Abstract:
The study’s main emphasis was to assess the impacts of formal education on
entrepreneurship success in Tanzania, the focus area being Kariakoo trading area.
The study used descriptive statistical approach and probit model to analyze the
data. The specific objectives were to examine whether Tanzanian education can
create entrepreneurs, to analyze how do entrepreneurs perceive formal education,
to examine the factors affecting entrepreneurial capacity and to analyze the impacts
of formal education on entrepreneurial capacity.
The results from descriptive statistics show that, 10 per cent of the respondents
explains gender as one of the factors affecting entrepreneurial capacity, 25 per cent
of the respondents pointed out marital status as another factor affecting
entrepreneurship capacity, 46 per cent of respondents said that business ownership
alters entrepreneurship success while 20 per cent of the respondents suggested that
the main decision-maker in the business does affect entrepreneurship capacity. On the
another hand results from the probit model reveals that, age, gender, education, income,
marital status and access to finance are significant factors on entrepreneurship
success while the rest of the factors such as family size and entrepreneurship
experience found to be insignificant to the success of entrepreneurship.
The study recommended mentorships and entrepreneurship studies to be introduced
and stressed from lower levels of education upward to colleges and universities to
impart students with entrepreneurship skills due to the contribution of entrepreneurship in
the economic development of the country through employment creation and income
generation to mention but the few
