EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONGS GRADUATES IN NIGERIA
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EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONGS GRADUATES IN NIGERIA
EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONGS GRADUATES IN NIGERIA 2.1 UNDERSTANDING ENTREPRENEURIAL INTENTION
The previous research has
investigated the various economic and psychological motivations of
individuals to seek self-employment (Banmol, 1990, Eisenhover, 1995,
Douglas and Shepherd, 2000). The motivation to engage in entrepreneurial
behaviour has generally been investigated in terms of entrepreneurial
intentions, with intention conceptualized as being a function of
beliefs that in turn can lead to subsequent behaviour. In general, the
greater the intention, the stronger is the motivation to engage in
entrepreneurial behaviour (Ajzen 1991).
Numbers of models have been proposed to explain the relationship
between an individual’s personal characteristics and subsequent
intention (for example, Shapero 1982, Ajzen 1987, Bird, 1988). Ajzen’s
theory of planned behaviour (1991) suggests three keys attitude that
predict intentions, these being attitudes towards the act, social norms
and perceived behavioural control. Krueger and Brazeal (1994) suggest
that the perceived behavioural control construct overlaps with the
self-efficacy construct of Bandura (1986) and outlined a model of
potential entrepreneurship that incorporated entrepreneurial
intentions, Basing their model on Ajzen’s theory of planned behaviour
and shapero’s model’s of entrepreneurial event (Shapero, 1982). Their
model included potential for both enterprise development and corporate
ventures and was compressed of three constructs beings :
- Perceived desirability
- Perceived feasibility
- Propensity to act.
The perceived desirability was seen to be related to intrinsic
rewards associated with entrepreneurship and includes the attitude
towards the act and social norms. (Kreuger and Brazeal (1994). Perceived
desirability is related to the motivational factors to engage in
entrepreneurial behaviour and can therefore be considered a function of
entrepreneurial attitude held by the individuals. Perceived feasibility
on the other hands, is related to individual perceptions of their
ability to implement the required behaviour Krueger (1993), cites
persuasive evidence, that perceived credibility, perceived
desirability and prosperity to act explain over half the variance in
intentions towards entrepreneurship, with feasibility perceptions being
the most influential’s.
An alternative model of entrepreneurial intentions was proposed by
Bird (1988). Based on established theory in cognitive psychology, the
model suggest that an individuals entrepreneurial intentions is based
on a combination of personal contextual factors, personal factors
includes prior experience as an entrepreneur, personal characteristics
and abilities while contextual factors consists of social, political
and economic variables.
An individual’s intention is further structured by both rational
and analytic thinking (goal-directed behaviour and intuitive or
holistic thinking (vision). Boyd and Vozikis (1994) expand on this
model to incorporate the perceived behaviourial control aspect of
Ajzen’s theory of planned behaviour through the inclusion of the
concept of self-efficacy.
Perceived behaviourial control describes the perceived ease or
difficulty of performing behaviour and as pointed out by Ajzen’s (1991)
is closely related to the concept of self-efficacy. They also proposed
self-efficacy as an important explanatory variable in determining the
strength entrepreneurial intentions and the likelihood that those
intentions will result in entrepreneurial actions.
The reversed model of Boyd and Vozikis (1994) based on Bird’s
(1998) model suggest that intentions are a function of self efficacy in
addition to attitudes and perceptions regarding the creation of a new
venture through rational and intuitive thought processes.
2.2 LOCUS OF CONTROL AND ENTREPRENEURIAL INTENTION
Locus of control is the degree in which the individual believes
that the reinforcements are dependent on his behaviour. This individual
believes that the accomplishment of goal or purpose depends on his own
ability and actions rather than luck or other people’s efforts (Kuip
and verheul, 2003).
The empirical evidence shows that small business entrepreneurs are
more oriented at the internal level than population in general (Ket
Vries, 1977, Begley and Boyd, 1987, Beverland and Lockshin 2001).
Brockhaus (1980) longitudinal study suggests the existence of a
positive correlation between orientation to locus of control and
entrepreneurial success.
In another study Brockhaus and Horwitz (1986) reinforce that locus
of control could distinguish entrepreneurs who are successful from
those who are unsuccessful. Robinson et al (1991) state that internal
control leads to a positive entrepreneurial attitude and most students
who receive entrepreneurial formation may develop a higher level of
control and self-efficiency.
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2.1 PREAMBLE
In Nigeria both state and
federal government are now placing much emphasis on the promotion of
indigenous small scale enterprises with a view to encouraging
entrepreneurship.
This study address critical issues like life aspirations, likely
source of financial capital, entrepreneurial orientation, attitude
towards work, intention towards becoming an entrepreneur, subjective
norms underlying this intention, perceive behavioural control,
behavioural beliefs, nor mature belief and control beliefs others.
Johannisson (1991) and Auto et al. (1997) scored the positive
impacts of students perception of entrepreneurship as a career choice,
along with the role played by the research has source the importance of
the social status of entrepreneurial activities and situation.
Entrepreneurship education and influence both currents behaviour
and future intentions. Kolverldmoen (1997) look at the significant
differences between students who have taken entrepreneurship courses
and those who have not.
2.2 CONCEPTUAL FRAMEWORK
Entrepreneurship has been
described as a creative and innovative response to the environment.
Meredith et al (1991) looks at and entrepreneur as an individual who has
ability to see and evaluate business opportunities, gather the
necessary resource to take advantage of them, and initiate appropriate
action to ensure success.
This turn of events has been mirrored by a rising academic
interest in entrepreneurship, understood as the creation and
establishment of new independent firms in the early empirical research
this interest was very much focused on the psychological
characteristics of business founders, although the research was not
closely to contemporary development in psychology. A trait approach was
often employed, and almost endless loots of entrepreneurial trait were
suggested (Hornaday 1982) it eventually turned out that this line of
research was unable to give more than a small fraction of the answer to
the question “what make people found new firm?”
2.3 NEED, SCOPE AND CHARACTERISTICS OF ENTREPRENEURSHIP
Entrepreneurship was been
recognized as an essential ingredient of economic development. In the
early 16th century in France, the term entrepreneur was used for army
leaders. It was applied to their business for the first time 18th
century to designate a leader who buys and sells goods at certain
prices.
Entrepreneurship has never played a central role for years, the
main focus of economic has been on the allocation of resources and how
it is achieved by market or by government. It is only recently with the
revival of interest in the question of economic growth Schumpeter’s
view have required greater silence. Empirical research on
entrepreneurship in economic is surprisingly limited.
The need for autonomy (or independence) is one of the most
frequently stated reasons for founding a firm or wanting to do so
(Bamberger, 1986; Cromie 1988; Scot and twomey, 1988).
2.4 ENTREPRENEURIAL TRAITS
Noel (2001) explained
specifically the importance of entrepreneurship emphasizing on the
development of entrepreneurial intention and the perception of self
efficiency. The students in the sample had all taken an entrepreneurship
education program and were graduated in entrepreneurship, management
or another discipline. Noel’s finding at least partially confirmed the
assumption that entrepreneurship graduates were more likely to create
new business and has a higher level of intention and more developed
perception of self efficiency than students in the other two groups.
McClelland (1961) in his work identifies need for achievement
(called n- achievement) to be linked with entrepreneurial spirit
necessary to taken risks to develop a country economic. He also said
entrepreneurs are likely to do well if they posses the following traits.
- RISK TAKING: entrepreneurs are risk takers
and are very calculative when challenge occurs in a business they
encourage themselves. But they don’t gamble. Entrepreneur tend not to
get involve in business of low quality because there is lack of
challenge and avoid high risk situation because they want to succeed.
They like overcoming challenges. A risk situation occurs when you are
required to make a choice between two or more alternatives, whose
potential outcomes are not must be subjectively evaluated. A risk
situation involves potential success and potential loll. The greater the
possible loss the greater the involved.
- SELF CONFIDENCE: entrepreneurs have self
confidence in whatever they are doing. They believe that they need to
assumed responsibility in other for them to reach their destiny.
Entrepreneurs are very optimistic people’s and have a linking for
independence. It is this self confidence, including previous
experience, their ability to assume responsibility, and to work out
for their destiny that make them to venture in to private business even
when others are staying away from it or are falling.
- HARD WORK: entrepreneur is a hard working
individual who is determined to achieve his objective. He put in more
effort to make sure that work is done. He makes proper use of official
time and private time. He persists in what ever he is doing even when
the work is done and the day spent. The entrepreneur is mentally
attached to the job.
- GOAL SETTING: entrepreneurs have objective,
based on his objective they set a goal for themselves. In the attempt
to achieve the set goal some appear to be difficult and restless, until
the goals in their various strategies try to achieve the set goals or
objectives.
- ACCOUNTABILITY: entrepreneurs love and success
and work very hard to achieve success in what ever they attempt in the
process of achieving success they sometime meet with failure. To the
entrepreneur growth and profit will lead to stability, expansion, and
development of the business. The entrepreneur work as a team, through
collaborative efforts of its staff by getting feedback in other to
achieve the objective of the business. They also to have keep a careful
record of their achievement as a result of which they are able to
narrate and tell the stories of how they started the business in the
beginning. This attitude of record-keeping helps the entrepreneur’s
towards planning and high business ethics. He is not just interested in
money purse, but in what he is able to achieve with his money. Others
may see accountability in terms of profit and growth but he has a
different measurement for himself from what others perceive. He is
accountable to himself as his entire life depends on him.
- VERSATIBILITY: Entrepreneurs tend to be very
informational and very versatile, qualities require to ensure that the
job gets done properly by themselves and subordinates.
2.5 ENTREPRENEURIAL TASKS
Entrepreneurship is
concerned with many activities that have to do with the establishment
and operation of business enterprise. These activities include
identification of investment opportunities to exploit for profit,
gathering the resourced needed for production and distribution of goods
and services, organization and management of human and material
resources.
EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONGS GRADUATES IN NIGERIA
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EXPLORING THE DETERMINANTS OF ENTREPRENEURSHIP AMONGS GRADUATES IN NIGERIA