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THE IMPACT OF CREATIVITY AND INNOVATION ON THE ENTREPRENEURSHIP PERFORMANCE OF JOINT BUSINESS
1.1 Background of the Study
The Nigerian economy thrives on proceeds from oil and contributions of the private sector. Joint businesses constitute a larger part of the private sector. Thus they contribute a significant amount to the national income. Nigeria was one of the richest 50 countries in the early 1970s but has retrogressed to become one of the 25 poorest countries at the threshold of the 21st century. It is ironic that Nigeria is one of the largest exporters of crude-oil and at the same time inhibits the third largest number of poor people after China and India (Igbuzor, 2016). Adogamhe (2017) claimed that despite Nigeria’s vast oil wealth and abundant human resources, fluctuating oil prices, endemic corruption and mismanagement of resources have undermined economic progress and made the majority of the population live in abysmal poverty.
Thus, given this present state of the economy of Nigeria, there is the need for the promotion and encouragement of entrepreneurial activities and establishments, such as joint businesses among others, which assist in growing and increasing the national income of the country. Despite the availability of several other kinds of businesses, the focus of this study was on joint businesses. According to Oketola and Nnodim (2011), joint business was defined as a business in which one or more members of one or more families have a significant ownership interest and commitments towards the business’ overall well being.
Kurato and Richard (2004) opined that, today, most of the businesses we see are joint businesses and these businesses have been noted to account for the largest percentage of the businesses in many nations. Joint firms are essential for the economic growth and development through new business start-ups and growth of existing join firms (Kellermanns, Eddleston, Barnett, Pearson, 2008). Joint firms that engage in the innovative, proactive, and risk-taking behaviors that characterized firm level entrepreneurship are major contributors to the economic development and growth in USA and world economies (Zahra, Hayton, and Salvato, 2014). Joint businesses are essential in enhancing economic development and growth by creating and funding new businesses as well as growing existing firms (Kellermanns, Eddleston, Barnett, Pearson, 2018).
Creativity according to Pfieffer (2019) is the ability to realize creative product. Ignacio defined creativity as a piece of work which is first to a significant extent new, original, and unique and second shows a high degree of success in its field. Kuczmarski, Middlebrooks, and Swaddling (2010) suggested that innovation brings a new perceived benefit or value to a customer, employee, or shareholder. The new perceived benefit ranges from minimal to massive and may be functional, psychological, emotional, or financial. For example, a process innovation could bring a time-saving benefit to employees.
According to Adair and Thomas (2014) to innovate is to introduce something new – an idea, method or device – it is a combination of processes: generating new ideas and the following implementation. Thus creativity and innovation brings into the business place new ideas and ways of doing things which in the long run leads to efficiency and effectiveness in production process or service rendering as the case may be and in most cases the development of new products as well as the packaging and rebranding of old products. Because of the constant failure of joint business and how creativity and innovation can help to solve these challenges, this research focused to examine the effect of creativity and innovation on the entrepreneurial performance of joint business.
1.2 Statement of Problem
The concept of joint business has been in existence for a long time now. Esuh, Mohd, and Adebayo (2013) stated that joint business has been in existence a long time ago and has been known to water economy most especially during the dry days. Bird, Welsch, Astrachan, and Pistrui (2012) posited that joint business has been the strength and the power of different nations since the ancient economies. Ramona, Hoy, Poutziouris, and Steier (2018) asserted that joint business is an emerging aspect of entrepreneurship which has evolved over the decades and still in its developing stage. Past studies on joint businesses has concentrated on diverse perspectives. Hoy and Verser (2014, cited by Esuh, Mohd, and Adebayo, 2013) provided six general perspectives which comprises of leadership, culture, boards of directors, life cycles, strategic management processes, and ethics and value. Focusing on joint business continuity, a lot of research has been done on the succession process of joint businesses as it relates to continuity. Stalk and Foley (2019) suggested the training and screening of the members of the next generation of a joint business to ensure only committed and qualified relatives join the business.