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THE INTERNATIONAL JOURNAL OF BUSINESS & MANAGEMENTEntrepreneurial Strategies and Organizational Performance of Selected Auto Part Manufacturing Firms in Nnewi Anambra State, Nigeria46418552705Egbuta, Olive, O.Senior Lecturer, Department of Business Administration and Marketing,Babcock University Ilishan-Remo, Ogun State, NigeriaAmos, B. N Senior Lecturer, Department of Business Administration and Marketing, Babcock University Ilishan-Remo, Ogun State, NigeriaNgobidi Chike, J.Post Graduate student, Department of Business Administration and Marketing, Babcock University Ilishan-Remo, Ogun State, Nigeria00Egbuta, Olive, O.Senior Lecturer, Department of Business Administration and Marketing,Babcock University Ilishan-Remo, Ogun State, NigeriaAmos, B. N Senior Lecturer, Department of Business Administration and Marketing, Babcock University Ilishan-Remo, Ogun State, NigeriaNgobidi Chike, J.Post Graduate student, Department of Business Administration and Marketing, Babcock University Ilishan-Remo, Ogun State, Nigeria1333597155Abstract: 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. Keywords: Capital financing, product innovation, organizational growth and market share 00Abstract: 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. Keywords: Capital financing, product innovation, organizational growth and market share 1. IntroductionEntrepreneurship has in the last three decades, gained considerable attention in literature and economic activities. It is considered to have both macro national effects such as revenue growth, job creation and poverty alleviation; and it also have micro effects at the individual level. Considering the wide range effects, it is considered a crucial driver of economic growth. Also, it increases productivity through the introduction of new innovation and accelerates structural changes by forcing existing businesses to reform and increase competition. The automotive industry is a technical industry which requires large amount of investment, high percentage of fixed asset, such as property, plant and equipment; it plays an important role in the country's socio-economic development. The sector is currently growing, involving an increase in the number of countries manufacturing vehicles, while the balance of forces on the automotive market is constantly changing. The role of the automobile industry in the development of the modern economy and the prospects for its development is determined by the place of motor transport in the infrastructure of the national economy. Currently, the development of any country’s economy is difficult to imagine without the development of the automobile industry. According to the world association of car manufacturers (OICA, 2017), 73.4 million cars and 23.84 million trucks were produced in the world. According to international estimates, the average annual turnover of the world automobile industry is more than 2.75 trillion Euros, which corresponds to 3.65% of world GDP.In developed countries the automotive industry is the leading machine building branch. There is no single large economy on its territory which doesn't have a large automotive industry. Therefore, the share of the automobile industry in the GDP of developed countries ranges from 5 to 10%. The share of this branch in the machine-building production of Germany is 14%, Japan-12%, South Korea-10% (OICA, 2017). One dollar invested in the automotive industry increases the gross domestic product by $3 (average multiplier). The automotive industry in these countries is a vivid example of the formation of a global ‘super-industry.’ In the industrial structure of industry in the US, Germany, Japan, South Korea, the share of engineering, is including automotive, ranges from 25 to 40%. In developing countries, this figure is less than 10% (OICA, 2017). It is evident from these statistics that the automotive industry plays a strategic role in the economy of the developed nations.In Africa, manufacturing capabilities in the region are weak and there are serious infrastructure constraints. Shortages of skills and the poor supply of prerequisites such as power and transport links need to be addressed. However, the automotive industry in Africa is growing very rapidly albeit from a low base (Black and McLennan, 2016). Virtually all vehicle demand made in Africa is being met by imports especially used vehicles because outside of South Africa and Nigeria, production is almost non-existent (OICA 2017).According to National Automotive Council (2015), the performance of the automotive industry in Nigeria has not grown as expected due to nonexistence of its automotive industry development policy, a drop in demand for automobiles due to the economic conditions in 1980s and 1990s, insufficient supporting policy measures by the government and, no consistency in the protection policy, especially, devaluation of the currency.1.1. Objectives of the StudyThe main objective of the study is to examine the effect of entrepreneurial strategies on performance of selected Auto part manufacturing firms in Nnewi, Anambra State, Nigeria. The specific objectives are to:Investigate the effect of capital financing on organizational growth of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria.Evaluate the effect of product innovation on market share of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria.1.2. Research Questions The proposed study would answer the following research questions:In what way does capital financing affect organisational growth of selected auto part manufacturing firm in Nnewi, Anambra State, Nigeria?What is the effect of product innovation on market share of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria?1.3. Research Hypotheses The hypotheses for the proposed study are as follows: H01: Capital financing has no significant effect on organisational growth of selected auto part manufacturing firms in Anambra State, Nigeria.H02: Product innovation has no significant effect on market share of selected auto part manufacturing firms in Anambra State, Nigeria.2. Literature Review2.1. Entrepreneurial StrategiesStrategies are the primary building block of an organization’s strategic differentiation, competitive distinctiveness and growth for an organization. As an organizational mechanism, it involves a variety of activities in which organizations are committed in developing and maintaining their organizational development as applicable to Small and Medium Enterprises (Mazzarol, 2004). Demil, Lecocq, Ricart, and Zott (2015) posit that entrepreneurial strategy in today’s business focuses on more current and genuine tactics such as exploiting opportunities and innovation.Entrepreneurial strategy as a process involves extensive and more or less simultaneous change in an organization's decision pattern (Kirtley & O’Mahony, 2018). It helps to understand the integration between creating business opportunities and running the real-life business and the entrepreneurial strategies considered in this study are competitive capability, organisational learning, capital financing and product innovation and how they can be employed by entrepreneurs for organisational performance and development.2.2. Capital FinancingQAccess to finance refers to the possibility of individuals or enterprises securing financial services including credit, insurance services and other risk management (Beck & Demurguc, 2007). It is the ability of a firm to get and use financial services that are affordable, usable, and that meet their financial needs (Claessen, 2006). It fundamentally consists of all sources of finance obtained from outside the firm (Ayyagari, Demirgu?-Kunt & Maksimovic, 2008). Capital financing is also defined as the availability of financial services in the forms of demand deposits, credit, payments, or insurance (Beck & Honohan 2007, Donovan, 2012, Aduda & Kalunda, 2012, Arnold & Johnson, 2012, Massa, 2013). Demirguc-Kunt, Asli, Patrick Honohan and Thorsten Beck (2008) posit that access to finance is termed as the ability of firms or household to obtain financial products and services at a reasonable cost. The importance of finance for business organizations cannot be overemphasized. However, business finance is not easy to source, especially for small and medium-sized enterprises. However, it requires funding from every available source to meet their asset needs, work capital needs and to expand (Songling, Yang, Muhammad, Muhammad, & Hamid, 2018). 2.3. Product InnovationGault (2016) classified product innovation as a combination of three components, production and delivery, organisational change, and market/communication development. Product innovation is a product that is made accessible to prospective customers, new or significantly altered in terms of its features or planned uses Gault (2016). More specifically it can be defined as the introduction and creation of new kinds of products or services that differ from a former design with greater emphasis on quality which supplements the shortcomings of past results (Atalay, Anafarta, & Sarvan, 2013). Polder, Michael, Leeuwen, Mohnen, Mohnen, & Wladimir (2010) suggests that Product innovation introduces new products with substantial improvements. Khin?(2010) proposed that a product is innovative when different customers obtain various benefits from the new design, function and features. Janssen, Stoopendaal and Putters (2015) categorize innovation as two phrases: novelty and novelty. (Aziz & Samad, 2016) defined Innovation as a strategy that companies use to create a competitive advantage, producing things that nobody else can, doing things better than everyone else, or introducing superior, cheaper, and faster services. 2.4. Organisational PerformanceOrganizational performance describes how efficient the organization is in its quest to achieve the goals that have been set. How well an organization deploys its resources, human and material, determines how well-set goals are accomplished (Pierre,Devinney, Johnson, & Yip 2009). They noted that organizational performance consists of four key areas: financial performance, product/market performance, shareholder returns and non-financial performance. Financial performance refers to the calculation of income, return on capital, return on investment, etc. obtained by an organisation over a period of time. Salarzadeh, (2015) defined performance as the evaluation of the constituents that try to assess the capability and ability of a company to achieve the constituents’ aspiration levels through efficiency, effectiveness, or social relevance criteria. Samsonowa, (2011) used the term ‘performance’ as the level/degree of goal achievement of an organization/department rather than of individuals. This chosen definition is mainly inspired from Krause’s work (2005). 2.5. Organisational GrowthVarious studies have examined the term organizational growth. From a financial perspective, sustainable growth denotes growth within the financial constraints of the firm (Alayemi & Akintoye, 2015; Huang & Liu, 2009) without increasing its financial leverage (Ross, Westerfield, & Jordan, 2010). Stigliani and Wright (2012), report that ‘by definition, growth is inherently an uncertain process characterized by a high level of ambiguity in the final results and in the setting’. Meng (2015) defined organisational growth as an increase in the gross or net revenue of a business. The researcher broke down the different types of business growth, which include: Market penetration, new channel, market expansion, new geographies, diversification, horizontal and vertical integration, productivity, and efficiency. The process of a small firm growing to become a large firm is a fundamental economic process that contributes to the employment levels and efficiency of a nation. In order to grow, a firm may reduce cost, invest new market, and employ more people (Maletic, Maletic, Dahlgaard, Dahlgaard-Park, & Gomiscek, 2015).2.6. Market ShareMarket share is one of the marketing metrics constantly discussed as a performance variable and a discipline in the field of marketing. Market share compares the company's revenue over a period of time with the total market revenue concerned. The aim of measuring market share is to determine the company's relative position or share in the market place. It helps to know the company's comparative success in penetrating the market place, so a company's relative market share tries to compare the market share of a company with that of its rivals Adefulu (2015). Bendle, Farris, Pfeifer and Reibstein (2010) defined market share as ‘the proportion of a particular entity's market (defined in terms of units or income)’. Rouse (2017) defined market share as the percentage of sales in a market acquired by a particular company. It is used as a measure of the market management of a company and its achievement in the same market compared to other companies in the same market. O'Regan (2002) describes market share as the revenues of a company over a period of time relative to the total sales of the sector. Figure 1: Research Model3. MethodologyThe design adopted for this study is the quantitative research design using the descriptive survey design. This design was considered in order to investigate the relationships that exist among variables of the research. Both adapted and self-structured questionnaire were administered to the respondents. The research instrument was validated and reliability was carried out using the Cronbach alpha analysis. The population of the study is three thousand and eighty (3080) employees of the selected auto part manufacturing companies in Nnewi Anambra State, Nigeria and a sample size of four hundred and sixty (460) respondents was determined using Taro Yamane formula. Stratified sampling technique was employed 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.4. Data Presentation, Analysis and FindingsH01: Capital financing has no significant effect on organizational growth of selected Auto Part manufacturing organizations in Nnewi, Anambra State, Nigeria.CoefficientsModelUnstandardized CoefficientsStandardized CoefficientsTSig.BStd. ErrorBeta1(Constant)2.857.20114.226.000capital financing.437.040.49610.812.000R = 0.496R square = 0.246F = 116.899Sig. F = 0.000Table 1: Model SummarySource: Field Survey, (2020)Table 1 presents the result of a regression test to establish the effect of capital financing on organizational growth. The results obtained for this analysis include (β = 0.437, R = 0.496, R2 = 0.246, F = 116.899, p < 0.05). The β = 0.437 shows that a unit increase in capital financing leads to 0.437 units increase in organizational growth of selected auto part manufacturing organizations in Nnewi, Anambra State, Nigeria. The R = 0.496 shows there is a positive linear relationship between capital financing and organizational growth. The R2 which is referred to as coefficient of determination is given as 0.246. This implies that 24.6% of the changes or variation in organizational growth can be accounted for by capital financing. 4.1. Discussion The result of the analysis shows that capital financing significantly affects organizational growthof selected auto part manufacturing companies in Nnewi Anambra State, Nigeria. Findings of this study also validate the findings of several authors. In the works of Ayuba and Mohammed (2015), the findings opined that banking sector credit has significant impact on the growth of small and medium enterprises in Nigeria as it has positive impact on some major macro-economic variables of growth such as inflation, exchange rate, trade debts, average banking sector deposits, contributions to SME’s etc. Dada (2014) investigated the effect of commercial banks’ credit and SMEs development in Nigeria. The result supports the fact that increasing number of banks will aid mobilization of credit to the SMEs sector which has a spillover effect on SMEs performance. Similarly, Namusonge, Onyiego, and Waiganjo (2017) found that the availability and easy access to capital for small medium enterprises in Mombasa County, Kenya will boost performance of firms in this area. Their expansion, number of employees, and production capacity will significantly be affected positively. H02: Product innovation has no significant effect on market share of selected auto part manufacturing organizations in Nnewi, Anambra State, Nigeria.CoefficientsModelUnstandardized CoefficientsStandardized CoefficientstSig.BStd. ErrorBeta1(Constant)2.171.2199.909.000product innovation.567.043.57313.198.000R = .573R square = .329F = 174.193Sig. F = 0.000Table 2: Model SummarySource: Field Survey, (2020)Table 2 presents the result of a regression test to establish the effect of product innovation on market share. The results obtained for this analysis include (β = 0.567, R = 0.573, R2 = 0.329, F = 174.193, p < 0.05). The β = 0.567 shows that a unit increase in product innovation leads to 0.567 units increase in market share of selected auto part manufacturing organizations in Nnewi, Anambra State, Nigeria. The R = 0.573 shows there is a positive linear relationship between product innovation and market share. The R2 which is referred to as coefficient of determination is given as 0.329. This implies that 32.9% of the changes or variation in market share can be accounted for by product innovation. 4.2. DiscussionThe result of the analysis in this study shows that product innovation significantly affects market share of selected auto part manufacturing companies in Nnewi Anambra State, Nigeria. Findings of this study also validate the findings of several authors. In the works of Abkenari, Fadaee, Farhang and Halima, (2018), the results portrayed that product innovation helps increase the performance of the organization. Performance in this study was measured with financial growth, customer satisfaction and market share. Karabulut (2015) analysed the effects of innovation types on performance of manufacturing firms in Turkey. The study found all innovation types to have a significant impact on all aspect of organisational performance (financial, market, growth and other). The findings of Yildiz, Basturk and Tastan Boz, (2014) also reported a positive relationship between job product innovation and performance. Anh Thu et al (2019) examined the impact of process and product innovations on performance. The study showed a positive relationship between product innovation and firm performance when proxied by market share. 4.3. ConclusionThis study investigated the interaction of entrepreneurial strategies on performance of selected Auto Part manufacturing firms in Nnewi, Anambra State, Nigeria. This study concluded that entrepreneurial strategies plays an important role in enhancing the performance of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria. Hypotheses one result showed that capital financing has significant influence on organizational growth of selected auto part manufacturing organisations in Nnewi, Anambra State, Nigeria. Hypotheses two result showed that product innovation has significant effect on market share of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria.4.4. RecommendationsThe study revealed that capital financing has a significant effect on organisational growth of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria. The study recommends that financial institutions should reduce the intense loan conditions associated with credit facility in the funding of manufacturing firms so as to encourage easy accessibility of loans which will help in improving productivity, financing and performance.The outcome of this study revealed that product innovation has a significant effect on market share of selected auto part manufacturing firms in Nnewi, Anambra State, Nigeria. The study recommends that the management team of the selected companies should not ignore the role and relevance of product development as without a resourceful product innovation and development, a new product objective cannot be achieved. 4.5. Limitations of the StudyThe study had some limitations which can be viewed in line with the sequences used in carrying out the study. The distance to the study areas was a limitation which was mitigated with the use of research assistants. Also, another major challenge of the study was non-responses of the respondents. This was mitigated through the use of a research assistant in explaining all the items that needed clarification by the respondents. 4.6. Suggestions for Further StudiesArising from the study, the following suggestions for future research in entrepreneurial strategies are recommended: First, the study concentrated only on auto part manufacturing firms in Nnewi Anambra State Nigeria. Future research should be done in auto part manufacturing firms in others states across the federation to ascertain how entrepreneurial strategies affect employee performance. Further research should also be conducted to establish the influence of other dimensions of entrepreneurial strategies not considered in this study on organisational performance of auto part manufacturing firms.5. ReferencesAbkenari, H. A., Fadaee, M., & Farhang, H. S. (2018). 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