Evaluation of Survival Strategies of Small and Medium Enterprises in Benue State, Nigeria

Justin Iorakpen Iorun ()

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2014, vol. 4, issue 2, 255-263

Abstract: The contributions of small business enterprises to any economy globally cannot be overemphasized. They are considered as the engine of growth and development of countries; for their contributions to the manufacturing subsector, diversification of output, and reduction of unemployment are immeasurable. Above all, their quick adoption and adaptation of technologies and reduced capital intensiveness provide an effective means of mitigating rural-urban migration. The main objective of this paper is to evaluate the survival strategies that will ensure sustained growth of small and medium enterprises in Nigeria. Primary data were applied in carrying out this research work. Chi square method was employed to analyze the data. The results reveal that creativity is a strategy for the survival of small business enterprises in Nigeria. The results also indicate that high risk taking is a strategy for the survival of SMEs in Nigeria. Lastly, the results also show that, areas of opportunities for business are a panacea for the survival of SMEs in Nigeria. It is recommended among others that prospective entrepreneurs should only go into business after taking a realistic view of their strengths and weaknesses and drawing up a well thought out business plan. Also, Government should provide infrastructures necessary to encourage and promote the growth and development of SMEs in Nigeria.

Keywords: Engine of growth; national development; survival strategies; entrepreneurial mindset (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijaraf:v:4:y:2014:i:2:p:255-263

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