ABSTRACT
The concept of entrepreneurship influenced the development of business history as a distinct academic discipline. Entrepreneurship is a method of generating income for an individual, a community, or a larger society. The primary purpose of this research is to look into the acquisition of entrepreneurship skills and product innovation in Nigeria. The study’s goal was to see if there was a link between acquiring entrepreneurial skills and product creation in Nigeria. The purposive sampling strategy was used in this investigation. A total of 70 people took part in a 10-minute short survey. The study sample size was 70 participants. The information for this study was gathered through questionnaires given to study participants. The replies from the participants were analyzed and interpreted using descriptive statistics.
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Entrepreneurship research has a long history that can be traced back to many reasons and theoretical concerns. Understanding the process of structural change and development within economies has been a major focus of historical entrepreneurship research. Business historians have focused on deciphering the underlying character and causes of historical business, industry, and economic transformations. A Schumpeterian definition of entrepreneurship has been used in most historical studies. Unlike modern management study, it has focused on the various forms of inventive activity and the role of innovative entrepreneurship in driving changes in the historical context of business, industry, and the economy, rather than on new firm formation. This early historicism highlighted the evolution of capitalism and industrialism’s institutions (Hodgson 2001). However, by the early twentieth century, a number of historians and historical sociologists had moved beyond the institutional view to highlight the mentality and action of entrepreneurs in the economic transformation process. The importance of religion and social interactions in the development of modern capitalism views toward economic gain and opportunity was investigated by German historical sociologists (Weber 1904, English translation 1930; Simmel 1908, English translation 1950; Sombart 1911). Economic and business historians were particularly interested in examining the careers of significant eighteenth-century entrepreneurs by the middle of the century as a way of explaining the reasons of the Industrial Revolution (Ashton 1939; Wilson 1955; McKendrik 1959, for example). Individuals’ creative agency and subjectivity in the face of economic change were the focus of these investigations. The theoretical work of Joseph Schumpeter aided this growing interest in entrepreneurs as historical change agents. By tying entrepreneurship to a theory of economic change, the Austrian economist’s views helped establish entrepreneurship as a substantive topic of historical research and deepened the significance of business historians’ efforts. The essence of entrepreneurial activity, according to Schumpeter, is the production of “new combinations” that upset the competitive equilibrium of existing markets, goods, processes, and organizations (Schumpeter 1947) He went on to say that the emergence of new combinations was a perpetual source of change in markets, industries, and national economies. It was at the root of capitalist economies’ “creative destruction,” which saw old 6 forms of commercial transaction replaced by new ones (Schumpeter 1942). In the decade running up to his death in 1950, Schumpeter emphasized that studying entrepreneurship empirically was an inherently historical enterprise because the phenomenon was best understood in hindsight as a vital ingredient 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 the industries, markets, cultures, economies, and political systems in which they functioned, which history could give. Indeed, since many people still believe that “the triumph of capitalism will be communism,” entrepreneurship appears to be the only sensible solution, not only to provide financial gains to individuals and add value to society, but also to allocate wealth in the market economy with minimal government intervention. Defining entrepreneurship remains a tough issue, despite the attention paid by everyone concerned about national prosperity and its relationship to the development of a “Entrepreneurial Mind, and Enterprising Culture.” Although there is no consensus among academics on how entrepreneurship should be defined, one is required, not just for clarity’s sake, but also for the purposes of study, research, and policy. The one corporate activity that has been most strongly linked to economic growth is innovation (Guzman-Cuevas et al. 2009). Innovation 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 (Farazmand 2004: 5). It can also be defined as the implementation of something new, original, significant, or valuable (Luecke and Katz 2003). (Harper and Becker 2004). Damanpour (1991) defined innovation as “novelty in terms of product, service, process, program, or device,” as well as “ideas, approaches, methods, processes, structures, behaviors, attitudes, and cultures,” as well as “technology, capabilities in community management and administration.” Many scholars are interested in the differences in SMEs’ and large organizations’ approaches to innovation, as well as the degree to which they are effective. According to some academics, the importance of innovation in the SME sector may be even bigger than in large corporations (Fritz 1989). In this study, we will look into the learning of entrepreneurship skills and product innovation in Nigeria.
STATEMENT OF PROBLEM
The decrease of unemployment through job creation has been one of the key focuses of successive Nigerian governments’ economic development initiatives.
Entrepreneurship, according to Burnett (2000), is a crucial factor for encouraging growth and effective economic development. Entrepreneurs are the ones that arrange these changes and open up new avenues for economic activity and employment. As a result, all countries that want to keep developing must foster entrepreneurship. Entrepreneurs create jobs for Nigeria’s rapidly rising population, which has a substantial impact on poverty alleviation. Poverty and unemployment go hand in hand. Unemployment reduction is anticipated to have a favorable impact on poverty reduction. As a result, entrepreneurship has gained more prominence and significance as a fundamental driver of job creation, economic growth, and development. The number of entrepreneurs in society has increased dramatically as a result of learning entrepreneurial skills. Why is this economically beneficial in the long run? One topic that has not been adequately addressed is how has the learning of entrepreneurial skills boosted product innovation in Nigeria. The assessment of this condition would provide a crystal-clear image of the shortcomings in acquiring entrepreneurial skills and, as a result, motivate efforts to close the gap. This study investigates entrepreneurship skills acquisition and product invention in Nigeria based on this concept.
OBJECTIVES OF THE STUDY
The primary purpose of this research is to look into the acquisition of entrepreneurship skills and product innovation in Nigeria. The study’s objectives were to:
Determine the association between the acquisition of entrepreneurial skills and the development of new products in Nigeria.
Examine how acquiring entrepreneurial skills has boosted Nigerian innovation.
Consider the obstacles to entrepreneurial innovation in Nigeria.
RESEARCH QUESTIONS
Is there a link between the acquisition of entrepreneurial skills and product innovation in Nigeria?
In what ways has learning entrepreneurial skills aided in the development of new ideas?
What are some of the potential roadblocks to entrepreneurship in Nigeria?
RESEARCH HYPOTHESIS
The study created and tested the following null hypotheses.
H01: Developing entrepreneurial abilities does not improve product creativity.
H02: There is no evidence of a link between the acquisition of entrepreneurial skills and the development of new products.
SIGNIFICANCE OF THE STUDY
The significance of this research rests in its attempt to establish a link between the notions of innovation and entrepreneurship. And how this relationship affects the establishment of an entrepreneurial marketing plan as well as economic development. As a result, the two notions are complementary, because entrepreneurship in this industry is built on the development of new products and services that are both unique and of high quality. A robust foundation of innovation and entrepreneurship must underpin successful marketing strategic planning, a foundation that is considered a fundamental conceptual technique of such planning.
JUSTIFICATION OF THE STUDY
The purpose of this study is to determine the link between entrepreneurial skill acquisition and product innovation in Nigeria. It will demonstrate the potential for innovative entrepreneurship in Nigeria and provide a roadmap for achieving this aim. As a result, entrepreneurs and policymakers will benefit from the research.
DEFINITION OF TERMS
“A new concept, creative thoughts, and new imaginations in the shape of a technology or method,” according to the current definition of innovation. The deployment of superior solutions to suit new requirements, unarticulated wants, or existing market needs is typically considered as innovation.
Entrepreneurship is the process of starting a firm or several enterprises while incurring financial risks in the hopes of making a profit.
A skill is the ability to complete a task with specific results in a specific amount of time, energy, or both. Only innate abilities are possible. Domain-general and domain-specific abilities are frequently distinguished.
Learning or acquiring a skill, habit, or quality is referred to as acquisition.
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