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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Nigeria
is the most populous country in Africa and has the potential to be one
of the prime drivers of development on the continent. Nevertheless, the
country's development is constrained by the weak environment for
broad-based economic growth. Achieving sustainable long-term change
requires a significant strengthening of policy formulation and
implementation processes. At its core, this involves the supply of, and
demand for, improvements in the business environment. Social media
entrepreneurship is a new phenomenon that has changed how the business
environment operates. Businesses are able to gain access to resources
and online exposure that were otherwise not available to them. It has
also helped businesses to increase their worthiness, cultivate strategic
partnerships and increase their contact with customers and suppliers.
It has become important for business owners and marketers to register
their presence on the social media which also work as a communication
and marketing tool which significantly grow their businesses. The
entrepreneurs on social media have the ability of sharing their business
ideas and encounters. This assists in creativity, open communication
and sharing of knowledge among users. Facebook, Skype and discussion
forums are examples of social media tools where large numbers of
entrepreneurs participate (Tapscott and Williams, 2008). The sky is the
limit with social media. Owing to of the flexibility of social
networking tools, businesses can realize different benefits. These
according to Simon (2012) are greater access to different audiences,
increased patronage, improved customer service, improved products and
services, job creation and adoption of favorable pricing practices. The
21st century has seen a shift in the way businesses operates. Smith and
Taylor (2004) reveal that companies are presently experiencing several
new unanticipated events and the development of the Internet as a
communication channel is almost certainly one of the most influential
factors. The internet has brought about several new elements – it has
made consumers more accessible, it has emerged with a completely new set
of communication tools that make the process of exchanging information
much easier and faster, and it has compelled companies to rethink how
they are communicating with their customers (Jaokar, Jacobs, Moore and
Ahvenainen, 2009).Entrepreneurs, marketers and consumers are witness the
appearance of virtual social media. As of January 2012, there were more
than 800 million active Facebook users, with over 250 million of them
logging in everyday. In addition, the average Facebook user has 130
friends and likes 80 pages but this figure is expected to expand with
time. Additionally, over 3.5 billion pieces of contents such as blog
posts, web links and news stories are shared on this social network
(Digital Buzz, 2012). The Internet and the online social networks allow
individuals to connect with one another. It is important for
entrepreneurs and marketer to grasp how the Internet functions and the
expectations of its users. Mangold and Faulds (2009) recognize that
social media allows an enterprise to connect with both existing and
potential customers as the number of businesses that fully operates
online only continues to increase all over the world. This has greatly
reduced unemployment thereby contributing to economic growth all over
the world. Social networking has led to the introduction of social media
entrepreneurship and presented new ways of communicating to expanse
audiences on various Internet platforms. Different kinds of
organizations render various services through the social media all over
the world e.g. health, news, sports, education etc. (Kotler and
Armstrong, 2011).
1.2 STATEMENT OF THE PROBLEM
There are
many reasons why individuals become entrepreneurs; it could be to earn
money, to make a difference to community / environment or simply
passionate about it or to fulfill a lifelong dream. Whatever the reason
maybe, it is not a joke or a simple task in just becoming an
entrepreneur or to start a business, the individual needs lots of
resources such as capital, labor, technology/ technical know-how, and
many other things. Location of this business and visibility and
increased patronage is another factor to consider. Entrepreneurs
extensively use the social networks to obtain access to a large
population of people all over the world through the internet and also
use contacts in decision making and sharing ideas. Social media
Entrepreneurs operates their business online, this has greatly reduced
unemployment all over the world (Greve and Salaff 2003). However, the
researcher is examining social media entrepreneurship as a tool for
national development.
1.3 OBJECTIVES OF THE STUDY
The following are the objectives of this study:
1. To examine social media entrepreneurship as a tool for national development.
2. To examine the advantage so social media entrepreneurship.
3. To identify the factors militating against social media entrepreneurship.
1.4 RESEARCH QUESTIONS
1. Can social media entrepreneurship be used as a tool for national development?
2. What is the advantage so social media entrepreneurship?
3. What are the factors militating against social media entrepreneurship?
1.5 RESEARCH HYPOTHESIS
HO: Social media entrepreneurship cannot be used as a tool for national development.
HA: Social media entrepreneurship can be used as a tool for national development.
1.6 SIGNIFICANCE OF THE STUDY
The following are the significance of this study:
1.
The results of this study will throw light on approaches to social
media entrepreneurship and how it can be used as a tool for national
development.
2. This research will also serve as a resource base
to other scholars and researchers interested in carrying out further
research in this field subsequently, if applied will go to an extent to
provide new explanation to the topic.
1.7 SCOPE/LIMITATIONS OF THE STUDY
This
study on the social media entrepreneurship as a tool for national
development will cover the activities of the entrepreneurs on the social
media and the profitability with a view of determining its effect on
national development.
LIMITATION OF STUDY
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).
Time constraint- The researcher will
simultaneously engage in this study with other academic work. This
consequently will cut down on the time devoted for the research work.
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