ENTREPRENEURSHIP AS A STRATEGIC TOOL FOR ACHIEVING SUSTAINABLE EMPLOYMENT WITHIN ORGANIZATIONS

1.1 Background to the Study Entrepreneurial activity has long played a vital role in driving economic development. It has acted as the central force behind most production, distribution, and growth-related endeavors. Many existing definitions of entrepreneurship tend to focus on the practical functions carried out by entrepreneurs—such as coordination, innovation, and managing market uncertainty. Others define entrepreneurship in terms of resource ownership, funding, decision-making authority, and resource allocation (Abefe-Balogun, 2020). Kuratko (2019) and Ogboru (2016) describe entrepreneurship as the willingness and ability of an individual to explore investment opportunities, establish businesses, and successfully manage them. According to Hornby (2016), entrepreneurship involves initiating a business venture and taking on associated risks with the goal of making a profit, as explained in the Oxford Advanced Learner’s Dictionary of Modern English. Put simply, entrepreneurship can be viewed as the process of building, growing, and managing a commercial enterprise. Ogboru (2016) also sees entrepreneurship as an action taken by individuals, groups, or organizations to seize a business opportunity with the aim of making financial gains despite the risks involved. Similarly, Abefe-Balogun (2020) defines it as the act of assembling and organizing resources to create goods or services that generate profit. Kuratko (2019) further explains that entrepreneurial education is a specialized form of training aimed at helping students develop ideas, skills, managerial capabilities, and self-employment competencies rather than relying on salaried employment. In Nigeria today, the unemployment crisis—affecting both the educated and the unskilled—is one of the most serious and widely discussed challenges facing the country. It has moved beyond long-term joblessness and underemployment to a situation where even graduates from higher institutions struggle for years before securing their first jobs, if they are fortunate to find one at all. In the early 2000s, job insecurity became a pressing issue globally. The ongoing global economic downturn, coupled with uncertain prospects for growth, created unfavorable financial conditions worldwide. This, in turn, led to a deep economic recession, the impact of which was particularly felt in labor markets. The effects have been most pronounced in developing and underdeveloped nations, where rising unemployment rates have worsened the situation. According to the Federal Ministry of Labour and Productivity (2016), Nigeria has one of the highest youth unemployment rates globally—estimated at between 60 to 65 percent—making its labor force one of the most unemployable worldwide. Each year, a significant number of graduates leave universities, polytechnics, and other tertiary institutions, forming a large portion of job seekers. Recent data shows that about 1.6 million people, most of them young adults, graduate yearly. In addition, roughly 3.8 million young Nigerians who either have no formal education or have only completed basic education (primary or secondary school) enter the already overcrowded job market annually (Federal Ministry of Labour and Productivity Report, 2016). As a result, many youths have become idle and are forced into menial trade or smuggling just to survive. The increase in child labor and human trafficking is often linked to poverty and unemployment among young people. While some youths manage to migrate abroad in search of better opportunities, this trend contributes to a decline in the overall quality of human capital in Nigeria. This situation should serve as a wake-up call for policymakers and stakeholders, highlighting the need to promote entrepreneurship as a strategic solution to the nation’s unemployment problem. 1.2 Statement of the Problem Although most Nigerians aim to become self-reliant, only a small fraction succeed in realizing that goal. According to the World Bank, many individuals abandon their dreams too quickly—often because they lack the knowledge, support, or guidance that could have led them toward success. One of the most critical barriers to developing a robust, homegrown private sector in Nigeria is the shortage of individuals with entrepreneurial mindsets or skills. Despite Nigeria’s wealth of human and material resources, a significant portion of the population still lives below the poverty line (Kuratko, 2019). Youth unemployment, in particular, continues to be a major source of concern. A key contributor to this problem is the inadequate exposure many young people have to entrepreneurial training and education that would help them pursue self-employment. Today’s youth often expect quick success without putting in the required effort. Many lack the patience, persistence, and hunger for learning that previous generations possessed (Ogboru, 2016). Therefore, there is a pressing need to provide young people with the right kind of guidance, alongside favorable economic and social conditions that will foster the growth of individuals equipped with relevant entrepreneurial skills. These are the tools needed not only for job creation but also for personal development and national economic transformation. 1.3 Purpose of the study The general purpose of the study is to evaluate entrepreneurship as a strategic tool for achieving 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 evaluate entrepreneurship as a strategic tool for achieving sustainable employment within organizations. 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 As with many other research endeavors, this study encountered several challenges. One of the primary difficulties was the lack of readily available and accurate materials relevant to the topic under investigation, as well as the inability to obtain sufficient data. The researcher also faced financial limitations, which created obstacles in sourcing appropriate materials and in carrying out the printing and compilation of questionnaires. In addition, time constraints posed another significant challenge. The need to balance the demands of writing the research with other academic responsibilities made the research process particularly strenuous and demanding for the researcher. 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