Creating Businesses by Students, Challenges and Prospects: A Case Study of Students on the University of Cape Coast Campus

The purpose of this study was to explore and examine the challenges (impacts) and prospects of students in the University of Cape Coast. The study was built on the diffusion of innovation theory, McClelland theory, Abraham Maslow‟s Hierarchy, and Keller‟s ARCS Model to identify the variables influencing student entrepreneurship. The study was based on the following objectives : To examine the academic challenges or impact of student entrepreneurship; to examine the social challenges or impact of student entrepreneurship; to examine the economic challenges or impact of student entrepreneurship; to examine the prospects of entrepreneur ventures. The target population of the study was approximately 7500 students not having entrepreneurial background. A sample of 150 students was picked based on convenience sampling technique. The instrument used for data collection was a questionnaire. This study has found out that students generally see entrepreneurship as having a negative impact on their academics but generally perceive that there are immense economic benefits, social benefits and worthy prospects involved. Therefore, most students consider entrepreneurship to be a worthy concept to engage in while on campus but the main challenge that prevents them from either engaging in it is the fear that their academics would suffer. The study recommends that entrepreneurship should not be a secluded subject for a particular group of people. In recent times, the University of Cape Coast has made a commendable effort in this regard by making entrepreneurship a university course. Students should also be educated more on the various financial schemes available via government and non-governmental institutions.

Keywords: Status of Employment, Business, Entrepreneurship