Socio-cultural business environment factors and entrepreneurial performance: Experience from Nigeria small and medium enterprises
1 Department of Business Administration, Thomas Adewumi University, Oko, Kwara state, Nigeria.
2 Department of Accounting, Ladoke Akintola University of Technology, Open and Distance Learning Centre, Ogbomoso,
Oyo State, Nigeria.
3 Department of Business Administration, Precious Cornerstone University, Ibadan, Oyo state, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2022, 13(03), 013–021
Article DOI: 10.30574/wjarr.2022.13.3.0180
Publication history:
Received on 19 January 2022; revised on 27 February 2022; accepted on 01 March 2022
Abstract:
The study examined the impact of socio-cultural business environment factors on the performance of small and medium-scale enterprises (SMEs) in the Ibadan metropolis. The paper sets out to weigh the influence of variables such as the family system, gender, level of income, education, and religion on the making of successful entrepreneurs. The study made use of the questionnaire, which was well structured and worded to elicit the desired responses from the respondents. This was administered to 300 respondents, although 275 copies of the questionnaire were properly filled out and returned. To analyze the collected data and determine the strength of the relationship between socio-cultural factors and entrepreneurial performance, the Multiple Regression statistical tool was used. Findings from the results (R2 = 0.845; F-value = 524.38, P > z| = 0.0001) revealed that socio-cultural business environment factors positively influence the performance of the selected enterprises. It is recommended that relevant authorities work on the socio-economic sector of the economy so as to increase the capacity of potential entrepreneurs. An enabling environment should be created by the government to give businesses room to thrive, so as to increase the drive for entrepreneurship development.
Keywords:
Socio-cultural business environment factors; Performance; Small and medium scale Enterprises; Entrepreneurial; Entrepreneurship
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