Traditionally, commercial banks lend money to large, credit-worthy corporations and avoid doing business with small and medium enterprises due to the associated risks and costs. These small and medium enterprises depend on microfinance banks to obtain loans for their businesses, but for some reasons, some of these businesses do not approach microfinance banks for loans. This research investigates reasons why some businesses do not apply for loans from microfinance banks even though they need funds for the efficient running of their business. Results show that lack of collateral, ignorance of businesses about the existence of microfinance banks, and high interest rates are the main reasons that are hindering businesses in applying for loans from microfinance banks. Microfinance banks need to reach out to economically active poor businesses that cannot obtain loans from commercial banks or other financial institution.
The Relationship between Entrepreneurship Education and Students’ Entrepreneurial Intentions in Ogun State-Owned Universities, Nigeria (Published)
The alarming rate of unemployment in Nigeria has become a major national problem. To abate this problem, the Federal Ministry of Education made Entrepreneurship Education compulsory for all students of higher institutions in the country. This study therefore investigates the relationship between students’ exposure to Entrepreneurship Education and their career entrepreneurial intentions in Ogun State-owned universities. Six hypotheses were generated for the study. The population comprises all final year undergraduates, with a sample of six hundred and nine. Three research instruments were used. The data collected were analysed using descriptive statistics, Pearson Product-Moment Correlation Coefficient, T-test and ANOVA. Findings revealed that Entrepreneurship Education significantly influences students’ Entrepreneurial intentions. It was recommended among others that Entrepreneurship Education should be practical-oriented so as to have greater participations in classroom interactions which would further enhance motivation.
The study adopted survey method with a target population of 4963 entrepreneur-farmers. The sample size of 370 was determined using Yamane (1967) formula (Eboh, 2009).Applying Bowley’s proportional allocation statistical technique, the sample size for each category of respondents was estimated. The systematic linear random sampling technique was applied to select the 370 respondents. Primary and secondary sources of data were accessed. The primary data were collected through the researcher’s self-designed questionnaire titled “Entrepreneur Self-Assessment Questionnaire(ESAQ)”.In the questionnaire, the five point Likert Scale was used to measure the agreeableness of the entrepreneurs on the subject, where Strongly Agree(SA),Agree(A),Neutral(N), Disagree(D),Strongly Disagree(SD) denote the values, 5,4,3,2,1 respectively. In-depth interviews were held with entrepreneur-farmers. Pilot survey was conducted. The instrument was validated by experts’ opinions. Using Cronbach’s Alpha technique, the reliability coefficient of 0.988 was determined, reflecting high degree of internal consistency of the research instrument. One hypothesis and a research question guided the study. At 0.05 level of significance and 15 degrees of freedom, the hypothesis was tested using one way ANOVA technique and Minitab software package. The study revealed that the extent of entrepreneur perception at 89.40 percent had significant positive effects on the growth of beekeeping in Abia State of Nigeria. Recommendations were made
Influence of Entrepreneurial Networking on Small Enterprise Success: A Service Industry Perspective (Published)
The increasing use of networks for Small and Micro Enterprise has been reported as a factor of influents in development process of entrepreneurial activity. In Kenya Small and Micro enterprises account for over 70% of the enterprises. They are a source of livelihood of low income earners and also a major source of innovation in creating new products technologies and services. Entrepreneurial networking includes the linkages and connectivity through which entrepreneurs obtain information resources, knowledge and social support about market opportunities. While network relationships have been recognized as indispensable for SMEs to the achievement of growth, a particular focus on entrepreneurial networks in the service industry has been limited. The main objective of the study was to examine the influence of firm’s entrepreneurial networking and its influence on the success of Small and Micro enterprises in Eldoret Town in Uasin Gishu County. The study utilized exploratory survey design. Specific objectives were: to examine the relationship between entrepreneurial networks and enterprise success, and to determine the relationship between entrepreneurial ties and enterprise success. Small and Micro business owners in the service industry were divided into a sample and a simple random technique was employed whereas sample of 240 SMEs in the service was drawn from a target population of 600 registered SMEs in the service sector, Eldoret Town, Uasin Gishu County. The study was guided by Relational Theory of Social Networks. Data was sorted coded and analyzed using inferential statistics as: Pearson’s product moment correlation, Chi-Square methods and Analysis of variance (ANOVA) and multiple regressions. The study found out that, there was a strong positive relationship between networking [r=.683] and ties [r=.559] on entrepreneurial success. This indicated that an increase in networks and ties will lead to greator entrepreneurial success. It is hoped that the results of this study will assist to sharpen entrepreneurs’ skills and policy formulation and development of entrepreneurial networking.
ENTREPRENEURIAL, TECHNICAL AND VOCATIONAL SKILLS REQUIRED FOR SELF-RELIANCE AND JOB CREATION IN NIGERIA (Published)
This paper was set to examine entrepreneurial, technical and vocational skills required for self-reliant and job creation. The relevance and appropriateness of the entrepreneurial, technical and vocational education curricula for preparing individual for the world of work is not reviewed on a regular basis. Over the years as a result of industrial revolution, new machine, tools were manufactured for production in the company are now outdated. The industries are concerned about inadequate qualification of trained personnel and unemployable graduates that are roaming the street of the nation. Equally, educational institutions are reluctant to revise their curricula. They tend to stick to traditional and theoretical teaching, using outdated materials. Curricula of entrepreneurial, technical and vocational education review commissions are to look at the possibilities of identifying viable skills and initiatives for the acquisition of skills for self-reliant and job creation. The paper pointed out inadequate infrastructure, issues of technology, teaching students theoretically and government interference as challenges that are hindrances to the promotion of skill required for self-reliance and job creation. It also addressed strategies for self-reliance required for skills acquisition with some recommendations suggested that a combined curricula committee should be setup to x-ray the issues of skills among others.
SELF EMPLOYED AND EMPLOYED GRADUATES: DO THEY HAVE DIFFERENCES IN THEIR PERSONALITY PROFILES? (Review Completed - Accepted)
Entrepreneurial behavioural traits contribute to entrepreneurial success in establishing and running businesses. This paper strives to address behavioural preferences exhibited by graduates from the Raymond Ackerman Academy of Entrepreneurial Development. Moreover, it tries to assess behavioural differences and preferences exhibited by graduates who are self employed and those who choose to be employed.
The paper has deployed the personality profile theory to show behavioural difference and preference exhibited by graduates who are self employed and those who choose to be employed. Mixed method research design has been applied for data collection and analysis.
The findings show that the graduates from the academy tended to be low on dominance and high on influence, steadiness and compliance. The results for influence and compliance were statistically significant to postulate that the majority of graduates from the academy are high in the influence and compliance traits.
Entrepreneurship Business and Communication Ability of Female Entrepreneurs in Rivers State (Published)
The study investigated entrepreneurship business and communication ability of female entrepreneurs in Rivers State. Two research questions were posed to guide the study while one hypothesis was formulated and tested at 0.05 level of significance. A total of 245 female entrepreneurs were studied as sample, out of population of 750 female entrepreneurs in Rivers State. The instrument for the study was named Entrepreneurship Business and Communication Ability of Female Entrepreneurs in Rivers State Questionnaire (EBCAFERSQ). The EBCAFERSQ was a modified four point Likert scale ranging from Very Important to Not Important. Twenty (20) female entrepreneurs other than those used for the study validated the instrument and a reliability test using test-retest method yielded a correlation of 0.87. Mean rating and standard deviation was used to analyze the research questions and t-test for large group mean was used to test the hypothesis. Findings revealed that the respondents considered communication ability important in business success. Also, the respondents considered communication ability important as it is part of what makes them succeed in entrepreneurship business. Based on the findings and conclusions, recommendations made amongst others were that nongovernmental organizations (NGOs) should organize sensitization workshops and seminars in all local government areas within the State to create adequate awareness about communication ability and its’ important to entrepreneurs and female entrepreneurs should educate non female entrepreneurs on the important of communication ability in relation to entrepreneurship business growth and success. This could become possible if female entrepreneurs provide outlets for orientation.