International Journal of Research and Innovation in Social Science (IJRISS) |Volume VI, Issue XI, November 2022|ISSN 2454-6186

Cultural Values and Entrepreneurship Development

Ezinwo, Iheanyi Ogbakiri*, Gogo, Israel Daminabo and Oriji, Omunakwe Allwell
Department of Management, Entrepreneurship Option, Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Nigeria
*Corresponding Author

Abstract: This opinion paper examined the relationship between cultural values and entrepreneurship development. However, the specific objectives included to examine the relationship between power distance and entrepreneurship development; uncertainty avoidance and entrepreneurship development; individualism and entrepreneurship development; masculinity and entrepreneurship development as well as the relationship between and long – term orientation and entrepreneurship development. In other to achieve this objective, the paper employed survey of literature and qualitative content analysis. The findings of the study showed that there is a relationship between cultural values dimensions of power distance, individualism, uncertainty avoidance, masculinity, long- term orientation and entrepreneurship development. The paper concludes that the general tendencies of a society may either foster or discourage skills development programs, self employment, new venture creation and support for existing businesses. Based on the findings, the study recommended that, in cases where certain values of a society are perceived to be discouraging entrepreneurial activities, a mix of approaches that will furnish the people with new information, experiences and skills can be inteoduced to change the mindset of the people towards achievement motivation and new venture creation.

Keywords: Cultural values, Entrepreneurship and Entrepreneurship development

I. INTRODUCTION

The global economic recession of the 80s had negative impact on business organizations and government institutions, especially those that relied on foreign inputs. The harsh realty, at the time led to increase in the level of unemployment in most countries including Nigeria. According to Udeh (1990), the impact on Nigeria was significant because the country depended mainly on crude oil for her foreign exchange earnings. To address the emergent challenge therefore, concerned individuals, organizations and governments had to look in the direction of entrepreneurship as a tool to promote new venture creation, job creation and economic development. Similarly, Enemuo {2011) posited that the Federal Government of Nigeria further responded with the Structural Adjustment Programme in 1986, and followed with some Entrepreneurship Development initiatives in 1987 to enhance the development of small scale industries so as to enhance the growth of Gross National Product, and reduce crimes in the society.
Understandably, the essence of entrepreneurship is the creation of new business ventures, which involves provision of goods and services, but the profit motive, according to Ottih (2016), is also known to be a major influence on new business venture creation. In their own studies, Schumpeter (1959) and Kerzner