STRATEGIC ENTREPRENEURSHIP AND SUSTAINABLE BUSINESS GROWTH OF SMES IN FOOD PRODUCTS SECTOR IN NIGERIA

Abstract

This study explored strategic entrepreneurship and sustainable business growth of SMEs in Nigeria. The aim of the study was to determine the relationship between strategic entrepreneurship (entrepreneurial mindset, strategic resource management and innovation) and sustainable business growth (profit growth and sales growth) of SMEs in Food Products Sector in Rivers State, Nigeria. Six (6) research questions and hypotheses were developed to address the objectives of the study. The positivist research philosophy and correlational research design were adopted. The population of this study comprised all the registered SMEs in Food Products Sector in Rivers State, Nigeria. A sample size of 400 SMEs was drawn from Rivers State. The Taro Yamen formula was used to determine the sample size. A structured questionnaire was used to collect data from the respondents (entrepreneurs). The data collected were analyzed using a combination of descriptive and inferential statistical tools. Particularly the hypotheses were tested using Spearman Rank Order Correlation Coefficient (rho) aided by SPSS version 24.0. The findings showed that entrepreneurial mindset has significant relationship with sustainable business growth (profit growth and sales growth) of SME in in Food Product Sector in Rivers State, Nigeria. The study also found a significant relationship between strategic resource management and sustainable business growth (profit growth and sales growth) of SMEs in Food Product Sector in Rivers State, Nigeria. The study equally discovered a significant relationship between innovation and sustainable business growth (profit growth and sales growth) of SMEs in Food Products Sector in Rivers State, Nigeria. Based on these findings, it was concluded that strategic entrepreneurship is a significant predictor of sustainable business growth. Therefore, it is recommended that entrepreneurs and managers of SMEs in Food Products Sector should enhance the practice of strategic entrepreneurship as it would help to achieve sustainable business growth in the midst of the present global financial and economic challenges.