Impact of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State
Abstract
This study was on impact of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State. Three objectives were raised which included: To evaluate strategies that can facilitate survival and growth of SME’s in Lagos state, to ascertain the extent to which managerial experience moderates the influence of entrepreneurial orientation on SMEs in Lagos state and to ascertain the contribution of entrepreneurial orientation on the survival of SMEs in Lagos state. The total population for the study is 75 selected SMEs in Ikorodu local government of Lagos state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies. Therefore, recommends that there is need for orientation and strong advocacy for entrepreneurs in SME‟s in Nigeria and Africa to change the mindset on how they are operating their businesses. They should inculcate the attitude of exploring modern scientific business practice and adapting to various survival strategies proposed to operate their businesses.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction
It is important to ascertain that the objective of this study was to ascertain Impact of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State..
- Summary
This study was on impact of Entrepreneurial Orientation on SMEs Survival Potential in Lagos State. Three objectives were raised which included: To evaluate strategies that can facilitate survival and growth of SME’s in Lagos state, to ascertain the extent to which managerial experience moderates the influence of entrepreneurial orientation on SMEs in Lagos state and to ascertain the contribution of entrepreneurial orientation on the survival of SMEs in Lagos state. The total population for the study is 75 selected SMEs in Ikorodu local government of Lagos state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies
- Conclusion
Undoubtedly, SMEs are a driving force in the economic development of developed and developing countries. SMEs in Africa and Nigeria in particular are often constrained by so many factors to survive and remain sustainable. Survival strategies have been developed, which this research has synchronized with entrepreneurial orientation and network model. Theses survival strategies have immensely contributed to the growth and sustainability of the studied SMEs. They serve as the running engine through which the economy survives. By building on previous research, this study examined the relationship between strategies for SME survival and offers a number of propositions for testing regarding this relationship. The result indicates a positive relationship between EO and SME’s survival. This is consistent with the theory that SME’s with high EO out perform and have high chances of survival than SME’s with low EO (Kroop, (2006). The research result revealed that in a dense competitive mobile economy such as Nigeria the application of strategies for SME’s survival is a top most priority. For this to be achievable owners /promoters of SME should practice quality management which will play a critical role in improving the profitability of many SME’s in their early years of operation. It is necessary also for SME’s owners to formulate adequate proactive strategies which will help to reposition SMEs in the market place by launching new products ahead of future demand. Managers with good management experience should be able to apply appropriate financial strategies so as to be prudent in recordkeeping which will provide SMEs with accurate financial information on which decisions are the based in areas of sales projections, determining breakeven point of profits, and ascertaining other financial analyses. The implication of prevalent lack of proper accounting records has led to the closure of most SMEs thereby making it a highly significant issue for SME, survival and sustainability
Recommendation
The study, therefore, recommends that there is need for orientation and strong advocacy for entrepreneurs in SME’s in Nigeria and Africa to change the mindset on how they are operating their businesses. They should inculcate the attitude of exploring modern scientific business practice and adapting to various survival strategies proposed to operate their businesses.
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