The Impact of Skill Acquisition on Entrepreneur Development

Abstract

This study examines the relationship between skill acquisition and entrepreneur development. Skill is the ability to acquire practical knowledge in new conditions and on the basis of the abilities and experiences a person had previously. It is an activity which is developed by a person with time and becomes automatic in terms of performing the required skill, while entrepreneurship development is a process of enhancing the skill set and knowledge of entrepreneurs regarding the development, management and organization of a business venture while keeping in mind the risks associated with it. This paper after a critical review of the available literature revealed a significant relationship between skill acquisition and entrepreneur development. The paper however recommend that; prospective entrepreneurs should ensure that necessary skills armed at enhance their businesses are acquired before venturing into their choice businesses; there should be a thorough knowledge of the pros and cons of business by prospective entrepreneurs before committing their financial resources and time on the business this is in order to avoid business failure; government at all levels should endeavour to promote small scale businesses by setting policies aimed at providing soft loans to intending persons this is in order to enhance speedy economic growth and that government should set up policies requesting multinational oil companies to support prospective entrepreneurs financially and materially in their communities of operation as part of their corporate social responsibility.