New Ventures Preparation for Succession Planning in Akwa Ibom State (Published)
New Ventures are the major contributors to the development of the economy of many nations especially in terms of job creation and revenue generation. However, they are plagued with high mortality rate of which one of the culprits is lack of succession planning. As such, this study aims to examine how new ventures owners in Akwa Ibom State prepare for succession to ensure the continuity of their businesses in their absence due to retirement or sudden death of key personnels. Using a descriptive design, 300 respondents were examined through purposive sampling method and the findings indicate that the new ventures examined prepare for succession planning through mentoring, training, active learning, feedback and job assignment. to ensure that capable hands are in charge of business activities in the event of vacancy, sudden death or retirement of key personnel. The study concludes that if the preparation mode as pointed out by the entrepreneurs in this study is continued, the issue of new venture mortality will be reduced if not completely eliminated.
Keywords: Mentoring, Training, active learning, job assignment, new venture creation, succession planning