Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria

Akhamiokhor Sunday; Adanikin Ariyo

doi:doi:10.11648/j.ipa.20170101.15

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Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria

Akhamiokhor Sunday, Adanikin Ariyo

Published in International and Public Affairs (Volume 1, Issue 1)

Received: 20 May 2017 Accepted: 2 June 2017 Published: 25 July 2017

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Abstract

This study empirically examined entrepreneurial strategies and small and medium scale enterprises (SMEs) development in Ogun State, Nigeria considering they have increasingly become a powerful engine for economic growth and development in today’s dynamic and competitive business environment. Entrepreneurial strategies was measured using competitive strategy, human resource strategy, while SME development was measured by return on investment, employee productivity The population of the study considered was two thousand four hundred and twenty five (2425) employees and a sample size of four hundred and forty six respondents were determined using Taro Yamane formula for sample size. A structured questionnaire titled ‘Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria’ was validated and administered with ninety one point nine percent response rate. Cronbach Alpha reliability for major constructs had an average value of 0.83. The data collected was analysed using linear and multiple regression analysis. Findings reveal there is a positive and significant relationship between entrepreneurial strategies and SME development (R = 0.535, at p < 0.05). The model R² (coefficient of determination) was 0.287, constant value (alpha) of 44.670, the coefficient of independent variable (beta = 0.491) and F-Value yielded 163.890. Competitive strategy had significant effect on return on investment and this effect was statistically significant at (R = 0.400, R² = 0.160, p < 0.05, B = 0.360, F = 77.727). There is also a significant and positive relationship between human resource strategy and employee productivity (R = 0.4429, R² = 0.184, p < 0.05, B = 0.385, F = 91.833). In conclusion, entrepreneurial strategies have a strong positive relationship on the development of SMEs in Ogun State, Nigeria. The adoption of these strategies is germane for SMEs to enable them in the midst of intense competition for their firms to still be sustained, survive and grow consistently. The study has recommended that SMEs should adopt entrepreneurial strategies to enable them increase their returns on investment, employee productivity, which when engaged in their firms enhances SME development.

Published in	International and Public Affairs (Volume 1, Issue 1)
DOI	10.11648/j.ipa.20170101.15
Page(s)	34-38
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Entrepreneurial Strategies, Competitive Strategy, Human Resource Strategy, SME Development, Employee Productivity

References

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[3]	Abubakar, S. G. (2010). Refocusing education system towards entrepreneurship development in Nigeria: A tool for poverty eradication. European Journal of Social Sciences, 15 (1), 140-150.
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[14]	Yamane, T. (1967). Statistics: An introductory analysis (2^nd Ed.). New York: Harper & Row.
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[16]	Knoskova, L. (2015). Innovation Processes and Entrepreneurial Culture for Radical Innovations. Amfiteatru Economic. 17(38), 342-357.
[17]	Asiedu-Appiah, F., Aduse-Poku, O. & Abeeku-Bamfo, B. (2013). An investigation into recruitment and selection practices of Small and Medium Enterprises: Evidence from Ghana. Global Advanced Research Journal of Management and Business. 2(3), 175-188.
[18]	Baffoe, R. S (2016). Employee Recruitment And Selection Practices By Small And Medium Sized Enterprises Within The Madina Metropolis In The La Nkwantan/Madina Municipality Of The Greater Accra Region Of Ghana. International Journal of Economics, Business and Finance. 4(3), 1-21.
[19]	Bourletidis, K. (2013). The strategic management of market information to SMEs during economic crisis. Procedia – Social and Behavioral Sciences. 7(3), 598-606.
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Akhamiokhor Sunday, Adanikin Ariyo. (2017). Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria. International and Public Affairs, 1(1), 34-38. https://doi.org/10.11648/j.ipa.20170101.15

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ACS Style

Akhamiokhor Sunday; Adanikin Ariyo. Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria. Int. Public Aff. 2017, 1(1), 34-38. doi: 10.11648/j.ipa.20170101.15

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AMA Style

Akhamiokhor Sunday, Adanikin Ariyo. Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria. Int Public Aff. 2017;1(1):34-38. doi: 10.11648/j.ipa.20170101.15

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@article{10.11648/j.ipa.20170101.15,
  author = {Akhamiokhor Sunday and Adanikin Ariyo},
  title = {Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria},
  journal = {International and Public Affairs},
  volume = {1},
  number = {1},
  pages = {34-38},
  doi = {10.11648/j.ipa.20170101.15},
  url = {https://doi.org/10.11648/j.ipa.20170101.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ipa.20170101.15},
  abstract = {This study empirically examined entrepreneurial strategies and small and medium scale enterprises (SMEs) development in Ogun State, Nigeria considering they have increasingly become a powerful engine for economic growth and development in today’s dynamic and competitive business environment. Entrepreneurial strategies was measured using competitive strategy, human resource strategy, while SME development was measured by return on investment, employee productivity The population of the study considered was two thousand four hundred and twenty five (2425) employees and a sample size of four hundred and forty six respondents were determined using Taro Yamane formula for sample size. A structured questionnaire titled ‘Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria’ was validated and administered with ninety one point nine percent response rate. Cronbach Alpha reliability for major constructs had an average value of 0.83. The data collected was analysed using linear and multiple regression analysis. Findings reveal there is a positive and significant relationship between entrepreneurial strategies and SME development (R = 0.535, at p 2 (coefficient of determination) was 0.287, constant value (alpha) of 44.670, the coefficient of independent variable (beta = 0.491) and F-Value yielded 163.890. Competitive strategy had significant effect on return on investment and this effect was statistically significant at (R = 0.400, R2 = 0.160, p 2 = 0.184, p < 0.05, B = 0.385, F = 91.833). In conclusion, entrepreneurial strategies have a strong positive relationship on the development of SMEs in Ogun State, Nigeria. The adoption of these strategies is germane for SMEs to enable them in the midst of intense competition for their firms to still be sustained, survive and grow consistently. The study has recommended that SMEs should adopt entrepreneurial strategies to enable them increase their returns on investment, employee productivity, which when engaged in their firms enhances SME development.},
 year = {2017}
}

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TY  - JOUR
T1  - Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria
AU  - Akhamiokhor Sunday
AU  - Adanikin Ariyo
Y1  - 2017/07/25
PY  - 2017
N1  - https://doi.org/10.11648/j.ipa.20170101.15
DO  - 10.11648/j.ipa.20170101.15
T2  - International and Public Affairs
JF  - International and Public Affairs
JO  - International and Public Affairs
SP  - 34
EP  - 38
PB  - Science Publishing Group
SN  - 2640-4192
UR  - https://doi.org/10.11648/j.ipa.20170101.15
AB  - This study empirically examined entrepreneurial strategies and small and medium scale enterprises (SMEs) development in Ogun State, Nigeria considering they have increasingly become a powerful engine for economic growth and development in today’s dynamic and competitive business environment. Entrepreneurial strategies was measured using competitive strategy, human resource strategy, while SME development was measured by return on investment, employee productivity The population of the study considered was two thousand four hundred and twenty five (2425) employees and a sample size of four hundred and forty six respondents were determined using Taro Yamane formula for sample size. A structured questionnaire titled ‘Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria’ was validated and administered with ninety one point nine percent response rate. Cronbach Alpha reliability for major constructs had an average value of 0.83. The data collected was analysed using linear and multiple regression analysis. Findings reveal there is a positive and significant relationship between entrepreneurial strategies and SME development (R = 0.535, at p 2 (coefficient of determination) was 0.287, constant value (alpha) of 44.670, the coefficient of independent variable (beta = 0.491) and F-Value yielded 163.890. Competitive strategy had significant effect on return on investment and this effect was statistically significant at (R = 0.400, R2 = 0.160, p 2 = 0.184, p < 0.05, B = 0.385, F = 91.833). In conclusion, entrepreneurial strategies have a strong positive relationship on the development of SMEs in Ogun State, Nigeria. The adoption of these strategies is germane for SMEs to enable them in the midst of intense competition for their firms to still be sustained, survive and grow consistently. The study has recommended that SMEs should adopt entrepreneurial strategies to enable them increase their returns on investment, employee productivity, which when engaged in their firms enhances SME development.
VL  - 1
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Author Information

Akhamiokhor Sunday

Department of Business Administration and Marketing, Babcock University, Ilishan Remo, Nigeria
Adanikin Ariyo

Department of Business Administration and Marketing, Babcock University, Ilishan Remo, Nigeria

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Akhamiokhor Sunday, Adanikin Ariyo. (2017). Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria. International and Public Affairs, 1(1), 34-38. https://doi.org/10.11648/j.ipa.20170101.15

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ACS Style

Akhamiokhor Sunday; Adanikin Ariyo. Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria. Int. Public Aff. 2017, 1(1), 34-38. doi: 10.11648/j.ipa.20170101.15

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AMA Style

Akhamiokhor Sunday, Adanikin Ariyo. Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria. Int Public Aff. 2017;1(1):34-38. doi: 10.11648/j.ipa.20170101.15

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@article{10.11648/j.ipa.20170101.15,
  author = {Akhamiokhor Sunday and Adanikin Ariyo},
  title = {Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria},
  journal = {International and Public Affairs},
  volume = {1},
  number = {1},
  pages = {34-38},
  doi = {10.11648/j.ipa.20170101.15},
  url = {https://doi.org/10.11648/j.ipa.20170101.15},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ipa.20170101.15},
  abstract = {This study empirically examined entrepreneurial strategies and small and medium scale enterprises (SMEs) development in Ogun State, Nigeria considering they have increasingly become a powerful engine for economic growth and development in today’s dynamic and competitive business environment. Entrepreneurial strategies was measured using competitive strategy, human resource strategy, while SME development was measured by return on investment, employee productivity The population of the study considered was two thousand four hundred and twenty five (2425) employees and a sample size of four hundred and forty six respondents were determined using Taro Yamane formula for sample size. A structured questionnaire titled ‘Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria’ was validated and administered with ninety one point nine percent response rate. Cronbach Alpha reliability for major constructs had an average value of 0.83. The data collected was analysed using linear and multiple regression analysis. Findings reveal there is a positive and significant relationship between entrepreneurial strategies and SME development (R = 0.535, at p 2 (coefficient of determination) was 0.287, constant value (alpha) of 44.670, the coefficient of independent variable (beta = 0.491) and F-Value yielded 163.890. Competitive strategy had significant effect on return on investment and this effect was statistically significant at (R = 0.400, R2 = 0.160, p 2 = 0.184, p < 0.05, B = 0.385, F = 91.833). In conclusion, entrepreneurial strategies have a strong positive relationship on the development of SMEs in Ogun State, Nigeria. The adoption of these strategies is germane for SMEs to enable them in the midst of intense competition for their firms to still be sustained, survive and grow consistently. The study has recommended that SMEs should adopt entrepreneurial strategies to enable them increase their returns on investment, employee productivity, which when engaged in their firms enhances SME development.},
 year = {2017}
}

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TY  - JOUR
T1  - Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria
AU  - Akhamiokhor Sunday
AU  - Adanikin Ariyo
Y1  - 2017/07/25
PY  - 2017
N1  - https://doi.org/10.11648/j.ipa.20170101.15
DO  - 10.11648/j.ipa.20170101.15
T2  - International and Public Affairs
JF  - International and Public Affairs
JO  - International and Public Affairs
SP  - 34
EP  - 38
PB  - Science Publishing Group
SN  - 2640-4192
UR  - https://doi.org/10.11648/j.ipa.20170101.15
AB  - This study empirically examined entrepreneurial strategies and small and medium scale enterprises (SMEs) development in Ogun State, Nigeria considering they have increasingly become a powerful engine for economic growth and development in today’s dynamic and competitive business environment. Entrepreneurial strategies was measured using competitive strategy, human resource strategy, while SME development was measured by return on investment, employee productivity The population of the study considered was two thousand four hundred and twenty five (2425) employees and a sample size of four hundred and forty six respondents were determined using Taro Yamane formula for sample size. A structured questionnaire titled ‘Entrepreneurial Strategies and Small and Medium Scale Enterprises (SMEs) Development in Ogun State, Nigeria’ was validated and administered with ninety one point nine percent response rate. Cronbach Alpha reliability for major constructs had an average value of 0.83. The data collected was analysed using linear and multiple regression analysis. Findings reveal there is a positive and significant relationship between entrepreneurial strategies and SME development (R = 0.535, at p 2 (coefficient of determination) was 0.287, constant value (alpha) of 44.670, the coefficient of independent variable (beta = 0.491) and F-Value yielded 163.890. Competitive strategy had significant effect on return on investment and this effect was statistically significant at (R = 0.400, R2 = 0.160, p 2 = 0.184, p < 0.05, B = 0.385, F = 91.833). In conclusion, entrepreneurial strategies have a strong positive relationship on the development of SMEs in Ogun State, Nigeria. The adoption of these strategies is germane for SMEs to enable them in the midst of intense competition for their firms to still be sustained, survive and grow consistently. The study has recommended that SMEs should adopt entrepreneurial strategies to enable them increase their returns on investment, employee productivity, which when engaged in their firms enhances SME development.
VL  - 1
IS  - 1
ER  -

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