ENTREPRENEURIAL CHARACTERISTICS AND NEW VENTURE CREATION: A STUDY OF SMES IN KWARA STATE
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Date
2019
Journal Title
Journal ISSN
Volume Title
Publisher
Economics Department, Adekunle Ajasin University, Akungba-Akoko, Ondo state, Nigeria
Abstract
The creation of new venture and its nurturing to a full-blown business firm such as Small and Medium Scale Enterprises (SMEs) is often seen as source of innovation and change. It is therefore imperative that answers are provided to the question of why, how and what are the possible courses of failure that often led to the early extinction of majority of firms few years after creation. The creation of many agencies and institutions to regulate and boost the growth and development of SMEs notwithstanding, SMEs still witnessed a low growth rate as entrepreneurs start businesses but ore unable to turn them into sustainable enterprises. Therefore, this study seeks to determine whether or not entrepreneurial characteristics play any role in the creation of SMEs in Kwara State. Other objectives of the study are to: examine the influence of entrepreneurial characteristics on the creation of SMES and determine the le vel of relationship that exists between/among entrepreneurial characteristics metrics and innovative ness of entrepreneurs in Kwara State. Questionnaire was served to 144 out of 226 registered SMEs owners in Kwara State through simple random sampling technique. Only 137 were duly filled and returned giving 95% response rate. The two hypotheses formulated were tested through regression and correlation analysis. Findings of the study revealed that entrepreneurial characteristics have significant influence on the creation and eventual development of SMEs (r'=0.740, p-value<0.05) and that strong relationship exist between/among Entrepreneurial characteristics and innovation (P- value<0.05). The study therefore recommends that owners and managers of SMEs should embark on rigorous training and retraining of business entrepreneurs since some of these characteristics are learnable, encourage membership synergy through information sharing about the existing market, product and services.
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Keywords
Entrepreneurial characteristics, New venture creation, Innovation, Small and Medium Scale Enterprises, Entrepreneurial Intention.Entrepreneurial Intention.
Citation
8. Omolabi, I., Amosa, J.R & Suleiman, A.A. (2019). Entrepreneurial Characteristics and New Venture Creation: A study of SMEs in Kwara State. Akungba Journal of Economic Thought. // (special issue), 1-15. Published by the Department of Economics, Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria.