THE ROLE OF ENTREPRENEURIAL COMPETENCIES ON THE SUCCESS OF SME IN NIGERIA
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- NGN 5000
ABSTRACT
The research aimed at examining the factors that may impact upon business success in the two municipals of Yenagoa SME’s. The study examined the extent to which entrepreneurial competence influenced business success in SME’s. The study was conducted at Yenagoa Municipals. Although it has been difficult to ascertain why in similar situations some entrepreneurs fail while others succeed, it is through that the focus on “entrepreneurial competencies” offers a practical means of addressing the phenomenon. SME’s are still faced by lack of appropriate knowledge and skills, limited skills, limited access to information technology, dependency on poor and obsolete technology.
The study comprised 60 SME’s, 30 from each municipality. The study used random sampling since SME’s are many and scattered in wide geographical area. One of the most serious impediments is limited capacity of people who start and operate the businesses, in terms of the attitudes, motivation, exposure, skills and experiences. Education and training programs could provide owners with opportunities to explore their motives of firm ownership and a better understanding of the consequences of not seeking success.
The findings of the study showed that business or entrepreneurial failures are mostly attributed to inadequacy of financial resources. The conclusion of the study indicates that one of the other serious impediments is the limited capacity of people who start and operate the businesses, in terms of the attitudes, motivation, exposure, skills and experiences. The study that recommends there is substantial need to study on the role of entrepreneurial competencies. Also the study recommends that education and training are crucial to SME’s since they play a big role in the success of the business. Moreover, SME’s require organization’s mission, vision, values and strategic plans. At every level of the organization competency is required in order to successfully perform duties required, skills gained from education or training will increase the abilities of SME’s to achieve success.
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