The estimated value of initial total expenditure of the respondents from Table 48 below shows that 278(66%) of the respondents had their initial total expenditure as below N50,000, 61(15%) of them had their initial total expenditure to be N50,999-N100,000, 33(8%) of them had their total expenditure to be N100,999-N150,000, 23(5%) of them had their total expenditure to N159,999 – N200,000 while 27(6%) of them had their total expenditure to N200,999 and above. On the other hand, Table 48 also shows that 7 (2%) of the respondents had their current total expenditure standing at an amount below N500,000, 30(7%) of them had their current total expenditure standing at N500,999-N1,000,000, 39(9%) of them had their expenditure to be N1,000,999-N1,500,000, 263(62%) agreed that their expenditure is standing at N1,500,999-N2,000,000, while 83(20%) of them have their expenditure stand at N2,000,999and above.
Table 48: Estimated Value of Initial Total Expenditure and Current Annual Total Expenditure
Initial Annual Total Expenditure
Current Annual Total Expenditure
N50,999 – N100,000
N100,999 – N150,000
N1, 000, 999 – N1, 500,000
N150,999 – N200,000
N1,500,999 – N2, 000,000
N200,999 and Above
N2, 000,999 and Above
Source: Field Survey, 2007 The estimates of initial annual expenditure of the business and the current annual expenditure are cross tabulated and represented in the figure above, the expenditure was on the increased throughout different stages for the entrepreneurs’ current annual expenditure. This is expected because increased need for sustaining and increasing production, expansion will continue to increase current expenditure. While on the contrary, the initial expenditure of business at start up tend to rise sharply followed by a sharp fall. This dwindling fall however is expected to rise sharply as the business continues to grow and expand. Graphically this can be represented in a figure below.
igure 22: Estimate of Initial and Current Annual Expenditure
Estimated Value of Total Fixed Assets
The estimate of the total fixed assets of the respondents shows that 254(60%) of them had their total fixed assets to be below N10,000,000, 98(22%) of them had their fixed assets to be between N10,000,999-N20,000,000, 33(8%) of them had their fixed assets to be between N20,000,999-N30,000,000, 27(6%) of the respondents’ fixed assets stood at N30,000,999-N40,000,000 while 20(4%) of them had their fixed assets to be N40,000,999 and above.
The estimates of initial percentage (%) of investment representing annual profit of the business and the current percentage (%) of investment representing annual profit are cross tabulated and represented in the above figure. The percentage of investment representing annual profit increased when it was less than N10m, decreased at 105, stabilized from N20m and dropped again afterwards. The total fixed asset is expected to rise sharply as depicted in the figure below and then fall as the business grows. This is because expenditures on some fixed assets like land, buildings and other facilities will reduce once they are purchased. Graphically this was represented in Figure 23 above.
Looking at the time invested into the business, the table below shows that 36 (9%) of them are currently putting in a minimum of six hours into their business, 58(14%) spend minimum of seven hours in their business, 96(23%%) of the respondents invest minimum of eight hours into their business, 102(24%) of them put in nine hours in their’s while 130(30%) of them agreed that they put in minimum of ten hours and above in their business. On the reverse, 110(26%) of the respondents used to put in a minimum of six hours into their former business, 88(21%) of them used to spend a minimum of seven hours in their former place of work, 38(10%) of them used to put in a minimum of nine hours into their former place of work while 29(8%) of them spent ten hours and above in their former place of work.
Table 50: Estimated Number of hours Respondents Put in Business after and before Starting Business
The estimates of initial hour of the business and the current hour are cross tabulated and represented in the above figure. Entrepreneurs that started with less than six hours and those who had six hours at present decreased tremendously. However, the hours continued to rise but not at high rate as expected. The respondents in the research affirm that they invested more hours in their business than when employed. This is the reason for such sharp fall and low downward trend per hour input as employees. While on the other hand, a continuous increase in input hour as entrepreneurs meaning that as an entrepreneur, personal involvement in the business demands for more number of hours input in the business to achieve high level of performance. The self will to excel, the power to control and maximize resources enjoin entrepreneurs to invest more time in their business. An employee that will invest more hours will only do so rarely or possibly for compensational reasons or because he or she will be extrinsically motivated. The more intrinsically a woman entrepreneur is motivated, the more number of hours is required for her to put in the business. A histogram representation of the above can be used for further explanation of the above. Graphically this was represented in Figure 24.
The Figure above shows that the highest number of hours put in the office by women entrepreneurs that worked with someone before they started their own business is 6hours. This may be followed by additional 1or 2 hours as overtime and weekend working hours. Overtime or weekend working hours put in by employees are usually compensated by the owner of the business. So the tendency of putting in an extra hour is very very slim. Before the women under the study started their business, there were not much concerned with the number of hours they put in their place of work. Putting in extra time in their place of work may either be as overtime or weekend which must be compensated with extra income. On the other hand, a woman entrepreneur does not wait for compensation before she decides to put in an extra time in her enterprise.
Figure26: Histogram of Estimated Number of Hours Put in the office as an Entrepreneur
On the other hand, the Figure above shows that apart from working for 6 hours the women entrepreneurs under this study put in more time, up to 10 hours and above to achieve high performance in their businesses. The histogram depicts that women entrepreneurs invest more hours into their businesses than when they were under salaried employement. This shows such increase in the 5th and 6th bars ( for 9hrs and above) as depicted above than in the previous histogram which depicts lower hour invested as employees. Naturally, women entrepreneurs see time investment into their business as investment toward personal growth and development. Intrinsic motivation drives them to invest more time and energy as entrepreneurs with the aim to meet up with their job obligations which tend to satisfy their customers.