The importance of the development of entrepreneurial skills by every graduate cannot be over-emphasized because gone are the days when jobs were available everywhere both in the private and public sector of the economy and employers go about looking for potential employees to employ. Indeed, in the past, it is the employers that go round universities in this country to hunt for potential employees. Then there were fewer universities and low university enrollment. But today, things have changed and very drastically too such that many graduates are now sellers of recharge cards and some work as bus conductors. What an economic tragedy and waste! The question of choice of job or employer is gradually being eroded each year. Many graduates are desperate to get any job to keep body and soul going. Indeed there is a paradigm shift in the labor market now. Even the professional disciplines are now fast getting into that problem of unemployment.
Employment prospects for the youths are changing with a lot of increasing competition; the openings are equally limited. Also, employment in the public sector is also decreasing and job prospects are diminishing by the day. Added to this ugly situation are the increasing trend of job outsourcing, casualization of labor in the oil and gas industry and the increasing phenomenon of rightsizing of labor among big firms and corporations in the country. As a side effect, the figure of tertiary graduates who have not been able to secure the first employment since graduation for upward of five years is on the increase and even those with professional qualifications like MBA, ICAN, COREN, Medicine and Pharmacy are not spared from the ugly phenomenon. Others are paid peanuts if they are lucky to secure paid job. Some now fall back on their lower qualifications like WASC and OND to secure menial jobs.
Entrepreneurship could satisfy status and social needs and leads to self-satisfaction and actualization.It can also meet the financial needs for the entrepreneurs and their families. In fact, entrepreneurship is a satisfying process even though it can be risky and may even lead to loss of wealth at times (Fry, 1992). Society-wise, entrepreneurship has made substantial impacts throughout history because of numerous inventions, massive job creations made through small and medium scale enterprises (SMES) in both developed and developing countries.