ENTREPRENEURIAL READINESS AND SUSTAINABILITY OF SMALL AND MEDIUM SCALE ENTERPRISES IN ANAMBRA STATE, NIGERIA

Abstract

SMEs face high failure rates, particularly in their early stages. This high failure rate underscores the need to examine the relationship between entrepreneurial readiness and sustainability of small and medium scale enterprises in Anambra state, Nigeria. The study specifically looked at the relationship between risk tolerance and the survival of small and medium-sized businesses in Anambra state, Nigeria, as well as the relationship between entrepreneurial skill and adaptability. A descriptive survey research design was used in the study. The population of the study is 12,843 while sample size of 388 was determined using Taro Yamene. Data collected were analyzed using both descriptive and inferential statistics. Descriptive statistic includes frequency tables, arithmetic and percentages while inferential statistics involving Pearson Product Moment Correlation Coefficient was employed for test of hypotheses. The study indicated a significant positive relationship between risk tolerance and survival of small and medium scale enterprises in Anambra state, Nigeria. Also, that there is a significant positive relationship between technological readiness and competitiveness of small and medium scale enterprises in Anambra state, Nigeria. The study recommended that small business owners need to cultivate the culture of calculated risk-taking and mechanisms to assess and manage risks effectively as this will help to maximize their profit leading to their survival in the business environment; Small and medium scale enterprises owners need to facilitate access to technological resources and training programs to enhance their technological readiness as this improve competitiveness and efficiency, leading to better performance in the market.