CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
The decisive issue of entrepreneurship is transforming huge ideas into commercial opportunity. History reveals that pragmatic people who are enterprising and imaginative, able to seize chances and willing to take risks have made substantial contributions to economic advancement. Entrepreneurship and entrepreneurial culture have long been undervalued in terms of economic and social growth. However, it has been clear through time that entrepreneurship does really contribute to economic development. Despite this, men owned a large number of businesses. In other words, women-owned enterprises were uncommon over the world, particularly in developing countries like India. Women’s entrepreneurship is a relatively new concept and activity. Women’s entrepreneurship was poorly understood in practice and study until the 1980s. Analysis of the shopping matrix It aids in the development of a marketing plan that aids in the effective resolution of problems by assisting in the understanding of consumers’ purchasing behavior and assisting in the overcoming of discrepancies between what firms deliver and what consumers expect from firms (William, 1965). Marketing Support & Services Scheme is a new scheme that emerged from the merger of two previous schemes, Marketing Support Scheme and Export Promotion Scheme, in the Eleventh Five-Year Plan (Annual Report, 2010-11, Ministry of Textiles). This is a time when small businesses act as engines in the globalization era, promoting product innovation, broadening economic expansion, and having a strong presence in foreign markets. An key feature of the entrepreneurial mindset is that it is goal-oriented. In Nigeria, for example, despite the support and incentive programs for micro businesses, Akabueze (2002) stated that while it would seem reasonable to expect small businesses to grow and thrive, the rate of business failure continues to rise due to the shortcomings influencing business performance, which include insufficient financial resources, poor location, insufficient management experience, poor laws and regulations, and the general economic situation. 2 Other factors include a scarcity of raw materials, difficulties obtaining financing, a lack of qualified and motivated people, a lack of cost-controlling ability, and inexpensive imported products dumped on the market. Despite the inherent difficulties associated with the expansion of micro-scale firms,
STATEMENT OF PROBLEM
The ‘Nigerian’ Structural Adjustment Program was implemented in the mid-1980s, and the policy’s results were different for men and women. It altered access to certain types and kinds of work, as well as government services; depreciation, job losses, diminished purchasing power, and dangers to not only livelihood but even life (Mustapha; 2016). As a result, women in Nigeria began to address their own needs, priorities, and economic decisions in the hopes of reflecting their economic and social importance (Mrs. Nkechi Florence Okpara, Development Education Centre: 1995).
While there is little doubt that women have a significant economic influence, we still lack a reliable picture that describes that impact in depth. The OECD’s most recent initiatives (1997, 2000)
OBJECTIVES OF THE STUDY
The primary goal of this study is to determine the characteristics that influence the performance of women entrepreneurs in Nigeria. More specifically, the study aims to:
1. Research the elements that influence the performance of Nigerian women entrepreneurs.
2. Examine the impact of female entrepreneurs on the Nigerian economy’s growth.
3. Looks for ways to empower women to start their own businesses.
RESEARCH QUESTIONS
1. What factors influence the performance of Nigerian women entrepreneurs?
2. Does the presence of female entrepreneurs have an impact on the growth of the Nigerian economy?
3. How can women be empowered to start their own business?
RESEARCH HYPOTHESIS
Ho: Women entrepreneurs have little impact on the progress of the Nigerian economy.
Hello, women entrepreneurs have little impact on the progress of the Nigerian economy.
SIGNIFICANCE OF THE STUDY
This study is extremely important for women entrepreneurs since it outlines the characteristics that influence the performance of women-owned businesses. The research would be valuable in addressing the issues that women entrepreneurs in Nigeria and other regions of the world confront. The study will serve as a source of reference information for future scholars on relevant themes, according to researchers and academicians. It will also benefit other academics who are conducting study on comparable themes. The study will be important because it will provide knowledge that can be utilized to establish policies in a highly important area of economic development. Financial institutions will develop products that are specifically tailored to meet the financial demands of women. Furthermore, through financial institutions
SCOPE OF THE STUDY
This research will focus on female entrepreneurs in Lagos. In relation to women entrepreneurs, a variety of issues will be investigated. However, the scope of this study will be limited to the impact of major socio-cultural, financial, entrepreneurial training, and household commitment factors on the performance of women entrepreneurs in SMEs. Furthermore, the research solely looks at the major personal and organizational characteristics of women entrepreneurs in MSEs to see if they have an impact on their performance.
LIMITATION OF THE STUDY
Obtaining funding for general research activity will be difficult during the course of studies. Correspondents may also be unable or unwilling to complete or submit the questionnaires that have been sent to them.
However, it is expected that these limits will be overcome by making the greatest use of existing resources and devoting more time to research than is required. As a result, it is strongly considered that, despite these constraints, their impact on this research report will be small, allowing the study’s purpose and significance to be met.
DEFINITION OF TERMS
Women entrepreneurs are those women who come up with the idea for a business, start it up, arrange and integrate the factors of production, run the business, take risks, and deal with the economic uncertainty that comes with running a business.
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