Value Drivers of Selected Small and Medium Entrepreneurial Businesses in Southwestern Nigeria

Abstract

The study examined the value drivers of successful entrepreneurial firms in southwestern Nigeria. Customer relations, innovation, human capital, risk-taking and pro-activeness were proposed to be strategic areas firms explore to sustain their business in a turbulent period. Twenty four firms with minimum of fifteen years active operations were selected across the six states in southwest Nigeria. Each state accounted for four firms used for the study. Stepwise regression analysis was used to analyse and process the data. The result showed three- customer relationship, innovation, and human capital - of proposed value drivers made the threshold entry requirement at 0.05%. Innovation was identified to be highest driver of values among entrepreneurial firms in southwest. Human capital development and customer relations equally accounted for the drivers of successful entrepreneurial firms.