IMPACT OF ORGANIZATION CREATIVITY AND INNOVATION ON ENTREPRENUERIAL SUCCESS (A CASE STUDY OF FRIESLAND CAMPINA WAMCO NIGERIA PLC)
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TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
Background of the Study
Statement of the problem
Scope of the study.
Significance of the study
Operational Definition of Terms.
CHAPTER TWO: LITERATURE REVIEW
2.1. Concepts of creativity and innovation : An overview.
2.2. The interplay between creativity, innovation and entrepreneurship.
2.3. The relevance of creativity and innovation on market competition.
2.4. Creativity, innovation and climate.
2.5. Creativity, innovation, organization profitability and survival.
2.6. Creativity, innovation and organizational survival.
CHAPTER THREE: RESEARCH METHODOLOGY
2.7. Research design
2.8. Target population.
2.9. Sampling and sampling method.
3.0. Data collection
3.1. Research instruments.
1.1 Background to the Study
The primary goal of every nation irrespective of its status, that is, developed or underdeveloped is to achieve a sustainable economic growth and development. This indeed is a herculean task that cannot be handled alone by the government. The real economic builders are people in businesses, agriculture, education, entertainment, who by being diligent or sowing faithfully or making sacrifices contribute to the building of economy that ensures the building of worthy nation (Osinbanjo, 2018). Entrepreneurship is a colloquial term that is common to all aspects of economic building. The success of an entrepreneur is ultimately dependent on creativity and innovation. The general assumption is that capital is the basis of the existence of any business operation. This may be apt but the continuous existence of an operation rests on creativity and innovation. Entrepreneur has been variously defined by scholars. In the first instance, entrepreneur is derived from French word ‘Entreprendre’ which denotes to ‘undertake’. Entre means to enter a business condition or realm which is not known but actions and results are formed along the line in relations to the condition. While ‘Prendre’ on the other hand deals with implementation, management and marketing the new trade.
This seems to have deviated from entrepreneur but it is always part of it. From this analysis, it is crystal clear that entrepreneur connotes much more than ownership. Risk taking is an integral part of it since the eventuality of an action cannot be determined from the outset. The place of creativity and innovation in the entrepreneurial success cannot be overemphasized. Creativity and innovation stand as catalysts for entrepreneurial success. In the opinion of Drucker, entrepreneurship implies that innovation is the enrichment of existing resources with new wealth- producing capability. From this point, the success of an entrepreneur is largely associated with his creative ability and the enthusiasm to transform it into innovative skills (Drucker, 1985). What is expected as core traits of an entrepreneur is the ability to develop and exploit business opportunities (Shane and Venkataram, 2000). This means an entrepreneur should be on the alert to take calculated risk of opportunities. It has been affirmed that in the present complex and dynamic financial and business environment, market opportunities and the ability to identify and exploit them without procrastination are vital to the entrepreneur success than the entrepreneur traits or firms efficiency (Puhakka, 2007). Even the ability to identify opportunities and make use of them is part of the yardstick for measuring firm’s efficiency. What should be noted is that identification of opportunities and tapping them cannot be done without being creative and innovative. This is because it is not easy to perceive business opportunities as it calls for creative insights (Kirzner, 1997).
In addition, Sarasvathy suggests that entrepreneurship is strongly present when the actors venture into business space without knowing anything about it, the conduct is still vague, the objective is undefined. It is also irrelevant probably the activity is bringing about new establishment or expansion of the existing activities or into a new market. The task of an entrepreneur is problem solving in which the situation, rules, solutions and goals must be created through action (Sarasvathy, 2001). This research intends to exhibit how the combination of creativity, innovation and entrepreneur can bring success to an organization.
1.2 Statement of Problem
The issue of creativity and innovation has indeed attracted scholarly attention. The available literatures appeared to have focused more on the impact of creativity and innovation to the survival of small scale businesses. Little or no attention is given to the relevance of creativity and innovation to large scale enterprises. The impression is that since the big businesses have strong capital base, survival is definite. The role of creativity and innovation is played down regarding the operations of large scale businesses. Meanwhile, a number of such business empires had folded up due to lack of creativity and innovation. It is glaring that there is paucity of materials on what impact of creativity and innovation could be on the large scale enterprises. The failure of some entrepreneurs to seek creativity and innovation sent them out of operation.
What is amazing is that as some businesses find it difficult to survive in the face of market competition, others continue to soar in the same market. The point of reference here is Friesland Campina Wamco Nigeria PLC whose operation is dated back to 1954. This means that the establishment has witnessed different economic situations in the country. Apart from recession, government policies and foreign sanctions, the company operates in a competitive market. Unlike other companies that folded up, the company is likely to be one of the oldest companies that produce diary products in the country and the price is relatively high, yet it continues to be relevant and the demand for its products keeps increasing on daily basis. Comparatively, other dairy products that operate in the same market with Friesland Campina sell at lower rate and they are recent or new brands still, they find it difficult to compete favourably in the same market. This means that their operations are incapable of affecting the demand of Peak Milk and Three crowns which are the leading brands of the company.
Market survey revealed that 88℅ of the fortune 500 firms that existed in 1955 are out of market today. These companies have either gone bankrupt or merged or still exist but have fallen from the top fortune 500 companies. Most of the companies on the list in 1955 have become unrecognizable, forgotten companies today. The major factor in their folding up or falling is lack of creativity and innovation. It will be noted that some of these companies entered market during the last quarters of the 20th Century and folded up in less than two decades. Others continue to exist but competition has taken life out of them. Many of them specialize in the production and supply of technological products while others specialized in dairy products. They include: Kodak (1889-2002), BlackBerry (1998-2019), Nokia (1990-2008), and Compaq (1982-2002). Meanwhile, dairy products making it difficult to survive include: Loyal Milk since 1993, Nunu milk 2006, Nido 1944, Olympic milk 2008, Luna and Jago milk respectively. Hence, the survival of Peak milk is worthy of study despite fierce market competitiveness and higher price.
1.3 Research Objective
The general objective of the study is to investigate the impact of organizational creativity and innovation on entrepreneurial success. Other specific objectives are to;
i. Examine the influence of leadership style on creativity in an organization.
ii. Assess how creativity and innovation contribute to continuous existence if an organization.
iii. Interrogate the impact of internal and external environment on creativity and innovation.
Iv. Expose the extent at which creativity and innovation affect profitability.
1.4 Scope of the Study
The research intends to study the impact of organizational creativity and innovation on the success of Friesland Campina Wamco. This particular organization known as WAMCO is one of the country’s foremost diary companies and it maintains the credit for the production of high dairy products whose brands include Peak milk, Three crowns and Friso. They serve as major household consumptions. Meanwhile, the Peak Milk remains at the apex. The mission of the company is to address three global challenges which are: nutrients security, sustainability and support farmers. The headquarters of the company is located at Ogba Ikeja, Lagos state with seven regional branches. This study is limited to only the headquarters in Lagos and the regional branch in Ibadan.
1.5 Significance of the Study
It has been stated earlier that the attention of scholars on entrepreneurial success is often focus on the relevance of creativity and innovation to the survival of small scale entrepreneurs. It happens therefore that, adequate attention has not been given to the importance of organizational creativity and innovation on entrepreneurial success. It is noteworthy that many large scale businesses had folded up simply because of lack of creative and innovative ideas that could have kept them alive in the competitive market. Hence, this research seeks to reveal the place of organizational creativity and innovation on the continuous existence of Friesland Campina Wamco as a dairy products company since its establishment.
1.6 Research Questions
This study will be guided by the following research questions
1. Does leadership style significantly influence creativity in in Friesland Campina Wamco?
2. Does organizational creativity and innovation affect profitability in Friesland Campina Wamco?
3. Does the perceptions of entrepreneurial team creativity positively related to idea promotion and implementation?
4. Does idea promotion and implementation positively related to entrepreneurial team innovation intensity?
1.7 Definition of Terms
Impact: This is the influence or effect of a force on a particular development.
Entrepreneurial: This deals with having or developing skills, attitudes, mindset of an entrepreneur.
Fold Up: This is the termination of the existence of a particular business venture as a result of its maturity or indebtedness.
Bankruptcy: It means indebtedness. It is the inability of an organization to continue the maintenance of its credit worthiness or financial responsibility.
Risk Taking: This is the deliberate readiness to venture into an activity whose eventually is unknown.
Business Opportunities: These are the privileges capable of transforming the life of a given business.
Diary Products: These are nutritional supplements aimed at improviing the health of the people.
Entrepreneurial Success: This is the end result of having or developing skills, attitudes and of an entrepreneur.
Entreprenuer: This is the person who finds pleasure in risk taking. He pools other factors of production together for the prime objective of profit making.
Organization: This stands for a place where productive or business activities take place.
Creativity: This is the ability to bring up new ideas that leads to the production of new product or improvement on the existing ones.
Innovation: This completes creativity process by translating the ideas to concrete form. Innovation ensures the implementation of creative ideas.
Market: This is the close contact that exits between the sellers and potential buyers for the purpose of buying and selling.
Impact: A powerful effects that something has on a situation.
Competition: It is a rivalry engaged in by every organization in order to get what other organizations are seeking trading in the same line of business.
Survival : it is the ability of an organization to continue to exist in operation for long period of time.
For all headings: Capitalise the first letter of each word.
Eg., Statement of Problem.
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