Predictions Of Psychological Preparedness And Wellbeing Amongst Youth Entrepreneurs In Africa
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Published:
Jul 23, 2022
Keywords:
Entrepreneurs, Resilience, SMEs, Wellbeing, Young entrepreneurship
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Articles
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Abstract
In recent years, there has been a significant increase in the interest of academics in the field of entrepreneurship and business towards wellbeing. In particular, young people are very vulnerable to poverty at the global level, so entrepreneurship among youth is a major focus. Successful entrepreneurship requires mental and physical well-being to start a business. This study aims to explore psychological readiness and well-being in achieving entrepreneurship among youth in Nigeria, the most populous country in Africa. This research was conducted by selecting 150 Micro, Small and Medium Enterprises (MSMEs) run by young entrepreneurs using a convenient sampling technique. The types of MSMEs studied include furniture makers, pubs, restaurants, spas, hair salons and traders. Data was collected through a questionnaire prepared with a four-point Likert Scale and analyzed using descriptive statistics, including frequencies and percentages. The results show that most young Nigerians have many abilities, but fear of failure, deception, and reluctance to show weakness prevent them from trying. Youth also face pressure from society that expects them to be better, which encourages them to set up businesses. This research concludes that entrepreneurship training for youth can increase psychological resilience and mental readiness. Therefore, it is important for young entrepreneurs in Nigeria and Africa to get psychological preparation, as psychological well-being contributes to physical health. This research recommends that the environment in which youth develop and implement entrepreneurial ventures be made more welcoming and supportive, with government policies that attract adequate attention and participation.
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How to Cite
Olubiyi, T., Folake Olubunmi , L.-. B., Olufemi Samuel, O., Grace Oluwatoyin , O., & Callistus Destiny, O. (2022). Predictions Of Psychological Preparedness And Wellbeing Amongst Youth Entrepreneurs In Africa. International Journal of Economics and Management, 2(02), 111–123. https://doi.org/10.54209/iem.v2i02.37
References
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Chen, M.H., Tseng, M., & Teng, M.J.(2019) Creative Entrepreneurs’ Well-Being, Opportunity Recognition and Absorptive Capacity: Self-Determination Theory Perspective. Entrep. Res. J. 10, 2018017
Deci, E. & Ryan, M. (2000). The “what” and “why” of goal pursuits: human needs and the self-determination of behavior Psychol. Inq., 11, 227-268
Hartmann, S., Backmann, J., Newman, A., Brykman, K., & Pidduck, R. (2022). Psychological resilience of entrepreneurs: A review and agenda for future research. Journal of Small Business Management(2) 26-42
Hopp, C., & Sonderegger, R. (2015). Understanding the dynamics of nascent entrepreneurship-prestart-up experience, intentions, and entrepreneurial success. Journal of Small Business Management, 53(4), 1076–1096.
Javeedm A., Aljuaid, M., Mehmood, S., Khan, M.Y., Mahmood, Z., Shahid, D. & Wali, S.S. (2022). Factors affecting youth empowerment and entrepreneurial initiatives: Social implications and way forward. Front. Psychol. 13:912259.
Jenkins, A., Wiklund, J. & Brundin, E. (2014). Individual responses to firm failure: appraisals, grief, and the influence of prior failure experience. Journal of Business Venturing 29, 17-33
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Tuominen, M., & Haanpää, L. (2022). Young people’s well-being and the association with social capital, ie Social Networks, Trust and Reciprocity. Social indicators research, 159(2), 617-645.
Olubiyi, T. O., Adeoye, O. O., Jubril, B., Adeyemi , O. S., & Eyanuku, J. P. (2023). Measuring Inequality in Sub-Saharan Africa Post-Pandemic: Correlation Results for Workplace Inequalities and Implication for Sustainable Development Goal ten. International Journal of Professional Business Review, 8(4),e01405.
Olubiyi. T.(2022). Pandemic environment and small businesses, ThisDay Newspaper, 31 January 2022, page 33.
Olubiyi, O., Lawal, A. T., & Adeoye, O. O. (2022). Succession Planning and Family Business Continuity: Perspectives from Lagos State, Nigeria. Organization and Human Capital Development, 1(1), 40-52.
Olubiyi, T.O. (2020). Knowledge management practices and family business profitability: Evidence from Lagos State, Nigeria, Arabian Journal of Business and Management Review (Nigerian Chapter),6(1) 23-32.
Olubiyi, T. O., Egwakhe, J., & Akinlabi, B. H, (2019). Knowledge Management and family business continuity: The moderating effect of length of time in Existence. Global Journal of Management and Business Research,19(5).29-35.
Olubiyi, T. O. (2019). Knowledge management practices and family business profitability: Evidence from Lagos State, Nigeria. Global Journal of Management and Business Research, 19(A11), 21–31. Retrieved from https://journalofbusiness.org/index.php/GJMBR/article/view/2872
Olubiyi, T. O., Egwakhe, A. J., & Egwuonwu, T. K. (2019). Managerial roles and competitive advantage: SMEs perspective from Lagos State, Nigeria. International
Journal of Small Business and Entrepreneurship Research, 7(3), 1-14. Olubiyi, O.T., Lawal, A, T., & Adeoye, O.O. (2022). Succession planning and family business continuity: Perspectives from Lagos State, Nigeria. Organization and Human Capital Development, 1(1), 40–52.
Martins, J. M., Shahzad, M. F., & Xu, S. (2023). Factors influencing entrepreneurial intention to initiate new ventures: evidence from university students. Journal of Innovation and Entrepreneurship, 12(1), 63.
Olubiyi, T.O., (2022a). Measuring technological capability and business performance post-COVID Era: Evidence from Small and Medium-Sized Enterprises (SMEs) in Nigeria, Management & Marketing Journal, vol xx (2),234- 248
Olubiyi, T.O.,(2022b). An investigation of sustainable innovative strategy and customer satisfaction in small and medium-sized enterprises (SMEs) in Nigeria, Covenant Journal of Business and Social Sciences,13(2),1-24.
Olubiyi, T.O., Jubril, B., Sojinu, O.S., & Ngari, R. (2022). Strengthening gender equality in small business and achieving sustainable development goals (SDGs), Comparative analysis of Kenya and Nigeria, Sawala Jurnal Administrasi Negara, 10(2) 168-186.
Ragmoun, W. (2023). Institutional quality, unemployment, economic growth and entrepreneurial activity in developed countries: a dynamic and sustainable approach. Review of International Business and Strategy, 33(3), 345-370.
Randerson, K.,(2023). The futures of business schools: Identity, strategies, and imagined futures for a pandemic / post-pandemic world, Futures,150,103175
Ryan, M. & Deci, E. (2017). Self-determination Theory: Basic Psychological Needs in Motivation, Development, and Wellness. Guilford Publications
Scuotto, V., Lemaire, S. L. L., Magni, D., & Maalaoui, A. (2022). Extending knowledge-based view: Future trends of corporate social entrepreneurship to fight the gig economy challenges. Journal of Business Research, 139, 1111-1122.
Shepherd, D. & Patzelt, H. (2017). Researching entrepreneurial decision-making. Entrep. Res. J., 1
Shuaibu, H., Bin Kamin, Y., Muhammad Isa, U., & Musa Cledumas, A. (2021). The Concept of Entrepreneurship. IntechOpen. doi: 10.5772/intechopen.94857
Sweetman, D., Luthans, F., Avey, J. B., & Luthans, B. C. (2011). Relationship between positive psychological capital and creative performance. Canadian Journal of Administration and Science 28, 4–13.
Tang, J. (2020) Psychological Capital and Entrepreneurship Sustainability. Front. Psychol. 11:866.
Ukabi, O. B., Uba, U. J., Ewum, C. O., & Olubiyi, T. O. (2023). Measuring Entrepreneurial Skills and Sustainability in Small Business
Enterprises Post-Pandemic: Empirical Study From Cross River State, Nigeria. International Journal of Business, Management and Economics, 4(2), 132-149.
Uwem, E. I., Oyedele, O. O., & Olubiyi, O. T. (2021). Workplace Green Behavior for Sustainable Competitive Advantage. In Human Resource Management Practices for Promoting Sustainability IGI Global.248–263.
Wood, M. & Rowe, J. (2011). Nowhere to run and nowhere to hide: the relationship between entrepreneurial success and feelings of entrapment Trailblazing in Entrepreneurship, Springer, 257-285
Belitski, M., Guenther, C., Kritikos, A. S., & Thurik, R. (2022). Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses. Small Business Economics, 1-17.
Biney, I.K.(2023). Adult education and entrepreneurship: getting young adults involved. Journal of Innovation and Entrepreneurship 12, 13- 42.
Chadwick, I. C., & Raver, J. L. (2020). Psychological resilience and its downstream effects for business survival in nascent entrepreneurship. Entrepreneurship Theory and Practice, 44(2), 233–255
Chen, M.H., Tseng, M., & Teng, M.J.(2019) Creative Entrepreneurs’ Well-Being, Opportunity Recognition and Absorptive Capacity: Self-Determination Theory Perspective. Entrep. Res. J. 10, 2018017
Deci, E. & Ryan, M. (2000). The “what” and “why” of goal pursuits: human needs and the self-determination of behavior Psychol. Inq., 11, 227-268
Hartmann, S., Backmann, J., Newman, A., Brykman, K., & Pidduck, R. (2022). Psychological resilience of entrepreneurs: A review and agenda for future research. Journal of Small Business Management(2) 26-42
Hopp, C., & Sonderegger, R. (2015). Understanding the dynamics of nascent entrepreneurship-prestart-up experience, intentions, and entrepreneurial success. Journal of Small Business Management, 53(4), 1076–1096.
Javeedm A., Aljuaid, M., Mehmood, S., Khan, M.Y., Mahmood, Z., Shahid, D. & Wali, S.S. (2022). Factors affecting youth empowerment and entrepreneurial initiatives: Social implications and way forward. Front. Psychol. 13:912259.
Jenkins, A., Wiklund, J. & Brundin, E. (2014). Individual responses to firm failure: appraisals, grief, and the influence of prior failure experience. Journal of Business Venturing 29, 17-33
Kreinin, H., & Aigner, E. (2022). From “Decent work and economic growth” to “Sustainable work and economic degrowth”: a new framework for SDG 8. Empirica, 49(2), 281-311.
Kurjono, K., Mulyani, H., & Murtadlo, Y. (2018). The Effect of Psychological Factors on Entrepreneurial Intention. Advances in Economics, Business and Management Research, 117, 150-152
Langkamp Bolton, D., & Lane, M. D. (2012). Individual entrepreneurial orientation: development of a measurement instrument. Educ. Train. 54, 219–233.
Nadav, S., Nikolaev, B. & Wincent, J. (2019). Entrepreneurship and wellbeing: The role of psychological autonomy, competence, and relatedness. Journal of Business Venturing, 34(5).
Tuominen, M., & Haanpää, L. (2022). Young people’s well-being and the association with social capital, ie Social Networks, Trust and Reciprocity. Social indicators research, 159(2), 617-645.
Olubiyi, T. O., Adeoye, O. O., Jubril, B., Adeyemi , O. S., & Eyanuku, J. P. (2023). Measuring Inequality in Sub-Saharan Africa Post-Pandemic: Correlation Results for Workplace Inequalities and Implication for Sustainable Development Goal ten. International Journal of Professional Business Review, 8(4),e01405.
Olubiyi. T.(2022). Pandemic environment and small businesses, ThisDay Newspaper, 31 January 2022, page 33.
Olubiyi, O., Lawal, A. T., & Adeoye, O. O. (2022). Succession Planning and Family Business Continuity: Perspectives from Lagos State, Nigeria. Organization and Human Capital Development, 1(1), 40-52.
Olubiyi, T.O. (2020). Knowledge management practices and family business profitability: Evidence from Lagos State, Nigeria, Arabian Journal of Business and Management Review (Nigerian Chapter),6(1) 23-32.
Olubiyi, T. O., Egwakhe, J., & Akinlabi, B. H, (2019). Knowledge Management and family business continuity: The moderating effect of length of time in Existence. Global Journal of Management and Business Research,19(5).29-35.
Olubiyi, T. O. (2019). Knowledge management practices and family business profitability: Evidence from Lagos State, Nigeria. Global Journal of Management and Business Research, 19(A11), 21–31. Retrieved from https://journalofbusiness.org/index.php/GJMBR/article/view/2872
Olubiyi, T. O., Egwakhe, A. J., & Egwuonwu, T. K. (2019). Managerial roles and competitive advantage: SMEs perspective from Lagos State, Nigeria. International
Journal of Small Business and Entrepreneurship Research, 7(3), 1-14. Olubiyi, O.T., Lawal, A, T., & Adeoye, O.O. (2022). Succession planning and family business continuity: Perspectives from Lagos State, Nigeria. Organization and Human Capital Development, 1(1), 40–52.
Martins, J. M., Shahzad, M. F., & Xu, S. (2023). Factors influencing entrepreneurial intention to initiate new ventures: evidence from university students. Journal of Innovation and Entrepreneurship, 12(1), 63.
Olubiyi, T.O., (2022a). Measuring technological capability and business performance post-COVID Era: Evidence from Small and Medium-Sized Enterprises (SMEs) in Nigeria, Management & Marketing Journal, vol xx (2),234- 248
Olubiyi, T.O.,(2022b). An investigation of sustainable innovative strategy and customer satisfaction in small and medium-sized enterprises (SMEs) in Nigeria, Covenant Journal of Business and Social Sciences,13(2),1-24.
Olubiyi, T.O., Jubril, B., Sojinu, O.S., & Ngari, R. (2022). Strengthening gender equality in small business and achieving sustainable development goals (SDGs), Comparative analysis of Kenya and Nigeria, Sawala Jurnal Administrasi Negara, 10(2) 168-186.
Ragmoun, W. (2023). Institutional quality, unemployment, economic growth and entrepreneurial activity in developed countries: a dynamic and sustainable approach. Review of International Business and Strategy, 33(3), 345-370.
Randerson, K.,(2023). The futures of business schools: Identity, strategies, and imagined futures for a pandemic / post-pandemic world, Futures,150,103175
Ryan, M. & Deci, E. (2017). Self-determination Theory: Basic Psychological Needs in Motivation, Development, and Wellness. Guilford Publications
Scuotto, V., Lemaire, S. L. L., Magni, D., & Maalaoui, A. (2022). Extending knowledge-based view: Future trends of corporate social entrepreneurship to fight the gig economy challenges. Journal of Business Research, 139, 1111-1122.
Shepherd, D. & Patzelt, H. (2017). Researching entrepreneurial decision-making. Entrep. Res. J., 1
Shuaibu, H., Bin Kamin, Y., Muhammad Isa, U., & Musa Cledumas, A. (2021). The Concept of Entrepreneurship. IntechOpen. doi: 10.5772/intechopen.94857
Sweetman, D., Luthans, F., Avey, J. B., & Luthans, B. C. (2011). Relationship between positive psychological capital and creative performance. Canadian Journal of Administration and Science 28, 4–13.
Tang, J. (2020) Psychological Capital and Entrepreneurship Sustainability. Front. Psychol. 11:866.
Ukabi, O. B., Uba, U. J., Ewum, C. O., & Olubiyi, T. O. (2023). Measuring Entrepreneurial Skills and Sustainability in Small Business
Enterprises Post-Pandemic: Empirical Study From Cross River State, Nigeria. International Journal of Business, Management and Economics, 4(2), 132-149.
Uwem, E. I., Oyedele, O. O., & Olubiyi, O. T. (2021). Workplace Green Behavior for Sustainable Competitive Advantage. In Human Resource Management Practices for Promoting Sustainability IGI Global.248–263.
Wood, M. & Rowe, J. (2011). Nowhere to run and nowhere to hide: the relationship between entrepreneurial success and feelings of entrapment Trailblazing in Entrepreneurship, Springer, 257-285
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