Creating Businesses by Students, Challenges and Prospects: Insights from the University of Cape Coast

Abstract

The goal of this study was to look into and explore the challenges (impacts) and opportunities that University of Cape Coast students encounter. To determine the characteristics impacting student entrepreneurship, the researcher used diffusion of innovation theory, McClelland theory, Abraham Maslow's hierarchy, and Keller's arcs model. The study's objectives included analyzing the academic obstacles or impact of student entrepreneurship, social problems or impact of student entrepreneurship, economic challenges or impact of student entrepreneurship, and the possibilities of entrepreneur ventures. The principal research technique was a self-administered questionnaire in this quantitative study. Descriptive statistics were employed to acquire a broad idea of the data distribution. To get a general understanding of the data distribution, descriptive statistics were used. Frequency distribution and percentages were utilized as descriptive statistical techniques. Students feel entrepreneurship has a negative impact on their academics, but they also believe it has major economic, social, and career benefits, according to the research. As a result, most students believe that entrepreneurship is a worthy concept to pursue while at university, but the largest barrier preventing them from doing so is their concern of compromising their academic standing. A new entrepreneurship program has recently been launched at the University of Cape Coast, which is a positive move in the right direction. Students should also be better aware of the many government and non-government groups financial help options accessible to them. The author suggests that future studies use a bigger sample size to address these issues. Larger sample sizes are necessary for each of the components.