Effect of Strategic Management on the Development of Entrepreneurial Competency in Nigeria

Umar Abbas Ibrahim ,Frank Oli

doi:10.7176/ejbm/12-3-21

Abstract

This article determined the effect that strategic management has on the development of entrepreneurial competence in Nigeria. It also examined the influence of strategic management on competitive advantage, development and advancement of entrepreneurial competencies in Organizations. This study made use of survey research design. The population consists of forty (40) managers of small and medium sized enterprises operating in Abuja Nigeria. Simple random sampling techniques was employed. The study made use of primary source of data through distribution of questionnaire, using a five-point likert scale. Pearson Product Moment Correlation was used to test hypotheses, with the help of Statistical Package for Social Sciences (SPSS 20.1). In conclusion, the strategic management of an organization therefore can result in the positive advancement of entrepreneurial competencies if is appropriately implemented. Organizations that witnessed a positive implication of strategic management on the development and advancement of entrepreneurial competence are those who offered training centered on the acquisition of entrepreneurial competencies. The results showed that strategic management significantly enhance competitive advantage, there is significant relationship between strategic management and development of entrepreneurial competencies in Nigeria and strategic management significantly enhance advancement of entrepreneurial competencies in Organizations. The study therefore recommended amongst others that organizations should invest in training of their employees, as the human resource is an important internal strength of every organization and are therefore a source of competitive advantage for the firm and organizations should involve professional in their strategic management processes to increase the level of development and advancement of entrepreneurial competencies in Organizations. Keywords: Strategic Management, Entrepreneurial Competence, Entrepreneurship. DOI : 10.7176/EJBM/12-3-21 Publication date: January 31 st 2020

Highlights

Entrepreneurial competency is crucial to the success of every organizations in competitive and fast shifting business environments
This study examined effect of strategic management on the development of entrepreneurial competency in Nigeria with key emphasis on the outcome of strategic management on competitive advantage, development of entrepreneurial competencies and advancement of entrepreneurial competencies in Organizations
A proper aligned strategic management of an organization can result to positive advancement of entrepreneurial competencies if well developed and implemented

Summary

Introduction

Entrepreneurial competency is crucial to the success of every organizations in competitive and fast shifting business environments. Organizations should gain and develop their competencies in entrepreneurship so as to acquire a competitive advantage. Strategic management of an organization ensures the attainment of organizational goals. Strategic management deals with the formulation and implementation of organizational goals and as such innovation and staying ahead of the competition is an important aspect. Entrepreneurial competence within an organization is important in innovating and attaining organizational goals (14). Strategic management aims to establish and develop competitive advantages for organizations. Entrepreneurship promotes the exploration of competitive advantage through introducing products, innovations and processes into the market. Strategic management and entrepreneurship play a crucial role in increasing profits and the strategic competitive position of the organization

Objectives

Methods

Conclusion