Venture Capital and the Emergence and Development of Entrepreneurship: A Focus o
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[a] Department of Financial Studies. Redeemer’s University，
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APPENDIX 1
（1）Test of Statistical the Hypothesis
Hypothesis 1
H0： Venture capital activities have not significantly resulted in emergence and development of SMEs in Lagos State
H1： Venture capital activities have significantly resulted in emergence and development of SMEs in Lagos State
Table 2
（Section A） Response on Key Issues Linking the Relationship Between Venture Capital Activities and Emergence and Development of Entrepreneurship in Lagos State
S/N Variables Responses （in %） Venture Capitalist （25） LASMI & Agency Bank （8） Rank
SA % A % U % D % SD % SA % A % U % D % SD %
1 Insufficient cheap and long term capital is a major factor affecting the emergence and development of entrepreneurship in Lagos State. 12
48% 2
8% 1
4% 8
32% 2
8% 4
50% 1
13% 1
12% 2
0% 0
0% 3rd
2 Venture capital is not available to SMEs in Lagos State due ignorance. 16
64% 7
28% 1
4% 1
4% 0
0% 3
38% 2
25% 1
12% 1
12% 1
12% 2nd
3 Availability of VC leads to the existence of new indigenous entrepreneurship in Lagos State. 17
68% 3
12% 2
8% 2
8% 1
4% 5
63% 2
25% 1
12% 0
0% 0
0% 1st
4 Government has made enough effort to ensure that funds are available for entrepreneurial activities in Lagos State 10
40% 5
20% 3
12% 2
8% 5
20% 2
25% 1
12% 2
25% 2
25% 1
12% 4th
Source： Author’s Computation. September， 2012
Table 3
Question 1 of Questionnaire Administered： Insufficient Cheap and Long Term Capital is a Major Factor Affecting the Emergence and Development of Entrepreneurship in Lagos State.
Options Venture Capitalist （25） LASMI & Agency Bank （8）
Point （x） Response （y） xy x2 y2 Point （x） Response （y） xy x2 y2
SA 5 12 60 25 144 5 4 20 25 16
A 4 2 8 16 4 4 1 4 16 1
U 3 1 3 9 1 3 1 3 9 1
D 2 8 16 4 64 2 2 4 4 4
SD 1 2 2 1 4 1 0 0 1 0
Σ 15 25 89 55 217 15 8 31 55 22
Source： Author’s Computation. September， 2012
Table 4
Calculation of Correlation （Using Average Aggregate （SD） Response）
Options AA Point （x） AA Response （y） AA （xy） AA （x2） AA （y2）
SA 5 8 40 25 80
A 4 1.5 6 16 2.5
U 3 1 3 9 1
D 2 5 10 4 34
SD 1 1 1 1 2
Σ 15 16.5 60 55 119.5
Source： Author’s Computation. September， 2012.
Note： AA = Average aggregate
r = 0.41（41%）
Decision： The “r” calculated of 0.41 ≤ 0.5 level of significance. The null hypothesis is accepted. Venture Capital activities have not meaningfully resulted in emergence and development of SMEs in Lagos State.
Hypothesis 2
H0： There is no significant relationship between SMEs and job creation and poverty alleviation in Lagos State
H1： There is significant relationship between SMEs and job creation and poverty alleviation in Lagos State
Table 5
（Section B） Response on Key Issues Involving the Relationship Between SMEs and Job Creation and Poverty Alleviation in Lagos State
S/N Variables Responses （in %） SA % A % U % D % SD% Rank
5 Establishment and development of SMEs leads to employment creation and poverty alleviation in the State. 50
71% 8
11% 2
3% 7
10% 3
4% 1st
6 Unemployment and poverty in Lagos state is due to inadequate entrepreneurship emergence and development. 47
68% 12
18% 2
4% 6
2% 4
9% 2nd
7 Lack of start up capital and high SMEs mortality rate due to inadequate working funds has resulted in unemployment and high level of poverty in Lagos State. 46
66% 15
21% 1
1% 3
4% 5
7% 3rd
8 Innovative ideas without set up capital to convert them into project reality die without implementation. 45
64% 14
20% 3
4% 4
6% 4
6% 4th
Source： Author’s Computation. September， 2012
Table 6
Question 5 of Questionnaire Administered： Establishment and Development of SMEs Leads to Employment
Creation and Poverty Alleviation in the State
Calculation of Correlation （using “SD” response）
Options Point （x） Response （y） xy x2 y2
SD 5 42 210 25 1，764
A 4 8 32 16 64
U 3 4 12 9 16
D 2 7 14 4 49
SD 1 9 9 1 81
Σ 15 70 277 55 1，974
Source： Author’s Computation. September， 2012
r = 0.67 （67%）
Decision： The r calculated of 0.67 ≥ 0.5 level of significance. The alternate hypothesis is accepted. There is significant relationship between entrepreneurship and job creation and poverty alleviation in Lagos State. However 67% shows a weak positive correlation.