Influence of entrepreneurship education, technology and globalisation on performance of SMEs in Nigeria

Abstract

Dwindling oil revenue, high youth unemployment, very high foreign exchange rates and recession are the challenges that Nigeria is currently faced with. There is therefore the urgent need for diversification and resuscitation of the economy. Small and medium enterprises (SMEs) are thus an important tool to achieve this. How therefore can acquisition of entrepreneurship education skills; adoption and use of technology; and globalisation through improved cross-border transactions enhance performance of SMEs, bring about economic recovery, and thus help to ameliorate the economic challenges. Crosssectional survey research design was adopted for the study. The instrument consisted of forty items on a five-point Likert rating scale, which was administered on four hundred owners/managers of manufacturing SMEs sampled using cluster, proportionate and random sampling procedures from six selected states across all the geo-political zones of Nigeria. Mean and standard deviation were used to answer three research questions. Linear regression was used to test the three null hypotheses at 0.05 level of significance. The results indicated that acquisition of entrepreneurship education skills; adoption and use of technology devices and platforms, as well as, globalisation enhance productivity and profitability of SMEs in Nigeria. It is concluded that for manufacturing SMEs to operate competitively, profitably and significantly contribute to the economic recovery and growth of Nigeria, they need to continuously acquire newer entrepreneurial skills; adopt and use innovative modern technologies; and have an internationalized profile.

Developing Strategic Entrepreneurship for Organizational Profitability: Evidence of Nigerian Textile Firms

“…The result affirms the study of Mitchelmore and Rowley (2010); Mohammed and Obeleagu-Nzelibe (2014) that strategically inclined entrepreneurs have the prerequisite skills to ensure the profitability of the firm and enhance the performance of an organization. The findings of this study is also consistent with the findings of Yusuf (2017) which confirmed that strategic entrepreneurship dimensions positively boosted profitability of SMEs. Similarly, Bosire and Nzaramba (2015) concurred that imbedding strategic entrepreneurship components in an organization leads to better business practices, augmented revenues and profits and ensure improvement in the overall performance of the firm.…”

“…The neo-Austrian theory (Kirzner, 1973) which is an extension of Austrian theory of entrepreneurship is part of the economic perspective of viewing entrepreneurship in consonance with the empirical findings from previous studies (Noordeh, 2010;Yusuf, 2017). Neo-Austrian theory is also known as Kirzner alertness theory of entrepreneurship.…”

“…Further, there exists an academic consensus in the studies of Mitchelmore and Rowley (2010), Mohammed and Obeleagu-Nzelibe ( 2014) that strategic entrepreneurship sub-variables positively boosted profitability of firms. The work of Yusuf (2017) established that strategic entrepreneurship enhances firm profitability. Moreover, Njenga and Theuri (2016) found that the knowledge from strategic entrepreneurship enhances business planning and profitability of firms.…”

Strategic Entrepreneurship and Performance of Small and Medium Scale Enterprises in Aba Metropolis

“…This would enhance necessary identification and avoidance of many pitfalls awaiting the less well trained and vigilant entrepreneurs. The training in entrepreneurial education may initially be perceived as a cost in terms of time and money but it would eventually be appreciated (Yusuf, 2017). Entrepreneurship education is designed to communicate and inculcate competencies, skills, knowledge, and values needed to recognize business opportunity, organize and start new business venture (Njenga & Theuri, 2016).…”

Driving Competitive Advantage: The Role of Strategic Entrepreneurship in Textile Manufacturing Firms in Lagos State, Nigeria

“…Similarly, Daryani and Tabrizinia (2015) also confirmed that strategic entrepreneurship positively impact on competitive advantage and wealth-creation. This finding is consistent with the submission of other scholars that strategic entrepreneurship enhances firm's competitive advantage (Barchue & Aikaeli, 2013; Ireland & Webb, 2007; Ukenna et al, 2019).In the same vein, past studies have substantiated strategic entrepreneurship as the bedrock for achieving and improving on the competitive advantage of firms (Hoogendoorn, Zwan, & Thurik, 2017; Liyanage & Weerasinghe, 2018; Tur-Porcar, Roig-Tierno, & Mestre, 2018; Youssef, Boubaker, & Omri, 2017;Yusuf, 2017). Thus, it is affirmed that strategic entrepreneurship impulses firm to immediately act to sudden changes in the external business environment that might pose as threat to the attainment of the firms' objectives.…”