Influence of Entrepreneurial Traits on the Performance of Small and Medium Sized Enterprises (SMEs) in Lagos State, Nigeria

Abstract

Factors such as political instability, government policies, infrastructural inadequacy and entrepreneurs’ non-possession of relevant personal characteristics are connected on the high failure rate of small businesses in Nigeria. On the back of these identified problems the study focused on Influence of entrepreneurial traits on the performance of Small and Medium Sized Enterprises in Lagos State., Specifically, resilience, innovativeness, drive for achievement, and risk taking propensity were the entrepreneurship traits examined in relation to the performance of SMEs in Lagos state. Primary source of data through a questionnaire was used to achieve the stated objectives. Random sampling method was used to collate data of 125 entrepreneurs who participated in the study. Frequency tables and percentages were used for data presentation and the Regression analysis was used to test the formulated hypotheses, with the aid of statistical package for social sciences (version 21.0). The study summarised that there are significant relationships between the tested traits and the growth of SMEs in Nigeria. The study recommended that owner/ entrepreneurs should individually improve their skills in these critical traits’ areas. In addition, the government should provide institutional support in terms of training and development. Government should also create an enabling environment for business to thrive, through provision of infrastructures.