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THEMATIC ASSESSMENT OF ENTREPRENEURIAL PRACTICES ON PERFORMANCE OF MEDICINAL HERBAL BUSINESSES IN OSUN STATE
Abstract: Entrepreneurship is associated with start-up initiatives, creativity, and innovation in business, the entrepreneur is the originator and owner of the business. Successful entrepreneur combines and coordinates other factors of production, with innovative ability to achieve economic motive which creates wealth and jobs. Nigerian medicinal herbal businesses sector has not been able to utilize their ideas to bring about small-scale development in the country. Medical Herbal businesses are experiencing difficulties in creating more jobs for young graduates because of inadequate entrepreneurial supportive policies. Nigeria is experiencing persevering increment in unemployment level with graduate unemployment making up a major percentage of the unemployed population. The objective of this study involves exploring the thematic assessment of entrepreneurial practices on performance of medicinal herbal businesses in Osun State. Qualitative research approaches were used to examine the entrepreneurial practice on the performance of these enterprises. The population for this study is four respondents from the registered medicinal herbal businesses in Osun State, source (National Agency for Food and Drug Administration and Control, Osun State). Structured interview was adopted to collect data, thematic analysis was adopted to process the interview data. Findings showed that start-up initiatives have a strong significant influence with job creation and creativity and innovation on business growth. The study concluded that majority of the Nigerian herbal medicinal products have not been able to surpass their expectations to customers in terms of quality services but have always make a lot of funny stories surrounding their product. The study recommended that medicinal herbal business owners in Osun State needs to create more business opportunities that can create more small-scale jobs. Herbal medicinal entrepreneurs should utilize the available resources in Osun State to produce more reliable herbal medicinal products. There are lots of business opportunities the herbal business has not tapped into. Herbal medicinal business has to ease the comfort of people in terms of trust of the contents of the herbal medicinal products.
Keywords: Entrepreneurial Practices, Start-up Initiative, Creativity, Innovation, Job Creation, Business Growth and Medicinal Herbal Businesses.