IIARD International Institute of Academic Research and Development

IIARD International Journal of Economics and Business Management (IJEBM )

E-ISSN 2489-0065
P-ISSN 2695-186X
VOL. 10 NO. 11 2024
DOI: 10.56201/ijebm.v10.no11.2024.pg41.52

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Business Incubation and Entrepreneurial Success of Selected Manufacturing Firms in South East Nigeria

Emele, Eze Azunna

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Abstract

As the popularity of entrepreneurial business venturing is steadily growing, many potential entrepreneurs and existing manufacturing firms have made concerted efforts to start a venture of their own without any success due to lack of solid foundation and adequate support system which then lead to a pre-mature business idea startup and subsequent failure. This study focused on business idea incubation and entrepreneurial success of selected manufacturing firms in south east Nigeria. The specific objectives of the study were to determine the correlation between business idea support system and venture startup success, and to examine the relationship between business idea nurturing and venture survival. The study exploited a Survey research design which describe the items/people under the investigation as they exist in their normal setting as a representative of the entire group. Data were collected with an instrument of structured questionnaire from top management of twenty (20) manufacturing firms across the south east of Nigeria that were used as a study. The twenty manufacturing firms have a total of 269 top management staff which was adopted as the study’s sample size since it is conducive for a sample size, out of which a total of 219 was analyzed. The Pearson Product-Moment Correlation Coefficient statistical tool was applied with the use of Software Package for Social Science (SPSS) to analyze and test the stated hypotheses. The findings revealed that that is significant positive relationship between business idea support system and venture successful startup, between business idea nurturing and venture survival, and between business idea evaluation and venture growth of selected manufacturing firms in South East Nigeria. It was recommended that management of businesses should first train and equip their staff with the mindset of developing business ideas and businesses should develop an internal incubation mechanism to a

keywords:

Business Idea, Business Incubation, entrepreneurship, startup venture, business idea

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