Entrepreneurial Self-Efficacy and Venture Success of Manufacturing Firms in Rivers State, Nigeria
Keywords:
entrepreneur, orientation, self-efficacy, venture success, manufacturing firms
Abstract
Manufacturing firms in Rivers State were the focus of this research, which aimed to assess their entrepreneurial self-efficacy and venture success. With government policy serving as the moderating variable, the dimensions of self-efficacy included accomplishment orientation, idea creation, and resilience. The indicators of venture success included financial success, market success, and operational success. The researchers in this study mostly used a survey research strategy based on correlations. Based on data collected from the Manufacturers Association of Nigeria, Rivers state branch, this study's population consists of 294 management workers from 98 manufacturing enterprises in Rivers state. This study used the taro yamen sampling formula with a sample size of 170. We used a structured questionnaire to gather our data. Items are dependable according to Cronbach's Alpha, which showed a dependability index of.874. You can see the responder demographics in the bar chart. We analyzed the study variables using descriptive statistics, which include means and standard deviations. To test our hypotheses, we used the Spearman Rank Order Correlation Coefficient with a significance threshold of 0.05. In order to examine the government policy controlling variable, we used the partial correlation. The study found that manufacturing firms in Rivers state that are achievement oriented are more likely to have ventures that are successful, that manufacturing firms in Rivers state that are resilient are more likely to have ventures that are successful, and that there is a significant relationship between idea generation and venture success. In Rivers state, entrepreneurial self-efficacy is a major factor in the success or failure of industrial businesses. It has an effect on the businesses' overall performance and sustainability by affecting accomplishment orientation, idea creation, and resilience. Findings from the research suggest that manufacturing companies may encourage a growth mindset among their workers by outlining specific, attainable goals that contribute to the overall purpose and vision of the company.
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C. C. Chen, P. G. Greene, and A. Crick, “Does entrepreneurial self-efficacy distinguish entrepreneurs from managers?,” J Bus Ventur, 1998, [Online]. Available: https://www.sciencedirect.com/science/article/pii/S0883902697000293
E. L. Deci and R. M. Ryan, “The" what" and" why" of goal pursuits: Human needs and the self-determination of behavior,” Psychol Inq, 2000, doi: 10.1207/s15327965pli1104_01.
J. Hattie, Visible learning: A synthesis of over 800 meta-analyses relating to achievement. taylorfrancis.com, 2008. doi: 10.4324/9780203887332.
E. A. Locke and G. P. Latham, “Building a practically useful theory of goal setting and task motivation: A 35-year odyssey.,” American psychologist, 2002, [Online]. Available: https://psycnet.apa.org/journals/amp/57/9/705/
A. Kaplan and M. L. Maehr, “The contributions and prospects of goal orientation theory,” Educ Psychol Rev, 2007, doi: 10.1007/s10648-006-9012-5.
J. G. Covin and D. P. Slevin, “Strategic management of small firms in hostile and benign environments,” Strategic management journal, 1989, doi: 10.1002/smj.4250100107.
E. Stam, D. Audretsch, and J. Meijaard, “Renascent entrepreneurship,” J Evol Econ, 2008, doi: 10.1007/s00191-008-0095-7.
E. Autio, “New, technology-based firms in innovation networks symplectic and generative impacts,” Res Policy, 1997, [Online]. Available: https://www.sciencedirect.com/science/article/pii/S0048733396009067
S. Zahra and G. G. Dess, “Entrepreneurship as a field of research: Encouraging dialogue and debate,” Academy of management Review, 2001, doi: 10.5465/amr.2001.4011916.
J. C. Narver and S. F. Slater, “The effect of a market orientation on business profitability,” J Mark, 1990, doi: 10.1177/002224299005400403.
R. F. Hurley and G. T. M. Hult, “Innovation, market orientation, and organizational learning: an integration and empirical examination,” J Mark, 1998, doi: 10.1177/002224299806200303.
J. M. Sinkula, W. E. Baker, and T. Noordewier, “A framework for market-based organizational learning: Linking values, knowledge, and behavior,” Journal of the academy of …, 1997, doi: 10.1177/0092070397254003.
G. T. Lumpkin and G. G. Dess, “Clarifying the entrepreneurial orientation construct and linking it to performance,” Academy of management Review, 1996, doi: 10.5465/amr.1996.9602161568.
G. P. Pisano and W. C. Shih, “Restoring american competitiveness,” Harv Bus Rev, 2009, [Online]. Available: https://dailyreporter.com/wp-content/blogs.dir/1/files/2012/11/restoring-american-competitiveness.pdf
M. E. Porter, “The competitive advantage of nations, states and regions,” Harvard Business School, 2009, [Online]. Available: https://www.academia.edu/download/30781758/2011-0707_Malaysia_VC.pdf
G. S. Dangayach and S. G. Deshmukh, “Manufacturing strategy: literature review and some issues,” International journal of operations & …, 2001, doi: 10.1108/01443570110393414.
B. Kogut and D. G. Strategies, “Comparative and Competitive Value-Added Chains’,” Sloan Management Review (Summer 1985).
R. W. Schmenner, “Escaping the black holes of cost accounting,” Bus Horiz, 1988, [Online]. Available: https://www.sciencedirect.com/science/article/pii/0007681388900432
F. Damanpour, “Organizational innovation: A meta-analysis of effects of determinants and moderators,” Academy of management journal, 1991, doi: 10.5465/256406.
C. C. Chen, P. G. . Greene, and A. Crick, “Does social support help or hinder entrepreneurial resilience?,” Journal of Business Venturing Insights, vol. 9, pp. 87–92, 2018.
F. Liñán and F. J. Santos, “Does social capital affect entrepreneurial intentions?,” International Advances in Economic Research, 2007, doi: 10.1007/s11294-007-9109-8.
A. Rauch and M. Frese, “Let’s put the person back into entrepreneurship research: A meta-analysis on the relationship between business owners’ personality traits, business creation, and …,” European Journal of work and organizational …, 2007, doi: 10.1080/13594320701595438.
M. Obschonka, M. Stuetzer, and ..., “Macropsychological factors predict regional economic resilience during a major economic crisis,” Social …, 2016, doi: 10.1177/1948550615608402.
G. Chen, S. M. Gully, and D. Eden, “Validation of a new general self-efficacy scale,” Organizational research …, 2001, doi: 10.1177/109442810141004.
P. Davidsson and B. Honig, “The role of social and human capital among nascent entrepreneurs,” J Bus Ventur, 2003, [Online]. Available: https://www.sciencedirect.com/science/article/pii/S0883902602000976
M. M. Gielnik, H. Zacher, and M. Frese, “Focus on opportunities as a mediator of the relationship between business owners’ age and venture growth,” J Bus Ventur, 2012, [Online]. Available: https://www.sciencedirect.com/science/article/pii/S0883902610000558
R. A. Baron and J. Tang, “The role of entrepreneurs in firm-level innovation: Joint effects of positive affect, creativity, and environmental dynamism,” J Bus Ventur, 2011, [Online]. Available: https://www.sciencedirect.com/science/article/pii/S0883902609000603
J. B. Barney and W. S. Hesterly, Strategic management and competitive advantage: Concepts and cases. thuvienso.hoasen.edu.vn, 2019. [Online]. Available: https://thuvienso.hoasen.edu.vn/handle/123456789/12874
S. Blank and B. Dorf, The startup owner’s manual: The step-by-step guide for building a great company. books.google.com, 2020. [Online]. Available: https://books.google.com/books?hl=en&lr=&id=3p_ODwAAQBAJ&oi=fnd&pg=PR7&dq=the+startup+owner%27s+manual+the+%22step+by+step%22+guide+for+building+a+great+company&ots=eQnBrm8ZPs&sig=hbMEC88mHnw9dmTSUOSu-qymPZg
Y. Wang and K. Z. Zhou, “Entrepreneurial passion and venture success: The mediating role of entrepreneurial opportunity identification and exploitation,” J Bus Res, vol. 96, pp. 135–146, 2019.
E. Ries, The lean startup: How today’s entrepreneurs use continuous innovation to create radically successful businesses. books.google.com, 2011. [Online]. Available: https://books.google.com/books?hl=en&lr=&id=tvfyz-4JILwC&oi=fnd&pg=PA1&dq=the+lean+startup+how+today%27s+entrepreneurs+use+continuous+innovation+to&ots=8K09w45ovX&sig=Hp0ultvo2WWT4anGtdsrktLUJ-k
N. Slack, S. Chambers, and R. Johnston, Operations management. Pearson education, 2010.
R. B. F. Chase and N. J. Aquilano, Operations management for competitive advantage. elibrary.gci.edu.np, 2021. [Online]. Available: http://elibrary.gci.edu.np/handle/123456789/3582
L. J. Krajewski and M. K. Malhotra, Operations management: Processes and supply chains. thuvienso.hoasen.edu.vn, 2022. [Online]. Available: https://thuvienso.hoasen.edu.vn/handle/123456789/13052
S. A. Taylor and J. L. Bogdan, “The impact of leadership style on operational success in healthcare organizations: A systematic review of the literature,” J Healthc Leadersh, vol. 9, pp. 33–46, 2017.
C. M. Chang and C. Y. Huang, “Organizational culture and operational success in a manufacturing company,” Int J Prod Econ, vol. 124, no. 1, pp. 316–325, 2010.
K. R. Harrington and J. Ottenbacher, “The relationship between employee engagement and operational success in a retail organization,” Journal of Organizational Culture, Communication and Conflict, vol. 15, no. 2, pp. 121–137, 2011.
J. Wiklund and D. Shepherd, “Knowledge‐based resources, entrepreneurial Achievement orientation, and the performance of small and medium‐sized businesses,” Strategic Management Journal, vol. 24, no. 13, pp. 1307–1314, 2003.
A. Rauch, J. Wiklund, G. T. Lumpkin, and M. Frese, “Entrepreneurial achievement orientation and business performance: An assessment of past research and suggestions for the future,” Entrepreneurship Theory and Practice, vol. 33, no. 3, pp. 761–787, 2009.
T. Kautonen, M. Van Gelderen, and ..., “Robustness of the theory of planned behavior in predicting entrepreneurial intentions and actions,” … theory and practice, 2015, doi: 10.1111/etap.12056.
X. Li, Y. Liu, and Y. Chen, “Entrepreneurial achievement orientation and firm performance: The mediating role of entrepreneurial alertness,” J Bus Res, vol. 86, pp. 229–238, 2018.
M. I. Sánchez-Hernández, M. P. Martínez-Ruiz, and A. I. Jiménez-Zarco, “Entrepreneurial achievement orientation, market orientation, and performance: A study of Spanish Manufacturing firms,” J Bus Res, vol. 98, pp. 365–373, 2019.
M. A. Olokundun, A. S. Ibidunni, F. Peter, A. B. Amaihian, C. L. Moses, and T. T. Borishade, “The effect of entrepreneurial achievement orientation on the performance of Nigerian manufacturing firms (Manufacturing firms),” J Entrep Educ, vol. 20, no. 2, pp. 1–11, 2017.
Published
2024-04-02
How to Cite
Ajuka, H. M., Letam, N. S., & Gbarakae, S. G. (2024). Entrepreneurial Self-Efficacy and Venture Success of Manufacturing Firms in Rivers State, Nigeria. International Journal on Economics, Finance and Sustainable Development, 6(3), 14-32. https://doi.org/10.31149/ijefsd.v6i3.5260
Section
Articles
