Abstract
The paper examines strategic entrepreneurship practices and performance of small and medium-sized enterprises (SMEs) in Nigeria’s hospitality industry. The necessity of this study is due to strategic entrepreneurship practices and the performance of SMEs in Nigeria’s hospitality industry is being critical for providing a solution as to how entrepreneurs can exploit and explore the business environment and remain competitive. The purpose of the paper was to examine the relationship between strategic resource management and the quality of SMEs services/products, as well as ascertain the relationship between entrepreneurial innovation and increased sales volume of SMEs in Nigeria’s hospitality industry. A survey design was used as a questionnaire instrument and had been constructed and issued among 400 sampled respondents drawn from 1,294 employees from selected SMEs of the Nigerian hospitality industry, 365 respondents were filled and retrieved. This represents 91.25% of the total sample administered. The multiple linear regression techniques were used to test the research hypotheses. The results showed that strategic resource management and entrepreneurship innovation have a significant influence on the performance of SMEs in Nigeria. The result also showed that strategic resource management enhanced performance of SMEs in Nigeria and entrepreneurship innovation supports creativity of organizational performance. Therefore, managers should progressively incorporate new decision-making styles, processes, and behavior that will place a firm in a competitive and advantageous position during penetration into a new market. AcknowledgmentsWe express our gratitude to anonymous reviewers, the Journal editor, and all the authors whose works were used in one way or the other in this paper. We thank Mrs. Comfort Innocent Okoi for her untiring effort in type-setting and editing work. Our gratitude goes to the management of selected supermarkets, eateries/fastfood, hotels, and stores in Nigeria for approving prompt responses to our questionnaire instruments on strategic entrepreneurship practices and the performance of small and medium enterprises in Nigeria.
Highlights
The development of any nation cannot take place without an interplay with entrepreneurship
This study examined the effect of strategic entrepreneurship practices and the performance of small and medium-sized enterprises (SMEs) in Nigeria
Two strategic entrepreneurship practices were chosen for the study: strategic resource management and entrepreneurial innovation as the various entrepreneurial strategies that could improve the performance of small and medium scale enterprises in an organization
Summary
The development of any nation cannot take place without an interplay with entrepreneurship. Entrepreneurial innovation is seen as a process of converting an idea or discovery into a good or service that creates benefits or returns for customer purchase. The combination of the former and latter is known as a strategic entrepreneurship. Many firms in Nigeria face increasing pressure ranging from lack of strategy and inability to launch corporate ventures, competition, difficulty in maintaining and improving business performance The majority of these entrepreneurs fear to incorporate new ideas and creativity; they avoid taking risks by not trying out new inventions and are less proactive than their competitors are when exploring new market environmental opportunities, thereby hindering growth and performance (Okoi et al, 2021). What necessitated this study is the fact that understanding the strategic entrepreneurship practices and performance of SMEs in Nigeria is critical for providing a solution as to how entrepreneurs can exploit and explore business environment and remain competitive
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