Student Entrepreneurship in Nigerian Universities: a Case Study of Alex Ekwueme Federal University Ndufu-Alike, Ikwo (aefunai) 2011-2023

CHAPTER ONE:
INTRODUCTION
1.1 Background to the Study
An entrepreneur is defined as "an individual who creates a new business, bearing most of the risks and enjoying most of the rewards."¹ The process involved in setting up and managing a new business is known as entrepreneurship. Hence, a student entrepreneur is an individual who concurrently runs a business while in his academic pursuit, especially in a tertiary institution.
Student entrepreneurship has become a burgeoning trend in recent years, as more and more young individuals are seeking to start their own businesses while still in school. The growing interest in student entrepreneurship is not surprising, given the numerous benefits associated with starting a business at a young age. For students, entrepreneurship offers a unique opportunity to gain real-world experience, develop valuable skills, and potentially earn additional income to support their education. Additionally, student entrepreneurs often bring fresh perspectives and innovative ideas to the market, contributing to economic growth and job creation.
Student entrepreneurship has emerged as a vital component of higher education, fostering innovation, creativity, and economic growth among young individuals. Alex Ekwueme Federal University Ndufu-Alike, Ikwo (AEFUNAI), located in Ebonyi State, Nigeria, has witnessed a growing emphasis on entrepreneurial initiatives among its student population in recent years. This trend reflects a broader recognition of the potential of student-led ventures to drive socioeconomic development and cultivate a culture of innovation within academic institutions.
The evolution of student entrepreneurship in AEFUNAI can be traced back to its establishment in 2011, where the university's mission to empower students with practical skills and entrepreneurial acumen has laid the groundwork for entrepreneurial endeavors. Over the years, the university has endeavored to create a conducive environment that nurtures and supports student-driven startups, recognizing the importance of equipping graduates with the tools and mindset needed to navigate a rapidly changing economic landscape.
Being one of the most recent Federal Institutions established in Nigeria, and located in an underdeveloped part of Ebonyi State, AEFUNAI offers endless opportunities for complex entrepreneurial ventures. Again, Nigerian youths who form the bulk of the student population are multi-talented and economically adventurous. Hence, students have generally demonstrated a keen interest in exploring entrepreneurship as a viable career path, leveraging on their academic knowledge to launch and sustain successful ventures.
In recent years, student entrepreneurial activities in AEFUNAI have diversified across a range of industries, including technology, healthcare, and social enterprise. This diversity reflects the interdisciplinary nature of entrepreneurship and highlights the multifaceted challenges and opportunities faced by student entrepreneurs within the university ecosystem.
This study aims to provide a comprehensive understanding of the factors that shape the entrepreneurial aspirations and outcomes of students in AEFUNAI. By delving into the historical evolution, current dynamics, and future prospects of student entrepreneurship at the university, this research attempts to shed light on the transformative potential of entrepreneurial endeavors in a higher education setting.
This study underscores the significance of student entrepreneurship as a driver of innovation and economic development in AEFUNAI. By exploring the multifaceted dimensions of student-led ventures within the university context, this research seeks to contribute to the scholarship on entrepreneurship education, ecosystem building, and youth empowerment in Nigeria and beyond.