Strategic entrepreneurship practices and performance of small and medium-sized enterprises in Nigeria

  • Received September 19, 2021;
    Accepted October 21, 2021;
    Published January 26, 2022
  • Author(s)
  • DOI
    http://dx.doi.org/10.21511/ppm.20(1).2022.10
  • Article Info
    Volume 20 2022, Issue #1, pp. 108-116
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This work is licensed under a Creative Commons Attribution 4.0 International License

The paper examines strategic entrepreneurship practices and performance of small and medium-sized enterprises (SMEs) in Nigeria’s hospitality industry. The necessity of this study is due to strategic entrepreneurship practices and the performance of SMEs in Nigeria’s hospitality industry is being critical for providing a solution as to how entrepreneurs can exploit and explore the business environment and remain competitive. The purpose of the paper was to examine the relationship between strategic resource management and the quality of SMEs services/products, as well as ascertain the relationship between entrepreneurial innovation and increased sales volume of SMEs in Nigeria’s hospitality industry. A survey design was used as a questionnaire instrument and had been constructed and issued among 400 sampled respondents drawn from 1,294 employees from selected SMEs of the Nigerian hospitality industry, 365 respondents were filled and retrieved. This represents 91.25% of the total sample administered. The multiple linear regression techniques were used to test the research hypotheses. The results showed that strategic resource management and entrepreneurship innovation have a significant influence on the performance of SMEs in Nigeria. The result also showed that strategic resource management enhanced performance of SMEs in Nigeria and entrepreneurship innovation supports creativity of organizational performance. Therefore, managers should progressively incorporate new decision-making styles, processes, and behavior that will place a firm in a competitive and advantageous position during penetration into a new market.

Acknowledgments
We express our gratitude to anonymous reviewers, the Journal editor, and all the authors whose works were used in one way or the other in this paper. We thank Mrs. Comfort Innocent Okoi for her untiring effort in type-setting and editing work. Our gratitude goes to the management of selected supermarkets, eateries/fastfood, hotels, and stores in Nigeria for approving prompt responses to our questionnaire instruments on strategic entrepreneurship practices and the performance of small and medium enterprises in Nigeria.

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    • Figure 1. Conceptual framework for strategic entrepreneurship practices and performance of SMEs in Nigeria
    • Table 1. Attitudes towards strategic resource management
    • Table 2. Attitudes towards entrepreneurial innovation
    • Table 3. Attitudes towards quality products
    • Table 4. Attitudes towards increased sales volume
    • Table 5. Reliability
    • Conceptualization
      Innocent Okoi
    • Data curation
      Innocent Okoi, Ije Ubi, Maryjoan Iheanacho, Ezekiel Sunday
    • Formal Analysis
      Innocent Okoi, Enya Emori
    • Funding acquisition
      Innocent Okoi, Ije Ubi, Maryjoan Iheanacho, Enya Emori, Ezekiel Sunday
    • Methodology
      Innocent Okoi, Maryjoan Iheanacho
    • Software
      Innocent Okoi
    • Supervision
      Innocent Okoi, Enya Emori, Ezekiel Sunday
    • Writing – original draft
      Innocent Okoi, Ije Ubi, Ezekiel Sunday
    • Writing – review & editing
      Innocent Okoi, Ije Ubi, Enya Emori, Ezekiel Sunday
    • Project administration
      Ije Ubi, Maryjoan Iheanacho
    • Resources
      Ije Ubi, Maryjoan Iheanacho, Enya Emori, Ezekiel Sunday
    • Visualization
      Ije Ubi
    • Validation
      Maryjoan Iheanacho, Enya Emori
    • Investigation
      Enya Emori, Ezekiel Sunday