1.1 Introduction
Entrepreneurial Characteristics are traits that make an individual an entrepreneur (Tonga, 2009). An entrepreneur is an innovator who implements changes within a market through the carrying out of new combinations. The carrying out of new combination can take several forms; the introduction of a new good quality, therefore; the introduction of a new method of production, the opening of a new market; the congress of a new source of new materials or parts; the carrying out of the new organization of any industry. Furthermore, an entrepreneur is an individual that identifies, develop and brings vision to life under condition of risk and a considerable uncertainty. The vision may be an innovative idea, an opportunity or simply a better way to do something (Mamma, 2010).
As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Research hypothesis and questions, Limitations of the Study and Definition of technical terms.
1.2 Background of Study
In today’s competitive and challenging global world with diverse demands, many countries are facing serious problems of graduate unemployment (Adesina, 2013). As a result, the higher education sectors are under immense pressure from governments, employers and parents to produce quality graduates that can be economically engaged at the individual, national and global level (Teichler, 2007). Such graduates should possess a combination of attributes that will enable them to take an adaptive and proactive approach to their careers (Bezuidenhout, 2011). While there is consensus worldwide on the importance of addressing employability within higher education, there remains some debate on how best this can be achieved (Harvey, and Morey, 2002).
This is the reason why it is often said that every entrepreneur is a human being but not every human being is an entrepreneurs. Going by this adage; it can be said that entrepreneurs are special people with distinguishable features or characteristics. As such an entrepreneur is result oriented; future oriented; creative, innovative, has self confidence; has a good human relations; must be self-discipline; copies with uncertainty and above all profit oriented.
A lot of business falls due to the inability of the innovators of such business to exhibit the time entrepreneurial characteristic in the day to day management of their business enterprise, hence such business do not stand the test of time. This is evident in the way and manner in which small and medium scale business collapse in Nigeria. It is against this background that the research sees the subject matter of this research: the effect of this entrepreneurial characteristic of business performance worthy of empirical investigation.
Therefore, in Nigeria where the research was carried out, the activities that was conducted is to know the Effects of Entrepreneurial Characteristics on Business Performance.
1.3 Statement of Problems
Investigation revealed that launching into a business venture without having the basic trade instinct or the characteristic of an entrepreneur is suicidal. This is so because such an enterprise cannot stand on the test of time. For instance, an individual who goes into business initially must face difficulty before the business break-even. However, people who do not have trait of an entrepreneur would not be patient enough to nurture a business to a profit-making stage. This is the reason why so many small and medium scale businesses fail. The inability to effectively exhibit a basic trade instinct as well as lack of motivation, goals, and talent for venture creation sequel to the absence of entrepreneurial characteristics in most business proprietor impedes the performance of business enterprise in no small way. As such, the subject matter of this research becomes an empirical issue worthy of investigation.
1.4 Aim and Objectives of Study
The aim of the study is to investigate the effect of entrepreneurial characteristic of business performance in Jos North Local Government Area, Plateau State. In achieving this aim, the following specific objectives were laid out as follows:
- To identify the problems militating against entrepreneurs in the performance of their business;
- To evaluate the relationship between entrepreneurship traits and business performance;
- To identify the characteristics of an entrepreneur; and
- To proffer solutions to the identified problems.
1.5 Research Questions
The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:
- What are the characteristic of an entrepreneur?
- What is the relationship between entrepreneurship traits and business performance?
- What are the challenges militating against entrepreneurs in the performance of their business?
1.6 Research Hypothesis
In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.
Hypothesis One
- H0: There are no significant challenges militating against entrepreneurs in the performance of their business
- H1: There are significant challenges militating against entrepreneurs in the performance of their business
1.7 Significance of Study
The study will be beneficial to entrepreneurship development; as such Jos North can utilize the findings of the research as a basis for policy formulation as regard entrepreneurship development.
The study will also contribute to the existing knowledge on entrepreneurship development. It is also worthy to note that the study can be use as a basis for further research, as the research can be use as a spring board for further research as well as a good reference material to students undertaking similar research.
This study will be of immense benefit to other researchers who intend to know more on this study and can also be used by non-researchers to build more on their research work. This study contributes to knowledge and could serve as a guide for other study.
1.8 Scope of Study
The scope of the research is focused on the Effects of Entrepreneurial Characteristics on Business Performance. The study also identifies the practical approaches use in developing entrepreneurship as well as the problems militating against entrepreneurship development.
The study is limited to Jos North Local Government Area of Plateau State. The study covers a time from 2006 – 2011.
1.9 Limitations of the Study
During the course of this study, many things militated against its completion, some of which are:
- Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
- Establishment Policies: Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this project work. There were lots of information needed from the staffs of this establishment to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.
- Research material: availability of research material is a major setback to the scope of the study.
- Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
- Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
1.10 Definition of Terms
Entrepreneur: An individual that identifies develops and brings vision to life under – condition of risk and a considerable uncertainty (Bashar, O. 2005)
Entrepreneurial Characteristic: These are traits that make an individual an entrepreneur (Tonga, R. 2009).
Business Performance: The success or failure of an enterprise (Tonga, R. 2009).
