Open Access Peer-reviewed Research Article

Adapting entrepreneurial orientation for business performance of medium-sized business in South-West Nigeria

Article Sidebar

Descriptive analysis
Download PDF
Submitted   Apr 13, 2023
Published   Jun 19, 2023
Issue    Vol 4 No 2 (2023)
DOI   10.25082/FMB.2023.02.002

Views

651

Downloads

362

Citations

PlumX Metrics

Main Article Content

Olugbenga Ayo Ojubanire corresponding author
Department of Consumer Sciences and Hospitality Management, Obafemi Awolowo University, Ile-Ife, Nigeria
Hakeem Omokayode Ade Idowu
Department of Management and Accounting, Obafemi Awolowo University, Ile-Ife, Nigeria

Abstract

Entrepreneurial orientation as a concept has gained the attention of scholars over the last decade. It also became interesting to find out its relationship with business performance in South-West Nigeria. This study set out to find out any measure of influence that entrepreneurship as well as entrepreneurial orientation may assert on the performance of medium size businesses, with South-West Nigeria as the sample location. The results showed that pro-activeness (β = 0.145), competitive aggressiveness (β = 0.231), risk-taking (β = 0.087), and autonomy (β = 0.119) all had positive regression coefficients while innovativeness (β = -0.028) had a negative regression coefficient.

Keywords
entrepreneurial orientation, business performance, medium-sized business, family business

Article Details

How to Cite
Ojubanire, O. A., & Idowu, H. O. A. (2023). Adapting entrepreneurial orientation for business performance of medium-sized business in South-West Nigeria. Frontiers in Management and Business, 4(2), 325-329. https://doi.org/10.25082/FMB.2023.02.002
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

References

  1. Central Bank of Nigeria (2010): Business Expectations Survey. A Quarterly Publication of the Central Bank of Nigeria, 2nd Quarter.
  2. Oluwatayo IB. Information and communication technologies as drivers of growth: experience from selected small-scale businesses in rural southwest Nigeria. Spanish Journal of Rural Development, 2014, 5(2): 65-76. https://doi.org/10.5261/2014.GEN2.06
  3. Oyelaran-Oyeyinka B. SME: Issues, Challenges and Prospects. Paper delivered at the Financial System Strategy (FSS) 2020 International Conference, 2020. https://www.cbn.gov.ng
  4. Kadiri IB. Small and medium scale enterprises and employment generation in Nigeria: The role of finance. Kuwait Chapter of the Arabian Journal of Business and Management Review, 2012, 1(9): 79.
  5. Davidsson P and Wiklund J. Levels of analysis in entrepreneurship research: Current research practice and suggestions for the future. Entrepreneurship theory and Practice, 2001, 25(4): 81-100. https://doi.org/10.1177/104225870102500406
  6. Rauch A, Wiklund J, Lumpkin GT, et al. Entrepreneurial orientation and business performance: An assessment of past research and suggestions for the future. Entrepreneurship theory and practice, 2009, 33(3): 761-787. https://doi.org/10.1111/j.1540-6520.2009.00308.x
  7. Kellermanns FW and Eddleston KA. Corporate entrepreneurship in family firms: A family perspective. Entrepreneurship theory and practice, 2006, 30(6): 809-830. https://doi.org/10.1111/j.1540-6520.2006.00153.x
  8. Dess GG and Lumpkin GT. The role of entrepreneurial orientation in stimulating effective corporate entrepreneurship. Academy of Management Perspectives, 2005, 19(1): 147-156. https://doi.org/10.5465/ame.2005.15841975
  9. Dess GG, Lumpkin GT and Covin JG. Entrepreneurial strategy making and firm performance: Tests of contingency and configurational models. Strategic management journal, 1997, 18(9): 677-695. https://doi.org/10.1002/(SICI)1097-0266(199710)18:9<677::AID-SMJ905>3.0.CO;2-Q
  10. Smith A. An Inquiry into the Nature and Causes of the Wealth of Nations, Oxford University Press, 1776. https://doi.org/10.1093/oseo/instance.00043218
  11. Cantillon R. Essai sur la Nature du Commerce en Général edited and with an English translation by Henry Higgs. London: Frank Cass and Company, 1931.
  12. Amiri NS and Marimaei MR. Concept of entrepreneurship and entrepreneurs traits and characteristics. Scholarly Journal of Business Administration, 2012, 2(7): 150-155.
  13. Schumpeter JA. History of Economic Analysis, New York: Oxford University Press, 1954.
  14. Jennings DF. Multiple Perspectives of Entrepreneurship. Cincinnati, Ohio: South Western Publishing Company, 1994.
  15. Alarape AA. De-Definition of Entrepreneurship: X-Raying Thoughts and Concepts as Precursor to Development of Entrepreneurship as Subject-Discipline. Ife Journal of Entrepreneurship and Business Management, 2015, 1(1): 1-13.
  16. Certo ST, Moss TW and Short JC. Entrepreneurial orientation: An applied perspective. Business Horizons, 2009, 52(4): 319-324. https://doi.org/10.1016/j.bushor.2009.02.001
  17. Doetsch K and Lindberg G. Canadarm, 2013. https://www.thecanadianencyclopedia.ca/en/article/canadarm
  18. Soomro BA and Shah N. Entrepreneurial orientation and performance in a developing country: Strategic entrepreneurship as a mediator. Business Strategy & Development, 2020, 3(4): 567-577. https://doi.org/10.1002/bsd2.122
  19. Bohlander G, Snell S and Sherman A. Managing Human Resources, Cincinnati, Ohio: South-Western College Publishing, 2001.
  20. Hakala D. (2008). Sixteen ways to Measure Employee Performance, 2008. https://www.hrworld.com/features/16-way-measure-performance-021908
  21. Armstrong M. Armstrong's Handbook of Performance Management: An Evidence Based Guide to Delivering High Performance (4th Ed.). London and Philadelphia: Kogan Page Ltd, 2009.
  22. Torrington D, Hall L and Taylor A. Human Resources Management. Harlow: Prentce Hall, 2008.
  23. Sajuyigbe AS, Olaoye BO and Adeyemi MA. Impact of reward on employees performance in a selected manufacturing companies in Ibadan, Oyo State, Nigeria. International Journal of Arts and Commerce, 2013, 2(2): 27-32.
  24. Rezaei J and Ortt R. Entrepreneurial Orientation and Firm Performance: The Mediating Role of Functional Performances. Management Research Review, 2018, 47(1): 878-900 https://doi.org/10.1108/MRR-03-2017-0092
  25. Ihua UB and Siyanbola TO. Critical challenges limiting small business performance in Nigeria: an exploratory investigation. International Journal of Business and Globalisation, 2012, 9(2): 171-185. https://doi.org/10.1504/IJBG.2012.048958
  26. Monday J, Argozie C, Bello A, et al. Enhancing sustainable development of small and medium-scale enterprises through total quality management: Evidence from Nigeria. Ife Journal of Entrepreneurship and Business Management, 2015, 1(1): 25-37.
  27. Central Bank of Nigeria. A Study of Nigeria's Informal Sector, Volume 11. In-depth Study on Nigeria's Informal Manufacturing Sector, 2001.
  28. Idowu HAO. Evaluation of the Impact of Vocational Training on the Productivity of SMEs in Lagos State. Ife Journal of Entrepreneurship and Business Management, 2015, 1(1): 116-129.
  29. Ojukwu D. Achieving sustainable growth through the adoption of integrated business and information solutions: A case study of Nigerian small & medium sized enterprises. Journal of Information Technology Impact, 2006, 6(1): 47-60.
  30. Apulu I and Ige EO. Are Nigeria SMEs Effectively Utilizing ICT. International Journal of Business and Management, 2011, 6(6): 207-214. https://doi.org/10.5539/ijbm.v6n6p207
  31. Irefin IA, Abdul-Azeez IA and Tijani AA. The Adoption of Information Communication and Technology in SMEs in Nigeria. Australian Journal of BBusiness and Management, 2012, 2(2): 1-9.
  32. Small and Medium Enterprises Development Agency of Nigeria. A Publication of National Bureau of Statistics, 2013. https://www.smedan.gov.ng
  33. Vij S and Bedi HS. Relationship between Entrepreneurial Orientation and Business Performance: A Review of Literature. The IUP Journal of Business Strategy, 2012, 9(3): 17-31.
  34. Kreiser PM, Marino LD, Dickson P, et al. Cultural influences on entrepreneurial orientation: The impact of national culture on risk taking and proactiveness in SMEs. Entrepreneurship theory and practice, 2010, 34(5): 959-984. https://doi.org/10.1111/j.1540-6520.2010.00396.x
  35. Wiklund J. The sustainability of the entrepreneurial orientation-performance relationship. Entrepreneurship theory and practice, 1999, 24(1): 37-48. https://doi.org/10.1177/104225879902400103
  36. Atuahene-Gima K. Market orientation and innovation. Journal of Business Research, 1996, 35(2): 93-103. https://doi.org/10.1016/0148-2963(95)00051-8
  37. Morris SB. Estimating effect sizes from pretest-posttest-control group designs. Organizational research methods, 2008, 11(2): 364-386. https://doi.org/10.1177/1094428106291059
  38. Hough J and Scheepers R. Creating corporate entrepreneurship through strategic leadership. 2008.
  39. Kuckertz A and Wagner M. The influence of sustainability orientation on entrepreneurial intentions-Investigating the role of business experience. Journal of business venturing, 2010, 25(5): 524-539. https://doi.org/10.1016/j.jbusvent.2009.09.001
  40. Coulthard M. The role of entrepreneurial orientation on firm performance and the potential influence of relational dynamism. Journal of global business and technology, 2007, 3(1): 29.
  41. Swierczek FW and Ha TT. Entrepreneurial orientation, uncertainty avoidance and firm performance: an analysis of Thai and Vietnamese SMEs. The International Journal of Entrepreneurship and Innovation, 2003, 4(1): 46-58. https://doi.org/10.5367/000000003101299393
  42. Mohammed A, Armanu T, Archman S, et al. The Role of EO on Firm Performance Through Strategic flexibility: A Conceptual Approach. International Journal of Business and Behavioral Science, 2013, 3(3).
  43. Hughes M and Morgan RE. Deconstructing the relationship between entrepreneurial orientation and business performance at the embryonic stage of firm growth. Industrial marketing management, 2007, 36(5): 651-661. https://doi.org/10.1016/j.indmarman.2006.04.003
  44. Covin JG and Lumpkin GT. Entrepreneurial orientation theory and research: Reflections on a needed construct. Entrepreneurship theory and practice, 2011, 35(5): 855-872. https://doi.org/10.1111/j.1540-6520.2011.00482.x
  45. Matchaba-Hove T, Farrington S and Sharp G. The entrepreneurial orientation-Performance relationship: A South African small business perspective. The Southern African Journal of Entrepreneurship and Small Business Management, 2015, 7(1): 36-68. https://doi.org/10.4102/sajesbm.v7i1.6