Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment

Sunday Abayomi Adebisi () and Nimota Adefunke Bakare ()
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Sunday Abayomi Adebisi: University of Lagos
Nimota Adefunke Bakare: University of Lagos

Management Dynamics in the Knowledge Economy, 2019, vol. 7, issue 4, 553-569

Abstract: Small and medium enterprises (SMEs) have been considered as one of the engines of economic growth, sustainability, and industrial development of a nation, however, the survival rate of SMEs in Nigeria has been seriously affected by the volatile environment in which they operate. The use of survival strategies has also been one of the major challenges facing the business since most people believe that strategies are only meant for large and multinational companies. This study, therefore, examines the survival strategies and sustainability of small and medium enterprises in a volatile business environment using a quantitative approach. The data were administered through a questionnaire to 350 respondents from small and medium enterprises in Lagos State, Nigeria. The questionnaire was analyzed with the use of the Structural Equation Model. The results reveal that there is a significant and positive relationship between survival strategies and sustainability of small and medium scale enterprises in Nigeria.

Keywords: survival strategy; sustainability; small and medium enterprises; volatile business environment. (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:nup:jrmdke:v:7:y:2019:i:4:553-569

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