This research is focusing on the role of social media entrepreneurship as a tool for economic growth. It explores the economic dimension of social media; in other words, it appraises the place of social media in enhancing the economic growth of the nation . It is situated within the conceptual framework of the theories of technological determinism, social construction of technology and uses and gratification, this research also argues that social media has great potentials for economic empowerment through enhancing job creation and skill acquisition, serving as a platform for marketing and business collaboration and offering cheap platforms for small businesses to thrive. Social media have become a powerful communicative force in the world of today and their implications for humankind and the society go beyond the ritual of information exchange to extend to the political, economic, religious and educational realms of the society, it is this economic implication of social media that necessitates the concept of the media itself. This research therefore examines the concept of social media bringing out it’s elements and considering how it operates in the peculiar realities.
- Background of the study
Social media is a new phenomenon that has changed the face value of entrepreneurship and the way it has been operating. In present scenario, every business needs to get hold of their resources in order to be sustained in the market and with the integration of the social media in the business line, the entrepreneurs are able to gain access to resources more than earlier times. The implementation of the social media in the business sector has also helped to improvise their worthiness, cultivate strategic partnerships and enhance their contact with suppliers and clients. It has become more important and challenging for business owners and marketers to better understand the effectiveness of social media as a communicating and marketing tool and how they can significantly able to grow their market segment with the help of social media as well. Social media are playing a major role in promoting entrepreneurship because the more the product will be known to the audience the better it will generate the target audience for the entrepreneurship and ultimately gives rise to the business.
In addition to the fact that social media offers a platform where it allows business and entrepreneurs to communicate rapidly and economically with clients as well as it also allows them to build a database that can be used to generate business leads that may translate to enhanced the sales and results growth of the business. The business and entrepreneurship world is not immune to any impact that may arise but social media is one such phenomenon that has boomed in the business market in less time. The users of social media have the capability to share their views and encounters regarding the products and this assist in creativity, innovative ideas, open communication and sharing of knowledge among users as well. Twitter, Facebook, Skype, You Tube and discussion forums are some of the examples of social media tools through which entrepreneurship and business can achieve their successful growth and provides effective ways by means of which it can promote entrepreneurship as a tool for economic growth.
Social Media is far different from the traditional and industrial media in several ways including usability, quality, frequency, reach, immediacy and permanence. It operates in a dialogic transmission system which has many sources to many receivers which is in contrast to traditional media that utilizes and operates through the mono-logic transmission model. Social media has been broadly identified as relatively easy on the pocket and globally accessible digital tools that facilitate any person to publish and access information, build relationships with known and unknown people and collaborate on a common effort. With this handy platform’s integration over Internet much helps the business also in order to stay connected with their target audience and it also provide effective help towards promoting entrepreneurship. The prologue of the social media technology is accelerating these days and it can be expected that it has the similar impact on businesses and entrepreneurship now and into the future. In fewer time frames, social media entrepreneurship has become one of the loved mediums and with this social media has now become the hottest new marketing concept that is presently in trend and almost every business owners as well as entrepreneurs wants to know how social media can able to generate value for their business and entrepreneurship.
Social media which is a vast set of online technologies, sites and practices that are being utilized to share opinions, perspectives and experiences and fundamentally it is about the conversation / communication that has brought revolutionary change for promoting entrepreneurship by bringing together populace from across the globe into one a single platform. In order to promote entrepreneurship, an entrepreneur must have to communicate with the folks, suppliers, customers and distributors. Starting up an entrepreneurship requires lots of researches and an entrepreneur can find information on almost each and every subject rapidly with the help of social media. In the present scenario, many government agencies, private organizations, business, universities are offering information on the social media, usually at no cost social media can share it to promote entrepreneurship. It is the safest, easiest and a user friendly way present to find information while promoting entrepreneurship through social media.
Websites, visual information and pages of print which are linked together electronically and it provides a platform to the entrepreneurs for the inception of the new business and it’s services as well as products and promote it in the social media to reach huge market audience. Entrepreneurship can also offers information about the products and services through social media websites and promote the business over there for free of cost. Most of the social media promotes an entrepreneurship websites whenever a selected set of search terms is being used. Online shoppers for example, often seek the help of Facebook, Twitter and YouTube to find business that offers specific products and services as well as can promote their online shopping business by utilizing the concept of social media.
In the adoption of social media tools, all entrepreneurships need to capitalize on having talented yet dedicated employees who will give their best shot and helps the entrepreneurship for boosting up the productivity and efficiency of the business which is very important in any entrepreneurship. This has lead towards the rise of a new concept called Social CRM which is just a significant approach to entrepreneurship that formally acquainted with the role of the consumers being as a key in recognizing and managing conversations around the entrepreneurship.
Recruiting workforces who better understand the social media is the key towards opening the success gate for the entrepreneurship. Promotion over social media for the entrepreneurship can amplify the entrepreneurs to promote their goods as well as services over social media and offers access to a large and growing market. From countless of earlier research it has been come into sight that around 627millions of people were shopping online worldwide and the source of the information is being received from the social media only. By promoting the entrepreneurship over social media, any individual or entrepreneur can gain a national or else international group of potential consumers for their business. There will be an international recognition for the products and services for the entrepreneurship as well. Some of the businesses like books, airline travels and so on can be granted as the most effective examples in which social media plays a pivotal role to promote their business online and gives them ample of loyalty as well as trusted consumers.
The benefits that social media is offering to the entrepreneurships includes brand awareness, accountability, business transparency and strengthened relationships with the shareholders as well as with the consumers. Whether social media is being used for promoting any small entrepreneurship or for any giant entrepreneurship, it equally treats both the entities and provides the safest, easiest and most effective yet lucrative way of establishing communication between consumers and entrepreneurs. It is very much crucial to know how advertisement and discount is playing a significant role in order to promote entrepreneurship.
Many social media based entrepreneurship have permanent jobs and do trade on the platforms for which acquiring consumers mostly from these countries but also sometimes they get their consumers from overseas. Some of the social media entrepreneurships are even catching the eyes of the mortar shops and traditional brick that are now being started to showcase their products on their racks. As of now, just name the entrepreneurship that is not getting to use of social media for promoting entrepreneurship.
Even leading banks are nowadays in the social media for the obvious reasons of promotion of their entrepreneurship and also it benefits them in order to generate and gain people’s attention towards them. The very first thing that is being required to sustain the social media or any other online platform of an entrepreneurship is the appropriate promotion and maintain the communication channel working with their consumers without which the entrepreneurship will slowly start to face the down fall and gradually it will decrease the customer’s trust over the entrepreneurship.
- Statement of problem
In the days before social media, negative company experiences might stay within an individual’s circle of friends now stories of bad customer service and disappointing products can run quickly through social media networks. It has become more difficult for companies to contain it’s negative publicity. The upside is that as much as bad publicity spreads more quickly, good publicity spreads more quickly as well.
- Objective of the study
The main objective of the study is to ascertain the role of social media entrepreneurship as a tool for economic growth. However, for the successful completion of the study, the following sub objectives were put forward by the researcher:
(i) To examine the advantages of social media entrepreneurship
(ii) To identify the factors militating against social media entrepreneurship as a tool for economic growth
(iii) To ascertain the impact of social media as a tool for economic growth
(iv) To evaluate the relationship between social media and economic growth
- Research question
For the successful completion of the study, the following research questions were formulated:
(i) What are the advantages of social media entrepreneurship
(ii) What are the factors militating against social media entrepreneurship as a tool for economic growth
(iii) How can the impact of social media as a tool for economic development be ascertained
(iv) What is the relationship between social media and economic growth
- Significance of the study
It is conceived that at the completion of the study, the findings will be of great benefit to the print media in airing the people’s opinion; the study will also be of great benefit to the users of the social media on delivering adequate information to the international scene.
It is conceived that the study will also be of great importance to researcher who are in need of information on similar field. Finally, the study will also be of great importance to lecturers, teacher’s students and the general public.
- Scope and limitation of the study
The scope of the study is the role of the social media entrepreneurship as a tool for economic growth. However, the study has some constrained and limitations which are:
- Availability of research material: The research material available to the researcher is insufficient, thereby limiting the study.
- Time: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
- Finance: The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover.
1.7 Definition of terms
Social media are computer-mediated technologies that allow the creating and sharing of information, ideas, career interests and other forms of expression via virtual communities and networks.
It is the capacity and willingness to develop, organize and manage a business venture along with any of it’s risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.
A tool is any physical item that can be used to achieve a goal, especially if the item is not consumed in the process.
Economic growth is an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. It can be measured in nominal or real terms, the latter of which is adjusted for inflation.
- Organization of the study
This research work is organized in five chapters for easy understanding as follows Chapter one is concern with the introduction which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlight the theoretical framework on which the study it’s based thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion and recommendations made of the study.
1.9 Brief history of selected bloggers
1.9.1 Linda Ikeji
Linda ikeji is the face of blogging in Nigeria. When an average Nigerian hears “blogger” Linda ikeji comes to mind.
The entertainment blogger has built a blog so big that it has become number one online source for corporate advertisers in Nigeria. Her Countless number of exclusive stories has made the former model the most authoritative blogger in Nigeria.
Linda ikeji has grown from a blogger who covers celebrity stories to a celebrity blogger.
1.9.2 Jide Ogunsanya
Jide Ogunsanya is the brain behind ogbongeblog.com
The biologist turned blogger has created a very educational Nigerian tutorial site where you can find the most basic tutorials online.
Jide Ogunsanya is well respected among his fellow bloggers in Nigeria and this creates a lot of speaking gigs for the brilliant entrepreneur.
1.9.3 Noble Igwe
Noble Igwe is the founder of 360nobs.com entertainment and lifestyle website. Noble Igwe once said; where others see “showbiz,” i see “showbiz”.
Most successful bloggers move on to greater things once they get their breakthrough, Noble Igwe has started to expand the 360 group and one of it’s new venture is 360Delivery.
1.9.4 Uche Eze
Uche Eze founded BellaNaija in July 2006. In Uche Eze’s words, what started as a way to kill boredom has now grown to become Nigeria’s number one lifestyle blog. Uche Eze has since featured on Oprah Winfrey show, CNN and other reputable platforms around the world.
The Notjustok.com music tag could be heard almost anywhere Nigerian music is played, even on radio stations “shame on you, Mr. DJ”.
Ovie is Nigeria’s number one music blogger, thanks to his efforts Notjustok has become a brand name in Nigeria as almost ever Nigerian youth knows it.
1.9.6 Japheth Omojuwa
Japheth Joshua Omojuwa is a blogger, social media activist and a political commentator. He started his blog back in 2009 and it has since become a home for valuable socio-economic and political expressions.
Japheth Omojuwa’s opinions are highly respected across the world. Blogging, public speaking, social media consulting and to crown it all, Japheth Omojuwa is currently a lecturer at Berlin’s free university.
1.9.7 Chude Jideonwo
A lawyer by training, Chude Jideonwo co-founded y!Naija (a Nigerian youth culture platform) in August 2010.
Chude Jideonwo is also the director and founder RedSTRAT which has three arms; RedSTRAT Original Content, RedSTRAT Communications and the future project (the organizers of the prestigious future awards).
Chude Jideonwo remains one of the top bloggers in Nigeria.
1.9.8 Loy Okieze
Loy Okieze is a very successful Nigerian tech blogger. When many bloggers in Nigeria were carried away with the entertainment niche, Loy Okieze chose Tech and his blog Techloy.com has become the number one source of information on the happenings in the Nigerian IT world.
1.9.9 Onibalusi Bamidele
Onibalusi Bamidele started his blog back in April 2010 (YoungPrePro.com). It was re-branded as WritersinCharge.com in March 2013.
Bamidele Onibalusi has written for several top blogs in the world, and he is an inspiration to writers all over the country and beyond. His works are featured in Forbes, Digital journal, Millionaire Magazine, amongst a few.
In his words, Bamidele Onibalusi helps writers take charge, and he runs one of the top blogs in Nigeria.
1.9.10 Makinde Azeez
Makinde Azeez is the founder of Naijaloaded.
Naijaloaded was once a forum but a couple of bad experiences with hackers led to the decision to convert the forum which had amassed over one million users in such a short period into a blog.
Naijaloaded launched in 2009 and it has grown to become one of the top websites in Nigeria. Makinde Azeez might not be as famous as some of his contemporaries but building a successful internet business is no mean feat.
With over 500,000 users on Naijaloaded, Makinde Azeez is one of the top bloggers in Nigeria.
This material content is developed to serve as a GUIDE for students to conduct academic research
Social media entrepreneurship as a tool for economic growth (A case study of selected bloggers)>
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