FAMILY BACKGROUND AND ENTREPRENEURSHIP SUCCESS: AN INVESTIGATIVE STUDY OF SELECTED SMES IN BENIN CITY

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ABSTRACT

This study involved around intricate relationship between family background and entrepreneurial success among selected entrepreneurs in Benin City, Nigeria. Adopting a cross-sectional survey design, data was collected from 133 entrepreneurs operating small-scale businesses in the Ugbowo area near the University of Benin. The research aimed to examine the correlation between individuals' entrepreneurial aspirations and their actual level of success, identify factors influencing entrepreneurial attitudes and behaviors, and explore the extent to which family culture impacts entrepreneurial success. Quantitative data analysis revealed that while respondents exhibited strong desires to start and grow businesses and demonstrated resilience in facing challenges, there was disagreement regarding the correlation between aspirations and actual success. Additionally, factors such as self-motivation, risk perception, and seeking mentorship were identified as influential in shaping entrepreneurial attitudes and behaviors. Furthermore, the study unveiled the significant impact of family culture on entrepreneurial mindset, expectation navigation, support reception, belief influence, and background influence. These findings underscore the multifaceted nature of entrepreneurial endeavors, emphasizing the critical role of family background in shaping entrepreneurial trajectories and outcomes.

 

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