AN INVESTIGATION INTO THE ROLE OF ENTREPRENEURSHIP IN PROMOTING SUSTAINABLE EMPLOYMENT WITHIN ORGANIZATIONS

CHAPTER ONE INTRODUCTION 1.1 Background to the Study Entrepreneurial activities have played a vital role in driving economic development, serving as a fundamental force behind most production, distribution, and expansion processes. Numerous definitions of entrepreneurship center around the practical functions entrepreneurs perform, such as coordinating resources, innovating, and navigating market uncertainties. Other interpretations highlight aspects such as capital provision, exercising decision-making powers, ownership responsibilities, and resource allocation (Abefe-Balogun, 2020). Kuratko (2019) and Ogboru (2016) describe entrepreneurship as an individual’s drive and capability to identify investment prospects, establish a business, and manage it effectively. Similarly, Hornby (2016), in the Oxford Advanced Learner’s Dictionary, defines entrepreneurship as initiating a business venture and undertaking associated risks to generate profit. In broader terms, entrepreneurship can be described as the process of establishing, growing, and operating a business enterprise. According to Ogboru (2016), entrepreneurship entails individuals, groups, or organizations taking advantage of opportunities and accepting risks to achieve financial rewards. Abefe-Balogun (2020) further explains entrepreneurship as the strategic combination of resources to manufacture goods or provide services with the aim of earning profit. Kuratko (2019) emphasizes that entrepreneurial education refers to specialized training designed to equip students with the skills, knowledge, management abilities, and competencies necessary for self-reliance rather than wage employment. Unemployment in Nigeria has emerged as a major challenge, affecting both educated and unskilled individuals. It stands as one of the nation’s most critical and debated issues. Over the years, unemployment patterns have evolved from long-term joblessness to a situation where university graduates often endure extended waiting periods before securing employment, if they manage to find jobs at all, as reported by the Bureau of Labor Statistics. In the early 2000s, job insecurity became a pressing concern for many countries worldwide. Global economic downturns and slow growth prospects triggered financial instability, pushing several economies into deep recessions. These developments heavily impacted labor markets, particularly in developing and underdeveloped nations, where unemployment rates surged as a consequence. Nigeria ranks among the countries with the highest youth unemployment rates globally (estimated at 60–65%), positioning it as one of the least employable nations, according to the World Bank (Federal Ministry of Labour and Productivity, 2016). In recent years, Nigeria has seen a steady influx of graduates from universities, polytechnics, and similar institutions, contributing significantly to the growing pool of job seekers. It is estimated that approximately 1.6 million young adults graduate annually. Additionally, 3.8 million young people—either with basic education or no formal education—enter the job market each year, further crowding an already saturated labor force (Federal Ministry of Labour and Productivity Report, 2016). As a result, many young Nigerians remain idle or are pushed into informal sectors such as petty trading and smuggling. The increase in child labor and human trafficking can often be traced to widespread poverty and joblessness among the youth. Some youths who manage to migrate abroad in search of work do so at the cost of diminishing the quality of Nigeria’s human capital. This situation demands urgent action from policymakers to prioritize entrepreneurship development as a strategic solution to the country’s unemployment crisis. 1.2 Statement of the Problem While most Nigerians hope to achieve self-reliance, only a limited number manage to realize this ambition, as indicated by World Bank data. Sadly, many individuals abandon their entrepreneurial dreams prematurely due to a lack of proper knowledge and support that could guide them toward success. One of the major challenges hindering the growth of a dynamic and indigenous private sector in Nigeria is the shortage of entrepreneurs or people with an entrepreneurial mindset. Despite the abundance of both human and financial resources in the country, a significant portion of the population still lives below the poverty line (Kuratko, 2019). Youth unemployment remains a pressing concern in Nigeria. A significant factor contributing to this issue is the inadequate entrepreneurial training and education provided to young people, preventing them from becoming self-employed. Today’s youth often lack the patience and commitment to learning that previous generations possessed, expecting instant success without proper effort (Ogboru, 2016). To address this issue effectively, there is a critical need to provide adequate mentorship, along with supportive economic and social environments, to nurture individuals with the entrepreneurial competencies needed for self-sufficiency. 1.3 Objective of the study The general purpose of the study is to investigate the role of entrepreneurship in promoting sustainable employment within organizations. Specifically the study guided under the following objective. i.To examine if entrepreneurship has been a useful tool for sustaining employment into an organization. ii.To find out whether entrepreneurship education enhances acquisition of the necessary skills for gainful self-employment into an organization. iii.To identify the challenges of entrepreneurship in Nigeria. iv.To proffer solutions to the challenges of entrepreneurship in other for sustainable employment. 1.4 Research questions The following questions have been prepared for the study i.Has entrepreneurship been a useful tool for sustaining employment into an organization? ii.Does entrepreneurship education enhances acquisition of the necessary skills for gainful self-employment into an organization? iii.What are the challenges of entrepreneurship in Nigeria? iv.What are proffer solutions to the challenges of entrepreneurship in other for sustainable employment? 1.5 Research hypotheses The following hypothesis have been formulated for the study H01: Entrepreneurship have not been a useful tool for sustaining employment into an organization. H02: Entrepreneurship education does not enhances acquisition of the necessary skills for gainful self-employment into an organization. 1.6 Significance of the study The study will be significance to the government as this study brings to the fore the crucial need for Entrepreneurship in Nigeria, putting more consideration on the educational system, strategies and its eventual social developmental effect in the society.  This study will be of benefit to the University management board as they will be exposed to the importance of entrepreneurship education, hence make it compulsory for student on every level. The study will be significant to the academic community as it will contribute to the existing literature. 1.7 Scope of the study This study will investigate if entrepreneurship has been a useful tool for sustaining employment into an organization. The study will also find out whether entrepreneurship education enhances acquisition of the necessary skills for gainful self-employment into an organization. The study will further identify the challenges of entrepreneurship in Nigeria. Lastly, the study will proffer solutions to the challenges of entrepreneurship in other for sustainable employment. Hence this study will be delimited to Noun University Lagos. 1.8 Limitations of the study Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. Insufficient funds tend to impede the efficiency of the researcher in sourcing for the relevant materials, literature, or information and in the process of data collection (internet, questionnaire, and interview), which is why the researcher resorted to a moderate choice of sample size. More so, the researcher will simultaneously engage in this study with other academic work. As a result, the amount of time spent on research will be reduced. 1.9 Definition of operational terms Entrepreneurship: the activity of setting up a business or businesses, taking on financial risks in the hope of profit. Tool; a device or implement, especially one held in the hand, used to carry out a particular function. Employment: the state of having paid work Organization: an organized group of people with a particular purpose, such as a business or government department