CHAPTER ONE

INTRODUCTION

Entrepreneurship has to do with the conceptual approach of doing new things within a new philosophy of value, of purpose, of utility and of quality and use, which satisfies needs. It is the practice of starting new organizations, particularly new businesses generally in response to identified opportunities. It also involves the recognition of opportunities (needs, wants, problems and challenges) and the use of resources to implement innovative ideas.

Entrepreneurship is often a difficult undertaking as a vast majority of new businesses fail. Entrepreneurship ranges in scale from solo projects (involving the entrepreneur only part time) to major undertakings creating many job opportunities. Entrepreneurial activities are substantially different depending on the type of organization that is being started. Furthermore entrepreneurship is about taking Risk – Risks which could be measured statistically, that which is ambiguous and true uncertainty i.e impossible to estimate or predict statistically. The act of entrepreneurship is often associated with true uncertainty, particularly when it involves bringing something really novel to the world whose market never exists. Thus,  lots of benefits can be derived from entrepreneurial activities which includeself employment, employment for others, development of more land, incomegeneration and increased economic growth, healthy competition, availability of more goods and services, development of new markets, promotion of the use of modern technology, reduction of informal economy, development of entrepreneurial qualities and attitudes among potential entrepreneurs.

An entrepreneur is deemed as once who exhibits a kind of behavior which includes taking initiative, organizing a;1d re-orga~1izing of social and economicmechanism Tor the purpose of turning resources and situations to practical profitable ends, and acceptance of risk of failure. He could also be perceived as being mercurial, which is being prone to insights, brain storms, deceptions, ingeniousness and resourcefulness. He could also be cunning, opportunistic, creative and unsentimental. He is not solely an inventor or a promoter; rather he needs to” be capable of innovations of taking and managing risk of hard and concentrated work and of decisive and durable achievement.  Entrepreneurs are not immune to challenges. They include decision on the type of product and service, sourcing for finance, the mechanics of starting a company, effective staff selection, monitoring high level of morale in business, expansion and diversification amongst others.

Passion is the energy that comes from bringing more of you into what you do. Passion is being what you are. It’s taking off the mask and doing what comes naturally. It’s following the flow of what one is drawn to, what energizes one and what makes one come alive. Passionate people are ones who fill a conversation with a burst of new energy, they are motivated to wake up everyday and put 200% into whatever they do and they typically measure success in different ways. Thus; if one has passion for a given goal, no matter what that goal is, he will likely accomplish it. If one wants to succeed, he needs to be passionate about his goals

Creativity is a mental process involving the generation of new ideas or concepts or new associations of the creative mind between existing ideas and concepts. Creativity is manifested in the production of a creative work that is both original and useful. It results in producing or bringing about something partly or wholly new, investing an existing objective with new properties or characteristics, imagining new possibilities that were not conceived of, before, seeing or performing something in a manner· different from what was thought possible or normal previously. Creativity can also be perceived as finding new solutions to old problems either by encouraging people to work in different ways or through the use of new technologies and new processes. It, also means finding entirely new products, nev routes to market and new markets altogether. It involves vision, ambition and challenge. It’s driven by wanting to be the best and not being satisfied with the second best.

1.2    STATEMENT OF PROBLEM

Stockbrokers have the passion of trading on stocks. They buy and sell shares on the floor of the Nigerian stock Exchange. But there are other creative processes that can be explored by them as entrepreneurs. These include margin trading, estate administration and divestment in properties amongst others. A stock broker’s identification with existing processes is inhibitive to exploration of other creative processes. It is therefore imperative to evaluate the extent a stock broker’s strong identification with business processes can affect the creation of new ones.

The pertinence of effective innovative processes cannot be overemphasized. Yet, stock brokers find it difficult to explore such innovative processes due to the passion they have for existing processes. Thus, it is essential to identify and discuss various elements of entrepreneurial passion disturbing the level of creativity in stock management.

Innovation connotes the ability of an entrepreneur to turn existing processes into productive and profitable ones. There are a number of innovative processes that can be experimented by stockbrokers. But due to their emotional attachment to existing processes, they are oblivious of the fact that other innovative processes exist, let alone explore them. The problem of identifying the types of innovative processes that can be explored by stockbrokers for enhanced performance is an intriguing one that must be explored.

A stock broker’s emotional attachment can shorten or obstruct his drive and inspiration· to create new products, services and processes because his emotional attachment is usually exhibited towards already created products, services and processes there by preventing his attainment of a greater height of new entrepreneurial skills. Thus, it is germane to investigate how and the extent a stock broker’s emotional attachment can obstruct entrepreneurship development.

Stockbrokers, as entrepreneurs need to continuously create effective products, services and processes. They are equally perceived as entrepreneurs who are highly committed to their business processes which could have a debilitating impact on innovative processes. He could find it dif1icult to let go or discard such processes even if they become obsolete. Hence, it is pertinent to identify the extent a stock broker’s commitment to his already existing processes can affect his ability to develop innovative processes that are productive.

1.3    OBJECTIVES OF THE STUDY

1.                  Determining the extent to which an entrepreneur’s identification influences creative processes.

2.                  Identifying whether a significant -relationship exists between an entrepreneur’s emotional attachment and creative processes

3.                  Unraveling the extent an entrepreneur’s commitment influences innovative processes.

4.                  Identifying the list of creative processes that can be explored by entrepreneurs (stockbrokers) .

5.                  Investigating the extent to which an entrepreneur’s commitment affects creative processes.

6.                  Identifying the elements of entrepreneurship passion that inhibits the development creative processes.

1.4    SIGNIFICANCE OF THE STUDY

The significance of the study will be viewed from two different perspectives namely – practical and Academic

Practical Significance

The study will help in broadening the understanding of the following:

1.                  It will reveal the impact of an entrepreneur’s commitment on creative processes.

2.                  It will also unfold the list of creative processes that can be explored by entrepreneurs (stock brokers).

3.                  It will equally uncover the influence of an entrepreneur’s emotional attachment on creative processes.

4.                  It will disclose the effect of an entrepreneur’s identification on creative processes.

Academic Significance

This study will prove to be significant in the academic area:

1.                 It will help in contributing to enrichment of the literature on entrepreneurship passion and creative capabilities.

2.                  The study will also serve as body -reserve knowledge to be referred to by researchers

1.5    RESEARCH QUESTIONS

The research questions relevant to the study of which answers are to be provided are listed below:

1.                  Can a significant relationship be established between an entrepreneur’s commitment and innovative processes?

2.                  Is there a link between an entrepreneur’s emotional attachment and creative processes?

3.                  What impact does an entrepreneur’s identification with existing business processes have on creative processes?

1.6    RESEARCH HYPOTHESIS

The research hypotheses of this project are statement of facts which relates to the problem areas. They are as follows:

Ho:    There is no positive relationship between an entrepreneur’s commitment and innovative business processes

HA:    There is a positive relationship between an entrepreneur’s commitment and innovative business processes

Ho:    There is no positive relationship between an entrepreneur’s emotional attachment and creative business processes.

HA:    There is a positive relationship between an entrepreneur’s emotional attachment and creative business processes.

Ho:   There is no positive relationship between an entrepreneur’s identification with existing business process and innovative processes.

HA:   There is a positive relationship between an entrepreneur’s identification with existing business process and innovative processes.

1.7    METHODOLOGY

The population of study is all the entrepreneurs in stock broking firms in Nigeria. But due to the extensiveness of the population and what it takes in terms of cost and time tocover the population, the survey population will be limited to 126 entrepreneurs from selected stock broking firms.

It will employ primary source of data collection through the use ofquestionnaire.

This will consist of 13 questions related to the objectives and hypotheses of the research work and will be administered on the 126 entrepreneurs. It will help elicit accurate response from the respondents. The data analysis will involve the use of percentages, tables and Pearson Product Moment Correlation Coefficient.

1.8    LIMITATION OF THE WORK

The following are the hindrances that were encountered in the course of carrying out the research:

1.                 Uncooperative attitude of some “interviewees and other corporate official who are in position to supply the researcher with relevant data ,and information.

2.                 Delay in filling of the questionnaires by the respondents.

1.9    OUTLINE OF CHAPTERS

To achieve the above mentioned objectives, this research has to be divided into five chapters which consist of the following:

Chapter one: Introduction of the research work which includes objectives of the study, its statement of problems, significance of the study. Research questions and hypothesis are also not exempted.

Chapter two: It will contain the literature review of what some authors and writers have written about the theme of this work. The documents to be reviewed include journals, periodicals, reviews, abstracts and other research topics.

Chapter three: This section will consist of the research methodology of the project. It will include the population of study, sampling design, nature and sources of data questionnaire design and methods of data analysis.