Entrepreneurial Strategies and Organizational Performance of Selected Auto Part Manufacturing Firms in Nnewi Anambra State, Nigeria

Abstract

Many literature on entrepreneurial strategies observed that in other to survive in a competitive marketplace the right business strategies needs to be put in place. This study evaluates the effect of entrepreneurial strategies and performance of selected auto part manufacturing firms in Nnewi Anambra State Nigeria.

Survey research design was adopted for the study. The population of this study consist of employees of the three selected auto part manufacturing firms (Innoson vehicle manufacturing company, Union Auto part manufacturing company and Omatha automotive products Ltd.) located in Nnewi Anambra State which amounts to 3080employees. Using Taro Yamane formula (1967) fundamental equation, the sample size was 460 employees and stratified sampling technique was employed. Both adapted and self-structured questionnaire were administered to the respondents, while the research instrument was validated and data gathered was analyzed using descriptive statistics and simple linear regression analysis which was carried out with the aid of Statistical Package for Social Sciences (SPSS) version 25.0 software to test the hypotheses.

The findings revealed that there is a positive and significant effect between capital financing on organizational growth (β = 0.437, R = 0.496, R² = 0.246, F = 116.899, p=0.000 < 0.05), also product innovation have a significant effect on market share (β = 0.567, R = 0.573, R² = 0.329, F = 174.193, p =0.000< 0.05).

The study concluded that entrepreneurial strategies contribute immensely towards organizational performance of selected auto part manufacturing firms in Nnewi Anambra State Nigeria. The study therefore, recommends that the management team of the selected companies should not ignore the role and relevance of capital financing and product innovation as without these strategies organizational development cannot be achieved.