Effects of Cultural Factors on Entrepreneurial Performance in Ondo State, Nigeria

Abstract

The business environment is becoming dynamic and competitive and since affected by cultural factors. Therefore, entrepreneurs, irrespective of their objectives, must take into consideration, these cultural factors opportunities and constraints. The study examines effects of cultural factors on entrepreneurial performance in Ondo state. The study made use of two objectives which seek to investigate influence of cultural factor on entrepreneur performance in small scale business and to find out relationship between cultural factors, entrepreneur performance on small scale business. Two hypotheses were formulated from the objectives to guide the study. The study made use of descriptive design of survey type. The population of the study was small scale owners in Akoko south-west local government area of Ondo state. The study made use of Yamane formula to get 100 small scale business owners from the population. Results in the study revealed that cultural factor have significant influence on entrepreneur performance [F (1, 98) = 194.244; p< 0.05: cultural factor had a positive significant relationship with entrepreneur performance [r (97) = .480; p< 0.01; cultural factor had a significant relationship with small scale business [r (97) = .227;p<0.01. It was concluded that cultural factors are important factors in determining the entrepreneurial performance of small scale business. It was recommended that entrepreneur should not be biased while dealing with customers from different cultures; entrepreneur should always be motivated towards ensuring the growth of small scale business regardless of the cultural differences within the business.