Entrepreneurial orientation and sustainable business growth of small and medium enterprise South-East in Nigeria
DOI:
https://doi.org/10.64171/JSRD.5.3.36-45Keywords:
Entrepreneurial orientation, Innovativeness, Pro-activeness, Sustainable business growthAbstract
The study examined the relationship between entrepreneurial orientation and sustainable business growth of Small and Medium Enterprise South-East in Nigeria. The specific objectives were to: evaluate the relationship between pro-activeness and long-run survival and ascertain the relationship between innovativeness and increased market-share. Study area was South East of Nigeria. The research design of the study was descriptive survey design. The sample size of 362 respondents was drawn from population of 265 registered Small Medium Enterprises (SMEs) in South-East Nigeria with 6,455 total numbers of staff. The selected SMEs under study were Benny Brothers & Company Limited, Rice-Mill Company Nigeria Ltd, Tummy-Tummy Foods Industrial Ltd, Camela Vegetable Oil Company Ltd and M.O. Nnaji Bakery. Research questions were answered using frequency, mean and standard deviation. The hypotheses stated were tested using Pearson correlation statistic. The empirical results showed that pro-activeness has significant relationship with long-term survival (r-statistic = 0.861; p-value 0.00 < Sig-value (0.05) and innovativeness have significant relationship with increased market-share (r-statistic = 0.780; p-value 0.00 < Sig-value (0.05). The study recommended that SMEs entrepreneurs should innovate and launch new products and services that meet the demands of their market. SMEs should prioritize innovation as a central component of their business strategy.
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