Entrepreneurial Innovative Skills and Financial Performance of Women-Owned Enterprises in Balogun Market, Lagos Island, Nigeria

Abstract

This paper explored the relationship between innovative skills and financial performance of women owned enterprises in Balogun Market, Lagos Island, Nigeria. This study was guided by Hoselitz’s Theory of entrepreneurship supported by the innovative theory of entrepreneurship. This study adopted the correlational research design. The target population was 1000 entrepreneurs of small and medium-sized women-owned business enterprises in Balogun market the fluid survey formula was used to select a sample of 280 entrepreneurs. Questionnaires were used to collect the required primary data. The study utilized both descriptive and inferential statistics to analyze and interpret the data, Descriptive statistical techniques comprising of frequency distributions, tabulation, and numerical descriptive measures of percentages, means and standard deviations were used to summarize, organize, interpret and present the primary data. To measure the extent of association between the independent and dependent variables of study the inferential statistical tool comprising of Pearson correlation coefficient was employed. Ethics of objectivity, informed, maintenance of confidentiality, and anonymity, and voluntary participation were strictly adhered to. Findings showed that there is a strong significant relationship between innovative skills and financial performance of women owned enterprises. The study concludes that women entrepreneurs are innovative to some extent though they tend to invest on new products/services without prior market research which may lead to failure especially if the demand for new products is out of a wave that may not last long. Innovation is necessity in entrepreneurship since it has been recognized as a crucial enabler of increased profitability. The study recommended that women entrepreneurs should continuously strive to enhance innovativeness to strengthen the performance of their enterprises. Keywords: Entrepreneurial Innovation, innovative skills, Women-Owned Enterprises financial performance