Project – ENTREPRENEURIAL CHARACTERISTICS ON BUSINESS PERFORMANCE IN NIGERIA

A STUDY OF NESTLE PLC AGBARA

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CHAPTER ONE

INTRODUCTION

• Background to the Study

Entrepreneurial characteristics have been widely studied in relation to business performance, and Nigeria provides a unique context for such studies. According to a study by Ojukuku, Idowu, and Omotayo (2015), entrepreneurial characteristics such as risk-taking propensity, innovativeness, and proactiveness significantly influence business performance in Nigeria. The authors argue that these characteristics enable entrepreneurs to identify and exploit opportunities in the market, thereby enhancing their business performance.

In a similar vein, a study by Olokundun, Ibidunni, Peter, Amaihian, and Ogbari (2017) found that entrepreneurial orientation, which encompasses characteristics such as innovativeness, risk-taking, and competitive aggressiveness, positively influences business performance in Nigeria. The authors suggest that these characteristics enable entrepreneurs to adapt to changes in the business environment, thereby enhancing their competitiveness and business performance.

However, the relationship between entrepreneurial characteristics and business performance in Nigeria is not always straightforward. A study by Idris, Abdul Wahab, and Abdul Jalil (2015) found that while some entrepreneurial characteristics, such as need for achievement and self-confidence, positively influence business performance, others, such as locus of control, do not have a significant effect. The authors argue that this may be due to the unique cultural and economic context of Nigeria, which may influence the effectiveness of certain entrepreneurial characteristics.

Moreover, the role of the business environment in moderating the relationship between entrepreneurial characteristics and business performance in Nigeria has been highlighted in several studies. For instance, a study by Akinbola, Ogunnaike, and Ojo (2014) found that the business environment, particularly the level of competition and market dynamism, significantly moderates the relationship between entrepreneurial orientation and business performance. The authors suggest that in a highly competitive and dynamic market, entrepreneurial characteristics may be more crucial for business performance.

Despite these findings, there is still a need for further research on the relationship between entrepreneurial characteristics and business performance in Nigeria. As noted by Oyedijo (2012), most studies on this topic have focused on small and medium-sized enterprises (SMEs), and there is a lack of research on large corporations. Furthermore, the role of other potential moderating variables, such as government policies and cultural factors, has not been adequately explored.

• Statement of the Problem

The problem of understanding the impact of entrepreneurial characteristics on business performance in Nigeria is a complex one. Despite the growing interest in entrepreneurship in Nigeria, there is a lack of comprehensive studies that examine the specific characteristics of entrepreneurs and how these traits influence business performance (Adegbite, 2017). This gap in the literature is problematic as it hinders the development of effective policies and strategies to support entrepreneurship in Nigeria.

The second issue is the inconsistency in the findings of the existing studies. Some studies suggest that entrepreneurial characteristics such as risk-taking propensity, innovativeness, and proactiveness significantly influence business performance (Ojukuku, Odetayo, & Sajuyigbe, 2012). However, other studies argue that the relationship between entrepreneurial characteristics and business performance is not significant (Ukaegbu, 2014). This inconsistency in the findings makes it difficult to draw definitive conclusions about the role of entrepreneurial characteristics in business performance in Nigeria.

The majority of the existing studies focus on small and medium-sized enterprises (SMEs) (Adegbite, 2017). While SMEs constitute a significant portion of the Nigerian economy, it is important to understand how entrepreneurial characteristics influence business performance in other types of businesses such as large corporations and startups. This lack of diversity in the sample limits the generalizability of the findings.

There is a lack of longitudinal studies that examine the long-term impact of entrepreneurial characteristics on business performance in Nigeria (Ukaegbu, 2014). Most of the existing studies are cross-sectional, which only provides a snapshot of the relationship between entrepreneurial characteristics and business performance. Longitudinal studies are needed to understand the dynamics of this relationship over time.

The role of the business environment in moderating the relationship between entrepreneurial characteristics and business performance is not well understood (Ojukuku, Odetayo, & Sajuyigbe, 2012). The Nigerian business environment is characterized by numerous challenges such as corruption, inadequate infrastructure, and lack of access to finance. These challenges may influence the extent to which entrepreneurial characteristics can enhance business performance.

Lastly, there is a lack of studies that examine the role of gender in the relationship between entrepreneurial characteristics and business performance in Nigeria (Adegbite, 2017). Given the increasing participation of women in entrepreneurship in Nigeria, it is important to understand whether and how gender influences the relationship between entrepreneurial characteristics and business performance.

• Objective of the Study

The main objective of the study is to effect of entrepreneur characteristics on business performance in Nigeria. The specific objectives are to:

1. examine the effect of entrepreneur competitive strategy on Return on Investment;
2. identify the effect of entrepreneur human resources strategy on employee productivity;
3. evaluate the effect of entrepreneur market orientation strategy on market share;
4. determine the effect of entrepreneur adaptation strategy on business policy.

• Research Questions

The study answered the following research questions:

1. What is the effect of an entrepreneur’s competitive strategy on Return on Investment (ROI)?
2. How does an entrepreneur’s human resources strategy affect employee productivity?
3. How does an entrepreneur’s market orientation strategy influence their market share?
4. What is the impact of an entrepreneur’s adaptation strategy on their business policy?

• Research Hypothesis

The hypothesis for the study is as follows:

H₀: Entrepreneur Competitive Strategy has no significant effect on return on investment for Business development.

H₁: Entrepreneur Competitive Strategy has significant effect on return on investment for Business development.

• Scope of the Study

This study investigates the Entrepreneurial characteristics on business performance in Nigeria. A study of Nestle Plc Agbara.

• Significance of the Study

The significance of studying entrepreneurial characteristics on business performance in Nigeria is multi-faceted. Nigeria, being the largest economy in Africa, has a vibrant entrepreneurial sector that contributes significantly to its GDP. Understanding the impact of entrepreneurial characteristics on business performance can provide insights into how to foster a more conducive environment for entrepreneurship, which can lead to economic growth and job creation.

Entrepreneurial characteristics such as risk-taking, innovation, and proactiveness are key drivers of business performance. These traits can lead to the development of unique business strategies and products, which can give businesses a competitive edge. In the context of Nigeria, where the business environment can be challenging due to factors such as infrastructure deficits and regulatory hurdles, these entrepreneurial characteristics can be crucial for business survival and growth.

The study of entrepreneurial characteristics can help in the design of policies and programs aimed at promoting entrepreneurship. By understanding the traits that contribute to business success, policymakers and stakeholders can tailor interventions to nurture these characteristics among potential and existing entrepreneurs. This can lead to the creation of more successful businesses, which can contribute to economic development.

Thirdly, the study can also contribute to the body of knowledge on entrepreneurship in developing countries. Much of the existing research on entrepreneurship has been conducted in the context of developed economies. Studying entrepreneurial characteristics in Nigeria can provide unique insights that can enrich the global understanding of entrepreneurship.

The study can also have implications for entrepreneurship education. By understanding the entrepreneurial characteristics that drive business performance, educators can design curricula that foster these traits. This can lead to the development of a new generation of entrepreneurs who are better equipped to succeed in the business world.

Lastly, the study can also have implications for investors and financial institutions. By understanding the entrepreneurial characteristics that drive business performance, these entities can make more informed decisions about which businesses to invest in or lend to. This can lead to more efficient allocation of resources, which can contribute to overall economic growth.

• Operational Definition of Terms

1. Entrepreneurial Characteristics: These are the traits or qualities that successful entrepreneurs often possess. They include things like creativity, risk-taking, leadership, passion, resilience, flexibility, and a strong sense of self-belief. These characteristics enable entrepreneurs to identify opportunities, create innovative solutions, and drive their businesses towards success.
2. Business Performance: This refers to the analysis of a company’s effectiveness and efficiency in achieving its goals. It’s often measured using a variety of indicators such as profit margins, return on investment (ROI), growth rates, market share, and customer satisfaction levels. Business performance analysis is crucial for making informed decisions and strategic planning.
3. Business: In its simplest form, a business is an organization or entity that engages in commercial, industrial, or professional activities. Businesses can be for-profit entities, such as traditional corporations, or non-profit organizations that operate to fulfill a charitable mission or further a social cause. The term “business” also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.

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Project – ENTREPRENEURIAL CHARACTERISTICS ON BUSINESS PERFORMANCE IN NIGERIA