Assessing the Impact of Entrepreneurship Practices on the Development of Small and Medium Enterprises: Evidence from Selected SMEs in Lagos | Chapter 3 | New Advances in Business, Management and Economics Vol. 9

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

African SMEs Innovation Challenges| Chapter 2 | Current Topics on Business, Economics and Finance Vol. 7

 Internationally, narrow and medium manufacturing businesses (SMEs) are widely confirmed as a significant beginning of employment and the cornerstone of a promising entrepreneurial environment. Due to their sizeable contribution to the gross household product (GDP) of some nation, they can also be visualized to a large magnitude as an economic transformation's incentive. For any country with its own government seeking change, poverty decline, employment redistribution, allied innovation, and robust financial growth, SME enhance the point of reference, as they have been admired as the national key advantage. Manufacturing growth due to SMEs has taken stronger in nations containing the United States, China, the Czech Republic, Japan, and Australia, suggesting that any expected worldwide decline in industrial result may be moderated by their contribution. This proves in an undoubtable way that manufacturing SMEs play a important role in any country with its own government, but maybe more so in evolving African nations. However, the declining GDP offering of manufacturing SMEs in Africa has intensely concerned investors, policymakers, and professors. As a result, more research into the problems binding manufacturing SMEs is required so that provide support that will inquire to provide innovative tenable measures for the sustainable progress of these important businesses.

Author(s) Details:

Lawrence Mpele Lekhanya,
Durban University of Technology, South Africa.

Musawenkosi Ngibe,
Durban University of Technology, South Africa.

Nirmala Dorasamy,
Durban University of Technology, South Africa.

Please see the link here: https://stm.bookpi.org/CTBEF-V7/article/view/10932