Small and medium-scale enterprises are very crucial to the development of a country’s economy. On the other hand, entrepreneurship plays an important role in national development, poverty eradication and employment generation. This study examined the influence of entrepreneurship practice on small and medium enterprises in Lagos. The study reviewed the contribution and performance of SMEs to the economic development of a nation that also depends on various entrepreneurship practices. A total of 65 subjects were selected (using Taro-Yamane) from the population of 79 registered SMEs in furniture businesses. Questionnaires were used as a data collection instrument. Both primary and secondary data collection techniques were employed, and the Chi-Square method was used to analyse the data. The findings showed that, despite the enormous resources that abound in the country, the SMEs sector has not played a significant role in Nigeria's economy. SMEs in Nigeria have a long way to go for the sector to be productive enough and play the crucial role it is expected to play in relation to contributing to the growth and development of the economy of Nigeria. It is recommended that the government should as a matter of urgency, assist prospective entrepreneurs to have access to finance and necessary information relating to their business opportunities, modern technology, raw material, market, plant and machinery which would enable them to reduce their operating cost and be more efficient to meet the market competition. Further studies should look into other aspects of sustainable entrepreneurs, such as their driving factors and consequences.
Author(s) Details
Akeem Olanrewaju
AJANI
Lagos State University of Science and Technology, Ikorodu, Lagos, Nigeria.
Oluyemi Adekanmbi
Lead City University, Ibadan, Nigeria.
Please see the book here:- https://doi.org/10.9734/bpi/nabme/v9/5779
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