Crafts industry lifecycle strategies and entrepreneurial development in Ikot Ekpene Senatorial District of Akwa Ibom State

Abstract

The study evaluates crafts industry life cycle strategies and entrepreneurial development in Ikot Ekpene Senatorial District of Akwa Ibom State. The survey research design was adopted and a sample size of 265 was determine for the study using the Taro Yamane formula. A total of 265 copies of questionnaire was administered on the sample craft producers in the ten LGAs that make up Ikot Ekpene Senatorial District of Akwa Ibom State.250 copies of the questionnaire was return and use for the study. Descriptive statistic was use for data analysis while multiple regression was used in test of hypotheses. It was discovered that industry life cycle analysis enables craft producers to identify the stages of their business development in the industry in order to take steps towards gaining market share and remain competitive. Other findings revealed that the adoption of strategies such as entry strategy, market penetration, cost leadership and diversification strategies at the various phases of the craft industry life cycle enhance development, growth and sustainability of craft businesses. It was therefore recommended that entrepreneurs, particularly craft producers should adopt strategies such as entry strategy, market penetration, cost leadership and diversification strategies at the different stages of the industry life cycle in order to enhance growth, profitability and sustainability of their business. Also, Akwa Ibom State government should provide access to funds and as well build entrepreneurship development centres in Ikot Ekpene Senatorial District in order to enhance the skills and knowledge of entrepreneurs particularly craft producers to enable them navigate their businesses in the different phases of the industry life cycle.

Keywords: Industry Life Cycle; Entrepreneurial Development; Strategy Adoption