Entrepreneurship characteristics and new venture creation: a study of SMES in Kwara state
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Date
2019
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Department of Economics, 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 carly 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 are unable to turn them
into sustainable enterprises. Therefore, this study seeks to determine whether or not entrepreneurial
chorocteristics 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
level of relationship that exists between/among entrepreneurial characteristics metrics and
Innovativeness 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 (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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Omolabi, I., Amosa, J. R., & Suleiman, A. A. (2019). Entrepreneurship 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.