Infusing Entrepreneurship Skills Through Science, Technology & Mathematics Education
Entrepreneurship is crucial for economic growth, job creation, and addressing social challenges like unemployment and poverty. By fostering entrepreneurship skills through STEM education, individuals can identify opportunities, allocate resources, and create value. This approach not only empowers individuals to become successful entrepreneurs but also cultivates creativity, economic freedom, and a sense of control over their lives.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
Infusing Entrepreneurship Skills through Science, Technology & Mathematics Education Prof. S.B. Junaidu Director, Iya Abubakar Computer Center Ahmadu Bello University, Zaria, Nigeria sahalu@abu.edu.ng
Outline Introduction Entrepreneurship Initiatives around the World Entrepreneurship in Nigeria Challenges and Inhibitors Role of Education Recommendations 1. 2. 3. 4. 5. 6. 2 Infusing Entrepreneurship Skills through STME July 5, 2011
IntroductionWhat is Entrepreneurship? The process through which individuals identify opportunities, allocate resources, and create value The capacity and attitude of a person or group of persons to undertake ventures with the probability of success or failures Entrepreneur: A person who organizes, operates, and assumes the risk for a business venture 3 Infusing Entrepreneurship Skills through STME July 5, 2011
Why Entrepreneurship? Entrepreneurship is a key driver of an economy Wealth and a high majority of jobs are created by small businesses started by entrepreneurs many of these transform to create big businesses 50% of all jobs in the US come from businesses less then five years old 4 Infusing Entrepreneurship Skills through STME July 5, 2011
Why Entrepreneurship? At least 60% of graduates were not able to get employment in the last few years (Bamkole, 2007) Can provide a solution to the alarming problems facing developing countries unemployment and underemployment poverty and the vices that go with it Begging, Prostitution Militancy Fraud, Armed robbery, etc 5 Infusing Entrepreneurship Skills through STME July 5, 2011
Why Entrepreneurship? Leads to creative and economic freedoms People exposed to entrepreneurship frequently express that they have more opportunity to exercise creative freedoms have higher self esteem, and have an overall greater sense of control over their own lives 6 Infusing Entrepreneurship Skills through STME July 5, 2011
Qualities of Entrepreneurs Self confident and multi-skilled. The person who can 'make the product, market it and count the money, but above all they have the confidence that lets them move comfortably through unchartered waters' Confident in the face of difficulties and discouraging circumstances 7 Infusing Entrepreneurship Skills through STME July 5, 2011
Qualities of Entrepreneurs Innovative skills able to carve out a new niche in the market place, often invisible to others Results-oriented setting goals and targets and deriving pleasure from achieving them 8 Infusing Entrepreneurship Skills through STME July 5, 2011
Qualities of Entrepreneurs A risk-taker To succeed means taking measured risks An incremental approach to risk taking, at each stage exposing him/herself to only a limited, measured amount of personal risk and moving from one stage to another as each decision is proved Total commitment Hard work, energy and single-mindedness are essential elements in the entrepreneurial profile. 9 Infusing Entrepreneurship Skills through STME July 5, 2011
Qualities of EntrepreneursCaveats! Selecting individuals for enterprise development training by such a set of attitudes and skills in no way guarantees business success The entrepreneurial characteristics required to launch a business successfully are often not those required for growth and even more frequently not those required to manage it once it grows to any size The role of the entrepreneur needs to change with the business as it develops and grows, but all too often he or she is not able to make the transition. 10 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship around the World Global Entrepreneurship Week (GEW) an international initiative that introduces entrepreneurship to young people in six continents emerged in 2008 as a result of Enterprise UK and Entrepreneurship Week USA 2007 An annual event occurs over the span of one week includes the participation of entrepreneurial experts, policy-makers, education practitioners and politicians 11 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship around the World Mission of GEW to expose people to the benefits of entrepreneurship through different activities to motivate them to explore their own innovative entrepreneurial ideas GEW aims to inspire young people to embrace innovation, imagination and creativity to think big, to turn their ideas into reality and to make their mark 12 Infusing Entrepreneurship Skills through STME July 5, 2011
Some Activities of GEW University of Virginia Cup Entrepreneurial Concept Competition Students submit a 3 page business concept in a competition First round: compete against students within their school or department Second round: winners from each school or department compete against one another a winning team receives the UVA Cup 13 Infusing Entrepreneurship Skills through STME July 5, 2011
Some Activities of GEW Youth Lunch'N Learn Local entrepreneurs share success stories and business- starting fundamentals to an audience of students. The Global Cleantech Open Ideas Competition A challenge created for green innovators The goal of the competition is to produce clean technology ideas and collaborate with investors and CEO s The winning idea receives $100,000 in legal, marketing, and public relations support. 14 Infusing Entrepreneurship Skills through STME July 5, 2011
Some Activities of GEW The Social Sector Dialogue in Nigeria (GEW 2010) Brought together social entrepreneurs, NGOs and Corporate Social Responsibility (CSR) executives To deliberate on how CSR initiatives can create greater impact Event co-sponsored by NNPC Chevron Joint Venture Nigeria and Etisalat CSR center Held at Lagos Business School 15 Infusing Entrepreneurship Skills through STME July 5, 2011
Some GEW 2010 Endorsements Businesses are the lifeblood of our communities, creating jobs and prosperity, especially during these difficult times. Global Entrepreneurship Week will help existing entrepreneurs to expand and innovate, and inspire a new generation to get involved as well. David Cameron, Prime Minister, UK 16 Infusing Entrepreneurship Skills through STME July 5, 2011
Some GEW 2010 Endorsements China is building an innovation-oriented country. We particularly need to unleash everyone s innovative and entrepreneurial spirit. Millions of Chinese youth participate in hosting Global Entrepreneurship Week activities Yan Jungi, Vice Chairwoman, National People s Congress of China 17 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy Having noted the importance of entrepreneurship, the government has initiated some policies: Creation of the National Directorate of Employment scheme (NDE) Establishment of the Bank of Industry Promotion of the Small and Medium Enterprises Development Agency of Nigeria( SMEDAN, Act 2003) Small and Medium Industries Equity Investment Scheme (SMEIEIN) 18 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy NDE s mission To design and implement programs to combat mass unemployment To articulate policies aimed at developing work programs with labor intensive potentials To obtain and maintain a data Bank on unemployment and vacancies in the country act as a clearing house to link job seekers with vacancies in collaboration with other government agencies 19 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy Small and Medium Enterprises Development Agency of Nigeria (SMEDAN s) mission To facilitate the access of micro, small and medium entrepreneurs and investors to all resources required for their development To combat poverty through a well developed MSMEs Has about 15 Business Support Centers (BSC s) all over Nigeria 20 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy Small and Medium Industries Equity Investment Scheme (SMEIEIN s) a voluntary initiative of the Bankers Committee approved at its 246th Meeting held on 21st December, 1999 in response to the FG s concerns and policy measures for the promotion of Small and Medium Enterprises (SMEs) as vehicles for rapid industrialization, sustainable economic development, poverty alleviation and employment generation. 21 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy A presidential directive (through FME) in 2006 made Entrepreneurship education compulsory for ALL students of Higher Education Institutions (HEIs) effective from the 2007/2008 Academic Session Objective is to continuously foster entrepreneurship culture among students and faculty encourage and support graduates of the system towards establishing and managing sustainable business ventures including (but not limited to) those arising from research; 22 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy Entrepreneurial programs began in earnest in most of the universities across the country in 2007 establishment of career and innovation centres including skills acquisition programs for graduates of the system started taking priority stage Gradual emergence of Entrepreneurship Study Centres for students to acquire relevant skills in enterprise development 23 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaFGN Policy General Objectives of Entrepreneurship education to address the problem of unemployment and underemployment to encourage HEIs to generate knowledge and other competencies that will build an entrepreneurial human capital for national development to help build an innovative and entrepreneurial culture in order to create a productive and socially responsible generation of graduates, among others 24 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaAchievements Sensitization workshops for policy makers in universities by NUC Local and international training workshops on curriculum development and enhancements Facilitated by NUC Most universities introduced entrepreneurship education as a general studies and few as stand alone courses 25 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaChallenges Unfortunately, most of these programs have not had the desired results awareness about some of these programs lacking These programs not specifically targeted at the youth or young persons Consequently, the youth have not derived the full benefits from them Existing curricula stresses more on training for employment as against entrepreneurial purposes 26 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaChallenges 1. Absence of infrastructural facilities Good roads, good water supply, constant power, access to ICT, etc Alternative power sources costly and often erodes profit or even the capital of an entrepreneur Telecommunication now good with liberalization but expensive compared to other parts of the world Lack of adequate security for lives and property Enterprises have to put in place their own security 27 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaChallenges 2. Inadequate working capital Procedures for accessing credits, where it exists, often rigorous and depend on provision of collaterals Financial institutions charge outrageous interest rates, sometimes as high as 21% 28 Infusing Entrepreneurship Skills through STME July 5, 2011
Entrepreneurship in NigeriaChallenges 3. Low standard of education Education is the key knowledge that plays a strong role in forming the burgeoning entrepreneur Lack of adequate funding Lack of stakeholding Results in half-baked workforce lacking in Low morale Inefficiency Lack of confidence 29 Infusing Entrepreneurship Skills through STME July 5, 2011
Role of Education Quality education begets entrepreneurship qualities Requires state-of-the-art facilities The curriculum must have a significant real-world basis Requires a high quality lecturer body with moderate teaching and admin loads to engage in scholarly and professional activities 30 Infusing Entrepreneurship Skills through STME July 5, 2011
Role of Education Emphasizes practice as it does theory Links theory with practice, contextually Places high premium on problem-based learning Supports academia-industry partnerships 31 Infusing Entrepreneurship Skills through STME July 5, 2011
Role of Education Local impact KADA-Legend ExamsLOGIC 1.0 smartbayMEDICAL BrownSugar eBursary A modern Web portal (students & staff) 32 Infusing Entrepreneurship Skills through STME July 5, 2011
Recommendations Government should develop a culture of entrepreneurial thinking by integrating entrepreneurship into education systems legislating to encourage risk-taking, and Creating more incubation centers 33 Infusing Entrepreneurship Skills through STME July 5, 2011
Recommendations Government should increase support on entrepreneurship as a strategic intervention that could hasten rural development process Provision of incentives and benefits in promoting the formation of micro enterprises which serve as seedbeds of Nigerian entrepreneurial talents Provision of fiscal and non-fiscal incentives to help survive and grow into viable enterprises Through existing FGN agencies 34 Infusing Entrepreneurship Skills through STME July 5, 2011
Recommendations Support the conduct of Entrepreneurship seminars in universities for students Management and skills training courses for existing and prospective entrepreneurs and their workforce Especially in rural areas Best business plan competitions Bottom-line Increased funding for education 35 Infusing Entrepreneurship Skills through STME July 5, 2011
Summary Brief on entrepreneurship Reviewed entrepreneurship initiatives worldwide GEW worldwide Nigeria Government initiatives on entrepreneurship Achievements challenges 36 Infusing Entrepreneurship Skills through STME July 5, 2011
Summary Entrepreneurship is a multi-disciplinary activity Communication arts in the writing and presenting of the business plan Mathematics in the analysis of the financial statement and projections Science in the development of prototype products Economics in the understanding of the effect of supply and demand on potential sales marketing and business skills required for success as an entrepreneur 37 Infusing Entrepreneurship Skills through STME July 5, 2011
Summary Provided some recommendations for improvement In particular, there should be increased stakeholding in education at all levels Education is the single most important catalyst in a nation s growth 38 Infusing Entrepreneurship Skills through STME July 5, 2011
The End Together we shall make Nigeria greater through Entrepreneurship! 39 Infusing Entrepreneurship Skills through STME July 5, 2011
