Journal of Economics and Business
ISSN 2615-3726 (Online)
ISSN 2621-5667 (Print)
Published: 17 February 2020
An Assessment on the Influence of Entrepreneurial Training, Risk-Taking and Innovativeness on SMEs Development in Nigeria
Dele Olaolu, Nkem Okpa Obaji
Baze University (Nigeria), National Open University of Nigeria (Nigeria)
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Keywords: Entrepreneurial Training, Innovativeness, Nigeria, Risk-Taking, SME Development
Small and Medium Enterprises (SMEs) are key to local economic development, occupying a worth mentioning function in job creation, poverty alleviation and economic growth, but they run into numerous entrepreneurial hurdles. The aim of this study was to assess the influence of entrepreneurial training, risk-taking and innovativeness on SMEs development in Nigeria, with specific reference to Abuja Federal Capital Territory. The study employed a quantitative approach. All items of the questionnaire were measured using a 5 point Likert scale. Data were collected from SME owners operating within Abuja Federal Capital Territory. A sample size of 339 was drawn from a population of 2825 SME operators. However, a response rate of 43 percent valid questionnaires was retrieved from the respondents. This research supported the positive effects of entrepreneurial training and innovativeness on SME development. In terms of contribution, entrepreneurial training contributed 49.1 percent while innovativeness contributed 20.1 percent to the model. In addition, risk-taking has an insignificant small negative relationship with SME development in the study context. The study, therefore, recommends that entrepreneurial training should be taken seriously by SMEs operators as the business world experience is much more than an academic exercise. Similarly, SMEs should find a way to innovate if they must survive the harsh and competitive business environment. Finally, the study recommends that the business owner should avoid uncalculated risk, as not all risks are worth taking. The experiential results are pertinent to policymakers in order to arouse, buoy up and provide support for SMEs' development through their policies.
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