Entrepreneurial Opportunity Recognition Strategies and Venture Performance of Small-Scale Businesses in Rivers State, Nigeria
Keywords:
Entrepreneurial Opportunity Strategies, Opportunity Discovery, Opportunity Evaluation, Opportunity Exploitation, Venture PerformanceAbstract
The study examined the influence of Entrepreneurial Opportunity Recognition strategies on venture performance of small-scale businesses in Rivers State. The study used a correlational research design to determine the relationship between Entrepreneurial Opportunity Recognition strategies and venture performance of small-scale businesses in Rivers State. The study population comprised 1,593 small-scale entrepreneurs/managers from the manufacturing, commerce, and service sectors in Rivers State. The study used a simple random sampling technique to select respondents in 2021. The study sample comprised 319 business owners/managers.The data collection instrument was a structured research questionnaire validated by three experts in the field of study. The instrument used for the study was named: Entrepreneurial Opportunity Recognition Strategies and Venture Performance (BEVP). A reliability coefficient of .82 was obtained using Cronbach’s Alpha Formula for the instrument used for the study. Data collected for this study were analysed using means for research questions, and hypotheses were tested using Pearson Product-Moment correlation at a 0.05 level of significance. It was found in the study that dimensions of Entrepreneurial Opportunity strategies: Opportunity Discovery, Opportunity Evaluation, and Opportunity Exploitation are positively related to venture performance of small-scale businesses in Rivers State. It was concluded that entrepreneurs need to focus more on Entrepreneurial Opportunity Recognition strategies and processes in order to increase their venture performance. It was recommended, among others, that entrepreneurs should be proactive in discovering and committing to entrepreneurial opportunities.
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