THE INVOLVEMENT OF BUSINESS EDUCATION GRADUATES IN SMALL-SCALE ENTERPRISE MANAGEMENT
CHAPTER ONE
INTRODUCTION
Background to the Study
Education is the fundamental building block of societal progress, providing the necessary tools for individuals to address challenges and contribute to their communities. According to Ezeani (2012), education empowers youth, enabling them to become productive members of society, earn a living, and drive societal advancement. Specifically, Ugwuogo (2013) emphasizes the crucial role of business education in national development, as it equips individuals with practical skills like small-scale business management, essential for success in the labor market and entrepreneurial ventures.
Kaegon (in Ijishar and Ayidiowu, 2015) emphasizes the importance of functional education in business, which not only enhances individual performance but also fosters meaningful contributions to national development. This entails exposing students to diverse curricula aimed at instilling attitudes, knowledge, and skills necessary for success in the business world.
Igboke (2010) defines business education as a dynamic field that prepares individuals for various aspects of business, including entrepreneurship and consumption of economic goods and services. The goal is to cultivate responsible, productive, and self-reliant citizens equipped with the requisite knowledge and values for success.
Enwemasor, Utebor, and Okocha (2016) underscore the role of business education in preparing individuals for gainful employment and entrepreneurship, facilitating the setup and effective management of businesses. Graduates are expected to establish and manage small and medium enterprises (SMEs), thereby contributing to economic growth and development.
SMEs have been recognized globally as engines of economic growth, playing a significant role in poverty alleviation and job creation (Opafunso & Adepoju, 2014). In Nigeria, SMEs have been integral to economic development since the mid-20th century, with their importance highlighted in various national development plans.
Business education plays a vital role in preparing individuals for roles in SMEs, providing them with the necessary knowledge and skills for success in entrepreneurship and management. This includes understanding business concepts, financial literacy, and effective management practices (Adamu I., 2019).
Adinoyi I. (2001) views business education as essential for both consumers and producers, providing a foundation for economic competencies. Moreover, Vander-Colff (2003) emphasizes the importance of business education in equipping future executives with the skills needed for success in the corporate world.
Overall, business education is crucial for empowering individuals to become self-reliant and contribute meaningfully to society through entrepreneurship and small-scale enterprise management. With the right knowledge and skills, graduates can navigate the challenges of the business world and drive economic growth and development.
Problem Statement: Despite the presence of various institutions aimed at producing competent personnel for managing small-scale enterprises, there is a growing concern over the escalating rates of fraud and errors within organizations. This research endeavors to investigate the contribution of Business Education graduates to the management of small-scale enterprises and assess the relevance of the skills they acquire in school for this purpose. The conversion of ideas into viable business ventures is a crucial aspect every Business Education graduate should strive for, yet challenges such as lack of capital, insufficient manpower, and inadequate record-keeping methods hinder effective management.
Objectives:
The primary aim of this study is to ascertain the role of Business Education graduates in managing small-scale businesses within Ikere local government area of Ekiti State. Specifically, the study aims to:
- Evaluate the contributions of Business Education graduates to small-scale enterprise management.
- Determine the applicability of skills acquired by graduates in school to small-scale enterprise management.
- Identify positive factors facilitating effective small-scale enterprise management.
- Identify obstacles impeding the growth of small-scale enterprises.
Research Questions:
To guide the study, the following research questions are posed:
- What roles do Business Education graduates play in managing small-scale enterprises in Ikere Ekiti?
- What skills do graduates acquire in school that contribute to effective small-scale enterprise management?
- What positive factors influence the management of small-scale enterprises?
- What factors hinder the growth of small-scale enterprises?
Significance of the Study:
This research holds significant implications for managers, directors, and employees of small-scale enterprises, aiding in the achievement of organizational objectives by addressing challenges such as capital sourcing, manpower shortages, and record-keeping deficiencies. Additionally, it benefits the government and society at large by highlighting the pivotal role of small-scale enterprises in national economic development and employment generation. The study also informs curriculum development for Business Education programs and assists prospective students in making informed career choices.
Scope of the Study:
The study focuses on the involvement of Business Education graduates in managing small-scale enterprises specifically within Ikere local government area.
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