Data on the relationships between financing strategies, entrepreneurial competencies and business growth of technology-based SMEs in Nigeria

The article presents data on the relationship between financing strategies, entrepreneurial competencies and business growth of technology-based SMEs in Nigeria. Copies of structured questionnaire were administered to 233 SME owners and financial managers. Using descriptive and standard multiple regression statistical analysis, the data revealed that venture capital and business donations significantly influences profit growth of technology-based SMEs. Moreover, the data revealed that technology-`based firms can enhance their access to financing through capacity building in entrepreneurial competencies, such as acquiring the right skills and attitude.


a b s t r a c t
The article presents data on the relationship between financing strategies, entrepreneurial competencies and business growth of technology-based SMEs in Nigeria. Copies of structured questionnaire were administered to 233 SME owners and financial managers. Using descriptive and standard multiple regression statistical analysis, the data revealed that venture capital and business donations significantly influences profit growth of technology-based SMEs. Moreover, the data revealed that technology-`based firms can enhance their access to financing through capacity building in entrepreneurial competencies, such as acquiring the right skills and attitude. &

Value of the data
The data presented describe demographic attributes of owners and financial managers of technology-based SMEs, especially those in Lagos state. This could be used by other researchers.
The data describe the hierarchical order of importance of financing towards enhancing the growth of technology-based SMEs in Nigeria. Consequently, the data could provide insights for other researchers.
The data allows other researchers to extend the statistical analysis.
1. Data Table 1 shows that 52.6% (121) of the respondents are male and 47.4% (109) of the respondents are female. 21.4% (47) of the respondents are single, 56.8% (125) of the respondents are married, while 20.6%(48) respondents are in other categories, such as divorced, widowed or separated. 29.8% (67) of the respondents are between the age of 21-30 years, 57.8% (130) of the respondents are between the  Table 2 contains data on the effect of financing strategies on technology-based SMEs' business growth. It also reflects which financing strategy is perceived to have the greatest contribution to technology-based SMEs business growth. From the data, venture capital and business donations (β ¼ 0.149, β ¼ 0.141, r 2 ¼ 0.260) respectively, have effect on SMEs profit growth (Table 3). Table 2 contains data on the influence of entrepreneurial capacities on accessibility to financing strategies by technology-based SMEs' operators. From the data, skills significantly influences bank loan (β ¼ 0.152), venture capital (β ¼ 0.186) and business donations (β ¼ 0.367). Attitude also significantly relates with venture capital (β ¼ 0.089) and business donations (β ¼ 0.184).

Experimental design, materials and methods
Survey method was adopted to gather data. 233 owners and financial managers of technologybased SMEs in Lagos State, Nigeria were included in the research. Technology-based SMEs are globally recognized to be significant to enhancing global economies, especially through their contribution to  GDP, advancement of economic competitiveness and tax revenue generation [1][2][3]9]. However, in Nigeria, there is still dearth in literature, especially with data evidence about the financing strategies that are most significant to facilitating the activities of technology-based SMEs and the role of entrepreneurial competencies on their business growth [8,10]. This research benefitted from the ideas of existing research studies. Questions that pertained to entrepreneurial competencies was developed based on [4], while items of SMEs' growth was developed based on [5,6]. Financing strategy questionnaire was developed based on [7]. The collated data were coded and entered in SPSS version 22. Data analysis was performed applying descriptive statistics and structural equation modelling (SEM). Ethical consideration in the research process was ensured because administering the questionnaires to respondents was based on their willingness to respond to the research instrument. Moreover, confidentiality and anonymity for participants in the study was assured.