New Insıghts From Entrepreneurıal Characterıstıcs And Busıness Performance: Empırıcal Fındıngs From Nıgerıa

Abstract

small and medium-sized enterprises (SMEs) are acknowledged to be highly important to the growth of any economy; despite their small size, they have made significant contributions to the improvement of the world's main economies. Because of their numerous contributions, SMEs are regarded as the backbone of the Nigerian economy. Despite several initiatives and continuous attempts by both the Nigerian government and the private sector to support SMEs in Nigeria, data reveals that 70% of SMEs fail in their first five years of operation in Nigeria. The purpose of this study was to determine how entrepreneurial traits influence the business performance of chosen small and medium-sized firms in Ogun State, Nigeria. Small and Medium Scale Enterprises (SMEs) registered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and functioning in Ogun State make up the population. The study polled 412 SMEs' owners/managers. A customized questionnaire was used to collect data. The linear regression approach was used to test hypotheses. The data demonstrate that entrepreneurial qualities have a positive significant impact on performance. Risk-taking, innovativeness, and pro-activity all have positive and substantial benefits on profitability, competitive advantage, and customer satisfaction, respectively. According to the survey, entrepreneurs should internalize and cultivate these attributes in order to improve the success of their enterprises.

Keywords

• Business performance, Entrepreneurial characteristics, Innovativeness, Pro-activeness, Risk-taking, SMEs