EFFECTS OF CREATIVITY AND INNOVATION ON THE ENTREPRENEURIAL PERFORMANCE OF FAMILY BUSINESS (A STUDY OF SELECTED FAMILY BUSINESSES IN LAGOS STATE)

ABSTRACT

This research study examined the effects of creativity and innovation on the Entrepreneurial performance of family businesses. The objective of the research was to examine the effects of creativity and innovation on entrepreneurial performance of family business. Both primary and secondary data were used for the data gathered. The survey research method was used through the distribution of 200 questionnaires to 20 family businesses in the Lagos metropolis. The family businesses used for this study included the following Techoquip Limited, Deorenik Limited, Ajoke Stores Limited, Eagles Path Limited, Olaolu Trading Stores, Obosi & Co Limited, Eleganza, Bode Best & Co Limited, AA Shittu & Co Limited, Elizade Nigeria Limited, Ekenedilichukwu Transport, CN Okoli Motors, Diya Fatimileyin & Co Limited, Jide Taiwo & Co Limited, Howard Daffinone Consulting, Rotimi Williams Firm, BraithWhyte Group, and Emmalesson Group, Ibru Group of Companies, and OBAT petroleum group. ANOVA test statistics was used to test the three hypotheses of the research. In analysis of the data gathered, it was found that creativity and innovation through product quality, new technology, and new product development significantly affect the performance of family businesses. The study recommends that family businesses should engage more on technology in improving the quality of their product so as to sustain their organisation’s position in the face of competition.