FAMILY BACKGROUND AND ENTREPRENEURIAL INTENTION OF SELECTED CORP MEMBERS IN OYO STATE, NIGERIA

Abstract

Entrepreneurship Intention has been discussed in extant literature as the foundation for successful businesses. The decision of an individual to start a business is often derived from his constant interactions and consultations with his social environment. An individual who belongs to an entrepreneur-family has a greater chance to choose an entrepreneurial career than one hailing from non-entrepreneurial background. However, the effect of family background on entrepreneurial intention of corps members in Nigeria has not been fully established, which has created a literature. Therefore, this study investigated the the effect of family background on entrepreneurial intention in Nigeria. The study adopted the survey research design. 439 batch B corps members in Ibadan North, Ibadan Southwest and Ogbomoso North Local government area of Oyo State, Nigeria served as the sample unit Questionnaires were administered to the selected Corp members. Cronbach’s Alpha reliability coefficients for the constructs ranged from 0.810 to 0.827. A response rate of 87.4% was recorded from the field work. The data was analysed using descriptive and inferential tools with the aid of Statistical Package for Social Science (SPSS) version 27. Findings revealed that family background has significant effect on entrepreneurial intention selected corps members in Oyo State, Nigeria. (R= 0.551, R2= 0.304, t = 6.476 P<0.05). Specifically, the study found that Family background has a significant combined effect on entrepreneurial intention of selected corps members in Oyo State, Nigeria. (R= 0.568 R2= 0.323, AdjR2 0.293 F(4, 380) = 10.958 P<0.05). The study concluded that there is significant relationship between family background and entrepreneurial intention, with a moderate positive correlation. The study therefore recommended that Youth corps members should understand the potential influence of family business experience and entrepreneurial education on their entrepreneurial competence and knowledge. Reflect on the experiences and knowledge gained from family businesses and leverage them to enhance your entrepreneurial abilities.