Abstract
In a dynamic business environment, investors must develop a plan to gain a competitive edge over their rivals. The effect of EO-dimensions on the competitive advantages of selected SMEs in Lagos, Nigeria was investigated in this study. The population of the study comprised both small and medium enterprises (SME) in Lagos State, Nigeria. Eight sectors of SMEs were established for the study, and sixty (60) SMEs were selected randomly from each of these sectors, with a total sample size of four hundred and eighty (480) SMEs. Using a simple random sampling method, questionnaires were distributed to the 480 SMEs, considered as a sample size for the study, from which three hundred and ninety-two (392) copies were retrieved for analysis. The data were analyzed using SPSS version 25. Multiple regression analysis was used to examine the effect of each of the EO-dimensions on the competitive advantages of the SMEs. The results of the study revealed that three EO-dimensions (innovativeness, proactiveness, and autonomy) are associated with SMEs’ competitive advantage. The study recommended that those variables that lead to an improvement in the competitive advantages of the business should be made the focal points of the business strategies. Keywords: Entrepreneurial orientation, competitive advantages, Lagos State, small and medium enterprises DOI: 10.7176/JESD/12-22-06 Publication date: November 30 th 2021
Highlights
The importance of small and medium enterprises (SME) in the global economy cannot be overemphasised
The following hypothesis was suggested: H05 There is no significant effect of autonomy on the competitive advantages of SMEs
The results show that three of the independent variables
Summary
The importance of small and medium enterprises (SME) in the global economy cannot be overemphasised. Its contributions to the Nigerian Gross Domestic Product (GDP) was significant (National Bureau of Statistics, 2015). Despite these advantages, SMEs’ performances are not without some limitations such as pressure from other competitions, improper marketing strategy, lack of finance, inappropriate entrepreneurial behavior, strategic planning and weak relationship with customers (Bangudu, 2013; Alauddin & Chowdhury, 2015; Hoque, Siddiqui, Awang & Baharu, 2018). Most SMEs are unable to survive due to a shortage of funding and skills. SMEs with greater adaptability to change and versatility in their activities have a better chance of profiting from sudden improvements and discoveries (Ong et al, 2010)
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