Financing Practices of Entrepreneurs in Small and Medium Enterprises in Southwestern Nigeria

The study examined the financing practices engaged by entrepreneurs in Small and Medium Enterprises (SMEs) in Southwestern Nigeria and also determined the extent of their dependence on internal and external financing practices to operate their businesses. Specifically, the study is designed to determine the extent that the financing practices of small and medium enterprises are dependent on internal and external financing. Primary data obtained through questionnaire and in-depth interviews were analysed with the aids of descriptive statistical tools, to describe financing practices of SMEs, while logistic regression was employed to determine the relationship between dependent variable (SMEs) and independent variable (internal and /or external sources of finance). Findings revealed that owner-managers of SMEs employ both internal and external financing practices, and the study concludes policy makers need to ensure official discriminations between the small and medium enterprises, by treating them separately.  The policy interventions should make access to financing easier for small enterprises, this will not only fast track their growth into medium and large enterprises but will also increase their capacities, in production and provision of employment opportunities to massive number of youths that are presently unemployed. Keywords: entrepreneurship; small and medium enterprises; internal financing; external financing

Bounded Emotionality and Polygamous Tradition in an Entrepreneurial Family Businesses in Nigeria

The goal of this paper is to examine bounded emotionality and polygamous tradition in an entrepreneurial family business in Nigeria. We argue that it is essential to consider culture of polygamy among family firms especially in the south west Nigeria. The multiple case method was used to provide valuable insights into entrepreneurial family businesses in Nigeria. To achieve better results, cases were drawn from diverse business sectors like merchandising, manufacturing and consultancy services among the family firms in South West, Nigeria. The paper analyses the limit of bounded emotionality, impact of nepotism and family ties in the polygamous family businesses. The findings reveal that the polygamous tradition has being in existence mostly in Africa for decades, hence, it brings some degree of sensitivity and unison to the family business. Finally, the paper demonstrates the importance of conducting further research on the concept of polygamy in Africa and tis impact on the family business

Examination of Opportunity Identification by Nascent Entrepreneurs in South – Western Nigeria: An Effectuation Perspective

This study focused on examination of opportunity identification by nascent Entrepreneurs in South–Western Nigeria using effectuation perspective. The study determined whether alertness affect opportunity identification by nascent entrepreneurs in South-Western Nigeria. It also examined the effect of social network on opportunity identification by nascent entrepreneurs in South-Western Nigeria. The study was carried out using a quantitative methodology through administration of a structured questionnaire. The data gathered was analyzed using descriptive and inferential statistic such as percentages, one sample chi-square test at 0.05 level of significance and effectuation framework logics, with the aid of statistical package for social sciences (SPSS) version 20. The study was conducted in six states of south-western Nigeria that is Lagos, Ogun, Oyo, Osun, Ondo and Ekiti. The results show that: alertness can lead to opportunity identification; social networks such as interactions with friends and acquaintances, family and relations and social clubs enhance opportunity identification and establishing contacts with customer and financiers also lead to opportunity identification. This study has contributed to literature on opportunity identification and effectuation theory given that studies done in this area are mostly in developed countries. Keywords: Effectuation theory, Nascent Entrepreneur, Opportunity Identification. *This work was sponsored by TETFUND Institutional Base Research Grant

An Examination of Factors Motivating Informal Entrepreneurship in Ibadan, South West Nigeria

The study examined factors motivating informal entrepreneurship in developing countries with a view to determine how the peculiarities of the context influence the choice of form to operate formally or informally by owners of businesses. Primary data were collected through structured questionnaire administered on 150 entrepreneurs of Entrepreneurship Development Centre (EDC) extraction with operational base in Ibadan metropolis. Data were analysed using the inferential statistical tools of Multiple Regression for determining the impact of identified variables and to measure association between variables. Findings revealed that informal entrepreneurship conforms to the traditional culture, norms and values held by Nigerians and it also indicated that formal rules/principles are generally perceived as mere imposition. The study concludes that there is the need for policy makers to constantly design home-grown entrepreneurial processes, easier and friendly legal framework that take into cognizance the local peculiarities so as to promote entrepreneurship in formal economy. Keywords: Entrepreneurship; Informal entrepreneurship; Opportunity-driven entrepreneurship;   Necessity-driven entrepreneurship; Formal Econom

Organizational Factors, Construction Risk Management and Government Regulations in Nigerian Construction Companies: Data Screening and Preliminary Analysis

The aim of this paper is to investigate the accumulated data pertaining to the organizational factors, construction risk management and government regulations in Nigerian construction companies. A total sample of 238 were selected from the total population of 338 contractors operating in Abuja and Lagos State construction companies in Nigeria. Therefore, a proportionate stratified random sampling approach was employed for this study to further divide the companies into different strata, and they were all picked randomly from each stratum. Furthermore, data cleaning and screening were conducted with the intent to fulfil the multivariate analysis assumptions. Hence, this study carried out various tests like missing data analysis, outliers, normality, Multicollinearity, non-response bias and common method variance with the use of Statistical Package for Social Science (SPSS) v21. Lastly, it was discovered that the data fulfil all the requirements for multivariate analysis

An Empirical Analysis of Organizational External Factors on Construction Risk Management

Over the past years, construction risk management in projects execution is always associated with uncertainties because certain risk factors such as poor labour productivity, shortage of equipment, delay, cost overrun, time overrun are attributed to project delivery. These risk factors have been generating many research interests among the construction stakeholders and the policymakers, necessitating this present study. In addressing this issue, this study utilized Partial Least Squares- Structural Equation Modeling method to validate construction risk management (CRM) as a construct from the viewpoints of multi-national, local and national construction companies in Nigeria. Through a cross-sectional survey, data were collected from the construction companies with the use of a structured questionnaire. It was discovered that technology, political and economic factor have a significant influence on construction risk management (CRM) among the Nigerian construction companies. A substantial degree of convergent validity, discriminant validity and internal consistency reliability were also affirmed for each of these research constructs. It was also discovered that the indicators of organisational external factors dimensions (technology, political and economic factor) are important in evaluating these constructs for further exploration of the construction companies to enhance risk management practice in all stages of the project activities

An empirical analysis of organizational external factors on construction risk management

Over the past years, construction risk management in projects execution is always associated with uncertainties because certain risk factors such as poor labour productivity, shortage of equipment, delay, cost overrun, time overrun are attributed to project delivery. These risk factors have been generating many research interests among the construction stakeholders and the policymakers, necessitating this present study. In addressing this issue, this study utilized Partial Least Squares- Structural Equation Modeling method to validate construction risk management (CRM) as a construct from the viewpoints of multi-national, local and national construction companies in Nigeria. Through a cross-sectional survey, data were collected from the construction companies with the use of a structured questionnaire. It was discovered that technology, political and economic factor have a significant influence on construction risk management (CRM) among the Nigerian construction companies. A substantial degree of convergent validity, discriminant validity and internal consistency reliability were also affirmed for each of these research constructs. It was also discovered that the indicators of organisational external factors dimensions (technology, political and economic factor) are important in evaluating these constructs for further exploration of the construction companies to enhance risk management practice in all stages of the project activities