ABSTRACT

The purpose of this study was to investigate the entrepreneurial competencies required for engaging retirees in small and medium scale businesses. The study adopted descriptive survey research design. The population of the study was 11,698 retirees in Cross River State. Multistage sampling technique was adopted for the study. The sample for the study was 1,169 retirees. The instrument for data collection was 61 items structured questionnaire titled ‘entrepreneurial competencies required for engaging retirees in small and medium scale businesses for sustainable community development”. Modeled on a 4-points rating scale options of Strongly Agree (SA), Agree (A), Disagree (D) and Strongly Disagree (SD), with numerical values of 4, 3, 2, and 1 assigned to the responses. The instrument was validated by 3 experts. Crobach’s alpha was used to determine the internal consistency reliability of the instrument and was established at 0.721. The data collected was analyzed using mean and standard deviation for research questions and t-test statistics was used to analyze the hypotheses at the 0.05 level of significance with the application of Statistical Package for Social Science (SPSS). The findings include that: some of the small and medium scale businesses and entrepreneurial competencies required for retirees’ engagement are not accepted while some are accepted. It is therefore recommended that more small and medium scale businesses should be developed and established with the associated competencies required for the retired entrepreneurs.

 

 

TABLE OF CONTENTS

Title Page                                                                                                                               i

Approval Page                                                                                                                      ii

Certification                                                                                                                         iii

Dedication                                                                                                                             iv

Acknowledgements                                                                                                            v

Table of Contents                                                                                                                 vi

List of Tables                                                                                                                        ix

List of Figure                                                                                                                        x

Abstract                                                                                                                                 xi

CHAPTER ONE: INTRODUCTION                                                          1

Background of the study                                                                              1

Statement of the problem                                                                                      7

Purpose of the study                                                                                    9

Significance of the study                                                                                       10

Research questions                                                                                                12

Hypotheses                                                                                                  13

Scope of the study                                                                                       14

CHAPTER TWO: REVIEW OF LITERATURE                                        15

Conceptual Framework                                                                              16

• Concept of Entrepreneurship 16
• Concept of Competency 20
• Concept of Retirees 40
• Concept of Small and Medium Scale Businesses 41
• Concept of Sustainable Community Development 50

Theoretical Framework                                                                              54

• Economic Theory of Entrepreneurship 54
• Management Entrepreneurship Theory 55
• Sociological Theory of Entrepreneurship                    56

Review of Related Empirical Studies                                                                    58

Summary of Literature Review                                                                   65

CHAPTER THREE: METHODOLOGY                                                    67

Design of the study                                                                                               67

Area of the study                                                                                         67

Population of the study                                                                                68

Sample and sampling technique                                                                             68

Instrument for data collection                                                                      69

Validation of the instrument                                                                        70

Reliability of the instrument                                                                        71

Procedure for data collection                                                                        71

Method of data analysis                                                                                72

CHAPTER FOUR: PRESENTATION OF RESULTS                                73

Summary of Findings                                                                                   94

CHAPTER FIVE: DISCUSSION, CONCLUSION AND SUMMARY        97

Discussion of the Findings                                                                           97

Conclusion                                                                                                  100

Educational Implications                                                                             101

Recommendations                                                                                                 102

Limitations of the Study                                                                              102

Suggestions for Further Studies                                                                    103

Summary of the Study                                                                                 103

REFERENCES                                                                                           105

APPENDICES                                                                                            118

Appendix A – Questionnaire                                                                       118

Appendix B – Result of Reliability                                                              125

Appendix C – Analysis Test                                                                        128

Appendix D­­­­ – Population Distribution                                                          138

Appendix E  – Sample Distribution                                                              139

 

CHAPTER ONE

INTRODUCTION

Background of the Study

Small and Medium Scale Businesses (SMBs) occupy a place of pride in virtually every country (Central Bank of Nigeria (CBN), 2004). Due to the significant role of SMBs in the development and growth of various economies, Onogu (2005) stated that SMBs have aptly been referred to as the engine of growth and catalysts for socio-economic transformation of an individual and the country. Olagunju (2000) described small scale business as all ventures set up to provide satisfaction (utility) for a defined market target and with capital and asset base as low as five thousand naira and as high as one million naira. According to the National Institute of Management (2005) small scale businesses are those businesses employing between 1-35 people, while the medium scale businesses employ more than 35 but less than 100 people in the business.

The National Council of Industry, (2003) described small and medium scale businesses (SMBs) as industry with capital based of less than one million and not more than ten million. However, this study will adopt Central Bank of Nigeria definition of small and medium scale businesses (SMBs) which views it in relation to asset base of N1million to N500 million and number of staff employed ranging from 11 to 300 employees (CBN, 2004). United Nations Industrial Development Organization (UNIDO) (2005) reported that several Non-Governmental organizations such as: Fate Foundation, Support and Training Entrepreneurships Programme (STEP), the Nigerian Investment Promotion Commission (NIPC), the Individual  Development Finance Institutions (IDFIs), as well as Development Finance Institutions (DFIs) have been promoting the growth of small and medium scale businesses in Nigeria through advocacy and capacity-building initiatives, and have continued to canvass for better support structures for operators in the small and medium scale businesses sub-sector. Onogu (2005) recognized that all the massive attention and support given to small and medium scale businesses relate to the widely acclaimed fact that small and medium scale businesses are job and wealth creators. Small and medium scale businesses help to aid larger industry by creating forward and backward linkage to encourage indigenous entrepreneurs in the country (National Institute of Management, 2005).

An entrepreneur is a person who perceives business opportunities and takes advantages of the scarce resources to use them (National Institute of Management, 2005).  An entrepreneur is an individual that creates and builds something of value from practically nothing which is of benefit to the society.  An entrepreneur exhibits optimism, resourcefulness and persistence in business through experience.   Entrepreneurs who have been involved in starting up and managing ventures are more likely to be successful and effective in entrepreneurship pursuit (Diamanto, 2005).  Entrepreneurship in the view of Tasbulatova (2000) involves new ways of looking at opportunities and identifying new approaches towards solving problems. It is understood as a combination of creativity and innovation. Being entrepreneurial involves the consideration of a number of opportunities to enhance employee performance and business profit (Uduma, 2004). Uduma, (2004) further stated that the entrepreneur is expected to apply strategic planning to assess if the opportunities provided for growth are worthwhile and how they could be successfully exploited. Strategic planning is an essential part to the concept of entrepreneurial development of an individual, which implies expertise in competencies to achieve a goal (Diamanto, 2005).

Competency according to Alawa, Abanyam and Okeme (2010) is the successful performance of a task through the use of knowledge, skills, attitude and judgement. The Alawa et al, further viewed competency as the state of being functionally adequate in performance of one’s duty. Competency involves training situation where trainees have to attain a small number of specific and job-related competencies (Cooper & Graham, 2001). This ensures that participants build confidence as they succeed in mastering a particular competency. To be competent therefore, means that individual has acquired knowledge, skills and attitudes which are required for performing successfully at a specified proficiency level in any given work or trade. To be successful, the entrepreneurs must be experts in planning, establishing and managing their businesses, personnel management, inventory/stock management, financial record management and marketing of products and services (Onogu, 2005).

Planning, according to Ezeocha, (2009) is the business of identifying goals and objectives and working out ways and means of achieving them. Ezeocha, (2009) further noted that planning is a process of setting out in advance, any objective plan for the achievement of meaningful production. Therefore, planning is important to the success of business entity. In any business entity, Okechukwu (2009) noted that an entrepreneur require skills in managing both human and material resources of the business which include: locating the business environment, identifying product line, recruiting staff, motivation, leading and directing the work force for the effective use of monies acquired, delegate and supervise responsibilities.

Also important in the success of any business is the financial resources management skills. Olatunbosun (2006) described financial resource management activities as that which is concerned with the planning and controlling of financial resources of an enterprise. Apart from financial resource management, the marketing of the products of the entrepreneur is also very important. Marketing, according to Okpan (2006) include all the activities that deal with: ability to capture and retain the attention of customers; establish and maintain contact with customer, determine consumer needs, promote and sell the organization products, analyze demand and supply situations, effective market and information research. The identified areas of entrepreneurial competencies are important for a prospective entrepreneur for success and sustainability (Nigerian Institute of Management, 2005). In the context of this study, entrepreneurial competency refers to identified knowledge and skills required for engaging retirees in managing small and medium scale businesses in Cross River State.

Engaging retirees in SMBs is a collective action and generate solutions to common problems in their community (United Nations Development Group, 2014). Engaging retiree is a broad term given to the practices of civic leaders, activists, involved citizens and professionals to improve various aspect of retired personnels, typically aiming to build stronger and more resilient local communities after disengagement from service (Uwaleme, 2013). According to Sung, (2014) engaging retirees seek to empower individuals and groups of people with the skills they need to effect change within their livelihood and lives. Engaging retirees deal with identifying and harnessing local community resources and opportunities and stimulating sustainable economic and employment activity.

Sustainability is broadly described as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs (Clough, Chameau & Carmichael, 2006).  Sustainability is the ability or capacity of something to be maintained. It is about taking what we need to live now, without jeopardizing the potential for people in the future to meet their needs (Clough, et al, 2006).  According to Land-Learn, (2015) if an economic activity is said to be sustainable, it should be able to continue forever. The term sustainability, when applied to small and medium scale businesses is the development of a business or management system that helps to create a vibrant economy and community development while respecting the need to sustain the resources and protect the business interest of  entrepreneurs such as retirees  because of the role they play in economic sector (Pearson, 2007).

Retirees are very significant in the growth and development of any society (Olagunju, 2004). According to Supprakit (2014), retirees contribute significantly to economic life of Nigerian society. For instance, Central Bank of Nigeria (2010) estimated that rural retirees in Nigeria are responsible for at least 70% of food production and processing and are greatly involved in marketing and distributive activities. Retirees’ participation in the labour force has increased greatly since the turn of the 20th century (Ajayi, 2013) and the percentage of retirees engaged in the paid labour force is increasing rapidly (Onyeonoru, 2005). Hence, effort must be made to ensure that entrepreneurial competencies required for engaging retirees in SMBs are identified.

Retirement is disengagement from work force due to age or years of service of the employees. Retirees, according to Asogwa, Isiwa, and Obetta (2013) are adults who have been disengaged from the initial employment after long services but are still willing and able to continue their existence in a desirable but less strenuous occupation with affordable investment. Jerry (2009) stated that engagement of the retirees in a sustainable occupation requires some retirement plans to help provide a liveable income when an individual stops working. Some of the plans according to Jerry include: government-sponsored social security system, private-employer sponsored retirement plan and individual savings plan.

In Nigeria, Akpe, (2002) noted that retirees suffer psychological pressure like boredom, frustration, unwillingness to try new methods, fear of failure, depression arising from loss of incomes, loss of statues and authority in trying to strike a compromise between an ideal and real departure from their regular job to retirement. Some retirees suffer serious ailment like hypertension, stroke that most sometimes lead to death, loss of authority and will power and humiliation due to insufficient incomes to meet their family demands due to lack of job (Atchley, 2007). Retirees in Nigeria face disheartening situations after several years of serving their fatherland, the case of retirees in Cross Rivers State is not an exception (Alao & Obasoro, 2006). Taking into cognizance, the important roles retirees played in their respective families and society at large, efforts must be made for engagement of the retirees in economic activities for sustainable living on retirement. In light of the above development, it is pertinent to identify entrepreneurship competencies required for engaging retirees in small and medium scale businesses for sustainability in Cross River State of Nigeria.

Statement of the Problem

During the period of retirement the retirees’ monthly pension becomes small and irregular. Some of the retirees have no other source of income while a few rely on meager and inconsistent income paid as pension. Meanwhile, the gap between their former and present income on retirement constitute an economic and emotional insecurity that often results in frustration and lots of ailment such as insomnia (sleeplessness), high blood pressure and death. Evidences are clear that in the area of study, many of the retirees have died as a result of frustration due to poor financial status to maintain themselves and inability to meet other family needs such as feeding, paying children schools fees, paying house rent, medical, power and other essential bills.

The increased case of economic hardship and frustration to retirees in the state is worrisome. This could be possibly linked with their lack of entrepreneurship competencies in small and medium scale business. The painful experience of these retirees queuing up almost hopelessly for their pensions and sometimes fainting and dying in the process has become recurring features among Nigerian and Cross River State pensioners.

Most of the retirees in Cross River State are still interested in contributing their own quota to the development of their immediate families and the communities. To enable them do this, they require some entrepreneurial competencies for engagement in small and medium scale businesses for income earning. This is because, small and medium scale businesses represent veritable vehicles for the achievement of national economic objectives of employment generation and poverty reduction in our society. This prompted the researcher to see what could be done to engage the teaming retirees in small and medium scale economic activities immediately after retirement in Cross River State. It is based on this benchmark that this study was carried out to identify entrepreneurship competencies required for engaging retirees in small and medium scale businesses for sustainability after retirement in Cross River State, Nigeria.

 

Purpose of the Study

The major purpose of this study is to ascertain entrepreneurship competencies required for engaging retirees in small and medium scale businesses in Cross River State. Specifically, the study identified:

1. Small and medium scale businesses for retirees’ engagement in Cross River State.
2. Entrepreneurial planning competencies required for retirees engagement in small and medium scale businesses in Cross River State.
3. Entrepreneurial personnel management competencies required for retirees engagement in small and medium scale businesses in Cross River State.
4. Entrepreneurial inventory/stock management competencies required for retirees engagement in small and medium scale businesses in Cross River State.
5. Entrepreneurial financial resource management competencies required for retirees engagement in small and medium scale businesses in Cross River State.
6. Entrepreneurial marketing of products and services competencies required for retirees engagement in small and medium scale businesses in Cross River State.

 

Significance of the Study

Theoretically, the findings of this study will revalidate the theory of entrepreneurship theory and sociological theory of entrepreneurship that illustrate the relevance of economic development of individual entrepreneurs to the overall economic development of the society.

Practically, the findings of this study will be of immense benefit to retirees, adult educators, students curriculum planners, the government and researchers with interest in entrepreneurship competencies required for economic development in the society.

The findings of this study will improve the knowledge and competencies of the retirees in Cross River State and Nigeria in general as the study will focus on the identification of the entrepreneurship competencies required by retirees for success in small and medium scale businesses in the state. The practical knowledge of small and medium scale businesses will enhance the income of these retirees.

Adult educators on the other hand will greatly benefit from the findings of the study in that it will serve as a reference material to know the areas of deficiency of the adult educators in small and medium scale businesses. The knowledge of the procedures for planning, establishing, managing personnel, managing financial record and marketing will assist adult educators to effectively impart the entrepreneurship competencies on the learners. This knowledge will help to improve their course content, method of teaching, consistent curriculum review and planning for the production of experts in entrepreneurial studies. Also, adult educators who are not grounded in entrepreneurship skills and competencies will use the findings of this study to update their knowledge.

The students of adult education in tertiary institutions will also benefit from the findings of the study as their entrepreneurship knowledge, skills and competencies will be significantly improved in planning, establishing and successfully managing small and medium scale businesses on graduation. The students will be equipped on the practical skills in small and medium scale businesses in their locality.

The findings of the study will be of great benefit to curriculum planners because it will create awareness and serve as relevant materials for curriculum review and update in line with the present societal demand for entrepreneurship competencies for increased employment creation and national economic development. The findings of the study if integrated into the curriculum of government owned skill acquisition centre where the retirees can be trained will produce the needed information to the policy makers and public authorities in charge of retirees in Cross River State and the country.

The findings of the study will be beneficial to the Cross River State and the Federal Government in their efforts to improve the quality of life of the retirees after active service at work. This is because, if the findings of the study are packaged and made available for training the retirees, it will empower them with competencies to enhance their income thereby reducing their emotional and economic insecurity. The findings of the study will be of immense benefits to future researchers with keen interest in entrepreneurship empowerment programme for vulnerable groups such as youths, adults, and retirees in Nigerian society. The findings of this study will serve as good references materials that will help to sharpen their focus on entrepreneurship its indispensable contributions to the individuals improved living standard and that of their society in general.

Research Questions

The following research questions guided the study:

1. What are the small and medium scale businesses for retirees’ engagement in Cross River State?
2. What are the entrepreneurial planning competencies required for retirees’ engagement in small and medium scale businesses in Cross River State?
3. What are the entrepreneurial personnel management competencies required for retirees engagement in small and medium scale businesses in Cross River State?
4. What are the entrepreneurial inventory/stock management competencies required for retirees engagement in small and medium scale businesses in Cross River State?
5. What are the entrepreneurial financial resource management competencies required for retirees engagement in small and medium scale businesses in Cross River State?
6. What are the entrepreneurial marketing of products and services competencies required for retirees’ engagement in small and medium scale businesses in Cross River State?

Hypotheses

The following null hypotheses were formulated to guide the study and were tested at the 0.05 level of significance

H_01: There is no significant difference in the mean ratings of urban and rural retirees on the small and medium scale businesses where retirees can be engaged in Cross Rivers State.

H_02: There is no significant difference in the mean ratings of urban and rural retirees on the entrepreneurial planning competencies required for retirees’ engagement in small and medium scale businesses in Cross River State

H_03: There is no significant difference in the mean ratings of urban and rural retirees on the entrepreneurial personnel management competencies required for retirees engagement in small and medium scale businesses in Cross River State

H_04: There is no significant difference in the mean ratings of retirees on the entrepreneurial inventory/stock management competencies required for retirees engagement in small and medium scale businesses in Cross River State

H_05:  There is no significant difference in the mean ratings of retirees on the entrepreneurial financial resource management competencies required for retirees engagement in small and medium scale businesses in Cross River State

H_06:  There is no significant difference in the mean ratings of retirees on the entrepreneurial marketing of products and services competencies required for retirees’ engagement in small and medium scale businesses in Cross River State

Scope of the Study

Geographically, the study is delimited to Cross River State of Nigeria. This study also was restricted to identification of entrepreneurship competencies required for engaging retirees in small and medium scale businesses in Cross River State. The study identified small and medium scale businesses where the retirees can be employed for sustainable living. In addition, the identification of the entrepreneurship competencies was made to cover competencies in planning small and medium scale businesses, personnel management, inventory/stock management, financial resource management and marketing products and services. The study was also restricted to the use of questionnaire for gathering data from retirees who constituted the respondents for the study.

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