Will Emotional Intelligence Contribute to Entrepreneurial Success of FIIRO (Federal Institute of Industrial Research Oshodi) Technology Adoptees in South West Geopolitical Zone Nigeria?

Abstract

Businesses are failing at alarming rate most especially at post Covid-19 era. Recent global inflation has also contributed to the rate at which enterprises are failing. Entrepreneurs must begin to do personal assessment to properly harness some personal attributes and deploy them appropriately in a way to enhance business performance. The objective of this study is to investigate the effect of emotional intelligence on entrepreneurial success of technology adoptees of the Federal Institute of Industrial Research Oshodi in South West geopolitical zone (GPZ). Two hundred and fifty FIIRO technology adoptees who have established businesses in SW GPZ, One hundred and twenty of the technology adoptees who are members of the National Association of Small and Medium Enterprises (NASME) and are operating within the South West GPZ were selected using simple random sampling technique to participate in the study but only eighty-six responded to the survey instrument. Cross sectional research design approach was adopted while primary data was collected using a 6-point Likert Scale questionnaire. Data collected was analyzed using SPSS to determine the effect of emotional intelligence on entrepreneurial success. Emotional intelligence was measured using five dimensions of emotional intelligence namely: self awareness, self regulation, internal motivation, empathy and skill building while entrepreneurial success was measured by both financial and non financial performance measures. The result of simple regression analysis shows that emotional intelligence has a weak and significant effect on entrepreneurial success FIIRO technology adoptees. On the sub variables and their effects on entrepreneurial success, self regulation and empathy have weak and significant relationship with entrepreneurial success while self-awareness, internal motivation and skill building have very weak relationship and no significant effect on entrepreneurial success. Based on the outcome of this study, it is recommended that entrepreneurs, management consultants and government agencies with responsibility for SMEs development should take good advantage of the findings of this study to develop strategies that will enhance entrepreneurial success most especially in this post Covid-19 era.