Business Model Innovation as a Catalyst for Sustainable Entrepreneurship: Empirical Findings from Small and Medium Enterprises in Nigeria

Abstract

Over the past decade, Sustainable Entrepreneurship (SE) has received increased attention from academics and practitioners. SMEs in Nigeria have confronted the incidence of inconsistent customer patronage. However, several studies have not addressed this issue. As a result, the business performance continues to decline. In response to the above, this study examined business model innovation and sustainable entrepreneurship in Nigeria. Using the convenience method, a sample of 150 enterprises was selected from SMEs in Nigeria. The study administered a questionnaire for data collection, and the data collected were analyzed using SPSS (chi-square). These findings indicate a significant relationship between business model innovation and sustainable entrepreneurship in Nigeria. This study concludes that business model innovation and sustainable entrepreneurship occur in Nigeria. In line with these findings, the study recommends that SMEs develop and implement a business innovation model adequately. The study also suggests that business visionaries audit their plans of action to suit the latest business developments.