In recent years, entrepreneurship has achieved significance as a driver of economic growth and poverty alleviation. Promoting entrepreneurship has become the focus of public policy throughout the world. Innovation, technological change, and the overall growth of the new economy are closely tied to risk taking and entrepreneurial activities.(Ejiogu & Nwajiuba, 2012)
The way we see the role of business is changing dramatically. What have we learned from the recent and ongoing crises? Where does one look for guidance on the "right thing to do" now? In a world where we live on one globe, it is time to shift our energy to real responsibility and sustainability. This requires a new paradigm. As Albert Einstein said, "No problem can be solved from the same level of consciousness that created it." We are not separated from our environment, nature, and society; we are actually a part of it.
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Therefore, let us unleash entrepreneurship and the power of business in a way to serve us more holistically. This new type of thinking, this expanding consciousness, is giving birth to all the new concepts of social entrepreneurship, corporate social responsibility, corporate sustainability, inclusive business, conscious capitalism, and sustainable development.
At the individual level, all of us-businesspeople, entrepreneurs, workers, and the like-are, first and foremost, humans. We not only want to be wealthy, but also strive for happiness by realizing our full potential, economically, socially, and probably spiritually. As Muhammad Yunus has said, "People have unlimited potential. But many of us never know, never get to see and unpack the gift we have inside of us." So where to look for inspiration? Look within yourself. (Nagler, 2012)
Looking within has led a young Nigerian into international business opportunities and transformed his fortune from a job seeker to an exporting entrepreneur. It has been suggested that immigrants are likelier than native-born workers ('natives' henceforth) to be entrepreneurs, immigrants are 'sojourners', who wish to immigrate temporarily in order to accumulate wealth before returning to their homeland. Entrepreneurship may be the most effective means to this end. Immigrants turn to entrepreneurship because of 'blocked mobility' in paid-employment, owing to language difficulties, discrimination, or possession of non-validated foreign qualifications. They are self-selected risk takers by virtue of their willingness to leave their homeland to make their way in a foreign country. (Simon, 2004)
A body of knowledge has emerged over the last couple of decades on the subject of international entrepreneurship which is view as "a combination of innovative, proactive and risk-seeking behaviour that crosses national borders and is intended to create value in organizations". (Graham & Meloan, Spring 1986)
OBJECTIVES OF STUDY
Preparing today's students for success and eventual leadership in the new global marketplace is one of the most important responsibilities in education today. This study seeks to represent the first, in-depth analysis of future entrepreneurs and to learn how successful importers began their importing and the scope of their international operations.
Literature on Entrepreneurship
Entrepreneurship has been traditionally characterized as one of the four factors of production in economics. According to Schumpeter (1934), entrepreneurs are innovators that disrupt existing equilibriums. Kirzner (1973) views entrepreneurs as recognizers of opportunities. Henrekson (2007) noted that entrepreneurs or entrepreneurial ventures contribute to renewal and change in the economy. Wennekers and Thurik (1999) define an entrepreneur as someone who (a) perceives and creates new economic opportunities and (b) introduces ideas in the market in the face of uncertainty by making decisions about location, form, and the use of resources and institutions.(Goel & Rishi, 2012)
Entrepreneurship has never been more important than it is today in this time of financial crisis. At the same time, society faces massive global challenges that extend well beyond the economy. Innovation and entrepreneurship provide a way forward for solving the global challenges of the 21st century, building sustainable development, creating jobs, generating renewed economic growth and advancing human welfare. Now more than ever, we need innovation, new solutions, creative approaches and new ways of operating. We are in uncharted territory and need people in all sectors and at all ages who can "think out of the box" to identify and pursue opportunities in new and paradigm changing ways.(Dianna & Nancy, 2009) A prominent feature of a competitive enterprise economy is the ability of people continually to seek out and seize opportunities for profitable new activities in local and world markets. Encouraging and releasing people's entrepreneurial energies is an essential key to the achievement of greater economic prosperity in a country and to the continuing regeneration of its economy over time. Indeed, the economics of entrepreneurial discovery should be the hub of the economics of growth and development.
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Entrepreneurship is critical to enhancing the innovativeness and responsiveness of businesses, to boosting productivity and to improving cost structures and trade performance. The entrepreneurial spirit may manifest itself in the development of new markets, new products, new methods of production and management, the discovery of new inputs and the establishment of new businesses and even new organisational forms. Entrepreneurship is pertinent to the analysis of how new ideas or 'recipes' for reconfiguring objects in the material and social world can be harnessed to enhance a nation's wealth.(David, 2003)
Promoting entrepreneurship has become the focus of public policy throughout the world. Innovation, technological change, and the overall growth of the new economy are closely tied to risk taking and entrepreneurial activities. Entrepreneurship education has been a key way of hosting an entrepreneurial climate. In the past 15 years entrepreneurship education has grown dramatically throughout the United States and other parts of the world.
Its popularity is due to a variety of factors. First, the development of business plans allows students to integrate accounting, economics, finance, marketing, and other business disciplines. As such, it can be an enriching, integrative educational experience. Second, entrepreneurship education may promote the founding of new businesses by graduates, or enhance the employment prospects and the success of graduates in the job market. Third, entrepreneurship education may promote technology transfer from the university to the market through the development of technology-based business plans. Fourth, entrepreneurship education forges links between the business and academic communities.(Charney & Libecap, 2000)
Preparing today's students for success and eventual leadership in the new global marketplace is one of the most important responsibilities in education today. Entrepreneurship education is an important tool to achieving these objectives and should be available to provide all students with opportunities to explore and fulfil their potential.
Policy makers in Europe and the USA believe that more entrepreneurship is required to reach higher levels of economic growth and innovation. Indeed, empirical research supports positive links between entrepreneurial activity and economic outcomes (Mirjam van Praag and Versloot, 2007). Policy makers also believe that increased levels of entrepreneurship can be reached through education (European Commission, 2003) and especially entrepreneurship education. Education is critical to the development of attitudes, skills and behaviours in the mindsets of young and mature entrepreneurs. There is a strong need for reform to make education accessible, affordable and accountable, and for parity between quantity and quality. Studies have found a positive impact of entrepreneurship education
courses/programs at universities on perceived attractiveness and feasibility of new
venture initiation.(Damodharan Varadarajan Sowmya, Majumdar, & Gallant, 2010)
This study was conducted through interview of a Nigerian immigrant in Malaysia by the name Emeka Paul.
On the basis of the results emerging from this study it could be concluded that entrepreneurship education had a positive impact upon entrepreneurial outcomes related to the career aspirations of respondent, who sometime had taken a course in entrepreneurship in a university before start-up. Having learned in a practical way by starting and running small business with other students in a group, and this ended profitably. With the possibility of profit in doing one's business the respondent was motivated to take entrepreneurship as the only means of survival in a foreign land.
Since the sole reason for engaging in entrepreneurship is for survival in a foreign land, the sole objective was profit making. The first return on his investment propelled him to go a step further, going to China to survey for more exporting opportunities. Starting with a personal saving of around $2000, he was able to pay his tuition and other bills from the profit of the business.
Entrepreneurial processes are likely to differ across the various phases of development, with major challenges to be addressed when moving across and between these phases; failure to recognize and address this complex and dynamic process may frustrate and constrain subsequent development. In addition, it is becoming apparent that entrepreneurial ventures may grow in different ways. Some firms seek to build revenue, some may seek first to develop their technological capability before introducing products to the market which may only occur after initial public offering or strategic sale, and others may adopt hybrid strategies.(Wright & Marlow, 2012) the business process was not without challenges which were eventually overcome along the way. The challenges are finding ready market for his goods and coping with the fluctuation of foreign exchange market. Overcoming these challenges was possible because the respondent applied skills (managerial, financial and marketing skill) necessary for business success.
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The respondent believes is social responsibility in term of his contribution to society is basically creating employment opportunities for people back at home and also helped other international students in their quest for independent life by starting their business and this reduced crimes in the society.
DISCUSSIONS AND CONCLUSION
Education is the clearest path to individual opportunity and societal growth, and entrepreneurship education is especially vital to fuelling a more robust global economy. Entrepreneurs bring new ideas to life through innovation, creativity and the desire to build something of lasting value. There is strong evidence that entrepreneurship education contributes to risk taking and the formation of new ventures. On average, entrepreneurship graduates are three times more likely than non-entrepreneurship graduates to start new business ventures. Similarly, there is clear evidence that entrepreneurship education increases the propensity of graduates to be self-employed. Once again, entrepreneurship graduates on average are three times more likely to be self-employed than are general business graduates.(Charney & Libecap, 2000)
Entrepreneurship has become and needs to be sustained as a social movement. To achieve this goal of empowerment we need new ways of thinking about education to support entrepreneurship for social inclusion. This research shows that students have positive attitude towards entrepreneurship and it provides evidence, which urges action to advance entrepreneurship education globally.