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Family Business and Innovation in Nigeria: Problems and Prospects

Covenant Journal of Entrepreneurship

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Field Value
 
Title Family Business and Innovation in Nigeria: Problems and Prospects
 
Creator Oko Dominic Odey1 Ayodele Margaret Olanireti & Kayode Philip Babarinde, Ayodele Olubayode Ayobami,
 
Description Family business has attracted more attention in recent times, as a result of its immense contribution to entrepreneurship and national development. Several Nigerian businesses have grown from single ownership (sole proprietor) into fully fleshed family owned businesses with more personnel, better decision making, management style and resources to effectively carry out business activities. Most family businesses adopt innovation as a competitive strategy in the marketplace. Today’s business environment is highly dynamic, complex and fiercely competitive, it is therefore of great importance for family businesses to be innovative, wiling to adapt to change, creative and ready to employ strategies that will position the business at a competitive advantage in the marketplace. The focus of this paper is to examine the concept of family business and innovation, role of innovation in building a successful family business, factors inhibiting the growth of family business and prospect of family business. This paper concludes by recommending ways to tackle problems faced by family businesses and how these businesses can be improved upon.
 
Publisher Covenant University
 
Contributor —
 
Date 2018-06-19
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier https://journals.covenantuniversity.edu.ng/index.php/cjoe/article/view/967
 
Source Covenant Journal of Entrepreneurship; CJoE: Vol. 2 No. 1, June, 2018
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Language eng
 
Relation https://journals.covenantuniversity.edu.ng/index.php/cjoe/article/view/967/637
 
Rights Copyright (c) 2018 Covenant Journal of Entrepreneurship