AN APPRAISAL OF SUCCESS CRITERIA FOR ENTREPRENUERSHIP BUSINESS IN NIGERIA

1.5    SIGNIFICANCE OF THE STUDY

    The study  shallprofer success criteria for entrepreneurship business and shall also serve a useful information for new and ongoing Entrepreneurship businesses.

1.6     1    Ho   The performance of juli supermarket is low

H1   The performance of juli supermarket is   high

2     Ho    success criteria iinjuli supermarket is low

Hi      success criteria iinjuli supermarket is high

3       Ho      impact of the success criteria in juli supermarket is low

Hi       impact of the success criteria in juli supermarket is  high

1.7        SCOPE OF THE STUDY

   The study focuses on the appraisal of success criteria for entrepreneurship business in Nigeria

With a case study of juli supermarket lagos

1.8     DEFINITION OF TERMS

ENTREPRENUERSHIP BUSINESS DEFINED

Entrepreneurship is The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace

A General Model of Entrepreneurial Success

A general interdisciplinary model for entrepreneurial success is the Giessen- Amsterdam model of

entrepreneurial success. The model shows that all of the influences of personality, human capital, and environment on success have to be mediated by strategies and tactics of actions. This concept is in stark contrast to the theoretical stance of the ecological approach which assumes that essentially a random process of actions is shaped and selected by the environment, including the function of the environment to produce certain failure and

success rates.

Human Capital Model

Human capital theories relate to entrepreneurial success in a similar way as personality structure: sufficient

knowledge and working experience in the relevant fields enable business founders to choose more efficient

approaches, for instance in organizing production processes, creating financial strategies, or analyzing markets

for the new product. The human capital of the entrepreneur is the second part of the character-based approach

after the entrepreneurial personality.

Human capital theory is concerned with knowledge and experiences of small-scale business owners.

The general assumption is that the human capital of the founder improves small firm chances to survive

(Bruederl, Preisendoerfer and Ziegler, 1992). Human capital acts as a resource. Human capital makes the

founder more efficient in organizing processes or in attracting customers and investors. Different studies used

variousoperationalizations of human capital. Bruederl et al. (1992) distinguished between general human capital

-years of schooling and years of work experience- and specific human capital- industry specific experience, self employment experience, leadership experience, and self-employed father and in general, trend indicated a small positive relationship between human capital and success

Personality Based Model

Both personality- and human capital models are examples of character-based model. According to personality

based model, entrepreneurs posses certain traits and these specific traits are expected to produce a strong impact

on planning the business and on the choice of strategies and actions during the launching phase, which will in

turn determine the entrepreneur's eventual success in the undertaking.

In particular psychological but also economic research has analyzed in detail which personality

characteristics are fundamental for entrepreneurial success. The following traits have been defined as useful in explaining the past success and in predicting the future development of a newly founded business: motivational traits, such as `need for achievement', `internal locus of control', and `need for autonomy', cognitive skills such as `problem-solving orientation', `tolerance of ambiguity', `creativity' and `risk-taking propensity', affective personality traits, such as `stress resistance', `emotional stability', and `level of arousal', and social skills, such as 'interpersonal reactivity' and `assertiveness' (Caliendo and Kritikos, 2007). Empirical research aiming to underpin the theoretical propositions ex-post has taken two directions: it has compared the parameter values of these variables, gathered with the help of psychologically validated questionnaires, either between entrepreneurs and employees, or between successful and unsuccessful entrepreneurs.

Leadership School of Entrepreneurship

The leadership school of entrepreneurship sees an entrepreneur as someone who relies on those he believes can help him achieve his purposes and objectives. This school proposes that a successful entrepreneur must be a'people manager', an effective leader, a mentor who motivates, directs and leads others to accomplish set tasks. Kao (1989) postulates that the entrepreneur must be a leader, able to define a vision of what is possible, and attract people to rally around that vision and transform it into reality. The two major elements in this approach are: getting the task accomplished and responding to the needs of those involved in task accomplishment Human Capital Model

Human capital theories relate to entrepreneurial success in a similar way as personality structure: sufficient knowledge and working experience in the relevant fields enable business founders to choose more efficient approaches, for instance in organizing production processes, creating financial strategies, or analyzing markets for the new product. The human capital of the entrepreneur is the second part of the character-based approach after the entrepreneurial personality. Human capital theory is concerned with knowledge and experiences of small-scale business owners.

The general assumption is that the human capital of the founder improves small firm chances to survive (Bruederl, Preisendoerfer and Ziegler, 1992). Human capital acts as a resource. Human capital makes the founder more efficient in organizing processes or in attracting customers and investors. Different studies used variousoperationalizations of human capital. Bruederl et al. (1992) distinguished between general human capital-years of schooling and years of work experience- and specific human capital- industry specific experience, selfemployment experience, leadership experience, and self-employed father and in general, trend indicated a small positive relationship between human capital and success.