ISSN (Online): 2321-3418
server-injected
Economics and Management
Open Access

Entrepreneurial Practices as a Panacea for Unemployment in Nigeria

,
DOI: 10.18535/ijsrm/v10i10.em06· Pages: 4058-4069· Vol. 10, No. 10, (2022)· Published: October 6, 2022
PDF
Views: 418 PDF downloads: 190

Abstract

This study investigated whether entrepreneurial practices serve as a panacea for unemployment in Nigeria using the descriptive survey design. Primary data (questionnaire) was the major instrument of data collection, which was administered on 276 respondents out of which 263 questionnaire were fully retrieved. The respondents were made up of successful listed entrepreneurship ventures in Bayelsa and Delta States, Nigeria.  The dependent variable is management of unemployment while the independent variables are entrepreneurial practices (such as time management, strategic thinking, resilience and trend adjustment). Cronbach alpha (a) reliability test was used in validating the research instrument of the study, yielding a Cronbach Alpha of 0.78. Data obtained were analyzed using descriptive statistics (simple percentages and mean responses). Given the analysis, it was found that entrepreneurial practices serve as a panacea for unemployment in Nigeria. Based on the findings of this study, it was recommended among others that entrepreneurs should acquire time management skill because it is a core quality of all successful businesses and entrepreneurs should practice long-range planning and have good time attitudes in opening and closing time of their businesses. Also, entrepreneurs should not take decision quickly when confronted with unpleasant situation affecting their businesses; they should apply strategic thinking and foresights in order to make right decisions.

Keywords

EntrepreneurshipTime managementStrategic thinkingResilienceTrend adjustmentJEL Classification: L26M10M12 1

References

  1. Adeniyi, A. O., Derera, E., & Gamede, V. (2022). Entrepreneurial Self-Efficacy for Entrepreneurial Readiness in a Developing Context: A Survey of Exit Level Students at TVET Institutions in Nigeria. SAGE Open, 12(2), 21582440221095059.Google Scholar ↗
  2. Ahsan, M., Adomako, S., & Mole, K. F. (2021). Perceived institutional support and small venture performance: The mediating role of entrepreneurial persistence. International Small Business Journal, 39(1), 18-39.Google Scholar ↗
  3. Alshehhi, A. G. (2018). Strategic Thinking and Strategic Planning: A Conceptual Exposition through a Case Study of the Police Force in the UAE. The University of Manchester (United Kingdom).Google Scholar ↗
  4. Anasi, S. (2010). Environmental Information Needs and Sources in an Urban Area of Lagos State, Nigeria: the Role of Information Professionals.Google Scholar ↗
  5. Asogwa, O.S. & Dim, Ethel-Mary (2016) Entrepreneurship development and unemployment reduction in Nigeria. International Journal of Business and Management Review, 4(8) 27-43.Google Scholar ↗
  6. Beggs J. (2012). Types of Unemployment. Retrieved 5th March, 2014 from www.economics.about.comGoogle Scholar ↗
  7. Boca, G. D., & Mukaj, L. (2013). Global Trends in Entrepreneurship Using 4 R'S Model. Annals of Faculty of Economics, 1(1), 1414-1423.Google Scholar ↗
  8. Bureau of Labor Statistics (BLS) (2020) National Bureau of StatisticsGoogle Scholar ↗
  9. Bureau of Labor Statistics. "Who Is Counted as Unemployed?" Accessed April 27, 2020.Google Scholar ↗
  10. Essien, E.E. 2006. Entrepreneurship: concept and practice. Abaam Publishing Company, UyoGoogle Scholar ↗
  11. Eze, D. (2014). Nigeria and the crisis of cultural identity in the era of globalization. Journal of African studies and development, 6(8), 140-147.Google Scholar ↗
  12. Fajana, S. (2000). Functioning of the Nigerian labour market. Labofin.Google Scholar ↗
  13. Federal Bureau of Statistics Rewing Federal Ministry of Labour and Productivity Report (2020). National Employment Policy: Objectives, measures, strategies and institutional framework to meet the challenges of rising unemployment and underemployment. Policy Statement Gazette.Google Scholar ↗
  14. Hornby, A.S. (2010) Oxford Advanced Learners Dictionary. New York: Oxford University PressGoogle Scholar ↗
  15. Ilo, B. M. (2015). Capital market and unemployment in Nigeria. ActaUniversitatisDanubius. Economica, 11(5), 129-140.Google Scholar ↗
  16. Joglekar, N., & Lévesque, M. (2013). The role of operations management across the entrepreneurial value chain. Production and Operations Management, 22(6), 1321-1335.Google Scholar ↗
  17. Lévesque, M., & Stephan, U. (2020). It’s time we talk about time in entrepreneurship. Entrepreneurship Theory and Practice, 44(2), 163-184.Google Scholar ↗
  18. Locke, S. (2004). ICT adoption and SME growth in New Zealand. Available at SSRN 3284905.Google Scholar ↗
  19. Mahdavian, M., Mirabi, V., & Haghshenas, F. (2014). A study of the impact of strategic thinking on the performance of MashadPUnicipal managers. Management science letters, 4(4), 679-690.Google Scholar ↗
  20. McDonnell, R. (2014). Conclusions and Recommendations for Policy and Practice. In Creativity and Social Support in Mental Health (pp. 157-165). Palgrave Macmillan, London.Google Scholar ↗
  21. Mcmullen, J. S., & Dimov, D. (2013). Time and the entrepreneurial journey: The problems and promise of studying entrepreneurship as a process. Journal of management studies, 50(8), 1481-1512.Google Scholar ↗
  22. Mintzberg, H., & Rose, J. (2003). Strategic management upside down: Tracking strategies at McGill University from 1829 to 1980. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 20(4), 270-290.Google Scholar ↗
  23. Mousavi, A., Shojaee, M., Shahidi, M., Cui, Y., & Kutcher, S. (2019). Measurement invariance and psychometric analysis of Kutcher adolescent depression scale across gender and marital status. Journal of Affective Disorders, 253, 394-401.Google Scholar ↗
  24. Nwachukwu, A. C. & Ogbo, A. (2012). The Role of Entrepreneurship in Economic Development: The Nigeria perspective. European Journal of Business and Management. Available in www.iiste.org retrieved on 16th March, 2015.Google Scholar ↗
  25. Nwangwu, I. O. 2006. Fundamentals of entrepreneurship in educational management. Cheston Agency Ltd., Enugu.Google Scholar ↗
  26. Nwankwo, C. A., & Ifejiofor, A. P. (2014). Impact of unemployment on Nigerian economic development: a study of selected local government area in Anambra State, Nigeria. European Journal of Business and Management, 6(35), 103-112.Google Scholar ↗
  27. Odiri, V.I.O. (2016). Does tacit knowledge predict organizational performance? A scrutiny of firms in upstream sector in Nigeria. Acta Universitatis Danubius, 12(1), 5-13Google Scholar ↗
  28. Odiri, V.I.O. (2016). Participative leadership and organizational performance: An empirical analysis of quoted oil firms on the Nigerian Stock Exchange. Journal of Academic Research in Economics, 8(2), 287-293Google Scholar ↗
  29. Ogujiuba, K., & Cornelissen, M. (2020). Macroeconomic Theory and Unemployment: A Comparison between the Keynesian and New Classical Model. ActaUniversitatisDanubius. Economica, 16 (National Policy on Education (Federal Government of Nigeria, 2004).Google Scholar ↗
  30. Okoro, G.E. & Egbunike, P.A. (2016). Cost of peace accounting and national security in Nigeria: Does it really matter? Trends Economics and Management, 10(27), 49-56Google Scholar ↗
  31. Onyali, T. & Akinfolarin, E. (2017). Principals’ application of instructional leadership practices for secondary school effectiveness in Oyo State. Journal of the Nigerian Academy of Education, 13(1) 32-44.Google Scholar ↗
  32. Oyelola, O. T., Ajiboshin, I. O., Raimi, L., Raheem, S. & Igwe, .C. N. (2013). Entrepreneurship for sustainable economic growth in Nigeria. Journal of Sustainable Development Studies, Vol. 2, No. 2, pp. 197-215Google Scholar ↗
  33. Patterson, N., Okafor, O. & Williams, D. (2006). ʺGlobalization and Employment Generation: Evaluating the Impact of Trade on Aggregate Employment in Nigeria’s Industrial Sectorʺ, Proceedings of Nigerian Economic Society, 2006 Annual Conference held at Abuja.Google Scholar ↗
  34. Reynolds, P.D., Camp, M. S., Bygrave, W.D., Autio, E. & Hay, M. (2001), Global Entrepreneurship Monitor. 2001 Summary Report, London, London Business School and BabsonCollege.Google Scholar ↗
  35. Salami C.G.E. (2013). Youth unemployment in Nigeria: A time for creative intervention. International Journal of Business and Marketing Management Vol.1(2); pp. 18-26,Google Scholar ↗
  36. Taiwo, A. A., Saheed, G. A., & Alebiosu, S. O. (2014). Entrepreneurship Education as a Panacea for Sustainable Economic Development of Nigeria. Journal of Research in Education and Society. 5(1), 20-31.Google Scholar ↗
  37. Vivarelli, M. (2007), Entry and Post-Entry Performance of Newborn Firms, London, Routledge.Google Scholar ↗
  38. Zautra, A. J., Arewasikporn, A., & Davis, M. C. (2010). Resilience: Promoting well-being through recovery, sustainability, and growth. Research in Human Development, 7(3), 221-238.Google Scholar ↗
Author details
ODIRI, Vincent I.O
Department of Business Administration, Faculty of Management Sciences, Delta State University, Abraka
✉ Corresponding Author
👤 View Profile →
MACAULAY, Joy
Postgraduate student, Department of Business Administration, Faculty of Management Sciences, Delta State University, Abraka
👤 View Profile →