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Original Research

DOES ENTREPRENEURIAL STRATEGIES CAUSES GROWTH AND SURVIVAL OF MICRO, SMALL AND MEDIUM SCALE ENTERPRISES (MSMES) IN NIGERIA? A MULTI-CORRELATIONAL ANALYSIS

Dr. INEGBEDION DANIEL O 1, ASIKHIA OLALEKAN 2, and Dr. ADEBAYO ADEDUGBA 3.

Vol 17, No 08 ( 2022 )   |  DOI: 10.5281/zenodo.7039912   |   Author Affiliation: College of Art, Social and Management Sciences, Department of Business Administration. Caleb University, Imota, Lagos State, Nigeria 1; Department of Business Administration, Caleb University, Imota, Lagos State, Nigeria 2; Department of Business Administration. Caleb University, Imota, Lagos State, Nigeria 3.   |   Licensing: CC 4.0   |   Pg no: 1878-1892   |   To cite: Dr. INEGBEDION DANIEL O, et al., (2022). DOES ENTREPRENEURIAL STRATEGIES CAUSES GROWTH AND SURVIVAL OF MICRO, SMALL AND MEDIUM SCALE ENTERPRISES (MSMES) IN NIGERIA? A MULTI-CORRELATIONAL ANALYSIS. 17(08), 1878–1892. https://doi.org/10.5281/zenodo.7039912   |   Published on: 30-08-2022

Abstract

Purpose: The aim was to examine the variables for measuring entrepreneurial strategies (ES) on growth and for the survival of top executive entrepreneurs and managers of MSMEs. Design/Methodology/Approach: Questionnaire approach of data collection was utilized. 160 respondents was collected from top executive of MSMEs in Nigeria. Descriptive and Pearson correlation statistical method such as multi-collinearity analysis was employed to provide testing of hypotheses. Findings: Therefore, the findings indicated a significant positive relationship between ES variables: adaptability to change strategy (ACS), exploitative strategy(ES), (New Entry strategy), competitive strategy (ComS), collaborative strategy (ColS), conservative strategy (ConS), proactive strategy (PS), customer relationship strategy (CRS), cost minimization strategy (CMS) and risk taking strategy (RTS) on growth and survival of MSMEs. Practical Implications: Entrepreneurial strategies is a strategic and survival tool employed by corporate entrepreneurs in order to achieve growth, competitiveness and sustainable performance. Due to the dynamic and complex changes in the business environment corporate entrepreneurs develop better survival strategies for better strategic actions and decisions. Within the practical applications of this paper, emphasis is placed on developing strategic planning tools for growth and survival in a complex, volatile and competitive business environment. This strategies should be put in practice by MSMEs. Based on the proxies for measuring entrepreneurial strategies entrepreneurial firms can chose any of those strategies that best fit for organizational growth and survival. Also, entrepreneurial firms can develop their own strategy that can be best fit for survival and competitiveness. Originality and value: This study highlights the practical knowledge of entrepreneurial strategies (ES) and how it can influence growth and survival of MSMEs and also contributes to literatures by filling the gaps and providing clarity to top executive entrepreneurs on entrepreneurial strategies and survival.


Keywords

Entrepreneurial strategies (ES), Growth, MSMEs, Nigeria, Survival of MSMEs