ASSESSING THE ROLE OF FORMAL EDUCATION IN PROMOTING ENTREPRENEURSHIP

Authors

DOI:

https://doi.org/10.37335/ijek.v11i2.197

Abstract

Entrepreneurship has been an economic tool for many governments, especially those facing unemployment challenges. Ghana is facing high unemployment among its youth. Various administrations have implemented policies, including the National Youth Employment Program and the YouStart Program, to solve the unemployment challenge. These initiatives, however, have yet to solve unemployment. This study examines the role of formal education in fostering entrepreneurship. Data were collected using a quantitative approach through a structured questionnaire survey administered to 140 entrepreneurs in Ghana’s Sunyani Municipality. The data were analyzed using SPSS version 25. Correlational analysis was performed to examine the relationship between formal education and entrepreneurial performance. The study findings show that entrepreneurial-based education, not only formal education, helps graduates successfully establish and operate their own businesses. This contributes immensely to reducing unemployment. The results also reveal a weak positive correlation between formal education and entrepreneurial performance; however, the observed correlation was not statistically significant. Thus, formal education may influence entrepreneurial performance, but other variables may have a greater influence. The implications of these results highlight the importance of equipping students with entrepreneurial knowledge and skills to help them succeed as entrepreneurs. This can boost economic growth and lower unemployment. The study's implications go beyond Ghana, as many nations struggle with unemployment. Findings form this research would drive policy-making and educational restructuring efforts to promote entrepreneurship and reduce global unemployment. The authors recommended modifying the existing educational curriculum to include more emphasis on entrepreneurship education, spanning from primary to higher education levels.

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Author Biographies

Siddiq Abekah Osman, School of Economics and Management, Anhui University of Science and Technology, Huainan, China

Siddiq Abekah Osman is a graduate student of Management Science and Engineering at the Anhui University of Science and Technology in China. He is a multidisciplinary researcher with research interest in management sciences, entrepreneurship and small businesses development, supply chain management, digital innovation and policy analysis. In his research, he employs both quantitative and qualitative methodologies and has provided insightful perspectives and findings to the existing literature on these subjects.

Emmanuel Onuoha Emole, International Development Department, University of Birmingham, United Kingdom

Emmanuel Onuoha Emole is a graduate student of Development Policy and Politics at the University of Birmingham in the United Kingdom. His research areas include education policies, poverty and inequality, international political economy, governance in Africa, global governance, and conflict management. As the Research Lead for the Social and Management Science Research Group under Dr. KC's Mentorship Platform, he has worked with several researchers in diverse fields of expertise and demonstrates proficiency in both quantitative and qualitative methods of research.

Emmanuel Valentine Onu, School of Advanced Study, University of London, United Kingdom

Emmanuel Valentine Onu is a graduate student of Understanding and Securing Human Rights at the University of London in the United Kingdom. His research areas include education development, human rights, international political system, poverty and inequality. His research experience shines through his contributions to policy documents at domestic and international summer events. He helped develop proposals for integrating technology into Nigerian education system, this showcases his strong research, analytical, and critical-thinking skills.

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Published

2023-12-29

How to Cite

Osman, S. A., Emole, E. O., & Onu, E. V. (2023). ASSESSING THE ROLE OF FORMAL EDUCATION IN PROMOTING ENTREPRENEURSHIP. International Journal of Entrepreneurial Knowledge, 11(2), 89–108. https://doi.org/10.37335/ijek.v11i2.197

Issue

Vol. 11 No. 2 (2023): International Journal of Entrepreneurial Knowledge

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Articles

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International Journal of Entrepreneurial Knowledge (ISSN 2336-2960) is published by the Center for International Scientific Research of VŠO and VŠPP in cooperation with the following partners:

  • University College of Business in Prague, Czech Republic
  • University of Entrepreneurship and Law, Prague, Czech Republic
  • School of Business and Administration of the Polytechnic Institute of Setúbal, Portugal
  • Faculty of Operation and Economics of Transport and Communications, University of Zilina, Slovakia
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