Entrepreneurship Intention and Family Background as Determinants of Young Graduates Entrepreneurship Engagement in Ona-Ara Local Government, Oyo State, Nigeria, Nigeria

Abstract

Many young graduates have been coming up with creative strategies to find productive employment without depending on the government white collar jobs that are not forthcoming due to the various issues affecting the Nigerian economy as a whole and the high rate of unemployment. Therefore, this study investigated entrepreneurship intention and family background as determinants of young graduates’ entrepreneurship engagement in Ona-Ara Local Government, Oyo State, Nigeria. The research designed was survey design of correlational type. The participants in this study were all recent graduates. Ona-Ara local government was purposefully chosen because of the high prevalence of graduate unemployment in the area. Randomly chosen respondents were chosen based on their availability. 150 recent grads in total made up the study's responses.. The instruments used were Entrepreneurship intention (r = 0.44) , and family background (r= 0.22) scales. Data were analyzed at a significance level of 0.05 using descriptive statistics and Pearson Product Moment Correlation. The result shows that there are significant relationship between entrepreneurship intention and Young Graduate entrepreneurship engagement (r=0.439, df=148, p<0.05) and family background and Young Graduate entrepreneurship engagement (r=0.220**, df=148, p<0.05) in Ona-Ara Local Government, Oyo State, Nigeria. The study has made it clear that encouraging entrepreneurship is essential for any country that wants to experience real development and prosperity. In order to compete successfully in the global markets, where there is fierce rivalry, every country must prosper in order to transition from a value-added economy to a value-creation economy. Both factors were found to have an impact on young graduates' entrepreneurial activity, although entrepreneurship intention was found to be more significant than familial background. The rate of young graduates engaging in entrepreneurship must be increased, so it is important to take these factors into account. Keywords: Entrepreneurship, Young graduates, family background, Entrepreneurship intention DOI: 10.7176/EJBM/15-16-02 Publication date: September 30 th 2023