On Some Factors Contributing to Entrepreneurial Economic Success in

South-West, Nigeria: An Empirical Approach

ADEYEMO FELICIA1, OGUNLEYE TIMOTHY A.2

College of Arts, Social and Management Sciences, Caleb University, Imota, Lagos,

NIGERIA

marketing strategies, timely and adequate planning, employees' commitment, accessibility to working capital,

reduced bureaucratic steps on import and export matters, education level, and age and technology infrastructure

could influence an entrepreneur's level of success. The study used a descriptive survey research design. The study's

participants were business owners in the six states that make up Nigeria's southwest region who operated on a

micro, small, and medium scale. The 720 entrepreneurs who made up the study's sample were chosen through a

multi-stage sampling process. A self-structured questionnaire covering all the objectives was used as the data

collection tool, and it was administered to a select group of entrepreneurs. In addition to applying non-parametric

statistical techniques like the chi-squared test and phi statistic, the collected data were analyzed using descriptive

statistics like frequencies, percentages, and graphics. In the R-Studio (Posit) environment, the data analysis

operations were carried out. The findings showed that a successful entrepreneurship is greatly influenced by a

Received: July 23, 2023. Revised: February 25, 2024. Accepted: April 21, 2024. Published: May 10, 2024.

Entrepreneurial success is a complex phenomenon

that involves both financial and non-financial

hand, there is opposition to the notion that

"entrepreneurial success" ought to be limited in any

manner and that it is hard to define this term

necessary skills or mindset. The fact that many of the

company owners we have today are not necessarily

entrepreneurs, [6], has been noted as a major

contributing factor to Nigerian business failure, [7].

The engine of economic growth and development

is entrepreneurship. Numerous factors influence the

because of these qualities. Financial resources are

necessary for entrepreneurs to launch and expand

their businesses. Funding sources for a business idea

may include loans, personal savings, or venture

capitalists who see the idea's potential. Having access

to capital is crucial for success in entrepreneurship,

[9].

Success in an entrepreneurship is not something

that can be taken for granted, and this is due to the

fact that entrepreneurship is a fascinating curriculum

entrepreneurs emerged from a need. Both saw a need

in the neighbourhood and among themselves, and

both came up with a solution. With time went, these

keys got better and more precious. Small and

medium-scaled enterprises (SMEs) are essential for

economic development in many countries, [10]. They

create wealth for a huge number of people, increase

the amount of employment opportunities, and expand

the number of goods and services that are accessible

in the market via innovation. SMEs are also the

isn't much research on entrepreneurial success in

Nigeria, despite the country's severe business climate

contributing to a high failure rate for businesses. To

further the growth of SMEs in Nigeria, a call has

been made to prioritize and pay greater attention to

this field of academic study, [6]. With the aim of

addressing the growing rate of business failure and

Additionally, findings obtained from [19]’s work

researches claim that entrepreneurial traits include

owner’s age, [14], [20], [21], [22], [23], [24], [25];

culture, external business factors, technology, [26];

managerial skills, experience, training and business

environment, [25], [27], [28], [29], [30], owner’s

competencies and quality, and innovation, contribute

the business (or entrepreneurship). The more

committed employees are the more the performance

of the enterprise, providing technical and

infrastructural facilities has significant effect on

business’ success, risk-taking has significantly

contributed to a successful business, good marketing

strategies has significantly influenced success in

entrepreneurship, adequate and appropriate planning

enhanced successful entrepreneurship, educational

level of the entrepreneurs has significantly

1.1 Objectives

The general objective of the study was to investigate

some factors contributing to entrepreneurial

infrastructure as it influences entrepreneurship

success.

boom.

contribute to a successful business.

successful entrepreneurship.

success in business.

successful entrepreneurship.

selected sectors. Ordinary Least Square techniques

were used to analyze time-series data and the

economic recovery. However, in order to assess the

stationarity of the study variables, the Phillips-Perron

test procedure was used. Jenkins to determine

whether the variables were cointegrated, the

value of 0.274 and an R-squared approximation of

0.075. The outcome demonstrates that

entrepreneurial activity has little beneficial effect on

ERG. The study shows that, despite the collapse of

the oil industry, small-scale entrepreneurship has

made a positive contribution to the Nigerian

economy. [32], suggested in his study that the

government ought to encourage the growth of

entrepreneurship.

A major opportunity for the economic

knowledge that the educational system has imparted,

the entrepreneurial competencies of students who fit

an economic educational profile. The work's

objective is to analyze students' entrepreneurial

competence and readiness to launch their own

businesses both during and after their time in school,

[33].

The psychological resilience of entrepreneurs is

essential for high-risk, high-cost entrepreneurial

activities and for fostering economic growth. This

Numerous studies have been conducted on the

variables that affect the success of entrepreneurs. But

the farming industry has been disregarded for far too

long. In order to identify the variables that predict

entrepreneurial success, the current study compared

the farm and non-farm sectors at Krishi Vigyan

Kendra (KVK) and Rural Development and Self

instrumental readiness and ESE, but not with

entrepreneurial intent. There is a positive correlation

between ESE and entrepreneurial intention, but not

between the situational factors and entrepreneurial

intention. Moreover, the results of the study indicate

that the relationship between the nAch, LoC,

may have an impact on Yemeni students' intentions

to pursue entrepreneurship.

It's probable that we can't hope to find someone

who possesses every quality necessary to succeed as

an entrepreneur. However, combining the most

crucial predictors (entrepreneurial knowledge,

entrepreneurial Skills and creativity, calculated risk,

self-confidence, persistence, human capital and social

capital) might help one create and run a profitable

company with ensured success, [39]. The section also

the success of businesses in rural areas is influenced

by industrial experiences in developed nations. [17],

discovered that strategies for building human capital,

who operate a business, and having the right

marketing strategies. Additionally, [19], discovered

that the actions of business owners, societal actions,

and environmental economic variables all affect

whether a firm succeeds or fails. In industrialized

economies, several academic researches claim that

entrepreneurial traits include owner age, [14], [20],

[21], [22], [23], [24], [41], culture, external business

factors, technology [26], managerial skills,

experience, training and business environment, [27],

sense of fulfillment and accomplishment might be

seen as success by the entrepreneur in the long run.

In essence, therefore, even while, argument for

adopting a holistic perspective of success that

includes both financial and non-financial metrics

may be appealing.

2.2 Entrepreneurial Knowledge

For the business they have founded, entrepreneurs

need to have in-depth understanding of certain

business difficulties. Your expertise will boost your

company's potential energy and, to a considerable

extent, play a role in its success. Being an

entrepreneur requires constant learning. Attempt new

things. Include the new information in your routine

activities. You can only do this if you want to be a

successful entrepreneur. Every firm started with an

to excel in creativity. The boundaries of an investor's

thinking and skill set are removed through creativity.

But a lot of people think that creativity may lead to

successfully in an atmosphere packed with danger,"

according to [56]. This calls for having highly

developed decision-making abilities, especially in the

face of failure, as well as the flexibility to adjust

course when things don't go as planned

For entrepreneurs, self-confidence is a crucial and

important success aspect. Nobody will ever become

an entrepreneur if they lack self-confidence,

especially when it comes to beginning and running

their own company. If you don't have self-confidence

and trust in yourself, how can you expect customers

to? Your main foe is insecurity, [57]. Being a

successful entrepreneur requires self-assurance, a

commitment to hard effort, and a company idea with

the potential to be profitable and stand out in the

success arsenal for entrepreneurs, confidence is

essential to success in all facets of life. Having self-

confidence as an entrepreneur will have advantages

your everyday work, they are just potential energy,

[60]. We discuss the kinetic energy you possess for

your company. It is possible and recommended to

transform this energy into useful kinetic energy. The

kinetic energy of your firm will carry out the task or

do anything that will benefit your business, [13],

that are knowledgeable, imaginative, skilled, bright,

tenacious, and patient. However, these people are not

business owners. They work for a different business

or for the government. It's not for a lack of

information or intelligence that they are not

success-related traits, they are not entrepreneurs.

They aren't entrepreneurs since they don't start the

process or do anything to become one, [13], [17],

[54], [55].

enterprise is to be successful. Your chances of

success will increase dramatically if you face the

obstacles head-on, recruit specialists to give their

influenced by a number of external variables.

with their endeavors, [67].

Some small firms will run out of money and stop

making money because the owners started

undertaking tasks that weren't intended to fit into

their company plans. At some point, they will have to

shut down operations. Sometimes it's vital to decline

new initiatives (or products or services) in order to

concentrate on quality rather than quantity. Being a

successful entrepreneur does not always require the

the change from entrepreneur to businessperson must

motivation, and resolve, you're on the correct track to

creating a prosperous company.