Entrepreneurial Competencies Needed by Business Education Students in Establishing Small Scale Ventures in Lagos, Nigeria
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Department of Arts & Social Sciences Education Faculty of Education University of Lagos, Nigeria
The study critically assessed entrepreneurial competency required by business education students in establishing small-scale ventures in Lagos State. The study used a descriptive survey design for the study. The population of the study comprised 164 business education students at the University of Lagos, Akoka. A sample size of 121 business education students was drawn through a simple random sampling technique. A self-constructed questionnaire titled: Entrepreneurial Competency Scale was used to collect data for the study. The instrument was validated and tested for reliability through the test-retest method which yielded a reliability index of 0.88 using Pearson Product Moment Correlation Coefficient. All the data collected were analyzed using percentage, mean, and standard deviation. Findings from the study showed that a significance level of 2.5 entrepreneurial competencies is required for the establishment of small-scale ventures in Lagos State. Business education students are aware of the challenges of establishing a small-scale venture in Lagos state. There are some factors limiting the development of entrepreneurial competency skills in business education students. The study recommends that since entrepreneurial competency skills such as business management, retail, and wholesale management, marketing, advertising, and promotion skills are required in the establishment of small-scale ventures in Lagos State, adequate entrepreneurial skills should be provided for effective and profitable business start-up, collateral requirements should be reduced for SMEs in order to reduce unemployment rate in the society, and commercial banks and microfinance institutions should be willing to finance good business ideas at low rate of interest.
Falobi O.V, Ishola N.A & Pedetin R.P. (2019) Entrepreneurial Competencies Needed by Business Education Students in Establishing Small Scale Ventures in Lagos, Nigeria Department ofArts & Social Sciences Education Faculty of Education University of Lagos, Nigeria 1(1)