EXPLORING THE ROLE OF STUDENT-LED BUSINESSES IN ENHANCING FAMILY ECONOMIC STABILITY: EVIDENCE FROM UNIVERSITY OF UYO

Abstract

This study examines the role of entrepreneurial businesses in improving the economic well-being of families 
among students at the University of Uyo, Akwa Ibom State, Nigeria. Using a purposive sampling method, 500 
students from 10 randomly selected faculties participated in the study. Data were collected through a structured 
25-item questionnaire titled "Entrepreneurial Business: Its Role and Impact on Family Economic Well-Being 
Questionnaire" (EBRIFEWQ), which assessed students' entrepreneurial activities, challenges, and their impact 
on their families' economic status. The instrument was validated by experts and its reliability was confirmed with 
a Cronbach’s Alpha coefficient of 0.89. Descriptive statistics, including percentages, frequencies, and mean 
scores, were used to analyze the data. Results revealed that 55.6% of students stated that their business helped 
them pay school fees without relying on parents, and 52.2% reported an increase in their savings due to their 
entrepreneurial activities. Furthermore, 34.4% of students indicated that their businesses created job opportunities 
for family members, while 38.9% felt financially independent. However, challenges such as insufficient funding 
(87.8%) and power supply (71.1%) were identified as major obstacles. The study recommends enhanced 
institutional support for student entrepreneurs, including funding, mentorship, and infrastructure improvements. 
By fostering a conducive environment for entrepreneurship, the University of Uyo can further support students 
in achieving greater economic well-being for their families.