Business Incubators and Entrepreneurial Success: A Study of Small Business Enterprises in Lagos State
Abstract
The study investigated the influence of business incubators on the entrepreneurial success of small businesses in Lagos Island Local Government Area, Lagos State. Several pieces of literature on the subject's concept and techniques, hypotheses, and empirical review have been examined. Consequently, a survey study design was chosen. As a result, 368 questionnaires were distributed to small business owners in the Lagos Island Local Government Area of Lagos State. Simultaneously, two hundred sixty-two (262) questionnaires were completed and returned for analysis. In addition, a basic percentage was utilized to examine the questionnaire replies, and Pearson Product Moment Correlation Statistics was employed to test the hypotheses. Significant relationships were discovered between technological business incubators and entrepreneurial success (.568 significant value.001), physical business incubators and entrepreneurial success (.792 significant value.000), and virtual business incubators and entrepreneurial success. (.592 important value.000) The study indicated that the future success of modern small businesses required fresh efforts to enhance production methods, increase quality, and transition to products and services with added value through contemporary design and technical advancements. It also necessitates an emphasis on support systems that offer integrated services for manufacturing, management, marketing, and finances. Before and after their incubation, business incubators provide an excellent platform for the convergence mechanisms that enable knowledge-based firms. The findings indicate that business incubators empower their employees with contemporary technologies so that they can effectively interact with clients.
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