Pages: (45-64 )
Abstract
The research examined the impact of entrepreneurial attitude on the success of small firms. It employed a descriptive survey research design. The study utilised primary data. The research population consisted of 20,326 small companies in Southwest Nigeria. A sample size of 392 small firms was calculated utilising the Taro Yamane formula for sample size determination for the study. The study employed a multi-stage sampling approach. Initially, a stratified random sample method was employed to identify Lagos, Oyo, and Osun states as the regions with the largest concentration of small firms in Southwest Nigeria. In the second step, a purposive sampling approach was employed to choose seven sectors based on the proliferation of small firms in the states with the largest number of such businesses. The sectors encompass Agriculture, Manufacturing, Construction, Trade, Hospitality, Real Estate, and Education. In the third stage, 392 respondents, including owners and managers of small firms, were selected from the designated sectors within the States via a proportional sampling approach. The distribution of questionnaires collected data. Multiple regression analysis was employed to attain the specified objectives. The findings indicated that innovativeness (t = 2.516, p < 0.05), proactiveness (t = 5.307, p < 0.05), and risk-taking (t = 3.846, p < 0.05) significantly influenced the success of small firms. The statistical significance demonstrates that each factor of entrepreneurial orientation exerts a quantifiable and beneficial effect on the performance of small businesses. Integrating innovation, proactivity, and risk-taking into basic corporate strategy will enhance performance and facilitate sustainable growth. The research revealed that an entrepreneurial attitude improved the performance of small businesses in Southwest Nigeria. The study advised that small enterprises in Nigeria cultivate a culture of continuous innovation to maintain competitiveness and address evolving customer needs. This involves fostering a culture that promotes proactive behaviour to identify and capitalise on market opportunities ahead of competitors. Additionally, it involves formulating balanced risk-taking strategies to pursue growth opportunities while managing uncertainties.
Keywords: entrepreneurial orientation, Performance, Enterprises, innovativeness, proactiveness, risk taking,