Entrepreneurial competencies: SMEs performance factor in the competitive Nigerian economy
Small and Medium Enterprises (SMEs) are the backbone of the contemporary economic development due to the significant role they play in the sustainability of the world economic development (Carter & Tamayo, 2017; Wattanapruttipaisan, 2002). SMEs account for more than 90 percent of businesses,...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2017
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| Subjects: | |
| Online Access: | http://eprints.unisza.edu.my/898/1/FH03-FESP-18-13043.pdf http://eprints.unisza.edu.my/898/ |
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| Summary: | Small and Medium Enterprises (SMEs) are the backbone of the contemporary economic
development due to the significant role they play in the sustainability of the world economic
development (Carter & Tamayo, 2017; Wattanapruttipaisan, 2002). SMEs account for more
than 90 percent of businesses, contribute to more than 50 percent of employment and over 50
per cent of gross domestic products in the world (Kessey, 2014). Nevertheless, as the result of
myriad of challenges that engulfed the Nigerian business milieu, the business activities
become more complex and competitive which renders the environment not only difficult for
business success but resulting to the increasing failure of SMEs in the country. However,
entrepreneurs need to develop strategies to survive in such an economy. The lack of
entrepreneurial competencies has been identified as the leading cause of business failure in
the country (Inyang & Enuoh, 2009). Therefore, the need for entrepreneurial competencies
become necessary as it provides practical solutions to the mystery of business downfall
(Sánchez, 2013). This review proposes a set of competencies that can equip the entrepreneurs
with the necessary skills and expertise to excel in a challenging environment like that of
Nigerian and it highlights the conceptualisation and synergy between competencies and
entrepreneurship on SMEs performance through three distinct paths: entrepreneurial traits,
innovation and entrepreneurial marketing |
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