Abstract
The study evaluates crafts industry life cycle strategies and entrepreneurial development in Ikot Ekpene Senatorial District of Akwa Ibom State. The survey research design was adopted and a sample size of 265 was determine for the study using the Taro Yamane formula. A total of 265 copies of questionnaire was administered on the sample craft producers in the ten LGAs that make up Ikot Ekpene Senatorial District of Akwa Ibom State.250 copies of the questionnaire was return and use for the study. Descriptive statistic was use for data analysis while multiple regression was used in test of hypotheses. It was discovered that industry life cycle analysis enables craft producers to identify the stages of their business development in the industry in order to take steps towards gaining market share and remain competitive. Other findings revealed that the adoption of strategies such as entry strategy, market penetration, cost leadership and diversification strategies at the various phases of the craft industry life cycle enhance development, growth and sustainability of craft businesses. It was therefore recommended that entrepreneurs, particularly craft producers should adopt strategies such as entry strategy, market penetration, cost leadership and diversification strategies at the different stages of the industry life cycle in order to enhance growth, profitability and sustainability of their business. Also, Akwa Ibom State government should provide access to funds and as well build entrepreneurship development centres in Ikot Ekpene Senatorial District in order to enhance the skills and knowledge of entrepreneurs particularly craft producers to enable them navigate their businesses in the different phases of the industry life cycle.Keywords: Industry Life Cycle; Entrepreneurial Development; Strategy Adoption
Highlights
In virtually all industries, understanding, identifying and adopting appropriate strategies at the various phases of the industry life cycle typically involves the level of skill and education of an entrepreneur which is aimed at enhancing survival, growth, competitiveness and sustainability of business operations
OF THE PAPER The purpose of this study is to evaluate craft industry life cycle strategies and entrepreneurial development in Ikot Ekpene Senatorial District of Akwa Ibom State
The population of the study comprised of craft producers in the ten LGAs that make up Ikot Ekpene Senatorial District of Akwa Ibom State
Summary
In virtually all industries, understanding, identifying and adopting appropriate strategies at the various phases of the industry life cycle typically involves the level of skill and education of an entrepreneur which is aimed at enhancing survival, growth, competitiveness and sustainability of business operations. MORGAN, MORGAN OBONG, OKON, EMMANUEL EKPENYONG ERIJITOMAH, LUCKY ODAFE the course of its lifecycle in the marketplace (Kaličanin, 2008). It traces the evolution of a given industry based on the business features commonly displayed in each stage. The central objective of an industry life cycle analysis is to enable an entrepreneur within an industry identify the phases of its business development and adopt proper strategies to counter potential threats and as well seize opportunities that abound in the industry, gain market share and remain sustainable
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