ASSESSMENT OF FACTORS AFFECTING PERFORMANCE OF WOMEN ENTREPRENEURS IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The crucial issue of entrepreneurship is the transformation of enormous ideas into economic opportunities. History demonstrates that pragmatic people who are entrepreneurial and innovative, capable of capitalizing on opportunities and willing to take risks have significantly advanced economic progress. The importance of entrepreneurship and an entrepreneurial culture in economic and social development is frequently overlooked. However, it has become increasingly clear over time that entrepreneurship does contribute to economic development. Nonetheless, men owned a significant number of businesses. In other words, women-owned businesses were uncommon throughout the world, particularly in developing countries such as India. Women’s entrepreneurship is a relatively new concept and practice. Until the 1980s, little was known about women entrepreneurs in practice or research.
Its entire focus has been on men. The scientific discourse on women’s entrepreneurship and women-owned and run businesses is a product of the 1980s. Despite the fact that there are many female entrepreneurs in business, recent studies show that the majority of them work in Micro and Small Enterprises (MSEs).
Nigerian women have been engaged in entrepreneurial activities for centuries (Abiona; 2011), but their contributions have gone unnoticed. They have produced, bartered, and exchanged goods and services in their local communities and surrounding markets (Abiona; 2011). And, more often than not, family survival has relied on women’s entrepreneurial spirit. Women entrepreneurs make an important and growing contribution to their immediate family budgets as well as the community’s prosperity.
This study identifies a number of serious issues and implications for Nigerian women entrepreneurs in both rural and urban areas. This definition will thus be applied to the role of Nigerian women as entrepreneurs and how these entrepreneurial skills have contributed to the region’s transition away from oil dependency.
Furthermore, even in the same industry, women have been found to generate less sales turnover than men (Loscocco and Robinson 1991). In Nigeria, for example, despite microbusiness support and incentive programs, Akabueze (2002) stated briefly that it would seem reasonable to assume that small businesses would grow and boom, but the rate of business breakdown continues to rise due to shortcomings. Inadequate financial resources, poor location, insufficient management experience, poor laws and regulations, general economic situation, and critical factors such as poor infrastructure, little demand for products and services, corruption, and poverty all have an impact on business performance. 2 Others include a lack of raw materials, difficulties in obtaining financing, insufficient competent and motivated personnel, a lack of cost-control ability, and cheap foreign products dumped on the market. Despite the inherent difficulties associated with the expansion of micro-scale businesses, women entrepreneurs are increasingly venturing into ownership of small-scale enterprises, either on their own or in collaboration with male entrepreneurs (ILO 2005). This is primarily due to the ease of entry, limited access to other businesses, and a lack of employment opportunities in the formal sector. of the economy. Furthermore, given the rise in female entrepreneurship, understanding the social, cultural, and economic factors influencing their success is critical.
1.2 STATEMENT OF THE PROBLEM
The ‘Nigerian’ Structural Adjustment Program was implemented in the mid-1980s, and the consequences of this policy affected men and women differently. It altered access to certain types and categories of work, reduced government services, and resulted in devaluation, job loss, loss of purchasing power, and threats to not only livelihood but also life (Mustapha; 2016). As a result, women in Nigeria began to address their own needs, priorities, and economic decisions (Mrs. Nkechi Florence Okpara, Development Education Centre: 1995) in the hope of reflecting their economic and social importance.
While there is no doubt that women have a significant economic impact, we still lack a reliable picture that describes that specific impact in detail. The OECD’s recent efforts (1997, 2000) are notable. responses to this lack of knowledge and have focused the attention of policy makers and researchers on this important topic. Policymakers must learn more about women entrepreneurs in order to address this issue effectively and efficiently. The purpose of this research is to learn more about the causes of poor performance among female entrepreneurs. Furthermore, women in entrepreneurship have been largely overlooked in both society and the social sciences (Brush & Hisrich, 1999). Women not only have a lower participation rate in entrepreneurship than men, but they also tend to start and manage businesses in different industries than men (Franco & Winqvist, 2002; Reynolds & White, 1997).
1.3 OBJECTIVE OF THE STUDY
The primary goal of this study is to identify the factors influencing the performance of female entrepreneurs in Nigeria. More specifically, the study intends to:
1. Determine the factors influencing the performance of female entrepreneurs in Nigeria.
2. Examine the impact of female entrepreneurs on the growth of the Nigerian economy.
3. Investigates methods of empowering women to become entrepreneurs.
1.4 RESEARCH QUESTION
1. Are there any factors influencing the performance of female entrepreneurs in Nigeria?
2. Do women entrepreneurs have an impact on the growth of the Nigerian economy?
3. How can women be encouraged to become entrepreneurs?
1.5 RESEARCH HYPOTHESIS
Ho: women entrepreneurs have no effect on the growth of the Nigerian economy.
Hello, there is no impact of female entrepreneurs on the growth of the Nigerian economy.
1.6 SIGNIFICANCE OF THE STUDY
This study is extremely important for female entrepreneurs because it outlines the factors influencing the performance of female entrepreneurial ventures. The study will be beneficial in addressing the issues that women entrepreneurs face in Nigeria and other parts of the world. According to researchers and academicians, the study will serve as a resource for future researchers on other related topics. It will also benefit other academics conducting research on related topics. The study will be significant because it will provide information that can be used to formulate policy in a very important area of economic development. Financial institutions will develop products that are specifically designed to meet the financial needs of women. Furthermore, through financial institutions In terms of corporate social responsibility, they will consider women’s groups.
1.7 SCOPE OF THE STUDY
This study will focus on female entrepreneurs in the state of Lagos. Various issues pertaining to female entrepreneurs will be investigated. However, the scope of this research will be limited to the key socio-cultural, financial accessibility, level of entrepreneurial training, and domestic commitment factors influencing the performance of women entrepreneurs in SMEs. Furthermore, the study only assesses the major personal and organizational characteristics of women entrepreneurs in MSEs to see if these characteristics influence their performance.
1.8 DELIMITATION OF THE STUDY
Obtaining funding for general research work will be difficult during the course of study. Correspondents may also be unable or unwilling to complete the questionnaires provided to them.
However, it is expected that these constraints will be addressed by making the best use of available materials and devoting more time to research than is necessary. As a result, it is strongly believed that, despite these constraints, their impact on this research report will be minimal, allowing the study’s objective and significance to be met.
1.9 DEFINITION OF TERMS
Women entrepreneurs are those women who have an idea for a business, start it, organize and combine the factors of production, run the business, take risks, and deal with the economic uncertainty that comes with running a business.