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1.1 INTRODUCTION OF STUDY
The emergence and development of entrepreneurship is a strong linkage to small and medium sized enterprises (SMEs) development as postulated by Joseph Schumpeter (1934). Their significance and contribution to small and medium scale industries in most developed and emerging countries like USA, Sweden, India, Malaysia, Brazil and Singapore, cannot be overemphasized in terms of industrialization.
Nigeria appears to be currently finding the right path to a possible entrepreneurial venture in the 21st century. Nigerians are now forced to start a fresh re-awakening to the real challenges and realities of true nationhood. The new emphasis on self-employment is understood to be in line with the above consideration. The unemployment situation in the country is luring a lot of unemployed Nigerians, including graduates into self-determination through self-employment (Aluko, 1988:15).
Graduates, and school-leavers are now realizing that government and the organized private sector enterprises are not ready to come to there and directly through paid employments. Short of alternative, Nigerians are therefore launching themselves into various business ventures (Ogudu, 1977:15).
The low literacy level and general ignorance, which pervade and cause a lot of bad attitude and malpractices within the Nigerian business environment would be seriously challenged and overcome with the new trend. Entrepreneurship will eventually assume a new perspective.
Silicon Valley, a pet name for the southern portion of the San Francisco Bay Area, which is located in Northern California part of the United States, is widely known as a leading hub and start-up ecosystem for high-tech innovation and development, accounting for one-third of all the venture capital investment in the US. As of 2013, the region employed about a quarter of a million Information Technology workers.
On the other hand, Yabacon Valley is a name derived from Yaba area of Lagos, Nigeria. According to industry experts, the area is growing as Nigeria’s technology hub and cluster of hundreds of banking institutions, educational institutions, technology and start-up companies which steadily attract angel investors, venture capitalists, enthusiasts and media people from all over the world.
“This cluster is the major reason why many technology firms are considering opening up shops in Yaba. The term, Yabacon Valley, originally was born from an unintentional act of an absent mind, manipulating the Silicon Valley name to create a nick version for this cluster while writing a story title,” Femi Longe of the Co-Creation Hub, reputed as the leading hub in Yaba, said.
Longe said a Silicon Valley, through CcHub’s i-HQ project, was possible in Nigeria, “The goal of i-HQ project, one of CcHub’s core projects, is to build a hotspot for creative ventures where all key stakeholders (academic, industry and government) can find adequate infrastructure, resources and an enabling environment. One of the facets of this project was the deployment of high speed Internet fibre optics along Herbert Macaulay Way in Yaba.
Entrepreneurship has been revealed to be the instrument of economic growth and development. It plays a very substantial role in the total development of every nation. It contributes significantly to export and balance of payment. The current economic meltdown has made competition to become so deep as a result of unexpected variations in the social, technological, economic and political environment which has compelled the business environment to be very unpredictable to the extent that only extremely motivated, brave, ardent, inventive, confident, and greatly skilled entrepreneurs now have the guts to go into entrepreneurship, take advantage of the erratic changes therein, and survive. Entrepreneurship is faced with so many challenges. These challenges include, inadequate capital, deficiency in experience, uneven power supply, stiff competition, failure to separate business investment and personal money, unfavourable government policies, harsh banking policies for securing loans, discourage entrepreneurship. Despite these challenges, several entrepreneurship are still established daily with optimism and strong will to survive. While a few stay alive and thrive in their businesses, a lot of them pack up within a few years. (Aldrich, 1999) agreed that there is high fatality rate of small firms, more than 50% of new ventures pack up within 5years.
1.2 STATEMENT OF THE RESEARCH PROBLEM
Entrepreneurship assumes an extremely key part in the aggregate advancement of every country. In Nigeria Entrepreneurship is confronted with so many challenges which include: inadequate capital, lack of experience, fluctuating power supply, tough competition, and failure to distinguish business investment from personal money, unfavourable government policies and harsh banking policies for acquiring loans amongst others. In spite of these difficulties, numerous entrepreneurship are still established daily with optimism and doggedness to survive. While a few survive and thrive in their Businesses, a great deal of them close up inside a couple of years. Only highly strong-minded, skilful, inventive, inspired, self-assured, keen, entrepreneurs with sufficient capital survive the business environment. What motivate these entrepreneurs to go into entrepreneurship? What motivational factors facilitate entrepreneurial growth? And to what extent does entrepreneurs’ motivation positively affects entrepreneurial growth? The researcher intends to discover the responses to these questions using selected technology entrepreneurs in Lagos state as a case study. However, several researches have been carried out on the factors responsible for entrepreneurial growth. While a portion of the studies related entrepreneurial development to motivation and favourable economic environment, others related it to variables inward to the entrepreneur. The discoveries uncovered that the respondents were more motivated by monetary incentives, and there is a positive and significant relationship between entrepreneurs’ motivation and entrepreneurial growth
1.3 PURPOSE OF THE STUDY
The objectives of this research are:
1. Examine the extent to which the physiological needs of the technology entrepreneurs facilitate their firm’s production volume.
2. Discover the scale to which the safety needs of technology entrepreneurs boost their firms level of efficiency
3. Determine the extent to which esteem needs of technology entrepreneurs enhances increased sales volume for their firm
4. Explore the range to which need for love and belonging of technology entrepreneurs impacts their firm’s man power growth.
5. Analyze the extent to which the self-actualization needs of entrepreneurs facilitates their firms level of competitiveness
1.4 RESEARCH QUESTIONS
In order to access the extent ofmotivations and performance of selected technology entrepreneurs in Lagos state, this research work seeks to provide answers to the following research questions:
1. Does the physiological needs of the technology entrepreneurs facilitate their firm’s production volume?
2. Would the safety needs of technology entrepreneurs boost their firm’s level of efficiency?
3. Does esteem needs of technology entrepreneurs enhances increased sales volume for their firm
4. Does love and belonging of technology entrepreneurs impacts their firm’s man power growth.
5. Would self-actualization needs of entrepreneurs facilitates their firms level of competitiveness
5.1 RESEARCH HYPOTHESIS
The hypotheses are to provide a logical ground for developing the research work. The hypotheses serve as possible answers to chosen problem and further research will provide imperial basis for the acceptance or rejection of hypotheses. This research used both Null (H0) and alternative hypothesis (H1) in explaining the details involved.
H0: There is no positive and significant relationship between physiological needs between production volumes
H1: There is a positive and significant relationship between physiological needs between production volumes
H0: There is no positive and significant relationship between safety needs and level of efficiency
H1: There is a positive and significant relationship between safety needs and level of efficiency
H0: There is no positive and significant relationship betweenesteem needs and increased sales volume
H1: There is a positive and significant relationship betweenesteem needs and increased sales volume
H0: There is no positive and significant relationship between need for love and belonging and man power growth
H1: There is a positive and significant relationship between need for love and belonging and man power growth
H0: There is no positive and significant relationship between self-actualization needs and level of competitiveness
H1: There is a positive and significant relationship betweenself-actualization needs and level of competitiveness
5.2 SIGNIFICANCE OF STUDY
The significance of this research is broad and stands out to be beneficial to potential entrepreneurs, investors such as shareholders, venture capitalist, financial analyst, professional institutions, society and government to be practically involved in the operations of the entrepreneurial industry.
However, its significance is directionally aimed at the following:
1. Enable entrepreneurship continuity, efficiency, productivity, stability and longevity via an effective motivational system.
2. Help to encourage economic boom due to the continuance existence of entrepreneurship thereby encouraging external investment.
3. Encouraging investment by potential investors as a result of reliance on motivated entrepreneurs and thereby discouraging economic recession.
1.7SCOPE OF STUDY
This research essentially covers the significant relationship between entrepreneurs’ motivation and entrepreneurial performance.
This research focuses on 100 selected entrepreneurs in Lagos state.
1.8LIMITATION OF THE STUDY
The limitation of this study is strictly within:
1. Limitation in Sample Size: Given the sample size chosen further study would require larger sample size for generalization of research findings.
2. Resource constraints: This entails financial and time constraints with regards to the gathering of data, analysis of data and computation of results. This as such constrained the researcher to a rather small sample size amidst the enormous population of his intended respondents
3. Secrecy and Lukewarm Attitude in the Completion of Questionnaires: some respondents in the population were unwilling to release some vital information. Also some other respondents showed lukewarm attitudes towards completing the questionnaires handed over to them, while some questionnaires were not returned.
The research methodology used is the historical research method in line with that of science or scientific method as it identifies, support and defines the problem, formulates probable hypothesis, analyses data, interpreting and reporting various findings.
The sample size should amount to a total of ten copies of questionnaire which will be given to ten selected entrepreneurs within the banking industry of Nigeria.
1.10SOURCE OF DATA
The type and source of data used in this research would be the primary data source.
The primary data designed was administered to the tenentrepreneur as listed above through questionnaire anddirect observation as focused on the topic.
1.11 DEFINITION OF TERMS
A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers.
A person who sets up a business or businesses, taking on financial risks in the hope of profit.
The process of designing, launching and running a new business, which typically begins as a small business, such as a start-up company, offering a product, process or service for sale or hire, and the people who do so are called 'entrepreneurs'.
The internal and external factors that stimulate desire and energy in people to be continually interested and committed to a job, role or subject, or to make an effort to attain a goal.
The accomplishment of a given task measured against pre-set known standards of accuracy, completeness, cost, and speed. In a contract, performance is deemed to be the fulfilment of an obligation, in a manner that releases the performer from all liabilities under the contract.
The branch of knowledge that deals with the creation and use of technical means and their interrelation with life, society, and the environment, drawing upon such subjects as industrial arts, engineering, applied science, and pure science. The purposeful application of information in the design, production, and utilization of goods and services, and in the organization of human activities.
Graham, P. (2016) ‘Read the full definition’, in Available at: http://www.businessdictionary.com/definition/technology.html (Accessed: 17 November 2016).
How has this term impacted your life? (2016) in Available at: http://www.businessdictionary.com/definition/performance.html (Accessed: 17 November 2016).
Ibrahim, F. (2016) Technology entrepreneurship as Nigeria’s new revenue earner - punch newspapers. Available at: http://punchng.com/technology-entrepreneurship-nigerias-new-revenue-earner/ (Accessed: 17 November 2016).
Murcko, T. (2016) ‘Do you know this term?’, in Available at: http://www.businessdictionary.com/definition/business.html (Accessed: 17 November 2016).
Opafunso, Z.O. and Okhankhuele, O.T. (2014) ‘Motivation as a factor responsible for entrepreneurial growth in Nigeria: A case study of export logistics limited, Akure, Nigeria’, Mediterranean Journal of Social Sciences, , pp. 166–170. doi: 10.5901/mjss.2014.v5n4p166.
Roja, A. and Nastase, M. (2014) ‘MANAGEMENT CHALLENGES FOR SUSTAINABLE DEVELOPMENT’, TECHNOLOGY ENTREPRENEURSHIP AND ENTREPRENEURIAL STRATEGIES, , pp. 107–112.
Unknown (2016) ‘Which of your friends needs to learn this term?’, in Available at: http://www.businessdictionary.com/definition/motivation.html (Accessed: 17 November 2016).
Ute, S., Mark, H., Tomasz, M. and Cord-Christian, D. (2015) ‘Understanding Motivations for Entrepreneurship’, Understanding Motivations for Entrepreneurship, BIS RESEARCH PAPER NO. 212, pp. 13–19.
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