Covenant Journal of Entrepreneurship (Special Edition)

Exploring the 'man' as an Entrepreneur in Development of a Nation

2019-03-22T06:01:40+00:00

Over time, man has been seen in diverse perspectives ranging from the hunting and gathering society to this age of globalization as an industrious being. As a matter of fact, man has been able to influence developmental processes because he seeks to improve any situation he finds himself. Such a man is regarded as an entrepreneur. This paper explores the role of the man as an entrepreneur in determining the development of a nation. The objective of this paper reveals the relationship entrepreneur and development; the global perception of the role of man in developing a nation; and as well as the Nigerian perspective from earliest period till date. Schumpeterian theory of innovation was the basis for discussing the concept in this paper. Explanatory design was adopted for the study and the data needed were gathered using secondary source from highly reputable journal outlets. The outcome of this paper reflected that the man, especially the dynamic one, cannot be undermined in the developmental process of any given society which is why the enormous statistics of successful entrepreneurs in developed nations plays them far above the developing nations. Thus, the paper suggested that the Nigeria government should endeavor to create a conducive environment that would make entrepreneurs thrive for the sake of the nation's economic progress. To achieve this, adequate policies needs to be put in place to support the dynamic man who can transform available resources into veritable products capable of yielding economic returns for the nation.

Entrepreneurial Orientation and Micro, Small and Medium Enterprises (MSMES) Performance in Abia State, Nigeria

2019-03-22T06:22:58+00:00

The study examines the effect of entrepreneurial orientation (EO) on micro, small and medium enterprises (MSMEs) performnce in Abia State, Nigeria. Using survey research design, through the administration of structured questionnaire to the chief executives of some selected MSMEs in Abia State, Nigeria. The findings revealed that innovativeness, risk-taking, proactiveness, autonomy, achievement and learning orientations are the critical dimensions of EO driving MSMEs performance in Abia State, Nigeria. While competitive aggressiveness does not significantly affect MSMEs performance. The adjusted R2 revealed that EO dimensions account for 61% variation in MSMEs performance in Abia State, Nigeria. It can therefore be concluded that EO positively and significantly affects MSMEs performance in Abia State, Nigeria. The study contributes to the literature on EO, by examining EO from seven dimensions (innovative, risk-taking, proactive, autonomy, achievement, competitive aggressiveness and learning orientations).MSMEs should develop their innovative, risk-taking, proactive, autonomy, achievement and learning orientations toward attaining increased revenue.

Cultivating Entrepreneurial Capacities in Small and Medium Scale Construction Firms For a Sustained Economy

2019-03-22T06:40:16+00:00

A developing country like Nigeria continuously needs the impact of entrepreneurs to contribute to her economic growth and development. The construction industry, known to be an important sector in any nation and one of the services sectors that has a great influence on a countryâ€™s economy has a wide scope and is vastly diversified. The vast nature of the industry has posed a wide range of business opportunities for entrepreneurship, allowing startups of small and medium scale enterprises (SME) in the sector. However, despite the diverse opportunities in the sector, many of these new and existing SME construction firms in Nigeria have been forced to pack up as a result of high rate of entrepreneurial failure. This paper therefore highlights entrepreneurial capacities of the SME Nigerian construction firms as an important factor for their sustainability, thus assessed those important entrepreneurial capacities that are required of SME construction firms for continuous and effective existence. The study utilized both secondary data from past works and primary data sourced by administering a structured questionnaire to construction professional of SME construction firms located across Lagos state. A total of 100 questionnaires were distributed and 90 were returned. Collected data were analyzed using percentage distribution and Relative Importance Index (RII) for proper data presentation. This study showed that majority of the respondents (80%) agreed that entrepreneurial capacity in SME construction firms is significant for sustainability. Results also showed that innovativeness, financial management, ability to exploit new opportunities and strategic planning are high in importance as entrepreneurial capacities required by SME construction firms in Nigeria to sustain their existence. Other capacities highlighted include time management, human resource management, business ethics, and communication etc.

Disposition of Graduates towards Family Business Succession: An Empirical Evidence From Southwestern Nigeria

2019-03-22T06:44:50+00:00

Family businesses are critical to the development of any nationâ€™s economy based on their potential to generate employment, develop local technology, and develop indigenous entrepreneurs. Family businesses also survive for relatively longer period compared to any other business. This paper therefore examined the nature of family businesses and the willingness of graduates to take up family businesses in Southwestern Nigeria. The paper elicited information from primary data. The study population consisted of all the National Youth Corps members that served in Southwestern Nigeria in the 2016/2017 set. Three states from the six in the region were randomly selected namely Osun state, Oyo state and Ekiti. An average of 2,000 Corps members were being posted to each state for a batch. There were usually three batches A, B, and C consisting of two streams 1 and 2 respectively in the Southwestern Nigeria. A purposeful sampling technique was used to select three hundred (300) respondents from the three states based on those who had family businesses. Findings revealed that more than half (59%) of the family businesses were into trading, while 21% were involved in production and 20% were into service businesses. The result also showed that 79% of the graduates were willing to take up their family businesses, while 21% were unwilling. Two factors were found to be significantly responsible for graduatesâ€™ decision in respect of taking up or not taking up family business. These were inaccessibility of fund (t= 9. 105; p<0.05) and lack of technical expertise/know how (t = 5.447; p<0.05). The paper concluded that availability of fund (46.9%), technical know-how (30.3%), and government policies (13%) were critical factors stimulating graduatesâ€™ willingness in succeeding family business.

Socio-Economic Vriables, Economic Environment on Gender Differences in Entrepreneurship

2019-03-22T08:40:20+00:00

In Nigeria, there is gender discrimination in both social and cultural settings which hindered women regardless of their population, educational, economic and social status, a fair representation in policy making, business related matters and manpower development. A consequence of which has a severe negative impact on women entrepreneurship. Against this background, this paper examine the effect of socio-economic variables economic environment and gender differences in entrepreneurship and specifically investigate whether gender difference affects the rate of new business creation and investigate the effect of socio-economic factors on genders differences in entrepreneurship as well as the effect of economic environment on genders differences in entrepreneurship. The study utilized annual time series data sourced from the World Bank Development Index (WDI) covering the period of 2005 to 2016. In the estimation, as a preliminary test, the Jarque-Bera Normality test, line graph trend analysis, and unit root test conducted while the Dynamic Ordinary least squares (DOLS) cointegration approach as proposed by Stock and Watson (1993) was employed for the estimation of both the gender difference in entrepreneurship model and socio-economic and economic environment determinants of gender difference model. The result showed that there was no significant gender difference (= 0.372011, t=1.011480, p>0.05) in entrepreneurship in Nigeria. It was also found that gender differencesÂ (=-0.090982, t=-3.229165, p<0.05) and the level of economic development (=-0.154879, t=-2.973507, p<0.05) exerts a significant negative effect on entrepreneurship in Nigeria while education and income level do not showed any effect on entrepreneurship in Nigeria. In order to ensure equal participation of men and women in entrepreneurship, the level of income of the Nigerian populace should be enhance through expansionary fiscal policy by reducing taxes specifically personal income tax 4and raising productive government expenditure.

A Systematic Review of Service Innovation in the Service Sector

2019-03-22T08:43:19+00:00

Service innovation offers service firms an opportunity to strategically renew their brands in a continuum that fosters increased interactions between the firm, its customers and other stakeholders. Essentially, the many benefits service innovation concept offers businesses, makes it quite germane for businesses seeking to compete favourably in a fast paced technologically and knowledge based economy we live in. This study therefore conducts a systematic review on Service Innovation in the Service Sector (SISS) with a view to develop a quantitative summary of the field and provide a guide for future researchers. The Systematic Quantitative Assessment Technique (SQAT) developed by Australian researchers Catherine Pickering and Jason Anthony Bryn in 2013, was used to identify and review 94 peer- reviewed service innovation articles within 2008-2017 from six high quality academic databases. The findings of this study is a new study in SISS research with the primary focus of SISS articles on seven themes. 12 out of the 94 papers were found to have taken place in the UK, with China and Taiwan sharing 9 papers each and 8 papers only in Malaysia. All the 94 SISS articles adopted a single research method with 28 papers adopting the use of questionnaire. Also, the study revealed no literatures on SISS exists in Nigeria. Directions for future research were suggested and appropriate conclusions drawn. The findings of this study would look to guide policy planners and researchers alike on the course of current SISS research. This will in turn inform their choice aspects of SISS literatures seeking urgent research. This study is a new addition to existing literature and a novel quantitative summary in the area of service innovation within the service context.

E-Version

2019-03-22T08:47:50+00:00

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