs in Edo State. Its however important that research of its type naturally should cover small scale business in Auchi and environs and find out the general contribution to entrepreneurship development. Therefore, the study we must face, the enterprise in the above named and its contribution in the growth of entrepreneurship development in these areas. The researcher encounters some constrain which limited the scope of the study;
1.7 DEFINITION OF TERMS
Micro Economic: This is a branch of economic focuses on explaining the economic behavior of small units such as the individuals, households, individuals firms, individuals market or industries.
Macro-Economic: This on the other hand concentrates on the study of aggregate economic activities. It looks at the economy as a whole rather than as individual unit.
Mixed Economy: This is one in which resources are allocated partly through the decision of private individuals or the private sector and partly through the decision of the government or public sector.
Gross Domestic Product (GDP): This could be defined as the total market of all final goods or services produced in a country at a given time. Normally a year.
Per Capital Income: This is the national income of the country over the population of the country.
Education: This is the process of educating or teaching to develop the knowledge, skills or character of students.
Unemployment: Okeke (1994) defined unemployment as a situation where there are people who are willing and able to work, who are actually seeking for work but find no employment.
Entrepreneur: Is an individual who undertakes to supply goods and services to the market for profit. This will usually invest their own capital in a business and take on the risk associated with the investment
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study