Induction Strategy of Igbo Entrepreneurs and Micro-Business Success: A Study of Household Equipment Line, Main Market Onitsha, Nigeria

Chinazor Lady-Franca Obunike ()
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Chinazor Lady-Franca Obunike: Federal University Ndufu-Alike, Ikwo, Faculty of Humanities and Social Sciences, Department of Business Administration/Entrepreneurial Studies P.M.B. 1010, Abakaliki, Ebonyi State, Nigeria

Acta Universitatis Sapientiae, Economics and Business, 2016, vol. 4, issue 1, 43-65

Abstract: This work justifies the “Igba-odibo” (Traditional Business School) concept as a business strategy for achieving success in business which is measured through business/opportunity utilization, customer relationship/business networking and capital acquisition for business. It gives the in-depth symbolic interpretation and application of the dependent and independent variables used. The paper extends its discussion on the significance of these business strategies as practised among Igbo entrepreneurs and on how they equip Igbo entrepreneurs to immensely contribute their quotas in the area of developing entrepreneurship in Nigeria in particular and the globe in general. Research questions were formulated to investigate the relationship between business strategy and success. Related literature was reviewed. The study population covers the household equipment line of Main Market Onitsha in Anambra State, Nigeria, which has shop capacities of over five hundred, which were used to assume the population of the study – out of the 300 questionnaires administered to the directors of the business or the Masters/Mistresses, who were the business owners during the study, 180 were returned, 73 were invalid, so the researcher was left with 107 valid questionnaires to work with. The data collected were tested using frequency tables, percentages, Pearson Product-Moment correlation analysis, and regression analysis. The result shows that there is a strong positive relationship between the two variables. The researcher recommends that the government should encourage and strongly support these entrepreneurs by providing loans and adequate infrastructure that aids business.

Keywords: “Igba-Odibo”; induction-strategy; Igbo-entrepreneurs; business-success; business opportunity/expansions; business/customers networking (search for similar items in EconPapers)
JEL-codes: M10 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:auseab:v:4:y:2016:i:1:p:43-65:n:1003

DOI: 10.1515/auseb-2016-0003

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