Assessment on Skills Required of Business Education Students for Sustainable Entrepreneurship in the Face of Fuel Subsidy Removal

Assessment on Skills Required of Business Education Students for Sustainable Entrepreneurship in the Face of Fuel Subsidy Removal

ABSTRACT

The study was carried out to ascertain assessment on skills required of business education students for sustainable entrepreneurship in the face of fuel subsidy removal.

Three (3) research questions guided the study. A descriptive survey research design was adopted for the study. The total population of the study was seventy-three (73) Business Educators in Federal College of Education (Technical) Asaba. Due to the manageable size of the population, all the 73 Business Educators in Federal College of Education (Technical) Asaba were used for the study. Hence, there was no sampling. The instrument used for data collection was a structured questionnaire, tiled: “Assessment on skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal”. The instrument was validated by two lecturers in Federal College of Education (Technical) Asaba.

Seventy-three (73) copies of the validated questionnaire were administered on the respondents personally and 67 were retrieved and analyzed using frequency count and mean statistics. Findings of the study revealed that accounting skills, managerial skills and marketing skills are required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal. It was recommended that Colleges of Education in Delta State should place more emphasis on the acquisition of managerial skills for sustainable entrepreneurship in the face of fuel subsidy removal.

CHAPTER ONE

INTRODUCTION

Background to the Study

Innovation, technological advancement, growth and development of any nation largely depends on the number of skilled manpower available. This validates the importance the need for industrial training scheme that will bring about self-reliance, sustainable entrepreneurship and job creation.

A skill is the learned ability to act with determined results with good execution often within a given amount of time, energy, or both. Skills can often be divided into domain-general and domain-specific skills (Johnson, 2022). For example, in the domain of work, some general skills would include time management, teamwork and leadership, self-motivation and others, whereas domain-specific skills would be used only for a certain job. Skill usually requires certain environmental stimuli and situations to assess the level of skill being shown and used. A skill may be called an art when it represents a body of knowledge or branch of learning, as in the art of medicine or the art of war.  Although the arts are also skills, there are many skills that form an art but have no connection to the fine arts. Skill is typically defined as “the learned ability to bring about pre-determined results with maximum certainty; often with the minimum outlay of time or energy or both.” (Knapp, 2020). This definition underlines objective and performance related criteria for skillful actions. In contrast, Dreyfus and Dreyfus (2019) argue that skill should be defined according to the manner in which the mental machinery of the agent operates. That is, the highest level of skill occurs only when a skill is executed in a semi-automatic manner without conscious deliberation or mental representation. Skill is used to denote expertise that has been developed through training and experience, and includes trade and craft skills acquired by apprenticeship, as well as the high-level performance found in many domains, such as professional practice, the arts, games, and athletics (Breivik, 2018).

Skill is usually understood as an ability to do something well, either manually, mentally, or both. In contrast to terms that denote only potential for acquiring some ability (such as natural ability, talent, aptitude, or capacity), the term skill usually means actual competence that has been acquired by training, schooling, or practice. The concept is used in several disciplines (most importantly economics, sociology, psychology, education, and ergonomics), has many meanings, and is applied for different purposes and in a variety of contexts. The term skill is used mainly to refer to (1) a level of individual performance, in the sense of accuracy and speed in performing particular tasks, or (2) qualities required for successful performance in particular jobs and tasks. Economists and educational psychologists tend to use the concept of skill in the first sense: to describe the abilities acquired by an individual such as a worker, which may include cognitive skills, manual dexterity, knowledge, and social skills. These researchers often take skill as an independent variable and use it, for example, in predicting wage levels. In sociology, on the contrary, skills are often taken as qualities required of a particular job, in terms of the range and complexity of the tasks involved, level of discretion over work and time, and the knowledge and training needed to learn the job. Many sociologists thus view skill as a dependent variable and try to explain variations in the level of skill within occupations, economies, and/or over time (Robert, 2018). For analysis of changing skills levels over time, the historical example of craft workers often stands as a benchmark.

In addition to “hard skills” (both motor and cognitive), the importance of “soft skills” was underlined. They include effective communication, creativity, flexibility, change readiness, leadership, team building, and so on. Much discussion has also been given to the distinction between “generic” (also “transferable” or “key”) skills on the one hand and occupational or job-specific skills on the other. While occupation-specific skills have value only in one particular sector or industry, generic skills have value in a number of sectors. The tendency to re-label as skills personal traits and attitudes and to term many concrete and abstract human dispositions as “skills” further broadened and blurred the concept.

Business Education on the other hand is a programme that is by policy introduced at junior secondary school level. It is, however not continued at the senior secondary but continue at tertiary level of education. Scholars like Ahmadu and Idoko (2018) stated that business education is education for business or training in business skills, which are required for use in business offices and clerical occupation and business policy analysis; it is a deliberate intent of teachers to students about economics and business concepts and skills that might be used in later life. In the view of Udoh (2020), business education encompasses knowledge, attitude and skills needed by all citizens in order to effectively manage their personal materials and participate effectively in the economic world. Onu (2019) opines that Business Education is the field of training in business practices and in specifics skills such as accounting, information processing, keyboarding/typewriting and shorthand. Udoh (2020) asserts that Business Education covers a wide range of spectrum of economic activities in any society. It also refers to the desirable competencies necessary for self-employment, which is particularly important in the present depressed global economic situation by equipping individuals with life–like skills for self-employment. On his own part, Otamiri (2018) viewed business education as a fusion of pedagogical and entrepreneurial skills, knowledge and attitude.  He maintained that business education therefore involves the study of technologies and related sciences and the acquisition of practical skills (including teaching skills), attitudes, understanding and knowledge related to occupation in various sectors of the economy and social life. Based on the foregoing, one can deduce that business education is focused at training and preparing students for formal employment as well as having skills which permit self-employment, it also trains teachers who are to pass appropriate knowledge to the oncoming generation. Different kinds of skills are acquired by Business Education students for sustainable entrepreneurship some of which are accounting skills, managerial skills and marketing skills.

Accounting is an area of study that equips recipients with knowledge, skills and attitude necessary for efficient financial calculation required for occupational

competence, and economic activities of an organization. The activities are measured, recorded and communicated to interested parties for analysis and interpretation. These activities are very important for the survival of any organization. Ahukannah, Ndinechi and Arukwe (2018) and Umunnah (2018) opined that the roles of accounting in the operation of a business enterprise include recording financial data, analyzing financial data, preparing accounting statements and communicating financial information to employers. Accounting skills are the totality of skills ranging from record keeping; financial management and reporting skills that are expected to promote effective financial management of any business enterprise. Consequently, Carland and Carland (2019) and Akande (2021) affirmed that financial management contributes to business development. Attention directing skills enable the owner! manager to make vital decision on production and pricing issues while reporting skills describe the method and technique by which business information are reported to the stakeholder.

On the other hand, managerial skills are essential competencies that individuals in management positions need to effectively lead and oversee teams, projects, and organizations. These skills are critical for achieving organizational goals, fostering a productive work environment, and ensuring the success of both the manager and their team members (Robertson, 2017). Managerial skills are also required for reduction of unemployment and poverty eradication. Management skill entails having knowledge of seasonal fluctuation of goods and prices. Government policies and their immediate outcome may be difficult to interpret by business organizations. The outcome may be favourable or unfavourable and the result may be an opportunity or threat to a business. In view of this, knowledge of business management is essential. Olise (2016) observed that an entrepreneur must calculate the risks involved in the project being undertaken, assess situations and focus special attention on the risks involved. The entrepreneur takes reasonable risk which provides reasonable and challenging chances of success. Based on this, an entrepreneur must possess personal talent, skills, ability, technical know-how, experience, attributes and values that can take care of risks (Vesper, 2016). Managerial skills required by an entrepreneur involve the ability to communicate effectively, ability to make long and short-term planning, ability to conduct personal evaluation and knowledge of good human relationship among others. Management skill is very important before one could think of venturing into a business undertaking. These skills when properly harnessed, help in reducing the rate of unemployment among youths.

Marketing should cut across all frontiers if effective survival is to take place in the economy. Zimmerer, Scarborough and Wilson (2019) defined marketing, as the process of creating and delivering desired goods and services to customers. The secret to successful marketing is to understand what your target customers need, demand, and want before your competitors can offer them the products and services that will satisfy those needs, demands, and wants, and to provide customers services, convenience, and value so that they will keep coming back. In a business, the marketing function cuts across the entire company, affecting every aspect of its operation from finance and production to hiring and purchasing as well as the company’s ultimate success. As competition for customers become more intense, business owners must understand the importance of developing creative marketing strategies. Their success and survival depend on it. An effective marketing campaign does not require an entrepreneur to spend large amount of money, but it does demand creativity, ingenuity, and an understanding of customers buying habits. Okpan (2020) identified marketing skills such as ability to capture and retain customers, ability to promote and sell the organizational product, ability to analyse demand and supply situations and ability to acquire effective sales habits among others. Unfortunately, there appears to be a sizeable gap between sound marketing principles and actual marketing practices among small businesses. These skills contribute to sustainable entrepreneurship.

Stevenson and Lundström (2019) defined Sustainable entrepreneurship involves the simultaneous creation of economic, social, and environmental value by individuals, teams, and organizations. For Schaltegger, Wagner, and Mendoza (2018), sustainable entrepreneurship refers to the identification and exploitation of opportunities for novel goods, services, and profit models that simultaneously create economic, environmental, and social value. Sustainable entrepreneurship is the pursuit of sustainable opportunities with the goal of creating, through innovative products, processes,  management, economic, social, and environmental value (Dean & McMullen, 2019). Scherer and Palazzo (2021) opined that ssustainable entrepreneurship involves the creation of innovative solutions to environmental and social problems while generating economic value and growth. Hockerts (20119) sustainable entrepreneurship is about identifying, developing, and exploiting opportunities that create economic and societal value while minimizing harm to the environment. It is the dynamic process of creating, delivering, and capturing value through innovative products, services, and business models that address societal and environmental challenges. It involves individuals and organizations pursuing opportunities to create multiple forms of value by addressing social and environmental problems, while also achieving economic success. Anderson and Leal Filho (2018) see sustainable entrepreneurship as the initiation and management of innovative, sustainable business activities, products, or services that contribute to long-term economic prosperity, environmental quality, and social equity. Sustainable entrepreneurship focus on economic, environmental, and social value creation, as well as its emphasis on innovation, problem-solving, and the pursuit of opportunities that align with sustainability goals.

Fuel subsidy on the other hand according to Akpanuko and Ayandele (2020) is the result of a government action that confers an advantage on consumers or producers, in order to supplement their income or lower their costs. Majekodunmi (2019) defined subsidy as any measure that keeps prices consumers pay for good or product below market levels for consumers or for producers above market price. Subsidy means benefit given by the government to individuals or businesses whether in form of cash, tax reduction or by reducing the cost of goods and services. Obed (2019) defines subsidy as any measure that keeps prices consumers pay for a good or product below market levels for consumers or for producers above market level. Subsidies take different forms. Some subsidies have a direct impact on price. These include grants, tax reductions and exemptions or price controls. Others affect prices or costs indirectly, such as regulations that skew the market in favour of a particular fuel, government-sponsored technology, or research and development. The purpose of subsidy is to help individuals and businesses purchase/acquire essential goods and services that they may not be able to afford, under normal condition. Put differently, petroleum subsidy is a form of price manipulation whereby the government fixes the pump price of fuel for sale to consumers and pays the retailer the difference between the actual market price and the regulated or official price per litre (Iyobhebhe, 2022), Fuel subsidies are often implemented by governments to keep fuel prices artificially low for consumers. The 2023 removal of the petroleum subsidy in Nigeria marks a pivotal moment in the nation’s economic, social, and environmental trajectory. The subsidy removal, while driven by the intent to align with global trends of fossil petroleum subsidy reduction and enhance fiscal sustainability (Jackson, 2023), presents a host of challenges.

The removal of fuel subsidy has affected a lot of businesses and led to job losses. Entrepreneurship is the way out of the high rate of joblessness and crimes in the society as a result of fuel subsidy removal. Hence the need to assess skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal.

Statement of the Problem

The role of skills in sustainability of entrepreneurship cannot be over-emphasized. This is because without skills, no entrepreneur can strive in business or bring about any positive change. That is why schools and colleges have deemed it fit to blend theory with practical skills for students to fit into the society and create jobs for themselves and others. However, the sudden removal of fuel subsidy came with diverse challenges ranging from high cost of living to loss of jobs due to the fact that most employers can no longer be able to pay their employees. Hence the need for them to have skills that will enable them to face the current situation brought about by fuel subsidy removal.

Unfortunately, most Business Education students in Federal College of Education (Technical) Asaba seem to lack skills that will bring about sustainable entrepreneurship. There is high loss of jobs, business failures and crimes as a result of sudden fuel subsidy removal. Okereke and Okoroafor (2022) asserted that entrepreneurial skills have been acknowledged as potent and viable tools for self-empowerment, job creation and economic survival. Business education as a discipline is designed to turn out knowledgeable and skilful graduates who will succeed in teaching, office work or entrepreneurship. It is therefore, surprising and at the same time disappointing that many of them are circulating curriculum vitae in search of scanty employment opportunities because they appear not to adequately possess skills for sustainable entrepreneurship. Hence it has become imperative to assess skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal.

Purpose of the Study

The main purpose of this study is to assess skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal. Specifically, the seeks to:

1. examine the Accounting skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal.
2. ascertain the managerial skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal.
3. Find out the Marketing skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal.

Research Questions

The following questions were raised to guide the study:

1. What are the Accounting skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal?
2. What are the managerial skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal?
3. What are the Marketing skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal?

Significance of the Study

This study would be beneficial to Business Education Students, Business Educators, Policy makers, Researchers and the Field of Business Education.

For Business Education Students, the study will help to connect their academic learning with real-world challenges. It provides them with insights into the practical implications of economic and policy changes, making their education more relevant and applicable. It will equip them with the skills and knowledge they need to adapt to economic shocks and changes in the business environment. This preparedness can make them more resilient entrepreneurs and job seekers. Some students may become advocates for better economic policies.

For Business Educators, the findings of the study can inform curriculum development in Business Education programs. Educators can use this information to update their course materials and teaching methods to better prepare students for the challenges posed by fuel subsidy removal and other economic shifts. This study can help identify the specific skills and knowledge areas that students should focus on to not only survive but thrive in an environment without fuel subsidies. The findings can be used to advocate for policies that support entrepreneurship in the face of fuel subsidy removal. Business Educators can play a role in shaping policy discussions and ensuring that the government implements policies that enable sustainable entrepreneurship. Understanding the skills needed in this context can also spur research and innovation in the field of Business Education.

For policy makers, understanding the specific skills needed for sustainable entrepreneurship in the context of fuel subsidy removal can help them make more informed decisions regarding education and training policies. This information can guide the development of policies that support the acquisition of these skills. Policymakers are often concerned with stimulating economic development, and this study can provide insights into how to foster entrepreneurship in an environment without fuel subsidies.  Policymakers can use the findings to design programs and incentives that encourage the development of these skills among Business Education students, thereby increasing their employability and potential to create jobs for others. Policymakers allocate resources to various sectors and educational programs. Knowing the skills required for sustainable entrepreneurship can help allocate resources more efficiently, ensuring that education and training programs align with the needs of the economy.

For Researchers, this study can provide valuable insights into the impact of fuel subsidy removal on entrepreneurship within the business education sector. Researchers can identify and recommend policy changes or interventions that can help students and entrepreneurs adapt to the changing economic landscape. Researchers can identify which skills are most critical and guide educational institutions and policymakers in adapting curricula to meet those needs. A study in this area can help identify the skills and knowledge areas that are most crucial for budding entrepreneurs. It can guide the development of entrepreneurship programs and training that cater to the specific challenges and opportunities presented by the fuel subsidy removal. Researchers can provide data and analysis that help businesses and policymakers anticipate and plan for economic changes. Sustainable entrepreneurship can have positive effects on society.

Finally, for the field of Business Education, the study contributes to the knowledge base in the field of Business Education. It can serve as a foundation for further research and academic exploration, leading to a deeper understanding of the relationship between changing economic conditions and entrepreneurship. The findings of the study can inform adjustments in the Business Education curriculum. It may prompt educators to incorporate lessons and skills that are directly related to navigating economic changes, such as adapting to higher fuel prices.

Scope of the Study

This study is aimed at assessing the skills required of Business Education students for sustainable entrepreneurship in the face of fuel subsidy removal. The variables of interest are accounting skills, managerial Skills and Marketing Skills. The respondents of the study are Business Education (Degree) Students in Federal College of Education (Technical) Asaba.