Abstract
Studies that considered the moderating effect of entrepreneurial characteristics on the relationship between strategic planning and performance of SMEs are few. This research is aimed at investigating the relationship between strategic planning and SME performance while also considering the moderating effect of entrepreneurial characteristics on the relationship between these two variables. The study employed the use of survey research design using the owners/managers of 4,535 SMEs registered with SMEDAN as the target population. Correlation analysis was used to establish the extent of the relationship between strategic planning and performance of SMEs while hierarchical regression analysis was used to establish the moderating effect of entrepreneur characteristics on the relationship. Findings showed that there exist a statistically significant positive relationship between strategic planning and performance of SMEs in Lagos State, the study also indicated that entrepreneurial characteristics significantly moderates the relationship between strategic planning and performance of SMEs. The study concluded that entrepreneurial characteristics being exhibited influenced the performance of the business. Policy implications and recommendations were made.
Highlights
Economic development has been ascribed to an effervescent Small and Medium Enterprises (SMEs) (Muritala, Awolaja, and Bako, 2012)
Many developed economies have ascribed their advancement to a successful and virile Small and Medium Scale Enterprises (SMEs) sector and the developing economies considered the sector as the “engine for economic development” (Ale, Ahmed and Taha, 2010).The small and medium scale enterprises are contributing to the growth and development of several countries in terms of employment generation which in turn leads to poverty reduction and growth in the Gross Domestic Product (GDP) as well as increase in export which forms the backbone of economic and industrial development which have contributed to the economic success of Asian countries (Onugu, 2005; Ayozie, 2011; Agu & Nwachukwu, 2012; Idowu, 2012; Gbandi & Amissah, 2014)
The study examined the influence of entrepreneurial characteristics on the relationship between strategic planning and SME performance in Lagos State, Nigeria
Summary
Economic development has been ascribed to an effervescent Small and Medium Enterprises (SMEs) (Muritala, Awolaja, and Bako, 2012). Belgium and Ireland recorded 66.6% and 66.5% respectively Developing economies such as China and South Korea were able to accomplish up to 75% and 70% respectively while Nigeria has only been able to attain 10%.Oni and Daniyan (2012) note that there has been a move from capital intensive and large scale industrial projects to small and medium scale enterprises since the introduction of the 1981 Economic Reform in Nigeria because this is considered as a catalyst that will propel the economy towards development. Government at various levels have all focused on the development SMEs in order to improve the socio-economic development through alleviating poverty, employment generation, enhancing human development, and improving social welfare of the people by formulating policies that will ensure the growth and performance of SMEs (Akingunola, 2011)
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
