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ABSTRACT
INTRODUCTION
Women entrepreneurship targets both the situation of entrepreneurial phenomena, they manage to create new
women in society and their role in the overall jobs, both for them and for others, in a different way than
entrepreneurial phenomenon. Women represent about men, providing new solutions in terms of management
half of the total population in Nigeria, NBS (2016), as and organization, and to exploit economic opportunities
they not only contribute to their family , but also differently. This bothers down to the fact that women
significant to the economic development of the country, entrepreneur is an important source of economic growth.
both in job creation, and revenue generation (Mahajar Another reason adduced by the researchers is that
and Yunus, 2012). The women social and economic women entrepreneurship has received increased
advancement has been deterred in developing countries attention in society and the social sciences. Not only they
due to marginalization (Ghiat, 2016). However, women have a different level of involvement in the
participation in entrepreneurship showed an entrepreneurial environment as men, but they choose
improvement in business and economic development different opportunities than men. However, while the
(Adema et al., 2014). The study has given several impact of women on the economy is substantial, there is
contributions on different stakeholders such as women still lack a reliable picture describing in detail the specific
entrepreneurs, governments, private organizations and impact. Women entrepreneurs are increasing their share
relevant social institutions that can facilitate and enhance of the business population and business receipts rapidly,
the desired achievement in economic development. The but a sizeable gap remains between men and women
Previous study found out that women are often more business owners (Sandberg, 2003). Hemalatha, Mohan,
prepared to deal with customers with a relatively more and Jasim (2013) posited that the number of women’s
patient and careful approach to managing the business participation is relatively small as compared to
(Moses & Amalu, 2010). Women are in business for the businesses owned by men , and they are concentrated in
more reason, to pursue intrinsic goals: flexibility to run a a limited array of industries; mostly in retails and
business and domestic lives, and their independence services. The issue of unemployment was becoming
(Namusonge, 2006). more complex and serious social crisis that impact
Ceptureanu and Ceptureanu (2016), separated negatively on nation’s economic growth (Levine, 2013).
women entrepreneur for two reasons. Despite the fact Consequently, the situation encourages women to
that women entrepreneurship is a minority in become aggressively involved to become entrepreneurs
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by creating job opportunities in various business cycles. performance, a company can identify its strengths and
The capability of the women in business should be weaknesses. Accurate performance measurement is vital
developed to encourage them to perform better, while the to understanding firm success and failure. Performance
government and other institutions have to take up the is the strategic outcomes that organizations use to
responsibility of empowering them to achieve their set realize its goals, success or not. According to Terziovski
targets successfully (Singh & Manisha, 2013). The and Samson (2000), there are three levels of
previous study conducted by (Fatoki, 2011) on human, performance within organizations. They are distinguished
social and financial capital showed that there is a as financial performance, business (firm) performance
significant positive relationship between human, social and organization effectiveness. Many empirical studies
and financial capital and the performance of SME in tend to employ tangible variables in measuring firm
South Africa. However, the results do not adopt a performance because they are easier to operationalize
gender-neutral view. Kirkwood (2009) (2009) viewed that (Brown and Caylor, 2009; Watts, 2003). This may be due
most research carried out both in developed and to the fact that the financial indicator such as profitability
developing countries on entrepreneurship literature has and revenue seems to cover the overall objective of
not adopted a gender-neutral perspective. Moreover, the many firms in which small and medium firms are not left
previous study had looked into the factor of the level of out or it can be individually measured and verified.
education, previous occupational experience, and prior Likewise, Within the theme of business management,
business expertise and management skills toward the small firms and entrepreneurship development,
success of women entrepreneurs (Huarng, Mas-Tur, & researchers argued that financial measures of small firms
Yu, 2012). However, this study is keen on adopting seem to be commonly and widely used. Murphy, Trailer,
gender-neutral to understanding deeply the importance and Hill (1996); Watts (2003) argued that in the academic
of human and financial capital towards improving the field of entrepreneurship, financial indicators seem to
performance of women entrepreneurs in business. gain the upper hand when discussing performance. This
may be due to the ease with which it can be used in
The concept of women entrepreneurs and business positioning and judging how a firm is performing in its
performance business operations or activities. Indeed, the financial
measure is the primary measure of a firm performance.
SMEs and entrepreneurs have on many events been Thus, there is a requisite to take into account in this
utilised correspondently (Eniola, 2018) that is, each of study financial performance measurement.
this concept has been used evenly. SMEs in Nigeria may
in a roundabout way mirror the present advancement of Human Capital and Performance
business in the nation. In this review, the expression
“entrepreneur and SME” utilised as a common term for Ganotakis (2012) as cited in Eniola, Entebang, and
the person who settles on developing firms. The Sakariyau (2015) applied the resource-based theory
entrepreneur is the one who has the ability to organize, (RBT) to develop the value of human capital to
manage and assume risk in the course of starting a entrepreneurship. Accordingly, human capital is
business. Women are fast becoming crucial to the examined to be an important source of competitive
growing economic cluster, which ensures a rapid advantage for entrepreneurial organizations.
achievement in the economic development. Women Entrepreneurs with higher general and specific human
entrepreneurs contribute to the modernization of the capital can be expected to show higher levels of
developing countries and facilitate enterprise performance than those with lower levels of general and
development in transition economies (Lerner, Brush, & specific human capital (Eniola et al., 2015). Hence,
Hisrich, 1997). However, women enterprise speaks to an entrepreneurial human capital is substantial and
immense undiscovered wellspring of innovation, work consequential to entrepreneurial growth.
creation and economic growth in the developing world Rastogi (2000) stated that human capital is an
(Niethammer, 2013). Vinesh (2014) characterized important input for organizations especially for firm
women entrepreneurs as a gathering of women who employees continuous improvement mainly on
start, compose and work a business endeavour. The knowledge, skills, competencies and attributes embodied
quantity of women entrepreneurs in Nigeria expanded in individuals that facilitate the creation of personal,
over the most recent three decades because of the social and economic well-being. SMEs performance
accentuation on industrialization, and a developing success induces competitive advantage through human
enthusiasm for privatization, independent work and capital development, that is constructive for acquiring
business-arranged business. The performance of women further learning, and it will be helpful to gather fresh
entrepreneurs has become an important agenda in knowledge, training and skills (Unger, Rauch, Frese, and
recent policy and academic debates, especially in Rosenbusch, 2011). Increasing the stockpile of
Nigeria. Business performance is evaluated based on knowledge and skills of an organisation, helps to its
different concepts (Srinivasan, Woo, and Cooper, 1994). existence and finally in turn, positively impact success,
The performance also characterized as a mind- owners with higher human capital ought
boggling marvel of various measurements that are hard to be productive and systemic in running their business
to control without utilizing a blend of objective and than firm owners with less human capital.
subjective measures (Dharmaratne, 2012). According to Oforegbunam, Ebiringa, and Okorafor (2010) studied
Eniola and Entebang (2015), measuring firm the effects of human capital development on the
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Eniola and Dada 32
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Eniola and Dada 34
Revenue Profitability
Pearson Sign. N Pearson Sign. N
Correlation Correlation
Human Capital -0.100 0.037** 404 -0.130 0.007** 404
Financial Capital 0.174 0.003** 404 0.164 0.012** 404
Table 3: The regression results of the impact of human capital on revenue and profitability
Revenue Profitability
SE Β T Sign. SE Β T Sign.
Human 0.115 -0.139 -2.905 0.004** 0.108 -0.185 -3.412 0.001***
Capital
Financial 0.089 0.134 2.582 0.010** 0.083 0.124 2.189 0.039**
Capital
Dependent Variable: Monthly Revenue (N) and Monthly Profit (N)
a. ***, ** and * denote Correlation is significant at the 0.01, 0.05 and 0.1 level (1-tailed).
very rare, about 0.5 per cent, holds Master degree. 25.7 Correlation and Multiple Regression Analysis were used
per cent only have Diploma or national certificate of to test the relationship. The results of the analysis are
education (NCE) and the rest of them have primary mentioned below.
education. This study indicated that 54.7 per cent of Table 2 explained that human capital has a nagative
women entrepreneurs in Ekiti having monthly revenue relationship with significant value at 0.05 for the revenue
below N500,000 and 33.4 per cent have monthly revenue and profitability with Pearson correlation at -0.1 and -
between N500,000 to N10million. Meanwhile, 10.2 per 0.13. At the other side, financial capital has a positive
cent of them can reach up until N11million to N49 million relationship with the performance of women
and 1.7 per cent of them can get monthly revenue entrepreneurs in business at the sign value of 0.05 with
between N50 million and above even though it is very Pearson correlation value at 0.16 for each on revenue
rare to achieve but it is not impossible to get with a and profitability. Based on the results with above value, it
strong effort. The survey shows that 57.2 per cent of the showed that the both of the relationships are supported.
respondents have a monthly profit less than N500,000 It could be considered that the performance of women
followed by 31.4 per cent of women entrepreneurs who entrepreneurs had been impacted by financial capital and
have a profit from between N500,000 to N10million. human capital. Table 3 found that human capital has an
Among them, only 11.4 per cent recorded monthly impact on the performance of women entrepreneurs in
business profit N10million and above. The research business at significant negative value at 0.05 for revenue
found that the number of employees shows gradually and 0.01 for profitability (t=-2.905, and t=-3.412).
affect the performance of the business as 83.7 per cent Meanwhile, financial capital also has significant impact
have less than 9 employees in Microbusiness, However, on the performance at sign.value of 0.05 (t = 2.582) for
13.6 percent have employee between 10 and 49 persons revenue and profitability (t = 2.189).
and 2.7 percent have workers between 50 and 199 The results found that there is a correlation between
persons. The survey also showed that majority of the human capital and the performance of women
women entrepreneurs, 49 per cent starts their business entrepreneurs in business, which is consisting previous
with a capital below N500,000. 38.6 per cent of the entrepreneurial experience, level of education as well as
respondents having a start-up capital between N500,000 skill and knowledge. Human capital contributes a lot
to N49 million, followed by 7.2 per cent with N50 million when it comes to performance. However, the findings
to N100million and 5.2 per cent with capital more than did not show there is a strong relationship between
N100million. The experience can be measured by the human capital and the performance of women
number of years a person had managed a business. entrepreneurs in business. The level education did not
Among the male small business entrepreneur, 75.5 per affect too much on performance as it is not a requirement
cent had experience and had been managing a business to be an entrepreneur, but only an advantage to increase
for a period of 1-5 years, 15.1 per cent had 6-10 years’ the individual capabilities and the potential to diversify
experience in running a business, 2.7 per cent had 11- the field and knowledge. The important thing in business
15years experience, 4.7 percent had 16-20years is the knowledge of the products and the best marketing
experience while 2 per cent had 21 and above years’ and services you give to others. The majority respondent
experience. will hold internal meeting commonly and build a good
strategy to plan and manage the company better to
FINDINGS AND DISCUSSION improve the business performance.
Financial capital plays a vital role in the economy and
The data were analyzed by using Statistical Package is consistently an important factor to encourage the
software for Social Science (SPSS) of Pearson business development in women, whether in starting up
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Eniola and Dada 36
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