Assessing The Effectiveness Of Social Media Entrepreneurship In Our Contemporary Business Society

Project and Seminar Material for Entrepreneurship

Assessing The Effectiveness Of Social Media Entrepreneurship In Our Contemporary Business Society


Abstract


The study examines the impact of social media on entrepreneurship development among users in Zamfara State of Nigeria. Social media have dominated Zamfara and the youths of the state have used different social media web sites such as Myspace, Twitter, Facebook, Instagram, YouTube and WhatsApp with increasing number of users. The study adopts survey research designand simple random sampling techniques to select 399 respondents across the 14 Local Government Area using Taro Yamane formula. The study adopts, simple percentage, normality test, reliability test and multiple regression. The findings reveal that social media impact significantly on entrepreneurship development among users in Zamfara state of Nigeria.

Also, social media in terms of Facebook, WhatsApp and Instagram contribute significantly in realizing innovation and creativity among users in Zamfara state. The study concludes that YouTube does not contribute to entrepreneurship development in terms of creativity and innovation among users in state. The study therefore, suggests that social media in terms of Facebook, WhatsApp and Instagram should be encouraged among users in the state when it aids entrepreneurship development but should be discouraged when it is being used for fraudulent acts. The study also suggested that YouTube should be discourage in the society since users of the social media only concentrated on film without coping concern and use for entrepreneurship development in the state in term of developing products.


Chapter One


Introduction

1.1 Background To The Study

The concept “social media” is used to define group interactive communication”. The “group” in this definition represents “social” content of the definition. According Suomen Toivo–Think Tank (2012), social media constitute a kind of current information network and information technology in which interactive communication emanates in which the user produces the content of information and proceeded by the establishment and maintenance of interpersonal relationships. A social media services include content sharing, web communities, or an Internet forum (Sanastokeskus, 2010). According to Kaplan and Heinlein (2010), social media facilitates the generation and exchange of information of its content. Therefore the users are active in the formation and exchange of information rather than being passive (Sweeter and Laricsy, 2008). The various types of social media include Facebook, Twitter, YouTube, Google+, MySpace, Skype, Instagram, Flipagram, what Sapp, 2go, and BBM.

According to Suomen Toivo- Think Tank (2012), the advantages of social media consist of openness, collaboration, social networking and social interaction, participation. The research therefore seek to conduct an appraisal of “Assessing the effectiveness of social media entrepreneurship in our contemporary business society”


1.2 Statement of the Problem

The social provides a social platform for interactive communication and information exchanges and has exacted great influences among social groups and the society at large. Considering the huge traffic of people on the platform it has become an easy means to disseminate information to the public. However it is pertinent to note that the adverse effect of the social media is greatly destructive especially on the image and brand of product or service or on a firm, individual or group of individual. This because information on the social media is unregulated and could sometime be biased and presumptuous. Also the number of bloggers is uncontrolled and unregulated thereby posing great danger for the dissemination of wrong informations.The problem confronting the research is to proffer an appraisal of “Assessing the effectiveness of social media entrepreneurship in our contemporary business society”


1.3 Objectives of the Study

To determine the effectiveness of social media entrepreneurship in our contemporary business society”

“Social media” is used to define group interactive communication”. The “group” in this definition represents “social” content of the definition. According Suomen Toivo–Think Tank (2012), social media constitute a kind of current information network and information technology in which interactive communication emanates in which the user produces the content of information and proceeded by the establishment and maintenance of interpersonal relationships. A social media services include content sharing, web communities, or an Internet forum (Sanastokeskus, 2010). According to Kaplan and Heinlein (2010), social media facilitates the generation and exchange of information of its content. Therefore the users are active in the formation and exchange of information rather than being passive (Sweeter and Laricsy, 2008).

The various types of social media include Facebook, Twitter, YouTube, Google+, MySpace, Skype, Instagram, Flipagram, what Sapp, 2go, and BBM. According to Suomen Toivo- Think Tank (2012), the advantages of social media consist of openness, collaboration, social networking and social interaction, participation.


1.4 Research Questions

  1. What is social media entrepreneurship?
  2. What is the effect of social media in contemporary society?

1.5 Significance of the Study

The research seek to “Assess the effectiveness of social media entrepreneurship in our contemporary business society”

A social media services include content sharing, web communities, or an Internet forum (Sanastokeskus, 2010). According to Kaplan and Heinlein (2010), social media facilitates the generation and exchange of information of its content. Therefore the users are active in the formation and exchange of information rather than being passive (Sweeter and Laricsy, 2008).

The various types of social media include Facebook, Twitter, YouTube, Google+, MySpace, Skype, Instagram, Flipagram, what Sapp, 2go, and BBM.

According to Suomen Toivo- Think Tank (2012), the advantages of social media consist of openness, collaboration, social networking and social


1.6 Research Hypothesis

Ho “The effectiveness of social media entrepreneurship in our contemporary business society is Low

Hi “The effectiveness of social media entrepreneurship in our contemporary business society is high


1.7 Scope of the Study

The study focuses on assessing the effectiveness of social media entrepreneurship in our contemporary business society


1.8 Limitations of the Study

Geographical constraint and logistics were encountered in the conduct of the research.


1.9 Definition of Terms

Social Media Defined

The concept “social media” is used to define group interactive communication”. The “group” in this definition represents “social” content of the definition. According Suomen Toivo–Think Tank (2012), social media constitute a kind of current information network and information technology in which interactive communication emanates in which the user produces the content of information and proceeded by the establishment and maintenance of interpersonal relationships.

Social Media Marketing

The use of social media platforms and websites to promote a product or service.

Direct Marketing

The business of selling products or services directly to the public, e.g., by mail order or telephone selling, rather than through retailers; a form of advertising which allows businesses and nonprofit organizations to communicate directly to customers through a variety of media including cell phone text messaging, email, database marketing, fliers, catalog distribution, promotional letters and targeted television, newspaper and magazine advertisements as well as outdoor advertising.

Business

Also known as an enterprise, company or a firm is an organizational entity involved in the provision of goods and services to consumers.

Small business

A business having fewer than 500 employees (SBA, 2011).

Internet

The global system of interconnected computer networks that use the Internet protocol suite (TCP/IP) to link billions of devices worldwide. It is a network of networks that consists of millions of private, public, academic, business, and government networks of local to global scope, linked by a broad array of electronic, wireless, and optical networking technologies.

Marketing Strategy

The foundation of a marketing plan that will helps a company identify their best customers, understand their needs and implement the most effective marketing methods.

Profit

A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Brand

Is a set of marketing and communication methods that help to distinguish a company from competitors and create a lasting impression in the minds of customers.

Products

An article or substance that is manufactured or refined for sale.

Sale

A transaction between two parties where the buyer receives goods, (tangible or intangible) services and/or assets in exchange for money.


Chapter Five


Discussion Of Findings, Conclusions And Recommendations

5.1 Discussion Of Findings

The study found out that social media in terms of Facebook, WhatsApp and Instagram contribute significantly in realising development of entrepreneurs among users in Zamfara state of Nigeria. This implies that among users in Zamfara state tend to ensure that they utilize their time efficiently in Facebooking, WhatsApp and Instagram in order to ensure that they development themselves in entrepreneurship in terms of creativity by creating new products, creating new packaging of the product or services and finding new ways of doing business and also develop themselves by being an innovator in terms of social innovator, technological innovator and process innovators. The study also found that that YouTube as a social media instrument does not significantly contribute to entrepreneurship development among users in Zamfara State of Nigeria. This implies many users of YouTube engaged themselves in watching films forgetting to use their time in searching for media that will help them to develop entrepreneurially and add value to the society. The finding is in line with the work of Ambrose (2013) and self-conceptualized model in this study.


5.2 Conclusions And Recommendations

The study concluded that social media impact significantly to entrepreneurship development among users in Zamfara State of Nigeria. Also, social media in terms of Facebook, WhatsApp and Instagram contribute significantly in realizing innovation and creativity among users in Zamfara State of Nigeria. The study also concluded that YouTube does not contribute to entrepreneurship development in terms of creativity and innovation among users in Zamfara State of Nigeria. The following recommendations are advanced based on the finding of the research:
The study suggested that social media in terms of Facebook, WhatsApp and Instagram should be encouraged among users in the state when it is only lead to entrepreneurship development but should be discourage when the users are using it for pleasure and communicating fraudulent acts through it.

The study also suggested that YouTube should be discourage in the society since users of the social media only concentrated on the film without coping the content and use for entrepreneurship development in the state in terms of developing products.

Government in both Federal and State level via the appropriate ministries i.e. Ministry of Education must include social media and usage in the education curriculum to teach student how to use it for entrepreneurship development. Federal and State legislation must be enacted to guide against usage of social media for fraudulent activities. Orientation and reorientation of Small and Medium scale enterprises on the positive correlation between social media free advertisement opportunities and their businesses success. Government should provide necessary funding to assist entrepreneurs in easy and quick adoption of social media technologies. Without the knowledge of operation of a computer set, social media will assume an ambiguous and abstract phenomenon. Government should encourage computer literacy in our schools.


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