ENTREPRENEURSHIP SKILLS ACQUISITION AND PRODUCT INNOVATION IN NIGERIA
(A CASE STUDY OF NATIONAL OPEN UNIVERSITY OF NIGERIA NOUN)
abstract
The concept of entrepreneurship was influential in the development of business history as a distinct academic field. Entrepreneurship is a process of creating wealth for an individual, a community, and society as a whole. The primary goal of this research is to look into the acquisition of entrepreneurship skills and product innovation in Nigeria. The study specifically sought to establish the relationship between entrepreneurial skill acquisition and product innovation in Nigeria. The purposive sampling technique was used in this study. A total of 70 people took part in a 10-minute quick survey. The study sample size was 70 participants. The data for this study were gathered using questionnaires distributed to study participants. The descriptive statistics were used in the study to analyze and interpret the responses from the questionnaire. The hypothesis was tested using the chi-square statistical tool on study participants. According to the study’s findings, acquiring entrepreneurial skills improves product innovation. The findings also show that acquiring entrepreneurial skills has improved product innovation in the following ways. Cross-border transactions, leadership, and risk management
CONTENTS TABLE
ABSTRACT
CHAPITRE ONE
INTRODUCTION
1.1 The Study’s Background
1.2 Problem description
1.3 The study’s objectives
1.4 Research Issues
1.5 Research Theories
1.6 Importance of Research
1.7 The study’s justification
1.8 Terms Definition
CHAPITRE TWO
REVIEW OF LITERATURE
2.1 First Look
2.2 Conceptual Evaluation
2.3 Theoretical Foundation
2.4 Empirical Evaluation
CHAPITRE THREE
THE METHODOLOGY OF RESEARCH
3.1 Introduction
3.2 Research settings
3.3 Sources of Data
3.4 Sample size technique
3.5 Method of Data Collection
3.6 Method of Data Analysis
3.7 Reliability of Instrument
3.8 Validity of Instrument
3.9 Limitation of the study
CHAPTER FOUR
DATA ANALYSIS AND DISCUSSION OF FINDINGS
4.1 Introduction
4.2 Analysis of Research Questions
4.3 Discussion of findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings
5.2 Final Thoughts
5.3 Suggestions
References
CHAPTER ONE
INTRODUCTION
1.1 Background of the study
Historically, entrepreneurship research began much earlier and can be traced back to various motivations and theoretical concerns. The historical study of entrepreneurship has focused on comprehending the process of structural change and development within economies. Business historians have focused on determining the nature and causes of historical transformations of businesses, industries, and economies. Historically, a Schumpeterian definition of entrepreneurship has been used in this research. Unlike recent management scholarship, it has focused on the various forms that innovative activity has taken and the role of innovative entrepreneurship in driving changes in the historical context of business, industry, and the economy. The concept of entrepreneurship was influential in the development of
Business history has its own academic discipline. Since the mid-nineteenth century, economic historians have been criticizing the static theories of classical and neoclassical economic thought by documenting how the structure of economies has changed over time.
This early historicism focused on how the institutions of capitalism and industrialism evolved (Hodgson 2001). However, by the early twentieth century, a number of historians and historical sociologists had moved beyond the institutional perspective to emphasize entrepreneurs’ mentality and agency in the process of economic change. The role of religion and social relations in the development of modern capitalist attitudes toward economic gain and economic opportunity was investigated by German historical sociologists (Weber 1904, English translation 1930; Simmel 1908, English translation 1930).
Sombart 1911; 1950). By the mid-century, economic and business historians were heavily involved in researching the careers of influential eighteenth-century entrepreneurs in order to better understand the causes of the Industrial Revolution (Ashton 1939; Wilson 1955; McKendrik 1959, 1964).
These studies focused on individuals’ creative agency and subjectivity in the face of economic change. This growing interest in entrepreneurs as historical change agents was bolstered by Joseph Schumpeter’s theoretical work. By linking entrepreneurship to a theory of economic change, the Austrian economist’s ideas helped establish entrepreneurship as a substantive area of historical research and deepened the significance of business historians’ efforts. According to Schumpeter, the essence of entrepreneurial activity is the creation of new products.
“new combinations” that upended the competitive balance of existing markets, products, processes, and organizations (Schumpeter 1947).
He elaborated that the creation of such new combinations was a constant source of change within markets, industries, and national economies. It underpinned the “creative destruction” that replaced old 6 forms of economic transaction in capitalist economies with new forms (Schumpeter 1942). Schumpeter repeatedly stressed in the decade leading up to his death in 1950 that the empirical study of entrepreneurship was an inherently historical endeavor because the phenomenon was best understood in retrospect as a critical element in the process of industrial and economic change. Entrepreneurship research needed to focus not only on entrepreneurs and their businesses, but also on temporal changes in industries, markets, and economies. History can provide an eclectic approach to the societies, economies, and political systems in which they operated (McCraw 2006). As a result, entrepreneurship is a process of creating wealth. As such, it was a fact of life long before written words, but it is not particularly mentioned in classic economic literature, nor is it recognized as a separate discipline in the academic community. In the 1950s, a few universities in Japan and the United States began offering courses in small business management as electives in the business curriculum. Not until the 1970s, 1980s, and 1990s, as a career option for individuals and a means to stimulate and revitalize a nation’s economy, did entrepreneurship finally earn its place in history.
Universities, government, and the professions are all examples of higher education. Today, it appears that entrepreneurship is being sought as an alternative to both ideological extremes – capitalism on the one hand, and socialism (including communism) on the other.
Indeed, since many people still believe that “the triumph of capitalism will be communism,” entrepreneurship appears to be the only logical solution, not only to provide financial gains to individuals and add value to society, but also as a method of allocating wealth in the market economy with minimal government intervention. Regardless of the attention paid by everyone concerned about national wealth and its relationship to the development of the “Entrepreneurial Mind,” and Enterprising Culture,’ defining entrepreneurship remains difficult. Although academics are divided on how to define entrepreneurship, a definition is required not only for clarification, but also for study, research, and policy purposes. Even if the debate goes on indefinitely, a proper definition for ‘Entrepreneurship’ will give it a respectable place in human endeavors, useful for economic development worldwide. Innovation, on the other hand, is a key driver of progress and development, as well as a source of inventions in all areas of society, technology, and administration (Farazmand 2004: 8). The one business activity that has been most closely linked to economic growth is innovation (Guzman-Cuevas et al. 2009). From a business standpoint, innovation is thought to
It can be defined as the implementation of something new, original, significant, or valuable (Luecke and Katz 2003) or a significant change that occurs through an array of substantial improvements (to a product, process, or service) in comparison to previous accomplishments (Harper and Becker 2004). Innovation is concerned with novelty in the form of a product, service, process, program, or device (Damanpour 1991), as well as ideas, approaches, methods, processes, structures, behaviors, attitudes, and cultures, as well as technology, capabilities in community management and administration, and in the management of various types of organizations (Farazmand 2004: 8).
Many researchers are interested in the disparate approaches to innovation taken by SMEs. and large corporations, as well as their effectiveness. According to some researchers, innovation may be even more important for SMEs than for large corporations (Fritz 1989). In this study, we will attempt to investigate the acquisition of entrepreneurship skills and product innovation in Nigeria.
1.2 Statement of the problem
One of the major goals of economic development strategies pursued by successive Nigerian governments has been the reduction of unemployment through job creation.
According to Burnett (2000), entrepreneurship is a necessary ingredient for stimulating growth and successful economic development. Entrepreneurs orchestrate these transformations and open up new channels of economic activity and employment. As a result, all countries that want to continue developing must foster entrepreneurship. Entrepreneurs create jobs for Nigeria’s growing population, which helps to alleviate poverty. Poverty and unemployment are inextricably linked. Unemployment relief is likely to have a positive impact on poverty alleviation. As a result, entrepreneurship has grown in prominence and importance as a key factor in job creation, economic growth, and development. Acquiring entrepreneurial skills has increased the number of entrepreneurs. in the society. Why is this economically commendable in the long run? One question that has not been adequately addressed is how the acquisition of entrepreneurial skills has enhanced product innovation in Nigeria. The assessment of this situation would provide a clear picture of the gap in entrepreneurial skill acquisition and thus inspire efforts to close it. This study is based on this premise to investigate entrepreneurship skill acquisition and product innovation in Nigeria.
1.3 Objectives of the study
The primary goal of this research is to look into the acquisition of entrepreneurship skills and product innovation in Nigeria. The study specifically sought to:
Determine the relationship between the acquisition of entrepreneurial skills and product innovation in Nigeria.
Examine how the development of entrepreneurial skills has boosted innovation in Nigeria.
Examine the obstacles to entrepreneurial innovation in Nigeria.
1.4 Research Questions
The primary goal of this study is to investigate the development of entrepreneurship skills and product innovation in Nigeria. The study’s specific goal was to:
Determine the relationship between entrepreneurial skill acquisition and product innovation in Nigeria.
Investigate how the development of entrepreneurial skills has boosted Nigerian innovation.
Investigate the barriers to entrepreneurial innovation in Nigeria.
1.5 Research Hypotheses
In the study, the following null hypotheses were developed and tested:
H01: Developing entrepreneurial skills does not improve product innovation.
H02: There is no significant positive relationship between acquiring entrepreneurial skills and product innovation.
1.6 Significance of Study
The significance of this study lies in its attempt to establish a link between the concepts of innovation and entrepreneurship. And the impact of this relationship on the development of an entrepreneurial marketing strategy as well as economic development. As such, the concepts are compatible, because the development of new, unique, and high-quality products and services serves as the foundation for entrepreneurship in this field. A solid foundation of innovation and entrepreneurship is required for successful marketing strategic planning, and this foundation is regarded as an essential intellectual method of such planning.
1.7 Justification of the study
The purpose of this research is to describe the relationship between entrepreneurship skill acquisition and product innovation in Nigeria. It will demonstrate the possibilities for innovative entrepreneurship in Nigeria and provide a road map to achieve this goal. As a result, the study is beneficial to both entrepreneurs and policymakers.
1.8 Definition of terms
Innovation is defined as “a new idea, creative thoughts, or new imaginations in the form of a device or method” in its modern sense. Innovation is frequently defined as the use of improved solutions to meet new requirements, unarticulated needs, or existing market needs.
Entrepreneurship is the activity of establishing a business or businesses and taking financial risks in the hope of profit.
A skill is the ability to complete a task with predictable results, often in a limited amount of time, energy, or both. Only innate abilities exist. Domain-general and domain-specific skills are frequently distinguished.
Learning or developing a skill, habit, or quality is referred to as acquisition.
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