A CRITICAL INVESTIGATION OF WOMEN ENTREPRENEURS AND THE FACTORS AFFECTING THEIR PERFORMANCE IN NIGERIA

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Background to the study

Entrepreneurship's dynamism is considered as capable of addressing new economic, social, and environmental concerns as globalization reshapes the global economic landscape and technological advancement creates more unpredictability in the global economy. Entrepreneurship and innovation are increasingly viewed as the basis of a competitive national economy, and in most countries, entrepreneurship policies are inextricably tied to innovation policies, which share many characteristics and challenges (Islam and Amin 2016). The establishment of new businesses is a dynamic process that introduces and disseminates innovative items, processes, and organizational structures across the economy. The crucial difficulty in entrepreneurship is converting huge ideas into economic potential.

History shows that pragmatic individuals who are adventurous and inventive, capable of seizing opportunities and willing to take risks have made significant contributions to economic progress. In terms of economic and social progress, entrepreneurship and entrepreneurial culture have long been devalued. However, it has long been established that entrepreneurship contributes to economic progress. Despite this, men owned the majority of enterprises. In other words, women-owned businesses were unusual around the world, particularly in developing countries such as Nigeria. Women's entrepreneurship is a novel idea and practice. Until the 1980s, there was little understanding of women's entrepreneurship, both in practice and in research, therefore the emphasis was solely on men. The scientific study of women's entrepreneurship and women-owned and run enterprises is a relatively new phenomena dating back to the 1980s. Despite the fact that there are more women in business, recent research shows that the majority of them work in Micro and Small Businesses (MSEs). Women have exhibited an increasing interest in income-generating activities, self-employment, and entrepreneurship in recent years, and this is true for all sorts of women in both urban and rural areas. It is clear that a growing number of women are taking the initiative to create their own enterprises. Women have faced several challenges associated with entrepreneurship throughout the process of entrepreneurship, and these challenges are exacerbated by her dual role as a wage worker and a housewife.

Women in Nigeria have been active in business for decades, but their achievements have mostly gone unacknowledged. They have created and exchanged goods and services both inside their communities and in surrounding markets (Islam and Amin 2016). And, more often than not, women's entrepreneurial drive has been critical to their families' survival. Women entrepreneurs contribute significantly and growingly to their own family's budget as well as the prosperity of the community. Existing and potential entrepreneurs should not view entrepreneurship as a last resort, despite the fact that it is not without risks. This is due to the fact that running a business provides you with a sense of independence, flexibility, and freedom; you can be your own boss and have more time and money. Aside from that, in this day and age of globalization, finding job would be hard owing to severe competition all over the world.

1.2 Statement of the research problem

Women's entrepreneurship is a developing global issue that has received significant study interest in recent decades. It not only benefits economies in terms of job creation and economic growth, but it is also recognized as a source of expanding entrepreneurial diversity in a variety of economic circumstances; as such, it provides a vital topic for coordinated scientific study. Despite their substantial contribution to business, women encounter several restrictions and challenges that might stymie their success as entrepreneurs. According to a research conducted in Africa, many women entrepreneurs are found to be operating in tough settings as compared to their male counterparts as a consequence of a variety of issues (ILO, 2018). Religious views, political instability, inadequate infrastructure, high manufacturing costs, and a hostile economic climate harm more women entrepreneurs in the region than males (Walker & Joyner, 2000). Furthermore, the current economic crisis is aggravated by a very unfriendly business atmosphere, leaving women with little choice except to financially support their marriages. According to the Nigerian National Medium Scale Enterprises (MSEs) Baseline Survey (2019), women are more likely to own businesses connected with traditional women's responsibilities, such as hairstyling, restaurants, hotels, retail stores, and wholesale outlets. The Nigerian government understands that women entrepreneurs have not had equal access to opportunities and assets as males, but it has failed to properly address the constraints that women face in business. The purpose of this study is to determine how various factors such as family history, socio-cultural factors, economic factors, and human capital factors influence the success of women in entrepreneurship.

1.3 Objective of the study

The primary aim of this study is to critically investigate women entrepreneurs and the factors affecting their performance in Nigeria. Specifically, the study seeks to:

1. investigate the factors affecting the performance of women entrepreneurs in the sampled state.

2. investigate the effect of women entrepreneurs on the growth of the sampled state economy and Nigeria at large.

3. Analyse the ways of empowering the sampled state women to become entrepreneurs

1.4 Research Questions

The research is guided by the following research question:

1. What are the factors affecting the performance of women entrepreneurs in the sampled state?
2. How does women engaging in entrepreneurship affect the growth of the sampled state economy and Nigeria at large?
3. What are the ways the sampled state women can be empowered to become entrepreneurs?

1.5 Research Hypotheses

The study shall test the validity of the following null hypotheses:

H01:  There is no effect of women entrepreneurs on the growth of the sampled State and Nigeria economy.

H02: There are no known factors that is affecting the performance of women entrepreneur in the sampled State.

1.6 Significance of the study

This study is of immense significance to women entrepreneurs as it has outline factors influencing the performance women entrepreneurial ventures. The study will be useful to alleviate the problems that women entrepreneurs face in Nigeria and other parts of world. To researchers and academicians, the study will be a supply reference material for future researchers on other related topics. In addition it will help other academicians who undertake research on related topics.

The study covers a very essential area in economic development and hence it will be of importance since it will provide information that can be used to formulate policy. The financial institutions will come up with products which are tailor made to fit into woman financial needs. In addition through the financial institutions corporate social responsibilities they will factor in woman groups. Lastly the study will contribute to the body of knowledge and serve as reference material for other researchers and students in related field.

1.7 Scope of the study

This study will covered women entrepreneur in Edo state. There are different issues that will be researched in relation to women entrepreneurs. But, this study will be delimited to the key sociocultural, financial accessibility, level of entrepreneurial training and domestic commitment on the performance of women entrepreneurs in SMEs. In addition, the study focuses only on assessing the major personal and organizational characteristics of women entrepreneurs in MSEs to check whether these characteristics affect their performance.

1.8 Limitation of the study

The following factors poses to be a limitation during the course of this research

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.

1.10 Operational definition of terms

Women entrepreneur: women entrepreneurs are those women who think of a business enterprise, initiate it, organize and combine the factors of production, operate the enterprise and undertake risks and handle economic uncertainty involved in running a business enterprise.

1.11 Organization of the study

The research is organized in five distinct chapters. Chapter One discussed on Background to the study, Statement of the research problem, The research question,The objective of the study, The research Hypothesis, Significance of the study, Scope of the study, Limitation of the study, Operational definition of terms, Organization of the study.

Chapter Two discussed literature review which includes review of concepts, review of related theories and empirical review.

Chapter three discussed the  Research Design, Population of the study, Sample and Sampling methods, Theoretical Framework/Method Specification, Operationalisation/ Measurement of Variable, Sources of methods of data collection and Method of Data Analysis.

Chapter four discussed  the Data Presentation / Background Information, Descriptive Analysis, Estimation of Result and Test of Hypotheses, Sensitivity and Robust Test, Discussion of Findings.

Chapter Five discussed the Summary of Findings, Conclusion, Recommendation and Policy implication, Contribution to knowledge’ and Suggestion for further research

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