The Effect of Entrepreneurial Characteristics on Business Performance in Ogun and Lagos State

ABSTRACT

This study assessed the effect of entrepreneurial characteristics (Risk-taking propensity, innovativeness and self-confidence) on the business performance in Ogun and Lagos State. It specifically examined the effect of risk-taking propensity on business performance of Feedmill and Foodco in Ogun and Lagos State; assessed the impact of innovativeness on business performance of Feedmill and Foodco in Ogun and Lagos State; determined the effect of self-confidence on business performance  of Feedmill and Foodco in Ogun and Lagos State and determined the relationship between enterprenuerial characteristics on business performance of Feedmill and Foodco in Ogun and Lagos State

Descriptive research design was adopted. The population was drawn from staff and management from all the entire F. A. Feedmill and Foodco in Ogun and Lagos State, Nigeria. Stratified sampling techniques and Taro Yamen was used to select the One hundred and thirty-three (133) staff and management that participated in the study. The instruments used were Entrepreneurial Characteristics Scale (ECS) and Business Performance Scale (BPE). Data generated were analysed using descriptive statistics, simple percentage while hypotheses were testing using simple linear regression and chi-square with the aid of statistical package for social science (SPSS).

Findings from the study showed that there was significant impact of entrepreneurial characteristics (risk-taking propensity, innovativeness and self-confidence) on business performance of Feedmill and Foodco which is less than 0.05 statistical value; revealed that there was a significant relationship between business performance and risk-taking propensity, business performance and innovativeness; business performance and self-confidence in Feedmill and Foodco which is less than 0.05 statistical value.

This study concluded that entrepreneurial characteristics has a formidable impact on business performance. It recommended that provide resources and opportunities for employees to generate and implement new ideas. This can lead to the development of innovative products, services, and processes that can drive business performance.

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

1.1       Background to the Study                                                                                           1

1.2       Objectives of the Study                                                                                              4

1.3       Statement of the Problem                                                                                           5

1.4       Research Questions                                                                                                     8

1.5       Research Hypotheses                                                                                                  8

1.6       Significance of the Study                                                                                           8

1.7       Scope of the Study                                                                                                     10

1.8       Definition of Terms                                                                                                    10

CHAPTER TWO: LITERATURE REVIEW

2.1       Theoretical Framework                                                                                               12

2.1.1    Overview of the Resource Based Theory (RBT)                                                        12

2.1.2    Underpinning Theory: Entrepreneurial Orientation Theory                                        14

2.2       Theoretical Review                                                                                                     17

2.2.1    Concept of Entrepreneur and Entrepreneurship                                                         17

2.2.2    Characteristics of Entrepreneur                                                                                  18

2.2.3    Entrepreneurship Characteristics                                                                                21

2.2.4    Business Performance (Growth, Success & Profitability)                                          25

2.2.5    The Business External Environment                                                                           27

2.2. 6   The General Environment                                                                                           28

2.2.7    The Task Environment                                                                                                31

2.3       Empirical Review                                                                                                        33

2.4       Appraisal of Literature                                                                                                 42

CHAPTER THREE: RESEARCH METHODOLOGY

3.0       Introduction                                                                                                                46

3.1       Research Design                                                                                                         46

3.2       Population of the Study                                                                                              47

3.3       Sample and Sampling Technique                                                                                47

3.4       Instrumentation                                                                                                           48

3.5       Validity and Reliability of Instrument                                                                       48

3.6       Procedure for Data Collection                                                                                    49

3.7       Method of Data Analysis                                                                                           49

CHAPTER FOUR: DATA ANALYSIS AND INTERPRETATION

4.1       Demographic Distribution of Respondents                                                                50

4.2       Analysis of Questionnaire                                                                                           53

4.3       Test of Hypothesis                                                                                                       57

4.4       Discussion of Findings                                                                                               62

CHAPTER FIVE; SUMMARY, CONCLUSION AND RECOMMENDATION

5.1       Summary                                                                                                                     63

5.2       Conclusion                                                                                                                  64

5.3       Recommendation                                                                                                        65

5.4       Suggestion for Further studies                                                                                    66

References                                                                                                                              68

Appendix                                                                                                                                74