Entrepreneurial Competencies and Business Success of Small and Medium Enterprises in Port Harcourt, Rivers State
Keywords:
Entrepreneurial Competencies, Business Success, Small and Medium EnterprisesAbstract
Small and medium-sized businesses in Port Harcourt, Rivers State, were the focus of this research, which aimed to determine how entrepreneurial competences impacted their success. The research population included 1,749,911 registered small and medium firms, with 348 chosen using the Krejecie & Morgan sample table. The research used a well-structured questionnaire to collect data, which was then analysed using descriptive statistics like percentages. To test the hypotheses, regression analysis was used, along with individual tests and probability values at a 5% confidence level. Market growth, profitability, and branch expansion are positively and significantly affected by self-efficacy, risk-taking, and innovativeness, according to the research. In Rivers State, Nigeria, small and medium-sized businesses are more likely to succeed when their owners possess entrepreneurial personal qualities. Based on these results, the research suggests that small and medium business owners should aim to have the skills that help their company succeed by expanding into new markets, increasing profits, and establishing new branches. Small business owners and entrepreneurs must believe in their own abilities to consistently provide high-quality items that meet client demands. Every business owner, employee, and entrepreneur in Rivers State and beyond should want to produce high-quality goods, earn client loyalty, and maximise profits, since this research has shown that taking risks is crucial to these goals. Entrepreneurial inventiveness is critical to a company's profitability and success, as this study's data shows. In order to make investments that will lead to the success of their businesses, small and medium company owners need take measured financial and social risks.
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