Evaluation of entrepreneurial awareness and skills of college of business management students in taguig city university
EVALUATION OF ENTREPRENEURIAL AWARENESS AND SKILLS OF COLLEGE OF BUSINESS
MANAGEMENT STUDENTS IN TAGUIG CITY UNIVERSITY
*
**
1
Kriselyn Q. Decena - Sharmie Joy D. Dejoras ,
Marinon S. Fulgueras*** - Renniel B. Hallera****- Marlon B. Raquel*****
Abstract: Entrepreneurship contributes significantly in a country’s economic wealth. In the Philippines, there
is a great opportunity for entrepreneurial ventures. This study examined the entrepreneurial awareness and
skills of 330 college students of the College of Business Management at Taguig City University. Specifically
examined in this paper were the levels of entrepreneurial awareness, characteristics of an entrepreneur,
awareness on the role of entrepreneurship in the economy, problems associated with entrepreneurial
awareness and skills, and strategies to enhance entrepreneurial awareness. The primary source of data
came from survey questionnaires answered by business students. Frequency and percentage distributions,
means, and ranks were used to analyze the data. Findings showed that respondents became aware of
entrepreneurship mainly through media. They also believed that an entrepreneur must have a clear, realistic,
and achievable goals and procedures. Entrepreneurship serves as an opportunity to show skills in doing
business and a means to creating jobs and wealth for both the young and old. However, results also showed
that many students lack self-confidence in starting an entrepreneurial venture and are afraid of failures.
This paper recommends that students must expose themselves in business activities through participation
in seminars, workshops, and trade fairs. They must also recognize changes in the business environment
and be able to identify business opportunities. Universities should integrate curricular activities related to
entrepreneurship in order to develop the entrepreneurial awareness and skills of the students.
Keywords: Entrepreneurship; entrepreneurial awareness; entrepreneurial skills; Taguig City University
1. INTRODUCTION
The global youth unemployment reported by International Labour Organization (ILO) is at 70.5
million in 2015. In the Philippines, the unemployed youth, aged 15-24, was at 1.169 million based on 2016
January Labor Force Survey, a decrease from 1.274 million in January 2015. The country’s gross domestic
product (GDP) grew by 6.8% in 2016, up from 5.8% in 2015. Despite this growth, the country has not
earned a reputation for entrepreneurship.
In a 2014 report published by De La Salle University which used the Global Entrepreneurship Monitor
(GEM) framework, approximately 18.5 million Filipinos were starting a new business. While the Philippines
has the highest business startup in the Asia-Pacific and South Asia Region, it has also the highest business
discontinuance rate. Said report also stated that high unemployment rate and fewer job opportunities in the
Philippines drive the majority of the entrepreneurs to engage in entrepreneurial activities.
*,**,***,**** Graduate School, Taguig City University, Taguig City, Philippines.
*****Corresponding Email: [email protected], Graduate School, Taguig City University, Gen. Santos Ave.,
Central Bicutan, Taguig City, Philippines
INTERNATIONAL CONFERENCE STARTUP AND INNOVATION NATION
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Zorn (2004) defines entrepreneurship as a process which through engagement of human and financial
capital is creating new ventures and where the entrepreneur is taking a risk but in return is rewarded
financially or through personal satisfaction. It is also a “process of creating something new with value by
devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and
receiving the resulting rewards” (Hisrich et al., 2005).
The study of entrepreneurship attracts researchers in recent years because of its relevance in addressing
economic problems. Because young people may be faced with problems associated with the entry into the
labor market, many of them try to create opportunities by themselves by creating entrepreneurial ventures.
Ugwu and Ezeani (2012) examined the entrepreneurial awareness and skills of Library and Information
Science students in two Nigerian universities. Findings revealed that up to 70% of the students were not
aware of entrepreneurial opportunities in their degree program.
Fatoki and Oni (2014) investigated the perception of university students in South Africa on the
effectiveness of entrepreneurship education. Results show that entrepreneurship education encourages
students to choose entrepreneurship as a career and provides them the necessary entrepreneurial skills.
However, it does not seem effective in helping them to meet people with good business ideas or on how
to access finance. Blenker, Dreisler and Kjeldsen (2006) point out that universities in Denmark and other
European universities play a crucial role in ensuring the continuous development in Europe through
entrepreneurship education.
Jadodic (2016) analyzed entrepreneurial intention of college students in Slovenia and found out that
young people were aware of the current economic situation which paves for generating their entrepreneurial
intentions. The study reveals that most young people use information and communications technology
(ICT) such as social media and the internet to get various information on entrepreneurship. Getkate (2014)
analysed the entrepreneurial awareness and use of the entrepreneurial support instruments of university
students in the Netherlands.
Theeconomicgrowthofacountrydependsontheeconomicactivitiesofitsentrepreneurs, entrepreneurs
that all begin as young individuals who got what it takes to transform almost anything into an opportunity
and had manifested entrepreneurship skills even while they were still students. But to adapt to changing
circumstances, honing these skills becomes imperative not only for parents but most especially to the
education system (Polat and Aktop, 2010; Erdoğmuş, 2000; Lall, 2011).
In the Asia Pacific and South Asian countries, Filipinos registered the highest rates in four of seven
entrepreneurial attitudes and skills. These include the following: (1) they viewed entrepreneurship as a
good career choice; (2) media attention given to entrepreneurship; (3) high status attributed to entrepreneurs
in the Philippine society; and (4) perceived capabilities. Filipinos registered a lower rate of fear of failure
compared to the average rate in the region (Velasco, et al, 2014).
Gozun and Rivera (2016) recommend that Philippine government should increase participation of the
youth in programs sponsored by the government to foster entrepreneurial spirit that will lead to successful
and sustainable youth entrepreneurs.
The primary objective of this study is to evaluate the entrepreneurial awareness and skills of
business administration students in a local university in Taguig City, Philippines. Specifically, it seeks to
examine the level of entrepreneurial awareness and skills of business administration students, evaluate the
particular characteristics or skills they possess necessary in entrepreneurial activities, examine the role
of entrepreneurship in the economy, identify the problems associated with acquisition of entrepreneurial
awareness and skills, and evaluate the strategies for enhancing entrepreneurship awareness and skills of
business administration students.
HỘI THẢO KHOA HỌC QUỐC TẾ KHỞI NGHIỆP ĐỔI MỚI SÁNG TẠO QUỐC GIA
46
2. METHODOLOGY
This study employed descriptive design using a research survey. Survey questionnaires were distributed
to students under the College of Business Management in Taguig City University (TCU). The survey
questionnaire includes respondents’ demographic profile and evaluation of entrepreneurial awareness and
skills. Responses were in the form of 4-point Likert scale. The rating of ‘1’ signifies that the students
‘strongly disagree’ with the statements, ‘2’ for ‘disagree’, ‘3’ for ‘agree’ and ‘4’ for ‘strongly agree’.
The researchers provided questions on the levels of entrepreneurial awareness and skills, characteristics
of an entrepreneur, role of entrepreneurship in the economy, problems associated with entrepreneurial
awareness and skills and strategies to enhance entrepreneurial awareness.
Frequencyandpercentagedistributionswereemployedtodescribethesocio-demographiccharacteristics
of the respondents. To determine the levels of entrepreneurial awareness and skills, characteristics of an
entrepreneur, role of entrepreneurship in the economy, problems associated with entrepreneurial awareness
and skills and strategies to enhance entrepreneurial awareness, weighted means, standard deviations, verbal
interpretations, and ranks were used.
3. RESULTS AND DISCUSSION
Data shown in Table 1 shows that there are more females than males (69.4% vs. 30.6%). More than half
of the respondents belong to age group 18-20 (58.2%) while 21.5% of the respondents are 21 to 23 years old.
Majority of the respondents are in third year level (38. 8%), followed by second year level (28.5%) and fourth
year level (23.9%). Only 8.8% of the students are in their first year of college. Majority of the respondents
have an estimated household income of P5,001 to 10,000 (34.5%). This is followed by P11,000 to 15,000
(26.4%), P16,000 to P20,000 (18.5%), P21,000 and above (12.1%), and P1,000-P5,000 (8.5%).
Table 1. Profile of the respondents
Profile of the Respondents
Sex
Frequency
30.6
Percentage
Male
101
229
23
Female
69.4
7.0
Age
15-17
18-20
192
71
58.2
21.5
8.8
21-23
24-26
29
27 and above
First Year
15
2.5
Year Level
29
8.8
Second Year
Third Year
Fourth Year
P1,000-P5,000
P5,001-P10,000
P10,001-P15,000
P15,001-P20,000
Over P20,000
94
28.5
38.8
23.9
8.5
128
79
Average Monthly
Household Income
28
114
87
34.6
26.4
18.5
12.1
61
40
_______________________________________________________________________
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Table 2 presents the level of entrepreneurial awareness among business management students.
Awareness of entrepreneurship through the media ranked first among four items with the weighted mean
of 3.08. According to Park (2017), social media can facilitate communication and the decision-making
process and can bring people information that can help them find new opportunities and business. Today’s
generation has been exposed to a lot of information to almost anything, including entrepreneurship, which
is readily available on the internet. This is in addition to information they get from other sources such as
television shows, newspapers, magazines, and other media outlets.
Respondents were also aware that entrepreneurship is among the college courses or bachelor’s
degrees being offered in the university (WM=3.02) and is also offered as a separate subject (WM=3.02).
The College of Business Management of Taguig City University offers four bachelor’s degree programs,
namely, Bachelor of Science in Marketing Management, Bachelor of Science in Business Management,
Bachelor of Science in Office Management, and Bachelor of Science in Entrepreneurial Management. In
addition, there is a separate entrepreneurial management subject which is equivalent to three (3) units and
is offered in all CBM programs.
Lastly, students became aware of entrepreneurship through pleasure reading and in public lectures
(WM=2.95). Pleasure reading refers to “reading that we do of our own free will anticipating the satisfaction
that we will get from the act of reading,” (Clark and Rumbold, 2006). Students were also able to know
entrepreneurship through reading by pleasure and during public lectures. Students are encouraged to attend
entrepreneurial seminars and trainings offered by the university and their local governments.
Table 2. Level of entrepreneurial awareness
Entrepreneurial Awareness
WM SD Rank Interpretation
1. I became aware of entrepreneurship
through pleasure reading and public lectures.
2. I became aware of entrepreneurship through the media.
2.95
3.08
3.02
0.77
0.70
0.70
0.67
3
Agree
Agree
Agree
1
3. Entrepreneurship is among the business courses offered.
2.5
2.5
4. Entrepreneurship is among the departmental subjects offered.
3.02
Agree
Composite Mean Score
3.01
Agre
____________________________________________________________________________
Data in Table 3 show the extent of agreement of the business students on the characteristics of an
entrepreneur. Students strongly agreed that an entrepreneur must have clear, realistic and achievable goals
and procedures which ranked first with the weighted mean of 3.46. According to Lee (2017), 33 percent
increase in the completion of goals among those who wrote their goals down, created an action plan and
shared with a friend. These people achieved 76 percent of their goals by having a specific goal-setting
strategy. Respondents also strongly agreed that an entrepreneur searches for opportunities and makes good
use of them to promote business and income (WM= 3.39), has a reasonable degree of initiative, imagination,
skills & creativity (WM= 3.37), not afraid of taking risks but has confidence and determination to succeed
(WM= 3.35), has a lot of organizational abilities with efficient management skills (WM= 3.31) and have
access to information on technologies to support business (WM= 3.28).
HỘI THẢO KHOA HỌC QUỐC TẾ KHỞI NGHIỆP ĐỔI MỚI SÁNG TẠO QUỐC GIA
Table 3. Extent of agreement on the characteristics of an entrepreneur
48
Characteristics of an Entrepreneur
WM SD Rank Interpretation
1. An entrepreneur must have clear, realistic and
achievable goals and procedure.
3.46
0.72
1 Strongly Agree
2. An entrepreneur may not bother to acquire more
knowledge as long as there is progress in the business.
2.63
1.11
0.73
12
Agree
3. An entrepreneur has a reasonable degree
of initiative, imagination, skills and creativity. 3.37
4. An entrepreneur can create his/her own
3 Strongly Agree
business without any basic entrepreneurship skills or expertise.
2.65
3.05
3.31
1.04
0.73
0.69
0.74
11
8
Agree
Agree
5. An entrepreneur can establish business or
render to any group of people and succeed.
6. An entrepreneur has a lot of organizational
abilities with efficient management skills.
7. An entrepreneur is not afraid of taking risks
5 Strongly Agree
4 Strongly Agree
but has confidence and determination to succeed. 3.35
8. An entrepreneur searches for opportunities
and makes good use of them to promote business and income.
3.39
0.68
2 Strongly Agree
6 Strongly Agree
9. An entrepreneur should never be afraid of economic
uncertainties and high probability of failure.
3.28
0.69
10. An entrepreneur is good at bringing together
components of a business venture and considerate
in working with the public.
3.17
0.70
7
Agree
11. An entrepreneur does not have the potential to be
successful unless supported by government or
individuals.
2.32
1.05
0.86
13
9
Disagree
Agree
12. An entrepreneur is not in control of anybody and so
can work at his/her leisure.
2.89
13. An entrepreneur reaps a huge financial reward &
prestige becomes self-reliant and independent as
the business progresses.
2.86
3.06
0.82
10
Agree
Composite Mean Score
Agree
________________________________________________________________________
Table 4 shows the extent of awareness of respondents on the role of entrepreneurship in the economy.
Students strongly agreed that entrepreneurship serves as an opportunity to show one’s talent and do what
one loves doing (WM=3.31), as a means of creating jobs and wealth for both young and old (WM=3.29),
and as a link in the process of innovation, development and economic growth (WM=3.21).
Several studies in the past established the importance of entrepreneurship in the economy. It is used as
a secure platform for employment which leads to economic growth (Blenker, Dreisler and Kjeldsen, 2006).
INTERNATIONAL CONFERENCE STARTUP AND INNOVATION NATION
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The Consortium of Entrepreneurship Education (2013) observes that entrepreneurship education prepares
individuals, especially the youth, to become entrepreneurs who would contribute to economic development
of the country.
Table 4. Extent of awareness on the role of entrepreneurship in the economy
Role of Entrepreneurship in the Economy
WM SD Rank Interpretation
1. Entrepreneurship is a means of creating jobs and 3.29
0.74
2 Strongly Agree
wealth for both young and old.
2. It serves as an opportunity for one to show one’s 3.31 0.70
1 Strongly Agree
talent and do what one loves doing.
3. It serves as an alternative to the meager income 3.13
in paid employment.
0.65
5
8
7
6
Agree
Agree
Agree
Agree
4. It serves as a means of bridging the gap between 3.01 0.59
science and the market place.
5. It serves as a means of interfacing with such
3.10
0.61
entities as banks, NGOs and government.
6. It is a way of maximizing the usage of one’s time 3.10 0.63
for oneself.
7. It serves as a link in the process of innovation, 3.21
development and economic growth.
0.65
0.71
3 Strongly Agree
8. It is a way of deriving personal satisfaction in
business and overcoming poverty.
3.24
4
Agree
Composite Mean Score
3.19
Agree
As shown in Table 5, the top five problems associated with entrepreneurial awareness and skills are
lack of self-confidence, thus, afraid of failures (WM=3.14), financial institutions’ requirement of collateral
before offering a loan to start a new business (WM=3.04), fear of competition and risks associated with
conducting business (WM=3.02), difficulty of securing financial support necessary to start a business venture
(WM=2.88), and students’ preference of paid employment over entrepreneurial ventures (WM=2.87).
Kvedaraite (2013) stated that there are factors on reducing entrepreneurship skills and obstacles for
starting a business. Unstable government policy in the area of finance and regulation as well as the lack
of information on starting, setting up and developing a business remain major obstacles for establishing
and developing a business and without eliminating them any other encouragement of entrepreneurship
remains secondary. Besides, governmental institutions, non-governmental organizations and particularly
educational institutions should pay more attention to the higher education institutions distribution of
information on setting up a business among academic youth which can be provided through seminars,
conferences, by organizing meetings, discussions with business people and sharing practical business
experience and inspiring stories of successful businesses.
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Table 5. Extent of agreement on the problems associated with entrepreneurial awareness and skills
Problems Associated with Entrepreneurial
Awareness and Skills
WM SD Rank Interpretation
1. There are inadequate qualified teachers with
suitable professional experience.
2.83
0.84
6
Agree
2. ICT facilities and training are inadequate.
3. Students are more interested in paid
employment and so do not want to develop
entrepreneurial spirit and culture.
2.81
0.80
7
Agree
2.87
2.88
3.04
0.80
0.79
0.67
5
4
2
Agree
Agree
Agree
4. It is difficult to secure the financial support
necessary to start a business venture.
5. Financial institutions normally require collateral
before offering loan to start a new business.
6. The zeal to get rich quickly does not allow
graduates to pass through the requirements of
entrepreneurship.
2.73
2.62
2.57
3.02
0.87
0.85
0.98
0.83
0.76
8
Agree
Agree
Agree
Agree
7. Inadequate university programs do not prepare
students for entrepreneurship.
9
8. Huge sums of money are required for further
entrepreneurial training after graduation.
9. Many graduates are afraid of competition and
taking risks in business.
10
3
10.Many lack self confidence and encouragements
so are afraid of failure
.
3.14
1
Agree
Composite Mean Score
2.85
Agree
Respondents were also asked about the strategies to enhance entrepreneurial awareness and skills
among business administration students as shown in Table 6. Among the seven (7) strategies, recognizing
changes in environment and identifying business opportunities ranks first (WM=3.53) followed by
maintaining state-of–the art in the business through participation at seminars, workshops, journals & trade
books (WM= 3.50) and availing training opportunities in the environment (WM=3.47). They also strongly
agreed that financial institutions, non-government organizations, and the private sector should offer free
entrepreneurial training to students (WM=3.44); that government should provide loans to graduates who
want to become entrepreneurs (WM=3.38); and that students industrial work scheme should be revitalized
to include entrepreneurship issues (WM=3.29). They likewise agreed that academic curriculum should also
be restructured to accommodate entrepreneurship courses (WM=3.01).
Overall, there is a general consensus among business administration students that all these seven
strategies are very important to enhance the entrepreneurial awareness and skills of individuals.
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Table 6. Level of agreement on strategies to enhanceentrepreneurial awareness and skills
Strategies to Enhance Entrepreneurial
Awareness and Skills
WM SD Rank Interpretation
1. Restructuring the academic curriculum of
profession to accommodate
entrepreneurship courses.
3.01 0.78
7
Agree
2. Financial institutions, NGOs, and private sector
organizations should offer free entrepreneurship
training to students.
3.44
3.29
3.38
3.47
0.66
0.61
0.68
0.67
4 Strongly Agree
6 Strongly Agree
5 Strongly Agree
3 Strongly Agree
3. The students industrial work scheme should be
revitalized to include entrepreneurship issues.
4. Government should provide loans to graduates
who are worthy to be entrepreneurs.
5. Students must avail themselves to training
opportunities in the environment.
6. Students must maintain state-of–the art in the
business through participation at seminars ,
workshops, journals and trade books.
7. Students must recognize changes in their
environment and be able to identify business
opportunities.
3.50
0.65
0.61
2 Strongly Agree
3.53
1 Strongly Agree
Composite Mean Score
3.38
Strongly Agree
4. CONCLUSIONS AND RECOMMENDATIONS
We must take it in consideration that not all successful entrepreneurs have entrepreneurship or
business degrees. They are individuals with inherent entrepreneurial skills which they honed to propel their
respective businesses to success. Students must bear in mind that, if they have this skill, they should hone
it for them to use it and succeed on their future business endeavors.
Majority of the CBM students have entrepreneurial inclination and awareness, without family business
and belongs to families of middle income earners. They are fully aware of the benefits and the effects of
entrepreneurship on their daily lives. Even if they don’t have any existing family business, these students
will likely start their own.
Most of the students agreed that they became aware of entrepreneurship through media and
entrepreneurs must have clear, realistic and achievable goals and procedures. Students are also aware
that entrepreneurship serves as an opportunity for one to show one’s talent and do what one loves doing.
However, many graduates are afraid of competition and taking risks in business. They are aware that every
cent they are investing in starting a business, matters. Thus, students must recognize changes in their
environment and be able to identify all the possible business opportunities, maintain state-of-the art in the
business through participation at seminars, workshops, journals and trade books. Likewise, students must
avail themselves to training opportunities in the industry.
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The students may also engage in small scale business to develop their entrepreneurial awareness and
skills. The management of University may provide more training, activities and seminars on entrepreneurial
concept and principles intended for students of CBM. Moreover, a project or on-the-job training program such
as establishing a small business within or outside the University prior to completion of the course should be
set up by the school to cultivate the entrepreneurial skills of the students to become promising entrepreneurs.
Cognizance of scenarios such as this should enthuse other education institution to integrating curricular
or co-curricular activities related to entrepreneurship in order to develop the inherent entrepreneurship
skills of their students.
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