Chapter one

The human capital theory propounded by Smith in 1776 advocate education as a tool for improving human capital, stimulating labour productivity and boosting the level of technology across the globe. Human capital theory encourage spending on the nation’s workforce because expenditure on training and development is a productive investment like investment on physical assets. Besides, human capital enhancement through quality education is a critical factor that propels economic growth and sustainable development in Hong Kong, Korea, Singapore and Taiwan. In relation to this study, entrepreneurship education will act as an impetus for training, acquisition of appropriate skills, development of competencies and creating new ideas to help intending entrepreneurs contribute to the development of society through job creation. In addition, this theory established a correlation between the level of education and new product development in knowledge-based economies that invested massively in education, technology and related growth elements.

There is no doubt about the fact that education is the key to knowledge and that it plays a strong role in forming the beginning entrepreneur. The world today is a global village and since an intending entrepreneur must be conversant and in tune with events around and about him, entrepreneurship education becomes a critical factor in preparing and empowering the undergraduate students who will become future entrepreneurs. The bottom line here is to inculcate in the students the qualities required of entrepreneurs such as personal confidence and the desire to look within and make a mark in an area of human endeavour thereby creating new jobs and employment for self and others.