Effect of Entrepreneurial Strategies on the Performance of Smes in Kogi State, Nigeria

Abstract

This study investigated the effect of entrepreneurial strategies on the performance of SMEs in Kogi State. This study adopted survey research design to achieve its aim. The population of the study was 844; from which the sample size of 260 was selected. Multi-stage sampling technique was used. The analytical technique that was employed to achieve the study’s objectives was multiple regression analysis. Findings show that product differentiation strategy, adaptation strategy, human resource strategy, and entrepreneurial marketing strategy have significant weak effects on the return on investment of SMEs in Kogi State. Findings further show that product differentiation strategy, human resource strategy, entrepreneurial marketing strategy and adaptation strategy have significantly strong effects on the market share of SMEs in Kogi State. The study concluded that entrepreneurial strategies have the propensity to increase the business performance of SMEs. The study recommended that SME owners should adopt the combination of entrepreneurial marketing strategy and product differentiation strategy to achieve increasing return on investment, market share and competitive advantage of SMEs in Kogi State; and give less attention to the adoption of both adaptation strategy and human resource strategy.