Entrepreneurial competencies: SMEs performance factor in the competitive Nigerian economy

Noor Aina Amirah, Mohd Noor and Gwadabe Uzairu, Muhammad (2017) Entrepreneurial competencies: SMEs performance factor in the competitive Nigerian economy. In: International Academic Conference on Business and Economics (IACBE 2017), 1 Nov 2017, UNISZA.

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Abstract

Small and Medium Enterprises (SMEs) are the backbone of the contemporary economic development due to the significant role they play in the sustainability of the world economic development (Carter & Tamayo, 2017; Wattanapruttipaisan, 2002). SMEs account for more than 90 percent of businesses, contribute to more than 50 percent of employment and over 50 per cent of gross domestic products in the world (Kessey, 2014). Nevertheless, as the result of myriad of challenges that engulfed the Nigerian business milieu, the business activities become more complex and competitive which renders the environment not only difficult for business success but resulting to the increasing failure of SMEs in the country. However, entrepreneurs need to develop strategies to survive in such an economy. The lack of entrepreneurial competencies has been identified as the leading cause of business failure in the country (Inyang & Enuoh, 2009). Therefore, the need for entrepreneurial competencies become necessary as it provides practical solutions to the mystery of business downfall (Sánchez, 2013). This review proposes a set of competencies that can equip the entrepreneurs with the necessary skills and expertise to excel in a challenging environment like that of Nigerian and it highlights the conceptualisation and synergy between competencies and entrepreneurship on SMEs performance through three distinct paths: entrepreneurial traits, innovation and entrepreneurial marketing

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