Impact of innovation on the entrepreneurial success: Evidence from Nigeria

Abstract

In the recent years, Nigeria has recorded an economic growth but with a trajectory which offers both positive and negative lessons regarding the innovation of business faced by many countries in Africa and elsewhere in the developing world. This study sought to test the relationship between innovation, the financial performance of company and firm’s competitive advantage. This was done through correlation and regression analysis. Data were analyzed using descriptive and inferential statistics. Hypotheses were tested at 0.05 significant levels with the aid of parametric student t-test. The results revealed that there is a positive relationship innovation and the financial performance of company. A clear lesson from this study is that the future must include promoting innovation and entrepreneurship; in other words, business competitiveness depends on the creativity and innovativeness of its entrepreneurship.