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Entrepreneurship Education, A Tool To Reduce Unemployment

The idea behind entrepreneurship education is to attempt to give young people the financial knowledge, talent, and motivation they need to succeed as entrepreneurs in a variety of settings.

The main goal of this concept is to concentrate on the development of abilities or characteristics that enable the realization of opportunities. In a similar vein, while management education focuses on improving the operation of existing projects, entrepreneur education equips students with abilities that will enable them to launch new projects.

Even though both strategies aim to maximize profits, you must master one before moving on to the other.

Let’s now look at the applicability of entrepreneurship education.

You may recall that it is an idea that gives you access to financial knowledge; this has shown to be quite effective in reducing unemployment issues across the board, not just in Nigeria.

I will use Nigeria as an example to illustrate how entrepreneurship education has been a significant factor in lowering unemployment rates in various nations. We both know that more than half of the citizenry struggles with poverty and unemployment.

Imagine that you graduated from a prestigious university with a decent grade, but now you find it very difficult to make a living. This is the situation caused by the job creation that entrepreneur education has generated. So all of your academic labor has been in vain, then?

A study is currently being conducted to ascertain the most recent statistics; the majority of MSMEs were created through entrepreneurship, which has confirmed that entrepreneurship education significantly lowers the percentage of unemployment in the nation.

Advantages of entrepreneurship education

creating jobs

Nobody needs to remind you that the unemployment rate in Nigeria is increasing each year, and I can assure you that receiving training in financial management is one of the solutions to this problem. It’s not required that you start a large corporation right away. You might get trained in a certain expertise and then land a position where you can make money to start the kind of business you want.

The ability to think critically, creatively, innovatively, and prudently manage risks enables students to create their own jobs rather than looking for employment after graduating from college or university.

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Additionally, by assisting young people in developing their talents or starting their own businesses, employment opportunities are created for both them and other people who are also looking for work. Since not everyone will own their own business, creating work will open up employment opportunities for others.

individual competence and self-improvement

Learners can also develop entrepreneur skills like communication, risk management, critical thinking, and problem solving with the help of entrepreneurship education.

The ability to take risks and manage them is a necessary skill for success, so when a person possesses this quality, he can be able to carefully consider each entrepreneurial step and be confident in its productivity. This type of education helps young people become independent. When he succeeds in whatever he had theoretically planned, he or she also gains independence.

In addition to fostering personal growth, entrepreneurship education helps students acquire self-discipline.

Economic expansion

With the help of entrepreneur education, the unemployment rate can be lowered, and when this occurs, it is certain to have a significant impact on the country’s economic growth.

It was a study relating to the impact of entrepreneurship on economic growth, according to research done by the United Nations University world Institute for development and economic research (UNU-WIDER).

Entrepreneurial activities have not only reduced unemployment in Nigeria but have also contributed to economic growth, which is a benefit that most industrialized nations like China and others take advantage of.

It will be a relief for both the government and the citizens of Nigeria if this type of education is used as a strategy to lower unemployment.

Still on economic growth, it contributes to national wealth-building since it opens up new markets for newly enhanced goods and services, which in turn helps build a self-sufficient economy.

It makes space for innovation and teamwork.

The top colleges in the world highly value it because it creates a platform for cooperation, creativity, and invention. This type of education will benefit you well after middle school and college.

It teaches how to identify problems.

Young people and elderly people alike need to learn how to spot issues, particularly when it comes to their financial situation.

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If you’re a recent graduate, this type of schooling can assist you in identifying issues. Once you’ve done so, you can use the creative knowledge you’ve gained to come up with solutions.

While it is true that problem resolution should have been considered even in secondary school, this cannot be said of problem identification, where you may simply need to apply the fundamentals of what you have learned in college.

It improves the state of the globe.

Profit is an entrepreneur’s primary goal, but they also use their businesses to solve problems, assist others meet their goals, and alleviate some of their pain points.

These individuals are hard-wired to make a difference and improve the quality of life in Nigeria. By engaging in entrepreneurial activities, modern entrepreneurs not only benefit themselves by obtaining a means of support, but they are also prepared to change the world for the better.

How to obtain business education

The most crucial part of the article is this one; if you read it and are still unsure of how to go afterward, you are like me before I was fortunate enough to learn everything.

If you want to empower young people, you should start participating in entrepreneur programs. This does not mean, however, that you have to pay for classes or wait until they are available. Prior to it being too late, you should get started.

You absolutely need YouTube, especially if you’re broke right now. That’s how I began my entrepreneurial education program. YouTube is a better resource for learning about a subject than online streaming of movies.

If you have the funds after acquiring YouTube videos pertaining to your niche, you can then proceed to purchasing Udemy courses.

You gradually enroll in entrepreneurial classes, and as time passes, you progress toward developing financial intelligence.

CONCLUSION

It is a step in the right direction for the government to integrate entrepreneurship education into the academic curriculum of Nigerian higher educational institutions because entrepreneurship has been identified as the cornerstone for socio-economic development in the twenty-first century.

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It is impossible to overestimate the influence that entrepreneurship education has had on helping students develop an entrepreneurial mindset. We also cannot overstate the influence entrepreneurship education has on giving students the creative problem-solving skills they need to tackle the nation’s rapidly rising unemployment rate.

Along with the hard abilities acquired in each of their specific subjects of study, entrepreneurship education equips students with the soft skills necessary for success in the workplace.

A number of studies have linked entrepreneurial education to reducing unemployment through skill development and the provision of youth options for self-employment, even though it may not be the solution to youth unemployment.

By implications, I mean that educational systems should embrace incorporating the study of entrepreneurship into their curricula. This study supports the requirement that entrepreneurship alternatives be included in the curricula of higher education institutions in Nigeria.

But for it to be effective, the government must step up and provide the money these educational institutions need to set up the infrastructure required to carry out efficient entrepreneurship instruction.

RECOMMENDATIONS

Following these results, I strongly urge you to do the following:

Industry should work closely with universities, and vice versa. This may take the form of offering internships and mentoring in Nigeria.

Universities should be required by law to base their entrepreneurship development and education on a model that develops students’ creativity rather than just teaching them the theory of entrepreneurship development.

Instead of building more higher education institutions, the government should consider how to improve entrepreneurial education in the current public universities and other institutions to fully combat the threat of unemployment in the nation.

According to the International Bureau of Education of the United Nations Educational, Scientific, and Cultural Organization (UNESCO), countries with high unemployment rates may decide to prioritize entrepreneurship education or skill development to meet this particular social need.

The government should work with higher education institutions to provide finance at very cheap cost to students who are prepared to start their own firm after graduation with the help of large businesses.

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