Entrepreneurship Education as a 21st Century Strategy for Economic Growth and Sustainable Development
Within the last 30 years, entrepreneurship education (EE) has continued to gain massive interest both in the field of research and among policy makers. This surge in interest can be attributed to the perceived importance EE plays in the equipping of potential entrepreneurs and as a 21st century strategy to foster economic growth and development. This paper sets out to ascertain the correlation between EE and economic growth and development. A desk research approach was adopted where a multiplicity of literatures in the field were studied intensely. The findings reveal that indeed EE has a positive effect on entrepreneurship engagement thereby fostering economic growth and development. However, some research studies reported the contrary. That although EE may be able to equip potential entrepreneurs with requisite entrepreneurial skills and competencies, it will only be successful in producing entrepreneurs if they are internally driven to become entrepreneurs, because we cannot make people what they are not. The findings also reveal that countries that adopted EE early have more innovations inspired by entrepreneurs and are more developed than those that only recently adopted EE as a viable tool for entrepreneurship and economic development.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1132026Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF
 Matlay, H. & Carey, C., (2007). Entrepreneurship education in the UK: A Longitudinal Perspective. Journal of Small Business and Enterprise Development, 14(2), pp. 252-63.
 Library of Congress, (2017). Everyday Masteries: Fun Science Facts from the Library of Congress. (Online). www.loc.gov. Available from: https://www.loc.gov/rr/scitech/mysteries/telephone.html (Accessed 12 March, 2017).
 Ray, A., (2015). The History and Evolution of Cell Phones. (Online). The Art Institutes. Available from: https://www.artinstitutes.edu/about/blog/the-history-and-evolution-of-cell-phones (Accessed 7th April, 2017).
 Ps Print, (2017). The Invention of the Printing Press. (Online). Available from: https://www.psprint.com/resources/printing-press/ (Accessed 13 March, 2017).
 Shi, L. & Yonezawa, A., (2012). Innovation and Entrepreneurship: Trials of Japanese Universities. Globalization, Societies and Education, 10(3), pp. 367-385.
 Toma, S., Grigore, A. & Marinescu, P., (2014). Economic Development and Entrepreneurship. Procedia Economics and Finance, 8(2014), pp. 436–443.
 Etuk, E. J. and Mbat, D. O., (2010). Entrepreneurship development for students and practitioners. Abuja: Century Frontiers Investment Limited.
 Akpan, E. I., Effiong, S. A. & Ele, A. A., (2012). Entrepreneurship Education Policy: An Intervention Strategy for Economic Development in Nigeria. Business & Entrepreneurship Journal, 1(1), pp. 101-110.
 European Commission, (2008). Final Report of the Expert Group Entrepreneurship in Higher Education, especially within non-business studies. Brussels: European Commission, March 2008.
 Fems, K. M., Abara, O. & Poazi, F. W. D., (2016). Entrepreneurship: Cure for Economic Under-Development. A Theoretical Perspective. International Journal of Social, Behavioural, Educational, Economic, Business and Industrial Engineering, 10(9), pp. 3075-3080.
 Ogundele, O. J. K., Idris, A. A. and Ahmed-Ogundipe, K. A. (2009). Entrepreneurial Succession Problems in Nigeria’s Family Businesses: A Threat to Sustainability. European Scientific Journal, 8(7), pp. 208-227.
 Izedonmi, P. F. & Okafor, C., (2010). The effect of entrepreneurship education on students’ entrepreneurial intentions. Global Journal of Management and Business Research, 10(6), pp. 49-60.
 Fems, K. M., (2016). Entrepreneurship in the 21st Century. Yenagoa: Printessence Impression.
 Watkins-Mathys, L. (2009). Developing Student-led Entrepreneurship Learning: the South-East England Collaborative Model. Buckinghamshire: Buckinghamshire New University.
 Askun, B., Yıldırım, N., (2011). Insights on Entrepreneurship Education in Public Universities in Turkey: Creating Entrepreneurs or Not? Social and Behavioral Sciences, 24(2), pp. 663–676.
 McFadzean, E., O’Loughlin, A. & Shaw, E. (2005). Corporate entrepreneurship and innovation part 1: the missing link. European Journal of Innovation Management, 8(3), pp. 350-372.
 Schumpeter, J., (1942). The Theory of Economic Development. Cambridge: Harvard University Press.
 Wieczner, J., (2016). Apple Takes Back Title of World’s Most Valuable Company. (Online). Fortune.com. Available from: http://fortune.com/2016/02/03/apple-facebook-amazon-google/ (Accessed 14 March, 2017).
 Lee, T. B., (2017). How Apple Became the World’s Most Valuable Company. (Online). Vox.com. Available from: http://www.vox.com/cards/apple (Accessed 14 March, 2017).
 Huuhtanen, M., (2012). Nokia Losses Pile Up as Sales Plunge. (Online). The San Diego Union Tribune. Available from: http://www.sandiegouniontribune.com/sdut-nokia-losses-pile-up-as-sales-plunge-2012oct18-story.html (Accessed 14 March, 2017).
 Independent, (2012). Nokia Losses Grow as Sales Plunge Again. (Online). Independent.co.uk. Available from: http://www.independent.co.uk/news/business/news/nokia-losses-grow-as-sales-plunge-again-8217113.html (Accessed 14 March, 2017).
 Forbes, (2016). The World’s Most Valuable Brands: 2016 Ranking. (Online). Forbes Magazine. Available from: https://www.forbes.com/powerful-brands/list/#tab:rank (Accessed 14 March, 2017).
 Lemo. T., 2013. Nigeria: Development and the Entrepreneurial Challenge. This Day Newspaper http://allafrica.com/stories/201301110382.html?viewall=1 (Access August 14, 2013).
 Vinlander, D. (2012). Problems of entrepreneurship and Nigeria economic development. Journal of Management Sciences, 7(3), pp. 53-65.
 Kyro, K., (2001). To grow or not to grow? Entrepreneurship and sustainable development. International Journal of Sustainable Development, World Edition, 8, pp. 15-28.
 Yeong-NG, J. C., (2012). The Roles of Entrepreneurs in the Society. Journal of Arts, Science & Commerce, 3(4), pp. 1-7.
 Schmitz, J. A., (1989). Imitation, Entrepreneurship, and Long-run Growth. Journal of Political Economy, 97(3), pp. 721–739.
 Wong, P. K., Ho, Y. P. & Autio, E., (2005). Entrepreneurship, innovation and economic growth: evidence from GEM data. Journal of Small Business Economics, 24(3), pp. 335-350.
 Thaddeus, E. (2012). Perspectives: Entrepreneurship development & growth of enterprises in Nigeria. Entrepreneurial Practice Review, 2(2), pp. 31-35.
 Batalla, E. V., (2010). Entrepreneurship and Philippine Development. Canadian Journal of Development Studies, 31(1–2), pp. 341–365.
 Naude, W. (2010). Entrepreneurship is not a binding constraint on growth and development poorest countries. World Development, 39(1), pp. 33–44, 2011.
 Fasna, K. O., (2006). Entrepreneurship Theory: Strategy and Practice. Abuja: Bee Printing and Publishing Company.
 Mahender, C. H., (2015). Economic Development vs. Economic Growth. (Online). Business Economics. Available from: http://www.diffen.com/difference/Economic_Development_vs_Economic_Growth (Accessed December 27, 2015).
 The Economist, (2014). Africa’s New Number One: Nigeria’s suddenly supersized economy is indeed a wonder; but so are its still-huge problems. (Online). The Economist. Available from: http://www.economist.com/news/leaders/21600685-nigerias-suddenly-supersized-economy-indeed-wonder-so-are-its-still-huge (Accessed January 6, 2016).
 Leke, E., (2015). Alison-Madueke Stole £13bn – Sun of London Columnist. (Online). Ikeja: Eagle Online, October 5, 2015. Available from: www.theeagleonline.com.ng/Alison-madueke-stole-£13bn-sun-of-london-columnist/ (Accessed January 3, 2016).
 Tukur, S., (2015). Alleged $2.2bn Arms Deal: EFCC Pressuring SSS to handover Sambo Dasuki for Questioning. (Online). The Premium Times Nigeria, Sunday 3 January, 2016. Available from: www.premiumtimesng.com/news/alleged-$2.2bn-arms-deal-efcc-pressuring-sss-to-handover-sambo-dasuki-for-questioning.html (Accessed January 3, 2016).
 Pettinger, T., (2011). Difference between Economic Growth and Development. (Online). Economic Help. Available from: http://www.economicshelp.org/blog/1187/development/economic-growth-and-development/ (Accessed December 27, 2015).
 Holcombe, R. G., (1998). Entrepreneurship and Economic Growth. Quarterly Journal of Austrian Economics, 1(2).
 Khan, A., (2011). What Is Difference Between Economic Growth And Economic Development? (Online). Available from: http://ahsankhaneco.blogspot.com/2011/12/what-is-difference-between-economic.html (Accessed December 27, 2015).
 Islam, M. A., Khan, M. A, Obaidullah, A. & Alam, M. S., (2011) Effect of Entrepreneur and firm characteristics on business success of SMEs in Bangladesh. International Journal of Business and Management, 6(3), pp. 289-299.
 Frank, H., et al., (2005). Entrepreneurial Orientation and Education in Austrian Secondary Schools Status quo and Recommendations. Journal of Small Business and Enterprise Development, 12(2), pp. 259-273.
 Hamidi, D. Y., Wennberg, K. & Berglund, H., (2008). Creativity in Entrepreneurship Education. Journal of Small Business and Enterprise Development, 15(2), pp. 304-320.
 Christine V., et al., (2009). Educating the Next Wave of Entrepreneurs: Unlocking entrepreneurial capabilities to meet the global challenges of the 21st Century. A Report of the Global Education Initiative. World Economic Forum. Switzerland, April, 2009.
 Matlay, H., (2008). The Impact of Entrepreneurship Education on Entrepreneurial Outcomes. Journal of Small Business and Enterprise Development, 15(2), pp. 382-396.
 Henry, C., Hill, F. & Leitch, C., (2005). Entrepreneurship education and training: can entrepreneurship be taught? Part II. Education + Training, 47(3), pp. 158-169.
 Osalor, P., (2013). Entrepreneurial Education Revolution: An Imperative for Sustainable Development in Nigeria (1). (Online). Vanguard Nigeria. Available from: http://www.vanguardngr.com/2013/11/entrepreneurial-education-revolution-imperative-sustainable-development-nigeria-1/ (Accessed January 29 2014).
 Lee, M. S., Chang, D. & Lim S. B., (2005). Impact of Entrepreneurship Education: A Comparative Study of the U.S. and Korea. International Entrepreneurship and Management Journal, 1, pp. 27–43.
 Austin, N. K., (2003) Entrepreneurship Development and Tourism in Rural African Communities. Journal of African Business, 4(1), pp. 87-101.
 Fems, K. M., Poazi F. W. D. & Opigo, H., (2017). Entrepreneurship Education: A Pre-Requisite for Graduate Entrepreneurship. A Study of Entrepreneurs in Yenagoa. Conference Proceedings, 19th International Conference on Economics, Innovation and Administrative Management, 14-15 March, London, UK.
 Gyamfi, G. D., (2014). Evaluating Entrepreneurship Education as a Tool for Economic Growth: The Ghanaian Experience. British Journal of Education, Society & Behavioural Science, 4(3), pp. 318-335.
 Kirby, D. A., (2004). Entrepreneurship Education and Incubators: Pre-incubators, Incubators and Science Parks as Enterprise Laboratories. 14th Annual International Conference, University of Napoli Federico II (Italy), 4-7 July, 2004.
 Akpomi, M. E., (2009). Achieving Millennium Development Goals (MDGs) Through Teaching Entrepreneurship Education in Nigeria Higher Education Institutions (HEIs). European Journal of Social Sciences, 8(1), pp. 154-157.
 Emeraton, U. G., (2008). Re-thinking Higher Education Management for Poverty Reduction among the Youth in Africa. Paper Presented at the Third Regional Conference Higher Education for Youth Empowerment, Opportunities, Capabilities and Second Chance. Organized by Higher Education Research and Policy Network (NERPNET) at IITA, Ibadan, Oyo State. August 18-21.
 Alberti, F., Sciascia, S. & Poli, A., (2004). Entrepreneurship Education: Notes on an Ongoing Debate. 14th Annual International Conference, University of Napoli Federico II (Italy), 4-7 July, 2004.
 Kestenbaum, J., Robertson, I. & Brown, R., (2008). Developing Entrepreneurial Graduates Putting entrepreneurship at the centre of higher education. United Kingdom: National Council for Graduate Entrepreneurship.
 Ekankumo, B, Kemebaradikumo, N., (2011). Entrepreneurship and Entrepreneurial Education (EE): Strategy for Sustainable Development. Asian Journal of Business Management, 3(3), pp. 196-202.
 Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179-211.
 Kuratko, D. F., (2005). The Emergence of Entrepreneurship Education: Development, Trends, and Challenges. Journal of Entrepreneurship Theory and Practice.
 Zainuddin, M. N., (2012). University's Entrepreneurship Education: Creating Meaningful Impression for New Generation. (Online). www.intechopen.com. Multimedia University Malaysia, pp.175-198.
 Stamboulis, Y. & Barlas, A., (2014). Entrepreneurship Education Impact on Student Attitudes. The International Journal of Management Education, 12(2), pp. 365-373.
 Walter, S. G. & Block, J. H., (2015). Outcomes of Entrepreneurship Education: An Institutional Perspective. Journal of Business Venturing, 31(6), pp. 216–233.
 Premand, P., et al., (2016). Entrepreneurship Education and Entry into Self-Employment among University Graduates. World Development, 77, pp. 311–327.
 Ogbo A. & Nwachukwu, A. C., (2012). The Role of Entrepreneurship in Economic Development: The Nigerian Perspective. European Journal of Business and Management, Vol 4(8), pp. 95-105.