EXAMINING ENTREPRENEURIAL RISK-TAKING AS A PREDICTOR OF SMALL MANUFACTURING ENTERPRISE SURVIVAL IN SOUTH-WEST NIGERIA
Keywords:
Entrepreneurial risk-taking, entrepreneur, manufacturing industry, small enterprise, survivalAbstract
This study examined entrepreneurial risk-taking as a predictor of small manufacturing enterprises survival in South-West Nigeria. This study adopted descriptive research design of survey type. The population consisted 6,910 registered small manufacturing enterprises owners/managers from the six states in South-West Nigeria. A multi-stage sampling procedure was employed to draw 423 registered owners/managers in three states (Lagos, Oyo and Ogun) in South-West Nigeria. Two instrument, Risk Taking Questionnaire and Small Manufacturing Enterprises Survival Questionnaire were used for data collection. Descriptive statistics such as mean and standard deviation were used to analyse the research questions while multiple regression was employed to test the hypothesis at a 0.05 alpha level of significance. Findings indicate that entrepreneurial risk-taking showed a statistically significant negative influence on small manufacturing enterprises’ survival. It was concluded that excessive or poorly managed risk-taking can reduce the chances of manufacturing business continuity under volatile and resource-constrained environment. It was recommended that entrepreneurs in the manufacturing sector should endeavor to adopt a calculated and well-managed approach to risk-taking rather than engaging in excessive or poorly planned risks.
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