Assessment of Extrinsic Motivational Variables Influence on Entrepreneurial Performances in a Developing Economy: Perspective of Selected SMEs in Lagos, Nigeria

It is a known fact that motivation is an important tool for achieving an acceptable level of performance in any establishment. In a growing economy like Nigeria, it is likely that what people want from their jobs differs from individual to individual, depending on the prevailing economic condition and working environment. This study investigates into whether extrinsic motivational variable influences entrepreneurial performances in a developing economy or not. The motivational variables identified for this study comprise of salary increment, job security and regular promotion of employees. This study adopted a descriptive design by administering Four hundred (400) questionnaires to selected entrepreneurs in Lagos state using stratified random sampling technique. Out of the four hundred (400) questionnaires distributed, only three hundred and ten (310) were filled-in and returned. Descriptive statistics (frequencies, tables and percentages) was adopt and T-test Analytical tool was used to test the formulated hypotheses. Finding from Analysis revealed that all the identified extrinsic motivational variables have strong positive influence on entrepreneurial performances, with exception of salary increment. (T-test-calless thanT-test tab = 2.5 T-test-calgreater thanT-test tab = 4.04 T-test-calgreater thanT-test tab = 3.9) all the identified variables are significant at 0.05 only with exception of salary increment which is not significant at level of 0.05. Based on the result, it was concluded that motivational variables such as job security and regular promotion have significant influence on Entrepreneurial performances in a developing economy.