Examination of Opportunity Identification by Nascent Entrepreneurs in South – Western Nigeria: An Effectuation Perspective
This study focused on an examination of opportunity identification by nascent Entrepreneurs in South–Western Nigeria using effectuation perspective. The study determined whether alertness affect opportunity identification by nascent entrepreneurs in South-Western Nigeria. It also examined the effect of social network on opportunity identification by nascent entrepreneurs in South-Western Nigeria. The study was carried out using a quantitative methodology through the administration of a structured questionnaire. The data gathered was analyzed using descriptive and inferential statistic such as percentages, one sample chi-square test at 0.05 level of significance and effectuation framework logics, with the aid of statistical package for social sciences (SPSS) version 20. The study was conducted in six states of south-western Nigeria are(Lagos, Ogun, Oyo, Osun, Ondo and Ekiti). The results show that: alertness can lead to opportunity identification; social networks such as interactions with friends and acquaintances, family and relations and social clubs enhance opportunity identification and establishing contacts with customer and financiers also lead to opportunity identification. This study has contributed to the literature on opportunity identification and effectuation is theory given that studies done in this area are mostly in developed countries.
Keywords - Effectuation Theory, Nascent Entrepreneur, Opportunity Identification.