The study specifically investigates Effect of Formal Education on the Development of Entrepreneurship. A case study of Etsako West Local Government Area Auchi, Edo State. In conducting this study, three hypothesis were formulated to achieve the stated objective. Data were collected from secondary and primary sources. Questionnaire were designed, sorted presented analysed, interpreted the development of entrepreneurship has significant effects on the rural communities. Government should make sure that incentives get to those who actually need them, and also give the amount that each business owners ask for and distribute more power for the people without which no significant progress can be achieved, Development actually rest heavily on power generation and distribution. Government can do better by educating the people to use the money for the purpose it is meant for and avoid diversion of funds.
- Background of the study
In both the microeconomic and macroeconomic sector, one of the critical measuring tools for economic growth and development is the level of employment and employment opportunities opened to the people. It also help to determine the per capital income which we can give insight about the standard of living of the people. Today, there are large number of employable graduates and non-graduates roaming the streets unemployed. Reasons is not unconnected with the fact that the employment opportunities in the public sector which happens to be the largest employer in the country is so inadequate that it cannot accommodate the teaming population of the skilled and unskilled workforce, because of the government inability to have a visible plan for the growing population. The private sector which was supposed to help cannot make up for the ugly trend. Most government policies and programmes aimed at reducing unemployment have been to no avail. Studies have shown that a total shifts in both orientation and effort to the concept and practice of entrepreneurship is the remedy. Stomper (1955) entrepreneurship is the basic requirement for economic development in a free enterprise or mixed economy like Nigeria. Entrepreneurship according to Anuoha (2007) is the practice of starting new organizations or revitalizing nature organization, particularly new business generally in response to identified opportunities Entrepreneurship is often a different undertaking a vast majority of new business fail. Entrepreneurial activities are substantially different depending on the type of organization that is being stated. Mamudu (2005) sees an Entrepreneur as a person or group of persons who are willing to search act investment opportunities within his or her environment, establishment and run an enterprise successfully. An entrepreneur will usually invest their own capital in a business and take on the risk associated with the investment.