Small-scale enterprise: exploring social adaptation of survival among traders in Akure, Nigeria

Damilola John Micah and Ezekiel Tunde Omolayo

World Review of Entrepreneurship, Management and Sustainable Development, 2022, vol. 18, issue 5/6, 635-655

Abstract: This study examined creative and socio-cultural characteristics exhibited by small-scale traders which predicted success and survival in entrepreneurial activities in the city of Akure, Nigeria. Using Weber and Kalberg's Rationality, 600 traders were sampled in descriptive design, multistage sampling and quantitative and qualitative method. Respondents' mean age was 39.5. 66% earned less than N50,000 monthly incomes. Creativity skills like customer relationship (68.7%), complimentary cards (45.3%), decent dressing (68.7%) and brand name (31.2%) retained patronage. Apprenticeship (49.7%) contributed to creative knowledge. Cultural factors like spouse's partnership (31.5%), family size (63.0%), religion (69.0%) and age (62.0%) contributed to success. Interpersonal relationship (x² = 64.5; P<0.000); dress code (x² = 24.3; P<0.021); and apprenticeship (x² = 31.8; P<0.030) were significant and predicted entrepreneurship success. Respondents showed that cultural and creative abilities served as social capital which drives patronage and adaptation of ventures. Social capital is required as prerequisite and recipe for success in small ventures.

Keywords: social capital; creative skills; cultural value; success; entrepreneurship; social adaptation; economic capital; traders; patronage; apprenticeship; small-scale enterprise. (search for similar items in EconPapers)
Date: 2022
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