Universities provide outreach, and in the case of land grant colleges, extension, to outlying areas. Outreach and extension extend economic development assistance to the community. Traditional economic development strategies for a region include business attraction, business retention and expansion, and business creation. Business creation is most closely aligned to entrepreneurship. The university is important in attracting human capital to the local area and in stimulating entrepreneurial talent.
Skill development ensures enhancement in labour force participation, quality of labour and productivity of labour leading to overall growth of economy. Thus, it can be considered as a key growth engine that drives economy forward. The growing demand for skills and entrepreneurship can be understood by various factors influencing employment of an economy and evaluate. Age structure of population, skill set of labour force and structure of economy constitute few of the many factors(Vision 2020, Gupta). Age Structure of Population: Andhra Pradesh has a Skillset of Labour
Developing counties thrive on consumerism; the role of an entrepreneur is of much understanding in generating products valuable for the comforts and luxurious living of the people of a particular country. An economy is much dependent upon the performance level of its entrepreneur. He or she plays a vital role in the growth of the national income as well as raising the per capita income of the
The premise of Rostow’s theory of economic development is to explain how Western countries were able to develop, but not the rest of the world. This concept lays down the foundation for developing nations to follow in order to reach the acme of growth. Rostow’s concept focuses on domestic factors and divides societies into five stages of growth: the traditional society, the pre-take off stage, the take-off stage, maturity, and the age of mass consumption. In the traditional society the dominant industry is subsistence agriculture. Industry and production are limited due to a ceiling, which exists because the potentialities of modern science and technology are either not accessible or not applied systematically.
(Todaro, et al., 1996), emphasizes that in spite of the contributory role rural-urban migration plays in the rise in urban unemployment, this mode of migration is not to be considered undesirable. Most youths move to urban areas in search of work but they are unable to find jobs due to lack of skills and work
In the developing world, successful small businesses are the primary engines of job creation, income growth, and poverty reduction. Entrepreneurship is an essential element for economic progress as it manifests its fundamental importance in different ways: a) by identifying, assessing and exploiting business opportunities; b) by creating new firms and/or renewing existing ones by making them more dynamic; and c) by driving the economy forward – through innovation, competence, job creation- and by generally improving the wellbeing of society. It affects all organizations regardless of size, or age, whether they are considered a private or public body, and independently of their objectives. Its importance for the economy is reflected in its visible growth as a subject of interest for the economic press and in academic literature. For this reason, it is a matter of interest to academics, businessmen and governments the world over.
There is a severe lack of sophisticated and automatic machinery in small and large scale industries. The output is not up to the mark quantitatively as we as qualitatively. We cannot export our products to earn foreign exchange On the other hand; we import many products and lose our foreign exchange Due to backwardness in technology only raw material is exported. Inadequate financial resources and capital formation Lack of physical capital in the sense of buildings, machinery and tools, raw materials and other intermediate goods is a serious obstacle to the economic development of Pakistan. They are produced by investment resulting from savings.
Nigeria is a nation blessed with good climatic conditions that favour agricultural production. Agriculture is an important sector in the economic development and poverty alleviation drive of many countries. The importance of this sector is more pronounced in the developing countries including Nigeria where it is the main thrust of national survival, employment, food and foreign exchange earning (Abdullahi, 1986; Adebayo and Okuneye, 2005). Though youths have desirable qualities that can promote agriculture, most of them have strong apathy toward it (Jibowo, 1998; Adedoyin, 2005; Adewale et al., 2005). This has resulted in mass unemployment and lack of sustainable livelihood activities among the youths (Breitenbach, 2006).
Youth unemployment in few recent years has been increased because of the low foreign and domestic investment. Due to the security risks people are hesitant in investing businesses that also have caused an increase in the unemployment. Some of the young people can be without jobs due to the frictional unemployment. The theories of unemployment put forward this idea that some school leavers are expected to remain unemployed for the sake of finding suitable jobs. Youth unemployment can also be an outcome of the business cycle.
In societies in which most people earn a living only by working for others, being unable to find a job is a serious problem. Because of its human costs in deprivation, feeling of rejection and personal failure, the extent of unemployment is widely used as a measure of peoples ' welfare. The proportion of workers unemployed shows how well a nation 's human resources are used and serves as an index of economic movement. Unemployment has call for a greater concern in the Nigeria economy. It has continued to be the major macroeconomic objectives of the government, it constitutes series of serious developmental problems and is increasingly more serious all over Nigeria.