Influence of Graduate Entrepreneurship Fund (GEF) on Youth Economic Inclusion
Chapter One
OBJECTIVE OF THE STUDY
The broad objective of the study is to evaluate the influence of GEF on youth economic inclusion in Awka South LGA of Anambra State.
Specifically the study aim to:
- Evaluate the services (financial & non-financial) rendered to the youths who are beneficiaries of GEF p
- rogram
- Determine the effect of GEF program on graduate level of income after their participation in the GEF program
- Examine the efforts of GEF program in facilitating small scale enterprise among graduates
- Identify challenges that limits graduates participation in the program
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 THE CONCEPT OF ENTREPRENEURSHIP
Entrepreneurship is the purposeful activity (including an integrated sequence of decisions) of an individual or group of associated individuals, under-taken to initiate, maintain, or aggrandize a profit-oriented business unit for the production or distribution of economic goods and services (Nwachukwu, 1990). Entrepreneurship at least in all non-authoritarian societies constitute a bridge between society as a whole, especially the non-economic aspect of that society, and the profit oriented institutions established to take off its economic development and to satisfy, as best they can, its economic desires. Schumpeter (1994) defines entrepreneurship as the ability to perceive and undertake business opportunities, taking advantage of scarce resource utilisation. In simplest form, entrepreneurship is the willingness and the ability to seek out investment opportunities and to run an enterprise for profit. In this later sense, entrepreneurship takes premium over capital. It is equally more fundamental than capital because capital formation is the result of entrepreneurial activity. Entrepreneurs are therefore regarded as central figures in economic development. Their contributions run through labour actions, movement of capital goods and conversion of raw materials into finished products, and ultimately, effectual distribution of the products to final consumers. Entrepreneurs are therefore those who search and discover economic opportunities, marshal the financial and other resources necessary for the development of the opportunities, evaluate alternatives available in the environment and allocate resources to the most profitable ones and as well take the ultimate responsibility for the management and/or successful execution of opportunities. An Entrepreneur is somewhat comfortable with taking and assuming risks which are impassioned with the dream being pursued. He or she knows where to get help, and when it is needed, and as well as being ever ready to receive changes in the business surrounding environment (Schumpeter, 1994). Consequently, universities should commence training high level manpower whose characteristics are usually obsessive, focused, articulate, and resourceful. In this way graduates will turn out typically charismatic leaders, and tend to be introspective in the skills of job creation, wealth generation and innovative skill utilization. Empowering the Nigerian people towards wealth creation, employment generation, poverty reduction and value re-orientation (NEEDS, 2005), is a foremost cardinal point for strategic macro-economic framework. This also reflects in the recent increase in the demand for educational programmes in entrepreneurship in the country’s tertiary institutions, parastatals and non-governmental paradigms. If fully satisfied, this new vision and values would shine the spotlight on small medium scale business activities in Nigeria. Thus, increased education on entrepreneurial skills would create that perfect opportunity to stimulate economic growth. Institutions are therefore to properly train individuals who will have the right tools necessary to commence and grow successful businesses with reduced risk of failure. Entrepreneurship is frequently a scarce resource because entrepreneurs are gap fillers and inputs completers and these are highly scarce talents. David C. McClelland of Harvard University, U.S.A., highlighted this paramount importance of entrepreneurship in his “Need Theory of Entrepreneurship”. McClelland made a comprehensive contribution to the conceptualization of motivators to entrepreneurship development by identifying three types of basic motivating needs which he classified as need for power (n/PWR), and need for affiliation (n/AAF), and need for achievement (n/ACH). Considerable research has been done on method of testing people with respect to these three types of needs, and McClelland and his associates have done substantial research, especially on the need for achievement drive. Research on achievement needs has been noteworthy and is often used by psychologists as a prototype of how knowledge should be researched and discovered in the behavioural science as a way of developing entrepreneurship.
CHAPTER THREE
RESEARCH METHODOLOGY
Research design
The researcher used descriptive research survey design in building up this project work the choice of this research design was considered appropriate because of its advantages of identifying attributes of a large population from a group of individuals. The design was suitable for the study as the study sought to influence of graduate entrepreneurship funds on youth economic inclusion
Sources of data collection
Data were collected from two main sources namely:
(i)Primary source and
(ii)Secondary source
Primary source:
These are materials of statistical investigation which were collected by the research for a particular purpose. They can be obtained through a survey, observation questionnaire or as experiment; the researcher has adopted the questionnaire method for this study.
Secondary source:
These are data from textbook Journal handset etc. they arise as byproducts of the same other purposes. Example administration, various other unpublished works and write ups were also used.
Population of the study
Population of a study is a group of persons or aggregate items, things the researcher is interested in getting information on influence of graduate entrepreneurship funds on youth economic inclusion. 200 staff of selected SMEs in Anambra State was selected randomly by the researcher as the population of the study.
CHAPTER FOUR
PRESENTATION ANALYSIS INTERPRETATION OF DATA
DATA ANALYSIS
The data collected from the respondents were analyzed in tabular form with simple percentage for easy understanding.
A total of 133(one hundred and thirty three) questionnaires were distributed and 133 questionnaires were returned.
Question 1
Gender distribution of the respondents.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain influence of graduate entrepreneurship funds on youth economic inclusion
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of graduate entrepreneurship funds on youth economic inclusion
Summary
This study was on influence of graduate entrepreneurship funds on youth economic inclusion. Four objectives were raised which included: Evaluate the services (financial & non-financial) rendered to the youths who are beneficiaries of GEF program, Determine the effect of GEF program on graduate level of income after their participation in the GEF program, Examine the efforts of GEF program in facilitating small scale enterprise among graduates and Identify challenges that limits graduates participation in the program. In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of selected SMEs in Awka , Anambra state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up managers, secretaries, sales reps and content developer were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
It could be concluded that entrepreneurial capacity building, infrastructure development and financial intervention schemes significantly impacted on developing and sustaining youth entrepreneurial consciousness in Nigeria. This implies that the more government engages in private enterprise development strategies the higher their stance at reducing unemployment and poverty. The findings also leads to the conclusion that there exists a significant relationship between financial intervention schemes such as grants (private and government) and loans (soft and special) and entrepreneurial consciousness among the youth. This means, the higher or easier access to finance the higher the probability new business creation among the youth.
Recommendation
The federal government should provide separate financial intervention for basic infrastructural development in Nigeria through a special collaboration with international financing organization such as World Bank, African Development Bank, International Finance Corporation among as this will promote entrepreneurial activities and ease the operations of SMEs. Furthermore it is recommended that government should through the Central Bank of Nigeria (CBN) and Bank of Industry (BoI) provide accessible soft loans and to young entrepreneurs through affordable and reliable windows as this will offset poor access to finance for business startup among the youth
References
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