ASSESSMENT OF FACTORS THAT ENHANCE THE DEVELOPMENT OF ENTREPRENEUERSHIP ATTRIBUTES IN SELECTED INDIGENOUS FIRMS IN ABIA STATE, NIGERIA

ASSESSMENT OF FACTORS THAT ENHANCE THE DEVELOPMENT OF ENTREPRENEUERSHIP ATTRIBUTES IN SELECTED INDIGENOUS FIRMS IN ABIA STATE, NIGERIA

ABSTRACT

This Study examined the Assessment of Factors that enhance the development of Entrepreneurship attributes in selected indigenous firms in Abia State, Nigeria . It sought to: (i) Determine the extent to which the level of employment enhances the development of idea generation in selected firms in Abia State; (ii) Ascertain the extent to which technological know-how influences the development of opportunity identificationin selected indigenous firms in Abia State; (iii) Examine the extent to which security of investment affects the development of research and development among indigenous companies in Abia State; and (iv) Highlight the extent to which training leads to the development of innovative skills among indigenous companies in Abia State. The population of the study was 1124 staff of Vital Product Limited 232, Tezibon Engineering and Manufacturing Limited 326, Valleumbra Flours Mills Limited 225 and Monipulo Limited 341 in Abia State. The sample size of 553 was determined using Freund and William formula. Stratified sampling was used to select respondents in each of the firms. Data was collected using the researcher – developed questionnaire. A test retest method of reliability test was adopted using Cronbach’s alpha, giving a coefficient of 0.91%, indicating a high degree of items consistency. It was found that Employment enhances the development of idea generation significantly (r = 0.904, p < 0.05); Technological know-how has significant influence on the development of opportunity identification (r = 0.905, p < 0.05); Security of investment does significantly affect the development of research and development (r = 0.879, p < 0.05); and Training does lead to the development of innovative skills, to a large extent (r = 0.908, p < 0.05). Based on these findings, the study concluded that for firms to survive in a declining economy; experience growth; and provide succor to the populace and the government at large, they need to ensure that their entrepreneurial abilities are developed consistently, even as they encourage continuous acquisition of knowledge within their workforce. Based on the conclusion, the study recommended that: Indigenous firms should engage in employment of qualified staff, though within their budget; Training units should be created under the human resource departments of indigenous firms; Research and Development units should be created under the production departments of firms; and Investors should be assured of the security of their investments.

CHAPTER ONE

INTRODUCTION

1.1             Background to the Study

Entrepreneurship is as old as mankind. The holy bible tells us that God created man (Adam) and placed him in the Garden of Eden where he was to live comfortably with his basic needs already provided. In the first place, God had created the heavens and the earth as the bible also accounts. This virtue of creation is characteristic of entrepreneurship.At a point in man’s life, he started satisfying not only his own needs but equally accommodated the needs of a second party as Adam demonstrated to Eve his help-mate and wife. This point marked the real human origin of entrepreneurship.

Actual entrepreneurship development, Ufomba, Ukandu and Madubuko (2009) believe, could be hinged on that early period in the development of human race when individuals became conscious of the fact that they could not satisfy themselves by producing all items individually. This means that the end of subsistence living marked the beginning of entrepreneurship.

Nigeria like any other country had her early man who battled through the ages to survive, just like other early men in human history. Nigeria had her early entrepreneurial and business classes. These two classes did not develop as much as would be expected. Probably, this lack of development in the said areas was not unconnected with the British colonial rule over Nigeria. The pre-colonial Nigeria preceded the colonial era piloted by the British. In the pre-colonial period, individuals in Nigeria had organized regional and inter-regional trade based on regional specialization of production that involved the practice of principles of comparative cost benefit. They developed the local transportation system of land use and water courses (canoes), and some forms of media of exchange such as barter, manila, brass……

ASSESSMENT OF FACTORS THAT ENHANCE THE DEVELOPMENT OF ENTREPRENEUERSHIP ATTRIBUTES IN SELECTED INDIGENOUS FIRMS IN ABIA STATE, NIGERIA