IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 11 2024
DOI: 10.56201/ijebm.v10.no11.2024.pg16.29

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Assessment of Entrepreneurial Business Towards Economic Well- Being of the Family: A Case of University of Uyo Students

Nkan, Victoria V., Nwonye, Ngozi U., Ibokette Myrtle U.

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Abstract

This study examines the role of entrepreneurial businesses in improving the economic well-being of families among students at the University of Uyo, Akwa Ibom State, Nigeria. Using a purposive sampling method, 500 students from 10 randomly selected faculties participated in the study. Data were collected through a structured 25-item questionnaire titled "Entrepreneurial Business: Its Role and Impact on Family Economic Well-Being Questionnaire" (EBRIFEWQ), which assessed students' entrepreneurial activities, challenges, and their impact on their families' economic status. The instrument was validated by experts and its reliability was confirmed with a Cronbach’s Alpha coefficient of 0.89. Descriptive statistics, including percentages, frequencies, and mean scores, were used to analyze the data. Results revealed that 55.6% of students stated that their business helped them pay school fees without relying on parents, and 52.2% reported an increase in their savings due to their entrepreneurial activities. Furthermore, 34.4% of students indicated that their businesses created job opportunities for family members, while 38.9% felt financially independent. However, challenges such as insufficient funding (87.8%) and power supply (71.1%) were identified as major obstacles. The study recommends enhanced institutional support for student entrepreneurs, including funding, mentorship, and infrastructure improvements. By fostering a conducive environment for entrepreneurship, the University of Uyo can further support students in achieving greater economic well-being for their families.

keywords:

Entrepreneurial Businesses, Family Economic Well-Being, Student Entrepreneurs

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