ENTREPRENEURS’ PERCEPTION OF NEXUS BETWEEN ENTREPRENEURIAL CHARACTERISTICS AND SUSTAINABLE GROWTH OF MICRO AND SMALL ENTERPRISES

Abstract

The viability of Micro and Small Enterprises is diminished, leading to adverse effects on the economy. Understanding how entrepreneurial traits relate to sustainable growth in the context of micro and small-scale businesses is of paramount importance for fostering long-term success and minimizing negative environmental and societal impacts. The study examined Entrepreneurs’ Perception of Nexus between Entrepreneurial Characteristics and Sustainable Growth of Micro and Small-Scale Businesses. The study provided answers to two research questions. Two null hypotheses were tested. The study adopts a descriptive survey research design. The population of the study comprised entrepreneurs of micro and small enterprises in the Ilorin metropolis. The sample comprised 106 entrepreneurs selected from the population. The Entrepreneurial Characteristics and Micro and Small Enterprises Questionnaire (ECMSEQ) designed by the researcher and duly validated by three experts with a Cronbach Alpha reliability coefficient of 0.91 was used to gather data for the study. The data collected to answer the research questions were analysed using mean, and standard deviation. The hypotheses were tested using one-way Analysis of Variance (ANOVA) statistics at a 0.05 level of significance. The study found among others that entrepreneurial commitment and risk-taking have a high extent of positive influence on the sustainable growth of micro and small businesses. There was no significant difference in the mean perception scores of entrepreneurs on the extent to which entrepreneurial risk-taking influences the sustainable growth of micro and small businesses based on the nature of their business (F_2,103 = 1.064; P>0.05). The study concludes that entrepreneurial commitment and risk-taking have a strong connection with the growth of micro and small businesses. Based on the findings of the study it was recommended among others that Governments and support agencies should design programs that encourage and nurture entrepreneurial commitment among aspiring entrepreneurs. Providing training and mentorship programs that focus on enhancing commitment, emotional attachment, and self-efficacy can contribute to a more sustainable and thriving small business ecosystem.

Keywords: Entrepreneur, Business, Performance, Characteristics.