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AN APPRAISAL
OF SUCCESS CRITERIA FOR ENTREPRENEURSHIP BUSINESS IN NIGERIA
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Management
School of EntrepreneurshipThe management school suggests that an entrepreneur
is a person who organizes or manages a business
undertaking,
assuming the risk for the sake of profit (Webster, 1966). Within this
perspective, it is believed that entrepreneurship can be developed through
conscious learning. In most cases, failure in entrepreneurial activities is
attributed to poor management tactics. It is therefore, averred that training
in management functions can help reduce business failure substantially and make
success of an enterprise. Leadership School of Entrepreneurship ;The leadership
school of entrepreneurship sees an entrepreneur as someone who relies on those
he believes can help him achieve his purposes and objectives. This school
proposes that a successful entrepreneur must be a‘people manager’, an effective
leader, a mentor who motivates, directs and leads others to accomplish set
tasks.
Kao (1989)
postulates that the entrepreneur must be a leader, able to define a vision of
what is possible, and attract people to rally around that vision and transform
it into reality. The two major elements in this approachare: getting the task
accomplished and responding to the needs of those involved in task
accomplishment. Personality Based ModelBoth personality- and human capital
models are examples of character-based model. According to personality
based model,
entrepreneurs posses certain traits and these specific traits are expected to
produce a strong impact on planning the business and on the choice of
strategies and actions during the launching phase, which will in turn determine
the entrepreneur’s eventual success in the undertaking.
In
particular psychological but also economic research has analyzed in detail
which personality characteristics are fundamental for entrepreneurial success.
The following traits have been defined as useful in explaining the past success
and in predicting the future development of a newly founded business:
motivational
traits, such
as `need for achievement’, `internal locus of control’, and `need for
autonomy’, cognitive skills such as `problem-solving orientation’, `tolerance
of ambiguity’, `creativity’ and `risk-taking propensity’, affective personality
traits, such as `stress resistance’, `emotional stability’, and `level of
arousal’, and social skills, such as`interpersonal reactivity’ and
`assertiveness’ (Caliendo and Kritikos, 2007). Empirical research aiming to
underpin the theoretical propositions ex-post has taken two directions: it has
compared the parameter values of these variables, gathered with the help of
psychologically validated questionnaires, either between entrepreneurs and employees,
or between successful and unsuccessful entrepreneurs.Previous research has also
pointed out the limits of this approach. On the one hand, the size of the firm
in terms of number of employees has been described as indispensable for the
application of the model.According to this argument, the fewer employees a
business has, the greater the impact of the owner’s personality on its success.
On the other hand, there is no consensus on the impact of personality structure
on entrepreneurial success. Muller (1999) suggests that these traits should be
used to predict the development of an
individual
as entrepreneur. Given the numerous personality variables that might influence
entrepreneurial success, a second expectation is that each individual variable
will only be a weak predictor for entrepreneurial success (Rauch and Frese,
2000). Gartner (1988) believes that no correlations will be found between
traits and the success of an entrepreneur at all.Human Capital Model Human
capital theories relate to entrepreneurial success in a similar way as
personality structure: sufficient knowledge and working experience in the
relevant fields enable business founders to choose more efficient approaches,
for instance in organizing production processes, creating financial strategies,
or analyzing markets for the new product. The human capital of the entrepreneur
is the second part of the character-based approach after the entrepreneurial
personality. Human capital theory is concerned with knowledge and experiences
of small-scale businessowners. The general assumption is that the human capital
of the founder improves small firm chances to survive (Bruederl, Preisendoerfer
and Ziegler, 1992). Human capital acts as a resource. Human capital makes the
founder more efficient in organizing processes or in attracting customers and
investors. Different studies used various operationalizations of human capital.
Bruederl et al. (1992) distinguished between general human capital years of
schooling and years of work experience- and specific human capital- industry
specific experience, self employment experience, leadership experience, and
self-employed father and in general, trend indicated a small positive
relationship between human capital and success.Human capital theory has an
important implication: Since the theory is concerned with knowledge and
capacities, the theory implies processes as well: human capital can be trained
and improved. Additionally, if
human
capital acts as a resource it might be interesting to evaluate human capital
implications of employees in small scale enterprises as well. In manufacturing
settings it was shown, that a human resource management (HRM) system was
related to performance especially when it was combined with a quality
manufacturing strategy (Youndt, Snell, Dean, &Lepak, 1996).Most theoretical
studies analyzing the impacts of human capital on the success probability of a
new
venture are
concerned with the general human capital (such as the years 10 of schooling or
working experience),with various kinds of specific human capital (such as
experience in leadership, in self-employment or in the industry chosen for the
new venture), or with genetic or sociological relations (such as self-employed
parents or friends). Research on the impact of general human capital by
Backes-Gellner and Lazear (2003) has shown that it is important for later
success if business founders have already developed a broader knowledge base
rather than specialized knowledge of a certain topic. Relationships between the
human capital approach and the success rates of entrepreneurs have been
empirically tested as well. Chandler and Hanks (1994, 1996) showed that thereis
a positive impact when entrepreneurs found new businesses in the same branch
where they had gathered previous work experience. The same authors observed
only a weak impact of general human capital on success rates in terms of years
of schooling. An explanation of the latter is given by Lazear (2004), and by
Wagner
(2003), who
found empirical support for Lazear’s `jack-of-all-trades model’ which is not
necessarily correlated with years of schooling. Also, Dunn and Holtz-Eakin
(2000) found a positive correlation between success rates of business founders
and self-employed parents.Goal Setting Theory According to goal setting theory,
high and specific targets are main motivators in working organizational
settings and predictor to performance (Locke and Latham, 1990). The theory also
applies to small- scale enterprises (Baum, 1995; Frese, Krauss, and Friedrich,
1999). A recent focus in leadership theory is on visionary (orcharismatic,
transformational) leadership. Collins and Porras (1994) indicated that
visionary companies have a stronger organizational culture and they are more
successful than non-visionary companies. Baum, Locke and Kirkpatrick (1998)
found direct and indirect causal effects of vision attribute, vision content,
and vision communication on small venture performance. In entrepreneurial
companies, visions might be more important than in bigger organizations because
of the relative close contact between entrepreneur and employee (Baum et al.,
1998). Thus, goals and visions have an effect on the performance of small
companies A General Model of Entrepreneurial SuccessA general interdisciplinary
model for entrepreneurial success is the Giessen- Amsterdam model of
entrepreneurial success. The model shows that all of the influences of
personality, human capital, and environment on success have to be mediated by
strategies and tactics of actions. This concept is in stark contrast to the
theoretical stance of the ecological approach which assumes that essentially a
random process of actions is shaped and selected by the environment, including
the function of the environment to produce certain failure and success rates.
The research
therefore seek to provide an appraisal of success criteria for entrepreneurship
business in Nigeria.
1.3 STATEMENT OF
THE PROBLEM
The growing
importance of entrepreneurship interms of constituting a sector of employment generation and
economic building
Necessitates
that entrepreneurial businesses should have the capacity to grow , make profit
and contribute to the nations economic development.
Entrepreneurship
is The capacity and willingness to develop, organize and manage a business
venture along with any of its risks in order to make a profit. The most obvious
example of entrepreneurship is the starting of new businesses.In economics,
entrepreneurship combined with land, labor, natural resources and capital can
produce profit. Entrepreneurial spirit is characterized by innovation and
risk-taking, and is an essential part of a nation’s ability to succeed in an
ever changing and increasingly competitive global marketplace .
However
evidence shows that many entrepreneurs
lack the capacity, trait, and
resources to manage their busineese to grow, make profit and contribute
To nations
building. As such many entrepreneurial businesses have started and later folded
up.
Therefore
the problem confronting this research is to provide an appraisal of success criteria for entrepreneurship business in Nigeria.
With a case
study of juli supermarket lagos
1.4
RESEARCH QUESTION
1 What is the nature of entrepreneurship
business
1 What are the success criteria for
entrepreneurship business
2 What is the nature and success criteria
of juli supermarket lagos
1.5
SIGNIFICANCE OF THE STUDY
The study
shallprofer success criteria for entrepreneurship business and shall
also serve a useful information for new and ongoing Entrepreneurship
businesses.
1.6 1
Ho The performance of juli
supermarket is low
H1 The performance of juli supermarket is high
2 Ho
success criteria iinjuli supermarket is low
Hi success criteria iinjuli supermarket is
high
3 Ho
impact of the success criteria in juli supermarket is low
Hi impact of the success criteria in juli
supermarket is high
1.7
SCOPE OF THE STUDY
The study focuses on the appraisal of
success criteria for entrepreneurship business in Nigeria
With a case
study of juli supermarket lagos
1.8 DEFINITION
OF TERMS
ENTREPRENUERSHIP BUSINESS DEFINED
Entrepreneurship
is The capacity and willingness to develop, organize and manage a business
venture along with any of its risks in order to make a profit. The most obvious
example of entrepreneurship is the starting of new businesses.In economics,
entrepreneurship combined with land, labor, natural resources and capital can
produce profit. Entrepreneurial spirit is characterized by innovation and
risk-taking, and is an essential part of a nation’s ability to succeed in an
ever changing and increasingly competitive global marketplace
A General
Model of Entrepreneurial Success
A general
interdisciplinary model for entrepreneurial success is the Giessen- Amsterdam
model of
entrepreneurial
success. The model shows that all of the influences of personality, human
capital, and environment on success have to be mediated by strategies and
tactics of actions. This concept is in stark contrast to the theoretical stance
of the ecological approach which assumes that essentially a random process of
actions is shaped and selected by the environment, including the function of
the environment to produce certain failure and
success
rates.
Human
Capital Model
Human
capital theories relate to entrepreneurial success in a similar way as
personality structure: sufficient
knowledge
and working experience in the relevant fields enable business founders to
choose more efficient
approaches,
for instance in organizing production processes, creating financial strategies,
or analyzing markets
for the new
product. The human capital of the entrepreneur is the second part of the
character-based approach
after the
entrepreneurial personality.
Human
capital theory is concerned with knowledge and experiences of small-scale
business owners.
The general
assumption is that the human capital of the founder improves small firm chances
to survive
(Bruederl,
Preisendoerfer and Ziegler, 1992). Human capital acts as a resource. Human
capital makes the
founder more
efficient in organizing processes or in attracting customers and investors.
Different studies used
variousoperationalizations
of human capital. Bruederl et al. (1992) distinguished between general human
capital
-years of
schooling and years of work experience- and specific human capital- industry
specific experience, self employment experience, leadership experience, and
self-employed father and in general, trend indicated a small positive relationship
between human capital and success
Personality
Based Model
Both
personality- and human capital models are examples of character-based model.
According to personality
based model,
entrepreneurs posses certain traits and these specific traits are expected to
produce a strong impact
on planning
the business and on the choice of strategies and actions during the launching
phase, which will in
turn
determine the entrepreneur’s eventual success in the undertaking.
In
particular psychological but also economic research has analyzed in detail
which personality
characteristics
are fundamental for entrepreneurial success. The following traits have been
defined as useful in explaining the past success and in predicting the future
development of a newly founded business: motivational traits, such as `need for
achievement’, `internal locus of control’, and `need for autonomy’, cognitive
skills such as `problem-solving orientation’, `tolerance of ambiguity’,
`creativity’ and `risk-taking propensity’, affective personality traits, such
as `stress resistance’, `emotional stability’, and `level of arousal’, and
social skills, such as ‘interpersonal reactivity’ and `assertiveness’ (Caliendo
and Kritikos, 2007). Empirical research aiming to underpin the theoretical
propositions ex-post has taken two directions: it has compared the parameter
values of these variables, gathered with the help of psychologically validated
questionnaires, either between entrepreneurs and employees, or between
successful and unsuccessful entrepreneurs.
Leadership
School of Entrepreneurship
The leadership
school of entrepreneurship sees an entrepreneur as someone who relies on those
he believes can help him achieve his purposes and objectives. This school
proposes that a successful entrepreneur must be a‘people manager’, an effective
leader, a mentor who motivates, directs and leads others to accomplish set
tasks. Kao (1989) postulates that the entrepreneur must be a leader, able to
define a vision of what is possible, and attract people to rally around that
vision and transform it into reality. The two major elements in this approach
are: getting the task accomplished and responding to the needs of those
involved in task accomplishment Human Capital Model
Human
capital theories relate to entrepreneurial success in a similar way as
personality structure: sufficient knowledge and working experience in the
relevant fields enable business founders to choose more efficient approaches,
for instance in organizing production processes, creating financial strategies,
or analyzing markets for the new product. The human capital of the entrepreneur
is the second part of the character-based approach after the entrepreneurial
personality. Human capital theory is concerned with knowledge and experiences
of small-scale business owners.
The general
assumption is that the human capital of the founder improves small firm chances
to survive (Bruederl, Preisendoerfer and Ziegler, 1992). Human capital acts as
a resource. Human capital makes the founder more efficient in organizing
processes or in attracting customers and investors. Different studies used
variousoperationalizations of human capital. Bruederl et al. (1992)
distinguished between general human capital-years of schooling and years of
work experience- and specific human capital- industry specific experience, selfemployment
experience, leadership experience, and self-employed father and in general,
trend indicated a small positive relationship between human capital and success
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