IMPACT OF ENTREPRENEURIAL ORIENTATION ON SMES SURVIVAL POTENTIAL IN LAGOS STATE
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IMPACT OF ENTREPRENEURIAL ORIENTATION ON SMES SURVIVAL POTENTIAL IN LAGOS STATE
Abstract
The impact of entrepreneurial orientation on the survival potential of SMEs in Lagos State was investigated in this study. Three objectives were proposed: evaluate strategies that can facilitate the survival and growth of SMEs in Lagos state,
determine the extent to which managerial experience moderates the influence of entrepreneurial orientation on SMEs in Lagos state, and determine the contribution of entrepreneurial orientation to the survival of SMEs in Lagos state.
The entire population for the study is 75 selected SMEs in Lagos state’s Ikorodu local government. The researcher collected data using questionnaires as the instrument. This study used a descriptive survey research approach. The acquired data was organised into tables and analysed using simple percentages and frequencies.
As a result, it is recommended that entrepreneurs in SMEs in Nigeria and Africa receive orientation and strong advocacy in order to shift their mentality about how they operate their enterprises.
They should instill in their employees the attitude of investigating modern scientific business practises and adjusting to various survival tactics given to run their company.
CHAPITRE FIVE
RECOMMENDATION, CONCLUSION, AND SUMMARY
5.1 INTRODUCTION
It is critical to understand that the goal of this study was to determine the Impact of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State. The pertinent data acquired for this investigation were presented, critically analysed, and appropriate interpretation was provided in the prior chapter.
Certain recommendations are presented in this chapter that, in the researcher’s opinion, will be beneficial in resolving the issues of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State.
This study looked at the impact of entrepreneurial orientation on the survival potential of SMEs in Lagos State. Three objectives were proposed: evaluate strategies that can facilitate the survival and growth of SMEs in Lagos state,
determine the extent to which managerial experience moderates the influence of entrepreneurial orientation on SMEs in Lagos state, and determine the contribution of entrepreneurial orientation to the survival of SMEs in Lagos state.
The entire population for the study is 75 selected SMEs in Lagos state’s Ikorodu local government. The researcher collected data using questionnaires as the instrument. This study used a descriptive survey research approach. The acquired data was organised into tables and analysed using simple percentages and frequencies.
Conclusion
Without a question, SMEs constitute a driving force in both developed and developing countries’ economic progress. Many challenges make it difficult for SMEs in Africa, particularly in Nigeria, to survive and thrive. Survival strategies have been established, which have been synchronised with the entrepreneurial attitude and network model by this research.
These survival tactics have made a significant contribution to the growth and sustainability of the SMEs under consideration. They are the economic engine that keeps the economy moving.
This study analysed the relationship between methods for SME survival and presents a variety of propositions for testing regarding this relationship, expanding on earlier studies.
The findings suggest a beneficial link between EO and SME survival. This supports the idea that SME’s with high EO outperform and have a higher chance of survival than SME’s with low EO (Kroop, 2006).
The study’s findings revealed that in a densely competitive mobile economy like Nigeria, implementing methods for SME survival is a top priority.
To achieve this, SME owners/promoters must practise quality management, which will be crucial in boosting the profitability of many SME’s in their early years of operation. SME owners must also develop appropriate proactive tactics to help reposition SMEs in the market by offering new items ahead of future demand.
Managers with good management experience should be able to apply appropriate financial strategies in order to be prudent in recordkeeping, providing SMEs with accurate financial information on which to base decisions in areas such as sales projections, determining breakeven point of profits, and determining other financial analyses.
The significance of widespread absence of accurate accounting records has resulted in the closure of the majority of SMEs, making it a critical issue for SME survival and sustainability.
Recommendation
As a result, the study suggests that there is a need for orientation and strong advocacy for entrepreneurs in SME’s in Nigeria and Africa to change their thinking about how they run their firms.
They should instill in their employees the attitude of investigating modern scientific business practises and adjusting to various survival tactics given to run their company.
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