ENTREPRENEURSHIP SKILLS ACQUISITION AND PRODUCT INNOVATION IN NIGERIA

(A CASE STUDY OF NATIONAL OPEN UNIVERSITY OF NIGERIA NOUN)

ABSTRACT

The concept of entrepreneurship played a formative role in the emergence of business history as a distinct academic field. Entrepreneurship is a process of wealth creation for an individual, community and the large society. The primary goal of this study is to examine entrepreneurship skills acquisition and product innovation in Nigeria. Specifically, the study sought to determine the relationship between entrepreneurial skill acquisition and product innovation in Nigeria.This study employed the purposive sampling technique. a total of 70 participants in a 10 minutes quick survey session. The 70 participants formed the study sample size. The data for this study were obtained through the use of questionnaires administered to the study participants. The study employed the descriptive statistics in analysing and interpreting the responses from the study participants while the hypothesis was tested using chi-square statistical tool. The findings of the study shows that Entrepreneurial skills acquisition enhances product innovation. The findings has also shown that entrepreneurial skills acquisition has enhanced product innovation through the following ways Competition, Cross-border transactions, Leadership and Risk management.

TABLE OF CONTENT

ABSTRACT

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

1.2 Statement of the problem

1.3 Objectives of the study

1.4 Research Questions

1.5 Research Hypotheses

1.6 Significance of Study

1.7 Justification of the study

1.8 Definition of terms

CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction

2.2 Conceptual Review

2.3 Theoretical Framework

2.4 Empirical Review

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Introduction

3.2 Research settings

3.3 Sources of Data

3.4 Sample size technique

3.5 Method of Data Collection

3.6 Method of Data Analysis

3.7 Reliability of Instrument

3.8 Validity of Instrument

3.9 Limitation of the study

CHAPTER FOUR

DATA ANALYSIS AND DISCUSSION OF FINDINGS

4.1 Introduction

4.2 Analysis of Research Questions

4.3 Discussion of findings

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Summary of Findings

5.2 Conclusion

5.3 Recommendation

References

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Historically, research on entrepreneurship started much earlier, and traces its roots to different motivations and theoretical concerns. The historical study of entrepreneurship has been particularly concerned with understanding the process of structural change and development within economies. Business historians have focused on understanding the underlying character and causes of the historical transformation of businesses, industries and economies. This historical research has typically employed a Schumpeterian definition of entrepreneurship. Unlike the recent management scholarship, it has not focused primarily on new firm formation, but rather on the varying forms that innovative activity has taken and on the role of innovative entrepreneurship in driving changes in the historical context of business, industry, and the economy. The concept of entrepreneurship played a formative role in the emergence of business history as a distinct academic field. Since the middle of the nineteenth century, economic historians had critiqued the static theories of classical and neoclassical economic thought by documenting the ways in which the structure of economies had changed over historical time.

This early historicism emphasized the ways in which the institutions of capitalism and industrialism evolved (Hodgson 2001). By the early twentieth century, however, a number of hCociety. Why this is economically applaud-able on the long run, the One question that has not been given due and appropriate attention is, how has the acquisition of entrepreneurial skills enhanced product innovation in Nigeria. The evaluation of this situation would give a crystal-clear picture on the weakness of entrepreneurial skills acquisition and therefore inspire efforts to fill the gap. It is on this premise that this study is undertaken to examine entrepreneurship skills acquisition and product innovation in Nigeria.

1.3 Objectives of the study

The primary goal of this study is to examine entrepreneurship skills acquisition and product innovation in Nigeria. Specifically, the study sought to:

1. Determine the relationship between entrepreneurial skill acquisition and product innovation in Nigeria.

2. Examine how the acquisition of entrepreneurial skills have enhance innovation in Nigeria.

3. Examine the challenges impeding the entrepreneurial innovation in Nigeria.

1.4 Research Questions

1. Is there a significant relationship between entrepreneurial skills acquisition and product innovation in Nigeria?

2. In what ways has the acquisition of entrepreneurial skills enhance innovation?

3. What are the possible challenges impeding entrepreneurial innovation in Nigeria?

1.5 Research Hypotheses

The following Null hypotheses was developed and tested in the study

H0¹: Entrepreneurial skills acquisition does not enhance product innovation.

H0²: There is no positive significant relationship between acquisition of entrepreneurial skills and product innovation.

1.6 Significance of Study

The importance of this study lies in the attempt to find a relationship between each of the concepts of innovation and entrepreneurship. And the impact of this relationship in developing an entrepreneurial marketing strategy, and economic development. As such concepts are compatible, because the innovation of new products and services that are unique and high in quality forms the foundation to entrepreneurship in this field. Successful marketing strategic planning must rest an solid foundation of innovation and entrepreneurship, a foundation which is considered an essential intellectual method of such planning.

1.7 Justification of the study

This study is undertaken to express the relationship between entrepreneurship skills acquisition and product innovation in Nigeria. It will show the possibilities of innovative entrepreneurship in Nigeria and suggest the roadmap to this goal. Hence, the study proves useful to entrepreneurs and policy makers.

1.8 Definition of terms

Innovation: Innovation in its modern meaning is "a new idea, creative thoughts, new imaginations in form of device or method". Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

Entrepreneurship: The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Skills: A skill is the ability to carry out a task with determined results often within a given amount of time, energy, or both. Skills can only be innate. Skills can often be divided into domain-general and domain-specific skills.

Acquisition: The learning or developing of a skill, habit, or Quality.

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