Source: Field Survey, 2007 How the Business was started and Branches of the Business
Considering how the respondents started their businesses, the survey revealed that 243(58%) of them started their businesses from the scratch, 73(17%) of them purchased their businesses, 50(12%) of them inherited their businesses while 56 (13%) of them joined their husband to start their business. Looking at the number of branches of their business, it was discovered that 253(60%) of them have one branch, 98(23%) have two branches, 48(11%) have three branches, 17(4%) have four branches while 6(2%) have five branches.
Table 45: Descriptive Statistics of Respondents by Modalities for Establishment and Number of Branches
Source: Field Survey, 2007 Number of Employees in the Business
The study also showed that 295(70%) of them had between one to four employees in their business when they started the business, 60(14%) of them had five to nine employees, 52(12%) employed ten to fourteen employees, 11(3%) of them employed fifteen to nineteen employees while 4(1%) of them had twenty and above employees in their organization when they started. On the other hand, 256(61%) of them have between ten to thirteen employees in their business, 75 (18%) fourteen to seventeen employees in their business, 67(16%) had eighteen twenty-one employees in their organization, 12(3) had between twenty-two to twenty-five employees in their firm while 11(3) have twenty-six and above employees in their organization.
Table 46: Descriptive Statistics of Respondents by Number of Employees engaged by them at the Commencement and at Current
The number of employees at the start of the business and the current number are cross tabulated and represented in the figure below. Entrepreneurs in the study that started business with 1-5 employees had a higher rate of labour tunrnover when compared to those that started their business with more than five employees. Figure 20 also shows that the number of establishments that had 6-10 employees rose from less than two hundred to above two hundred considering all the sectors used as case study of the research work. Graphically the above Table 45 can be represented in a figures as below.
igure 20: Number of Employees at Start and Current number of employees
Looking at the value of initial capital of the business at commencement, it can be seen from Table 47 that 260 (62%) of the respondents started their business with an amount that is below N50,000, 71 (17%) started their business with amount between N50,999 and N100,000, 41(10%) of them started their business with N150,999-N200,000, 23(5%) of them had the estimated value of their initial capital to be between N150,999-to N200,000, while 27(6%)of them started their business with N2,000,999 and above. On the other hand, 257(61%) of the respondents’ capital had grown to N1m, 73(17%) of them had their present capital stood at N1m- N5,000,000, 49(12%) had their capital to be N5,999,999-N10,999,999, 27(6%) of them had an amount of N10,999,999- N15,000,000 as their present capital while 16(4%) of them had N15,000,999 and above as their capital at close.
Table 47: Estimated Value of Initial Capital at the Commencement of the Business and at Present
Initial capital at the Commencement
Capital at Present
N50,999 – N100,000
N1m – N5, 000,000
N100,999 – N150,000
N5, 000, 999 – N10, 000,000
N150,999 – N200,000
N10, 000,999 – N15, 000,000
N200,999 and Above
N15, 000,999 and Above
Source: Field Survey, 2007 The estimates of initial capital of the business and the current capital are cross tabulated and represented in the figure below. The diagram shows women entrepreneurs that started with less than fifty thousand and those who had fifty thousand as capital at present decreased tremendously. However the capital continued to rise but not at high rate as expected. The graph shows four stages of capital investment for business at start up. (i) A step increase and a sudden sharp fall in capital investment at the beginning for entrepreneur who started with less than fifty thousand; (ii) a relatively steady investment between fifty and one hundred and fifty with (iii) elastic point at one hundred and fifty follows by (iv) a steady increase in investment at two hundred thousand. In the same vein, the current capital investment from less than fifty to one hundred and fifty thousand shows steady increase in four stages with an elastic point at 200 thousand where it declines. This can also be represented in a figure as in Figure 21.