The ami of the survey is to depict the features of Nigerian Women Entrepreneurs who have been successful in their concern ventures. This paper attempts to understand who these successful adult females are and what are their hallmarks for success. A questionnaire study was employed for this survey. Result are drawn from 75 respondents who identified themselves as female Nigerian Entrepreneurs. and who have achieved recognized success in their concerns. Provides an penetration into the personal and concern experiences of these adult females to give a wide image of successful adult females. The survey addresses issues such as personal profile. concern profile. motives. jobs encountered on their manner to success. and the success expression.
Internationally. the 1990’s was designated the decennary of adult females leading. Naishitt and Aburdewe ( 2000 ) . This new leading place has been most noteworthy in the entrepreneurial chases of adult females. Rather than merely mounting the corporate ladder of success. adult females are making their ain corporations.
A adult female enterpriser is defined as “the female caput of a concern who has taken the enterprise of establishing a new venture. who is accepting the associated hazards and the fiscal. administrative and societal duties. and who is efficaciously in-charge of its day-to twenty-four hours management” ( Lavoie. 1984/85 ) . In this research. we adopt a more general definition of adult female enterpriser as person who is an owner-manager of a little concern. This wide definition is necessary given the little figure of adult females concern proprietors in Nigeria.
In a survey by Adeyemi ( 1997 ) . the Nigerian adult females enterpriser was described as “aged 41. knowing. married with kids. grows up in an entrepreneurial environment. has old work experience of about eight old ages. runs a little concern that has been runing for about nine old ages and of which she is likely to be the exclusive or bulk proprietor. prefers to hold her household members as spouses or employees. has her first effort at get downing a concern. uses largely her ain nest eggs as start-up capital. was motivated by personal factors when she decided to go an enterpriser. faced start-up jobs such as labor. funding and economic jobs but today. faces increasing economic. labor and cost jobs. rates her concern as “moderately successful” and attributes the success of her concern to three qualities. that is. quality of product/service. quality of human resource and her ain personal qualities” .
Women-owned concerns are one of the fastest turning section of little concern in Nigeria. With an addition from about one million concerns in 1982 to 1. 5 million in 1990. before 1980. adult females ain about 6 % of all Nigerian concerns. Today. adult females own about 30 % of all concerns. 50 % of all retail concern. and 10 % of all service companies. These statistics seem to still bespeak a comparatively lower entrepreneurship rate amongst the female on the job population. Sharing this similar position were Scherer. Brodzinski and Wiebe ( 1990 ) whose happening revealed that males tended to hold a higher penchant for entrepreneurship than females. The difference in penchant an entrepreneurship was attributed to one’s self efficaciousness and outlook of come ining an entrepreneurial calling. The findings suggested that societal propensity differences could hold a strong impact on determining a person’s penchant for an entrepreneurial calling. Women deficiency experiences. either personal or vicarious. related to successful achievement of entrepreneurial undertakings. This explains why adult females tended to hold lower self-efficacy and calling entry outlooks for entrepreneurship. Therefore. they might comprehend the lacked of the necessary personal and vocational resources to prosecute in the venture induction procedure.
Another possible account for the low entrepreneurship rate amongst adult females could be cultural conditioning. which might hold the generated impact on imparting adult females off from the entrepreneurial division Birley. ( 1989 ) . The major determination of Birley’s survey was that adult females needed specific chances to develop the feelings of competence and strong outlooks for success to congratulate their aspirations for venture creative activity and direction.
Many Nigerian adult females had become enterprisers today fundamentally because they recognized and seized upon a good concern chance. while others were motivated by the demand to carry through their sense of self-worth Adeyemi. ( 1997 ) . While many had been successful in their concern ventures others were fighting for endurance.
The aim of this survey hence was to depict the features of successful Nigerian Women entrepreneurs looking into the hallmarks of success such as the personal profile. motives and success. job and success and expression for success.
Definition of Success
In a research done by Ghosh et Al. ( 1993 ) . “70 % of enterpriser said they used net net income growing to mensurate their success. followed by gross revenues gross growing ( 61 % ) . return on investing ( 50 % ) and market portion ( 48 % ) . Of those enterprisers who used net net income growing as a step of success. 38 % considered an accomplishment of 6 % -10 % growing per annum to be an indicant of successful business” . In this research. the respondents were non asked what they meant by “success” . Alternatively. we adopted the above definition for our survey. that is. we assumed that the enterprisers used one or more of the above quantitative steps to specify concern success.
Some research workers had attempted to analyze the relationship between instruction and entrepreneurial success. Harmonizing to Bates ( 1990 ) . extremely educated enterprisers were likely to make houses that remained in operation. Osirim ( 1990 ) cited similar consequences that high degrees of educational attainment led to successful entrepreneurship. Romano and Lourens ( 1992 ) reported that the continuance and relevancy of formal instruction was related to the firm’s endurance in that “owners/managers who had received formal instruction associating to the type of work in which the proposed concern was engaged experient grater growing than those without such education” and “completion of business/management classs by owners/managers was related to concern success” ( Williams. 1986 ) . It was inferred in the paper that owner/managers with more instruction could be more extremely entrepreneurial in future chances and be more receptive to new managerial enterprises.
Other surveies besides revealed that fast spread outing houses had directors who had third and professional makings ( Gudgin. Brunsjkill and Forthergill. 1979 ) . but this might non be a sufficient status for success ( Lioyd and Dicken. 1982 ) revealed that although it was likely that formal instruction made directors more receptive to concern direction ( Johns. Dunlop and Sheehan. 1981 ) .
On the other manus. there were some surveies which did non impart support to the relationship between instruction and entrepreneurial success. Stuart and Abetti ( 1990 ) reported in their survey that advanced beyond the bachelor’s grade was negatively related to the public presentation of the concern. In the paper by Romano et Al. ( 1992 ) . it quoted a survey by Storey ( 1983 ) in which it was found that no laminitis of a new fabrication house had a university grade and 22 % had no formal makings. In another study by Marceau ( 1984 ) . it was found that most respondents had non received ‘advanced abstract education’ with most of them holding gained proficient preparation on the hop floor. Romano et al’ ( 1992 ) survey of high and low growing houses concluded that formal instruction was non an of import factor in little concern success.
Most entrepreneurial adult females had to do picks about child-bearing. child- elevation and running a family ( Noble. 1986 ; Lee- Gosselin et Al. . 1990 ) . They must besides presume the function of female parent and family/household health professional. which limited the clip and energy that they had to give to their concerns ( Stevenson. ( 1986 ) ; Hisrich and Zhang. ( 1991 ) . Collerette et Al. ( 1990 ) cited that about two-thirds of adult females enterprisers devoted more than 10 hours a hebdomad to making family jobs while Hisrich et Al. ( 1991 ) reported that all the adult females entrepreneurs in China did about all of the housekeeping. In footings of household support. adult females were besides less likely to hold the full support of a matrimony spouse ( Stevenson. 1986 ) .
Women enterprisers tended to run little concerns in the retail and service sector ( Hisrich. 1986 ; Neider. 1987 ; Burdette. 1990 ; Collerette et Al. . 1990 ; Lee-Gosselin et Al. . 1990 ) and could finally go large concerns ( Steward and Boyd. 1988 ) . although they tended to hold slow growing ( Lee-Gosselin et al. ’ 1990 ) . Majority of them take the type of concern which they “knew the sector well” and “interested in it” ( Collerette et al. ’ 1990 ) O in which they “had had anterior experience” ( Steward. 1988 ) .
Lappen ( 1992 ) reported that merely 10 % of adult females concern proprietors had run their concern for more than 12 old ages while Collerette et Al ( 1990 ) cited that half of the adult females had been in concern for less than 5 old ages. Hisrich et Al ( 1991 ) noted that 60 % of adult females enterprisers had operated their concerns for 1 to 5 old ages. Most adult females entrepreneurs started their concerns from abrasion ( Nelton. 1989 ) . created their concerns ( Lee-Gosselin et al. 1990 ) or had participated in initiation of their concerns ( Collerette et al. . 1990 ) . Most were deriving in assurance and the concerns were going more steadfastly established ( Collerette et al. 1990 ) .
Lee-Gosselin et Al. ( 1990 ) . Start-up capital was non most likely to come from personal and household nest eggs ( Lee-Gosselin et al. . 1990 ; Burdette. 1990 ) . investors and spouses. and Bankss ( Brown et al. . 1989 ) . For most adult females entrepreneurs. it was their first and merely concern ( Lee-Gosselin et al. 1990 ; Collerette et Al. 1990 ) . For those who had more than one concern. it was normally two concerns which were more frequently partnerships ( Collerette et al. 1990 ) or which they were the bulk proprietors ( Lee-Gosselin et al. 1990 ) . Women-owned concerns tended to hold their partner as spouse ( Lee-Gosselin et al. 1990 ; Collerette et Al. 1990 ) . Most did non hold any paid employees ( Burdette. 1990 ) or were less inclined to use others ( Nelton. 1989 ) . If they did. the figure of employees were few ( Collerette et al. 1990 ) ; they besides tended to use their partner and kids ( Lee-Gosselin et al. 1990 ) and used more female labor than male-run concerns ( Birley. 1987 ) .
A big figure of adult females enterprisers were responsible for all direction maps of the concern. In fact. the bulk proprietors tended to hold little concerns and had to make everything whereas the minority proprietors tended to hold larger companies and were responsible for certain direction maps ( Lee-Gosselin et al. 1990 ) . In footings of the clip committedness that had to be put into their concerns. more than half of adult females enterprisers reported that they had to give more than 40 hours a hebdomad to their concerns ( Collerette et al. 1990 ) .
Motivations and Success
Overall. Buttner ( 1993 ) felt that men’s and women’s motives for concern induction were rather similar. The one difference in their motive was that work forces frequently cited economic grounds whereas adult females cited household demands. Collerette et Al. ( 1990 ) noted that the chief factor that had motivated adult females to travel into concern was the desire for liberty ( such as desire to be ain foreman. desire to be financially independent and desire to increase self-pride ) . Harmonizing to Lee-Gosselin et Al. ( 1990 ) . the thought to get down the concern originated about entirely from the adult females and it was either an old dream ( 11 % ) . a desire to realize oneself. to utilize one’s talent’s or be recognized by others ( 11 % ) a logical continuity to preparation or work experience ( 18 % ) . or a demand to command one’s life ( 2 % ) .
Capowski ( 1992 ) felt that a strong desire to command their hereafter and fiscal fates had motivated adult females to get down their ain concern. He stated that other motivations for concern ownership included self-government. fiscal independency and belief in a “better way” of making things. Scott ( 1986 ) noted that work forces and adult females had different precedences as enterprisers. Work force tended to emphasize being their ain foreman while adult females tended to put more accent on personal challenge and satisfaction. Bachemin ( 1989 ) observed that successful enterprisers possessed an eldritch bent for placing and working untapped chances. had grim thrust to do the thought work. and had the vision and creativeness to transform the solid thought into a profitable concern
Problems and Success
Lee-Gosselin et Al. ( 1990 ) survey indicated that the most frequent jobs encountered at the launching of the concern were lack of assurance from Bankss. providers and clients. deficiency of start-up capital and household jobs. The new jobs encountered after the launching of the concern were marketing jobs. jobs with associates and labour jobs.
Brown et Al. ( 1989 ) identified four major jobs as determination and maintaining qualified professional staff ; determination and maintaining qualified skilled labor ; doing concern profitable ; and making authorities paperwork. Covering with psychological force per unit areas ( e. g. emphasis ) was besides a major job ( Burdette. 1990 ) . The two major jobs cited by Neider ( 1987 ) were inability to depute authorization and tenseness caused by struggle between personal life and calling. McGrath ( 1987 ) felt that adult females had a more hard clip acquiring loans. had to finance concerns on a shoelace and had to confront bias.
Other jobs encountered by adult females enterprisers included accommodating household and work. determination needed financess for concern and deficiency of credence of adult females in concern ( Collerette et al. 1990 ) ; being discriminated against in acquiring concern recognition ( Klein. 1993 ) ; and direction of concern and forces ( Hisrich et al. 1991 ) .
Thompson ( 1987 ) observed that a successful endeavor would usually go a premier mark for competition. In many instances. the rival might hold more experience or resources. was able to better the basic merchandise or could cut costs and monetary values. He suggested three ways to battle competition ; develop a better merchandise ; polish the product’s market niche ; and offer a better service.
Einsmann ( 1992 ) advised the “environmental jobs should be approached in an entrepreneurial spirit. By hassling the inventiveness and enthusiasm that the enterpriser brought to the occupation. the jobs could be tackled with the entrepreneurial virtuousnesss of actions. consumer consciousness. creativeness and a endowment to organize confederations. A pro-active attitude was peculiarly of import when covering with environmental issues” .
Schlossberg ( 1991 ) agreed that “companies should maintain with consumer tendencies and pay attending to the environment and its deductions for selling. ” Gazeley ( 1990 ) further advised that to vie in an progressively international concern environment. the successful concern director would necessitate good rounding as far- sighted Renaissance man. To avoid stagnancy. more attending should be given to keeping vigorous and competitory activities. ” As a safeguard to entrepreneurs to “avoid competition with big houses unless there was a niche to make full. and do a comparing of the types of merchandises and clients with the competition’s offerings and schemes. ”
Formulae for Success
Some research work had shown that adult females enterprisers were as every bit driven to accomplish success as work forces ( Brown et al. 1989 ) or that entrepreneurial success was the same for both male and female enterprisers ( Buttner. 19993 ) . In most instances. adult females enterprisers had to work harder to do their companies a success ( McGrath. 1987 ) or to turn out their competency as concern proprietors ( Buttner. 1993 ) . Harmonizing to Buttner ( 1993 ) . this was because adult females had historically been excluded from ‘old male child networks’ and had developed different networking schemes.
Majority of adult females owner-managers considered themselves to be successful and their opportunity for farther success to be between good and first-class ( Lee-Gosselin et al. . 1990 ) . Some foresaw spread outing their concerns in the following two old ages and were non sing giving up their concerns ( Collerette et al. 1990 ) .
Most adult females owner-managers were besides reported to be satisfied with their concern success which was attributed to the “customer-product” dimension ( such as client service. client assurance. originality and quality of merchandise ) ; the enterpriser herself ( such as finding. difficult work. concern with inside informations. assurance ) ; and their forces ( Lee Gosselin et Al. 1990 ) . Scheele ( 1991 ) felt that more than motive was needed to do a concern win. When get downing a new concern. besides market research and concern planning. 1 must besides be prepared psychologically. This was because some people were better suited to the corporate universe than to entrepreneurship. She cited four points that had to be considered to guarantee success: the world rule ; the exclusive factor ; the sum of hazard ; and the demand to make a web.
Stuart et Al. ( 1990 ) contended that experience factors such as age. old ages of concern. direction and proficient experience were non significantly related to public presentation ( and therefore. success ) of adult females enterprisers. Their survey revealed that advanced instruction beyond the bachelor’s grade was negatively related to public presentation. McDonald ( 1985 ) besides concluded that holding entrepreneurship parents did non impact the success of adult females enterprisers.
Other factors that affected women’s entrepreneurial success included entrepreneurial experience ( viz. . the figure of old new venture engagements and degree of direction played in such ventures ) ( Stuart and Abetti. 1990 ) ; quality of products/services and the women’s finding. desire to win and communicating accomplishments ( Collerette et al. 1990 ) ; market chance. people accomplishments. fiscal accomplishments. thought coevals. old relevant experience and motive ( Brush and Hisrich. 1991 ) ; high energy degrees and accomplishment in act uponing others ( Neider. 1987 ) ; aspiration. self-pride. fight. accomplishment. willingness to presume hazard and high demand for independency ( Schwartz. 1976 ) ; support and apprehension of household members. particularly the partner ( Hisrich et al. 1991 ) ; length of clip in concern ( MacDonald. 1985 ) ; and developing web contacts ( Woodward. 1988 ) .
A questionnaire study was employed for this survey. The study was conducted over a period of six months in 1992/2000. the questionnaire consisted of the undermentioned eight subdivisions: 1. Personal Background ; 2. household Background ; 3. Previous Work Experience ; 4. Background on bing Business ; 5. Business Experience ; 6. Motivation for Get downing Business ; 7. Problems Encountered ; 8. Attitudes toward Success. The questionnaire comprised a sum of 37 inquiries.
The questionnaires were sent to adult females enterprisers in Nigeria. The database was compiled from two chief beginnings. We foremost contacted some established adult females groups. Those that responded to our petition were the Nigerian Business and Professional Women Association. Association of Nigerian Women Entrepreneurs and the international Business Women Association. In order to make out to more adult females enterprisers. we besides sourced from corporate personal businesss which published lists of new companies and concerns registered in Nigeria. We selected concerns which had adult females managers. to whom we directed the questionnaires. as we assumed that they were portion of the start-up squad. The lists were traced for the past 10 old ages.
The figure of returns was non really high as more than half of the registered concerns had either affected office or closed down. or the references was reported to be no longer with the company. Out of about 600 references that we sent to. we received a sum of 75 useable returns by April 2000 “Usable” returns referred to respondents who identified themselves as female Nigerian citizens. This testing procedure was necessary in order to run into the aims of the survey. Calculation of the response rate was non possible as it was non certain how many of our study questionnaires really reached our intended topics. The aim of the survey was to depict the features of successful adult females enterpriser. The purpose was to understand the features of adult females who have made it to the top and how they achieve their success.
The adult females enterprisers were asked to rate the success of their concern. One-quarter ( 25 % ) of them considered their concern to be “very successful” while the staying three-fourthss ( 75 % ) rated their concern as “not successful” . In this paper. we defined “successful” adult females enterprisers as those who had rated their concern as “very successful” . Their features would be compared with the comparatively “less successful” enterprisers and their important differences highlighted.
Successful adult females entrepreneurs seemed to be better educated than less successful 1s ( important at P = 0. 01 ) . among the successful enterprisers. 70 % had a university grade whereas merely 23 % of the less successful 1s were university alumnuss. Highly-educated people were usually perceived to confront greater inactiveness in discontinuing their well-paid occupations and embarking into the concern universe. presumptively because of the higher chance costs involved. But the findings seemed to connote that one time these same people decided to go enterprisers. they tended to be more successful than their lesser educated opposite numbers. The ground could be that the higher formal instruction and developing which they received at the university had equipped them with modern direction cognition and techniques. It had so made them more cognizant of the worlds of the concern universe and more receptive in utilizing their erudite abilities to pull off their concern better. Another possible account could be that their higher chance costs had pushed them harder to win.
30 % of successful adult females enterprisers had no old work experience compared to merely 3 % of the successful 1s ( important at P = 0. 01 ) . this determination meant that to be successful. it was non necessary to hold any old work experience. In other words. a individual with old work experience was non more successful than one without.
80 % of successful adult females entrepreneurs seemed to be “very satisfied” with their concern experience compared with 33 % of the less successful 1s ( important at P = 0. 05 ) . This was to be expected as the successful 1s could hold achieved their ends and therefore felt satisfied with their accomplishments. Besides their entrepreneurial callings. the adult females enterprisers besides had other functions to play in the household. Majority of them reported that they were required to make some or a small family jobs such as cookery ( 65 % ) . housekeeping ( 63 % ) . marketing/shopping ( 58 % ) . child care ( 48 % ) and training ( 45 % ) . For those who had to make a batch of family jobs. the highest went to marketing/shopping ( 32 % ) . followed by child care ( 20 % ) . coaching ( 17 % ) . housekeeping ( 10 % ) and cooking ( 5 % ) . These figures reflected the multiple functions of working adult females in Nigeria. Fortunately for most of them. the handiness of amahs. place coachs and child care Centres had provided them with the much-need beginning of domestic aid.
About two out of five ( 38 % adult females entrepreneurs owned one concern. The remainder owned more than one concern. 25 % owned two concerns. 27 % owned three concerns while 10 % owned more than three concerns. This worked out to an norm of two concerns per enterpriser. On the whole. 39 % of women-owned concerns were in service. 29 % were in retail. 21 % were in sweeping and 11 % were in fabrication. About two-thirds ( 64 % ) of the concerns were private limited companies ; the remainder were partnerships ( 21 % ) . exclusive proprietaries ( 14 % ) and public companies ( 1 % ) .
The mean age of women-owned concerns was about nine old ages. By and large. the first concern had been about for a somewhat longer period than subsequent concerns: 11 old ages for the first concern compared with 8 old ages each for the 2nd and 3rd concern. About two-thirds ( 64 % ) of all concerns had been in operation for up to 10 old ages ; 29 % had been in being for between 11 and 20 old ages while 7 % had been around for more than 20 old ages. If the size of concern could be defined as “small” for those with 0-50 employees. “medium” for those with 51-100 employees and “large” for those with more than 100 employees. so 97 % of women-owned concerns could be said to hold started as little concerns and 3 % as moderate-sized concerns. Over the old ages. nevertheless. women-owned concerns had grown bigger and go more constituted. Today. 90 % were little concerns. 8 % were moderate-sized concerns and 2 % were large-sized concerns.
For adult females who owned merely one concern. their mean portion of the concern was 62 % . About one-fourth of them ( 27 % ) were exclusive proprietors. having 100 % of the concern ; the remainder were either bulk proprietors ( 43 % ) or minority proprietors ( 93 % ) . For adult females who owned a 2nd concern. their mean portion of the concerns was 51 % . Merely 9 % of them were sole-owners. having 100 % of the concern ; the remainder were either bulk proprietors ( 48 % ) or minority proprietors ( 43 % ) . For those who owned a 3rd concern. their mean portion of the concern was merely 38 % . None of them were exclusive proprietors ; half ( 50 % ) of them were bulk proprietors while the other half ( 50 % ) minority proprietors. It appeared that the adult females entrepreneurs’ portion of the concern declined with the figure of concerns owned. This could be an indicant that their engagement in subsequent concerns was more of an investing.
On the whole. 85 % of adult females enterprisers declared that they had spouses. with an norm of two spouses per concern. In fact. the proportion of concerns with spouses seemed to increase with the figure of concerns owned: about three-fourthss ( 73 % ) of adult females who owned merely one concern said that they had spouse: partner or fiance ( 56 % ) . siblings ( 24 % ) and relatives ( 21 % ) . Other concern spouses included their friends ( 29 % ) and employees/staff ( 12 % ) . This consequence seemed to bespeak women’s strong penchant for holding household members as concern spouses.
During the start-up period. women-owned concerns employed an norm of lone eight workers. 6 % did non use any workers ; and for those which did. 65 % employed 1-5 workers. 12 % employed 6-10 workers and 16 % employed more than 10 workers. Today. heir labour force had more than doubled to 19 workers. 6 % employed 6-10 workers and 32 % employed more than 10 workers.
Approximately two out of five ( 43 % ) adult females entrepreneur employed household members. The household members included siblings ( 28 % ) . partner or fiance ( 20 % ) . parents ( 10 % ) and kids ( 10 % ) . Women seemed to demo a strong penchant for household engagement in their concern as about three-fourthss ( 73 % ) of them involved at least one close household member in the concern as spouses or employees.
For 83 % of adult females entrepreneur. it was their first effort at get downing a concern. For the 17 % who were non first-timers in concern ventures. they had made one or two efforts before but the venture turned out to be unsuccessful. One norm. they had been in concern for about 10 old ages. About one-third ( 33 % ) of them had merely 1-5 old ages of concern experience ; the remainder had concern experiences of 6 – 10 old ages ( 25 % ) . 11-15 old ages ( 28 % ) and more than 15 ( 6 % ) .
When asked where their beginning of funding for get downing the concern came from. 83 % of adult females entrepreneur indicated that they use their personal nest eggs. Other beginnings of finance came from household. relations or friends ( 50 % ) . Bankss ( 28 % ) . financess over other beginnings of fund could bespeak the autonomous nature of adult females entrepreneur. It could besides connote the troubles faced in acquiring start-up financess from traditional beginnings such as bank. Most adult females enterprisers were rather to a great extent involved in the running of the concern. 45 % said they “did everything” . another 45 % were responsible for certain parts of direction work ( e. g. strategic planning. budgeting. staffing. etc ) and operational work ( e. g. functioning clients. telling supplies. etc ) while the staying 10 % were responsible merely for the direction work of the concern.
The heavy engagement in about all facets of the concern had made the adult females entrepreneurs rather confident in running the concern. 83 % of them felt “very confident” while merely 5 % were “not confident” in running the concern. A high proportion of adult females enterprisers were besides by and large satisfied with their concern experience. 45 % said they were “very satisfied” . 50 % were “moderately satisfied” while merely 5 % were “not satisfied” with their concern experience.
Motivations and Success
The successful adult females entrepreneurs seemed to be the 1s probably to hold initiated the thought of get downing the concern than the less successful one ( important at P = 0. 05 ) . All ( 100 % ) the successful adult females enterprisers said that it was their thought for get downing the concern. compared to 69 % of the less successful 1s. This determination seemed to connote that adult females whose thought it was to venture out on their ain were more likely to execute better than those of whose thought for get downing the concern originated from person else. Having thought of the thoughts themselves. the adult females so had the thrust to do their thoughts work. and had the committedness and finding to transform their thoughts into successful ventures.
Among the successful adult females enterprisers. the demand to back up the household besides seemed to be greater than that of the less successful 1s ( important at P = 0. 10 ) . 44 % of successful adult females entrepreneurs rated this motive as the most of import factor. compared to merely 4 % of the successful 1s. This determination implied that the demand to back up the household was a strong motivation factor for successful adult females to make good in their concern. These adult females could hold been placed in a place such that they had to guarantee the success of their concern they had to supply for their families’ fiscal and stuff demands.
More successful adult females enterprisers besides quoted “to have flexibleness and control over my life” ( 100 % ) and “to be my ain boss” ( 67 % ) as their motives for traveling into concern than the less successful 1s ( 44 % and 23 % severally ) ( important at P = 0. 05 ) . this implied that successful adult females entrepreneur s were more personally motivated than less successful 1s when get downing the concern
Problems and Success
At the launch of the concern. the successful enterpriser seemed faced more societal jobs than the less successful 1s ( important at P = 0. 05 ) . 67 % of the successful adult females faced this job compared to 29 % of the less successful 1s. This meant that at the start-up phase of the concern. the successful adult females felt that they were discriminated against and were besides non accepted in the male-dominated concern community. likely due to gender bias. But over the old ages. this job had been reduced in magnitude by 82 % . compared to 37 % for the less successful 1s. This betterment meant that adult females enterprisers were now more recognized by the concern community.
Today. the successful adult females entrepreneurs seemed to confront less economic job than the less successful 1s ( important at P = 0. 01 ) . Merely 38 % of successful adult females face these jobs compared to 81 % of the less successful 1s. This determination meant that6 for the less successful enterpriser. economic jobs such as stiff competition had affected the public presentation of their concern more than the successful 1s. The less successful adult females entrepreneur s could hold operated concern which were more competitory in nature and more influenced by economic alterations. the effects of which could hold eaten into their net incomes.
Formulae for Success
At the start of the concern. merely 18 % of adult females entrepreneur s idea they had an “excellent” opportunity of success. The other felt they had a “good” opportunity ( 33 % ) . an “average” opportunity ( 42 % ) and “below average” opportunity ( 7 % ) of success. However. non of them rated their opportunities of success as “poor” . This implied a sensible high degree of assurance amongst the adult females when they embarked on their concern for the first clip.
When asked how they would rate the success of their concern today. one-fourth ( 25 % ) of adult females entrepreneur s considered theirs to be “very successful” while the staying three-fourthss ( 75 % ) rated their concern as “moderately successful” . None of the adult females attribute the success of their concern to the undermentioned five factors:
77 % Quantity product/services
73 % Personal qualities
66 % Quality of forces
63 % Adequate cognition of product/service
61 % Customer trueness
There appeared to be three qualities ( 3Qs ) that adult females entrepreneurs considered to be indispensable for entrepreneurial success. They were:
1. Quality of product/service
2. Quality of forces and
3. Personal Qualities
Supplying quality product/service was an of import trademark of a successful concern as it produced satisfied clients and led to client trueness. One manner of guaranting this was that the enterprisers must hold a good personal cognition of the merchandise and service provided.
A successful concern besides depend on the quality and committedness of its forces. The ability to pull. motivate. train and retain homo
resources was of import to every concern.
The personal qualities of adult females enterprisers were besides considered indispensable to the success of the business- qualities such as strong finding. difficult work. assurance. personal subject and other desirable properties.
Other Success Factors were as follows:
55 % Superlative and strong direction squad
54 % Visionary CEO
53 % Sound and proper concern programs
51 Focus on a market niche
51 % Strong support and cooperation from spouses
50 % Good web system
50 % Availability of finance and capital
42 % Strong moral support from partner and household
34 % Adequate cognition of accounting and finance
27 % Technology advantage
26 % deficiency
18 % Availability of professional advice or authorities assistance 78 % of Successful Women entrepreneurs reported that holding a good web system was indispensable to the success of their concern. compared to merely 40 “ % of the less Successful enterprisers ( important at p=0. 10 ) . This determination implies that networking. which is the procedure of edifice and marinading positive relationship with people inside and outside the organisation ( Koter. 1982 ) . was indispensable to entrepreneurial success in today’s complex work environments. The successful Women strongly believed that developing such a web system was indispensable to entrepreneurial success.
The adult females entrepreneurs someway felt that professional advice or authorities aid were mot of import to the success of the concern. Most likely. the adult females felt that professional advice was non necessary as thy wee already experts in their ain Fieldss. The adult females besides considered technological advantage to be of small importance. This could be because most women-owned concern were in the service and retail industry which requires lesser used of high engineering. compared with those in fabricating industry. Of class. most adult females entrepreneurs believed that concern success should non be left to luck or opportunity.
Decision and Future Research
Although their Numberss are little. adult females enterprisers have contributed. in no little manner. to the economic growing of Nigeria. They have been helped to make employment and national wrath in the economic system.
Womans enterprisers are self-motivated since most of them have been driven to entrepreneurship to run into their personal demands for accomplishment. individuality and independency. The successful 1s besides hold a strong committedness to quality products/ service. human resources and last but non the least. to themselves.
This paper is an effort to show a general profile of Nigerian adult females entrepreneurs. There is still a batch of range to research more into the country of adult females entrepreneurship in Nigeria. For illustration. effort could be made to understand why adult females have a low entrepreneurship rate and what could be done to promote more adult females to go entrepreneurship. Possibly assisting adult females to get by with the five chief jobs ( economic. labor. cost. funding and societal ) might be good start. Taping on this pool of possible human resources-women entrepreneurs-would go a long manner in fostering the long-run growing of Nigeria.
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