ENTERPRENEURAL COMPETENCIES REQUIRED BY BUSSINESS EDUCATION STUDENT FOR ESTABLISHING SMALL BUSINESS VENTURES IN AKWA IBOM STATE

CHAPTER 1

BACKGROUND OF THE STUDY

The fundamental requirement for starting and successfully operating a small business venture lies with having a perfect knowledge of enterpreneualship and small business and the core enterpreneual small required to start and manage small business is succeed. Why do many small business fail, the answer is because of lack of management experience,lack of information about the customer, unbalanced experience in a line of business, lack of product development. All of these reasons constitute the fact that they lack core enterprenuealship.

ENTERPRENEURE DEFINED: according to economic theory the enterpreneual is the person who coordinates the other three factors of production. Following this we shall defined the enterpreneual as someone who start a business, arrange business deals and take the result in order to make a profit.  The words underlined in our definition are very important. Firstly the enterpreneual is the one who start a business. Interesting one of the key objectives of this research is to equip student with necessary skills to start a new business. Secondly the enterpreneual takes the necessary business risk in the market place. If the business is successful he takes all the profit. However, if the business is successful the result is a loss. Therefore it is clear that enterpreneualship is all about staring business and running them.

1. : the function of the enterpreneual are planning, organizing, staffing, leading and controlling which also constitute fundamental skills required for stating and running a small business. It is however pertinent to enervate core enterpreneual skills and competencies required establishing and successfully managing small business ventures.

ENTERPRENEIUAL SKILLS AND BUSINESS FOR SUCCESS IN SMALL BUSINESS:

This skills and competences can be classified into (a)technical competences or skills, (b) mental ability(c) human relation skills(D)high achievement drive(e) creativity leonikpa(2008) small business management, open national university of Nigeria pg 36-38. Technical competences refer to the ability of the enterpreneual to understand the business in question and also possess the required knowledge and skill to engage in the business e.g. an architect engage in architectural practice must be able to design good house. Mental ability refers to the capacity to understand, think and develop competitive strategies. Human relations skills and leadership skills. High achievement drive consists of communication skills, motivational skills and leadership skill. High achievement drives consist of the passion to achieve and succeed. It involves taking responsibility, calculated risk and ensuring feed- back in operations. Creativity is the ability to process and arrange information in ways that leads to new knowledge. Creative people end up with innovation and also innovative ways of doing things.For the foregoing it can be asserted that making a success in staring and operating a small business is no meansa small reliable adventure. Therefore acquiring enterpreneual competencies is fundamental. Therefore the research seeks to explore enterpreneual competencies required by business education student for establishing small business venture in akwa ibom state.

STATEMENT OF THE PROBLEM

1. The study shall provide a framework of the nature of small business and enterpreneualship.
2. The study shall provide a framework of core enterpreneual skills and competences for successfully starting and managing a small business.
3. The stud shall details structural information as guild to view investor in small business.
4. The study shall serve as reference guild to student, consultant, small business managers and enterpreneual.

RESEARCH QUESTIONS

1. what is enterpreneualship
2. What is small business, nature and types
3. Why do small business fails in AKS
4. What constitute core enterpreneual skills/competencies for successful small business management?

PURPOSE OF THE STUDY

The major purpose of the study is to determine the entrepreneurial competencies required by business education student for establishing small business venture in akwa state. Specifically, the study intends to

1.determine the management skills required by business education student for establishing small business ventures in akwa ibom state.

2. determine the marketing skills required by business education student for establishing small business venture in AKS

3. find out the accounting skills required by business accounting for establishing small business ventures in AKS.

4.Determinethe communication skills by business education student for establishing small business venture in AKS

SIGNIFICANCE OF THE STUDY

The significance of small business cannot be over emphasized in view of the important role it plays towards the economic development of the nation. It constitutes a significant sector providing employment opportunities to large segment of the society. In view of its nature of requiring small capital, less complex technology and lesser number of people including students have taken keen interest to start, own and operate a small business. However statistic shows that many small businesses started here failed due to inability to successfully manage them. Why do small businesses failed? Simple; lack of managerial skills, lack of information about the customers, unbalanced experience about the line of business, lack of product development etc. it is therefore imperative to stress the necessity to have fundamental knowledge and competencies in enterprenuealship and business management. Therefore the problem confronting this research is to investigate enterpreenual competencies required by small business education student for establishing small business venture in AKS.

STATEMENT OF HYPOTHESIS

Ho small business does not impact in the development of AKS

Hi small business impact in the development AKS

Ho enterpreneual competencies do not impact on the successful management of small business.

Hi enterpreneual competencies impact in the successful management of small business.

Ho the level of enterpreneual competencies among business education students is low.

Hi the level of enterpreneual competencies among business education students is high.

SCOPE OF THE STUDY

The study focuses on the enterpreneual competencies required by business education student for establishing small business ventures in AKS

DEFINNITION OF TERMS

DEFINITION OF SMALL BUSINESS

Small business is defined as one that is independently owned and operated and is not dominated in its field of operation. Lean ikpa, onwe.o.(2008)

DEFINITION OF ENTERPRENEUAL/ENTERPRENEUALSHIP

The enterpreneual according to economics is the person who coordinates the other three factors of production. The enterpreneual is defined as someone who starts a business, arranges business deals and takes the risks in order to make profit. Enterpreneualship therefore is the process of identifying new business ideas or opportunities starting and operating a business.