Impact Of Managerial Skills On Enhancing Entrepreneurial Activities In The Private Sector
Wale Bolaji Binbo
Institute for Entrepreneurship and Development Studies Obafemi Awolowo University, Ile Ife Nigeria
Abstract
Effective managerial skills possess a unique set of capabilities that can significantly influence the nurturing and growth of entrepreneurial activities. This paper examines the effect of managerial skills on the promotion of entrepreneurial activities in the private sector. Primary and secondary data was employed to carry out the research. Using a purposive sampling technique design, data was collected from 60 business owners in Ile Ife, through structured questionnaires, addressing three objectives which are identifying and prioritizing crucial managerial skills, analyzing the impact of these skills on business performance and growth, and exploring the relationship between managerial skills and entrepreneurial success.The findings revealed a predominance of young entrepreneurs and a significant number of respondents with higher educational qualifications. The majority of the respondents strongly agreed that the key managerial skills identified include leadership, communication, decision-making, problem-solving, time management, financial management, strategic planning, and team-building. These skills were unanimously deemed crucial for business performance, growth, and overall entrepreneurial success, with significant positive impacts on financial performance, operational efficiency, adaptability, employee retention, and customer satisfaction.This study concludes that managerial skills are indispensable for the success and sustainability of entrepreneurial ventures. The paper recommends implementing comprehensive training programs, fostering mentorship and networking, enhancing educational curricula, and encouraging continuous learning
How to Cite
References
Adegbola, A. E., Adegbola, M. D., Amajuoyi, P., Benjamin, L. B., & Adeusi, K. B. (2024). Fostering product development efficiency through cross-functional team leadership: Insights and strategies from industry experts. International Journal of Management & Entrepreneurship Research, 6(5), 1733-1753.
Afolabi, A. (2015). The effect of entrepreneurship on economy growth and development in Nigeria. The Effect of Entrepreneurship on Economy Growth and Development in Nigeria, 3(2), 1-17.
Anifowose, O. M., Ilias, S., & Radzi, I. (2016). Factors affecting building security cost sustainability using PCA Journal of Financial Management of Property and Construction, 21(1), 21-38
Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business venturing, 18(1), 105-123.
Bauman, A., & Lucy, C. (2021). Enhancing entrepreneurial education: Developing competencies for success. The International Journal of Management Education, 19(1), 100293.
Cucculelli, M., & Bettinelli, C. (2015). Business models, intangibles and firm performance: evidence on corporate entrepreneurship from Italian manufacturing SMEs. Small Business Economics, 45, 329-350.
Doran, J., McCarthy, N., & O’Connor, M. (2018). The role of entrepreneurship in stimulating economic growth in developed and developing countries. Cogent Economics & Finance, 6(1), 1442093.
Ebitu, E. T., Glory, B., & Alfred, U. J. (2016). An appraisal of Nigeria’s micro, small and medium enterprises (MSMEs): Growth, challenges and prospects. British Journal of Marketing Studies, 4(5), 21-36.
Fazal, S. A., Mamun, A. A., Ahmad, G. B., & Masud, M. M. (2022). Entrepreneurs’ competencies and competitive advantages: A study on Malaysian microenterprises. Global Business Review, 23(1), 61-74.
Galvão, A., Marques, C., & Ferreira, J. J. (2020). The role of entrepreneurship education and training programmes in advancing entrepreneurial skills and new ventures. European Journal of Training and Development, 44(6/7), 595-614.
Glatte, T. (2015). Location strategies: methods and their methodological limitations. Journal of Engineering, Design and Technology, 13(3), 435-462.
Gumel, B. I. (2017). Critical challenges facing small business enterprises in Nigeria: A literature review. International Journal of Scientific & Engineering Research, 8(8), 796-808.
Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship. McGraw-Hill Education.
Hock, M., Clauss, T., & Schulz, E. (2016). The impact of organizational culture on a firm's capability to innovate the business model. R&d Management, 46(3), 433-450.
Hosseini, E., Tajpour, M., & Lashkarbooluki, M. (2020). The impact of entrepreneurial skills on manager's job performance. International Journal of Human Capital in Urban Management, 5(4).
Hubbard, D. W. (2020). The failure of risk management: Why it's broken and how to fix it. John Wiley & Sons.
Huggins, R., Prokop, D., & Thompson, P. (2017). Entrepreneurship and the determinants of firm survival within regions: human capital, growth motivation and locational conditions. Entrepreneurship & Regional Development, 29(3-4), 357-389.
Jardim, J. (2021). Entrepreneurial skills to be successful in the global and digital world: Proposal for a frame of reference for entrepreneurial education. Education Sciences, 11(7), 356.
Kabeyi, M. (2019). Organizational strategic planning, implementation and evaluation with analysis of challenges and benefits. International Journal of Applied Research and Studies, 5(6), 27-32.
Krishna, C., & Garg, A. (2022). Employee Retention: An Important Factor for Strategies Development. ANWESH: International Journal of Management & Information Technology, 7(1).
Kumar, P. (2015). An analytical study on mintzberg’s framework: Managerial roles. International Journal of Research in Management & Business Studies, 2(3), 12-19.
Laud, R., Arevalo, J., & Johnson, M. (2016). The changing nature of managerial skills, mindsets and roles: Advancing theory and relevancy for contemporary managers. Journal of Management & Organization, 22(4), 435-456.
Laursen, G. H., & Thorlund, J. (2016). Business analytics for managers: Taking business intelligence beyond reporting. John Wiley & Sons.
Lawal, F. A., Iyiola, O. O., & Adegbuyi, O. A. (2018). Exploring alternative financing for entrepreneurship development in Nigeria: Surmounting challenges. Journal of Entrepreneurship Education, 21(2), 1-11.
Malecki, E. J. (2018). Entrepreneurs, networks, and economic development: A review of recent research. Reflections and extensions on key papers of the first twenty-five years of advances, 71-116.
McKinney, J. B. (2015). Effective financial management in public and nonprofit agencies.
Means, G. (2017). The Modern Corporation and private property. Routledge.
Mehmood, T. (2021). Does information technology competencies and fleet management practices lead to effective service delivery? Empirical evidence from e-commerce industry. International Journal of Technology, Innovation and Management (IJTIM), 1(2), 14-41.
Meyer, N., Meyer, D. F., & Molefe, K. N. (2016). Barriers to small informal business development and entrepreneurship: The case of the Emfuleni Region. Polish Journal of Management Studies, 13(1), 121-133.
Olupayimo, E. O. (2018). Transforming the Nigerian economy: Entrepreneurship education as a strategy. Nigerian Journal of Business Education (NIGJBED), 4(2), 67-75.
Otley, D. (2016). The contingency theory of management accounting and control: 1980–2014. Management accounting research, 31, 45-62.
Preller, R., Patzelt, H., & Breugst, N. (2020). Entrepreneurial visions in founding teams: Conceptualization, emergence, and effects on opportunity development. Journal of Business Venturing, 35(2), 105914.
Putta, S. S. The Impact of Microfinance on the Growth of Micro and Small Enterprises.
Rahaman, M. A., Luna, K. F., Ping, Z. L., Islam, M. S., & Karim, M. M. (2021). Do risk-taking, innovativeness, and proactivity affect business performance of SMEs? A case study in Bangladesh. The Journal of Asian Finance, Economics and Business, 8(5), 689-695.
Reeg, C. (2015). Micro and small enterprises as drivers for job creation and decent work (No. 10/2015). Discussion Paper.
Rodríguez-Gutiérrez, M. J., Moreno, P., & Tejada, P. (2015). Entrepreneurial orientation and performance of SMEs in the services industry. Journal of Organizational Change Management, 28(2), 194-212.
Sadun, R., Bloom, N., & Van Reenen, J. (2017). Why do we undervalue competent management?. HBR’S 10 MUST, 19.
Simons, R. (2019). The role of management control systems in creating competitive advantage: new perspectives. In Management Control Theory (pp. 173-194). Routledge.
Singhania, M., & Mehta, P. (2017). Working capital management and firms’ profitability: evidence from emerging Asian countries. South Asian Journal of Business Studies, 6(1), 80-97.
Stephens, R. A. (2019). An Exploration of the Role of Mentoring on the Leadership Skills of African American Senior Leaders in a Corporate Setting (Doctoral dissertation, North Carolina Agricultural and Technical State University).
St-Jean, E., Radu-Lefebvre, M., & Mathieu, C. (2018). Can less be more? Mentoring functions, learning goal orientation, and novice entrepreneurs’ self-efficacy. International Journal of Entrepreneurial Behavior & Research, 24(1), 2-21.