A CRITICAL INVESTIGATION ON SKILL ACQUISITION AND ITS IMPACT ON ENTREPRENEURSHIP DEVELOPMENT IN CAMEROON
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CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Entrepreneurship development (ED) involves the process of fostering entrepreneurial skills, expanding knowledge bases, implementing formal training, and establishing institution-building programs. According to Riti and Kamah, (2019), entrepreneurship development is been referred to as systems that lay emphasize on growth, development and employment generation for the vast population. However, its primary objective is to cultivate potential entrepreneurs, facilitating the creation of viable new businesses to spur economic transformation and development. On the other hand, entrepreneurship is aimed at alleviating poverty, tackling unemployment, and fostering wealth creation by making significant contributions to the Gross Domestic Product (GDP) through equipping individuals with specific skills to enhance both entrepreneurial competence and enterprise effectiveness in achieving their goals and objectives (Ketzia, 2019).
In developed nations such as the United States, Japan, Germany, and various African countries, entrepreneurship plays a pivotal role in fostering the establishment and growth of business enterprises, generating employment opportunities, and driving industrialization. Similarly, developing countries like South Africa, Ghana, Tanzania, Cameroon, and Ethiopia also rely on entrepreneurship for economic advancement. Furthermore, business organizations are recognized for their substantial contributions to employment generation, poverty reduction, and the augmentation of the Gross Domestic Product (GDP) (Schlogl, 2018). Despite entrepreneurship Development (ED) being acknowledged as fundamental to economic growth and development in Africa. Consequently, there is a prevalent focus in policy discussions worldwide, particularly in Cameroon, on enhancing entrepreneurial activities to stimulate economic growth, foster development, generate employment opportunities, reduce poverty, and enhance the quality of life for citizens. In Cameroon, the concerning issue arises from the scarcity of employment opportunities for the extensive youth population. This dire situation leads to distressing circumstances where job seekers are compelled to wander the streets in search of nonexistent jobs, resorting to criminal activities such as online fraud, and various other social vices. Through entrepreneurship development initiatives, there is potential to significantly mitigate some of these social problems. However, adequate training in entrepreneurship, acquisition of skills, fostering an entrepreneurial mindset, and generating business ideas could notably decrease the prevalence of these social vices. Relatedly, Maigida et al. (2018) emphasized the importance of entrepreneurial activities such as skill acquisition in empowering youth for entrepreneurship based on their study on entrepreneurial skills within technical vocational education and training, aiming to achieve youth empowerment in Cameroon. However, numerous studies worldwide have explored the impact of skills on entrepreneurship development. For instance, Hsieh et al. (2017) investigated the correlation between balanced skills and entrepreneurship among Dutch university graduates. Similarly, Gompers et al. (2019) explored whether entrepreneurial success stems from skill acquisition or luck, analyzing several serial entrepreneurs. In another study, Ilemona et al. (2018) assessed the role of entrepreneurship skill acquisition in poverty alleviation in Kogi State, Nigeria. Additionally, Zhang (2020) examined the relationship between the diversity of skills within cities and entrepreneurship across 125 cities in China. These studies collectively underscore the importance of prioritizing skill acquisition in fostering entrepreneurship. Therefore, a survey will be conducted in order to investigate on skill acquisition and its impact on entrepreneurship development in Cameroon
1.2 Statement of the Problem
Entrepreneurial development entails enriching entrepreneurs' skills and knowledge in business development, management, and organization while acknowledging associated risks. However, it involves integrating creative ideas with managerial skills to leverage people, finances, and resources to address market needs and generate wealth. Successful entrepreneurship requires proficiency across various domains to effectively orchestrate business elements. Similarly, a key driver of entrepreneurial success is possessing entrepreneurial skills.
On the other hand, a prevalent issue is that many individuals embark on business endeavors lacking the necessary expertise, resulting in business failures. According to Amadi (2022) highlighted this challenge, attributing business failures globally to insufficient technical knowledge of the chosen business field. Moreover, many aspiring entrepreneurs overlook the importance of conducting realistic feasibility studies, neglecting psychological readiness, legal considerations, cost estimation, and facility requirements. Also, Ibru (2019) stressed the pivotal role of feasibility studies, often underestimated by entrepreneurs.
Furthermore, prospective entrepreneurs often lack risk management abilities, disregarding the necessity of anticipating and addressing potential losses. In the same view, Chulaka (2022) echoed this concern, noting a general oversight of risk management and proactive measures among entrepreneurs. Additionally, limited access to capital poses a significant obstacle for small businesses, as banks prioritize larger enterprises, leaving small ventures reliant on microfinance firms that impose high interest rates. Thus, it is in the light of these that the study seeks to investigate on skill acquisition and its impact on entrepreneurship development in Cameroon
1.3Β Objectives of the Study
The main purpose of this study is to investigate on skill acquisition and its impact on entrepreneurship development in Cameroon. Specifically, the study will;
Determine whether there is a significant relationship between skill acquisition and entrepreneurship developmentΒ
Identify the skills required to enhance entrepreneurial development among business owners in Cameroon.
Ascertain the impact of skill acquisition on the development of entrepreneurship in Cameroon.
Β 1.4 Research Questions
The following questions have been prepared for the study:
Is there a significant relationship between skill acquisition and entrepreneurship development?
What are the skills necessary to enhance entrepreneurial development among business owners in Cameroon?
How does skill acquisition impact the development of entrepreneurship in Cameroon?
1.5 Research Hypothesis
Ho: There is no significant relationship between skill acquisition and entrepreneurship development in, Cameroon.
Ha: There is a significant relationship between skill acquisition and entrepreneurship development in, Cameroon.
1.6 Significance of the Study
This research is significant as it will help policymakers design more effective programs and policies to foster entrepreneurship development. It will also inform the creation of targeted training initiatives and support systems to enhance the skill set of potential entrepreneurs. Additionally, for individuals interested in starting or expanding their own businesses in Cameroon, it will help them identify which skills are most crucial for their particular industry or business idea and guide their personal and professional development efforts accordingly. Furthermore, subsequent researchers will use it as a literature review. This means that other students who may decide to conduct studies in this area will have the opportunity to use this study as available literature that can be subjected to critical review. Invariably, the result of the study contributes immensely to the body of academic knowledge with regard to skill acquisition and its impact on entrepreneurship development in Cameroon
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1.6 Scope of the study
The scope of this study is to investigate on skill acquisition and its impact on entrepreneurship development in Cameroon. Empirically, this study will determine whether there is a significant relationship between skill acquisition and entrepreneurship development, identify the skills required to enhance entrepreneurial development among business owners and ascertain the impact of skill acquisition on the development of entrepreneurship in Cameroon.
Geographically, the study will be delimited to business owners in Douala, Cameroon
1.7 Limitation of the study
In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. In addition, there was the element of researcher bias. Here, the researcher possessed some biases that may have been reflected in the way the data was collected, the type of people interviewed or sampled, and how the data gathered was interpreted thereafter. The potential for all this to influence the findings and conclusions could not be downplayed.Β
More so, the findings of this study are limited to the sample population in the study area, hence they may not be suitable for use in comparison to other schools, local governments, states, and other countries in the world.
Β 1.8 Definition of Terms
Entrepreneurship: refers to the process of identifying, creating, and pursuing opportunities to generate value through innovative ideas, products, or services.
Skill Acquisition:Β is the process of obtaining or learning new skills, abilities, or knowledge through training, practice, or experience.Β Β
Entrepreneurship Development (ED): involves the process of fostering entrepreneurial skills, expanding knowledge bases, implementing formal training, and establishing institution-building programs
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