Hornby (2000) described entrepreneurship as an act of making money by starting or running businesses, especially when this involves taking financial risks. Entrepreneurship in no small measure contributes in creating new jobs, wealth creation, poverty reduction and income generation to individuals and government as well. Entrepreneurship has been recognized as an important aspect and functioning of organization and economic (Dickson et al, 2008). Schumpeter in 1943 argued that entrepreneurship is very significant to the growth and development of economies (Kiester, 2005).
Garba (2010) is of the opinion that having understood the vital role of entrepreneurship in economic development, it becomes apparent that careful attention is needed to invest and promote entrepreneurship. He continued that education is also seen as one of the precondition for entrepreneurship development particularly in a place where the spirit and culture is very minimal. It is said to be an important determinant of selection into entrepreneurship, formation of new venture and entrepreneurial success (Dickson, Solomon and Weaver, 2008). Therefore, there is positive relationship between education and individual’s choice to become an entrepreneur as well as the result and outcome of his or her entrepreneurial activity.