Perceived Influence of Resilience and Innovation on Businesses Survival amidst Economic Uncertainty in Nigeria

Abstract

The study examined the influence of resilience and innovation on businesses' survival amidst economic uncertainty in Nigeria. Three research questions and two hypotheses guided the study. A correlation research design was used. The population of this study comprised 11,463 SME business operators in Lagos State, South-West, Nigeria. A total of 185 SMEs were selected as the sample size. A researcher developed an instrument tagged: Resilience, Innovation and Businesses Survival Questionnaire (RIBSQ) was used for data collection with 0.89 a reliability coefficient. Research questions and hypotheses were answered and tested using descriptive and inferential statistics. Findings revealed that the level of resilience and innovation among SMEs is low and medium level, respectively. Poor management style, poor financial management were among the factors that hinder or facilitate the adoption of resilience and innovation strategies among SMEs. Poor infrastructure, poor marketing strategy were among the challenges facing businesses' survival amidst economic uncertainty. There was an influence of resilience on business survival amid economic uncertainty (� = .371 p < 0.05). There was an impact of innovation on business survival amid economic uncertainty (� = 0.131 p < 0.05). It was recommended that dynamic strategies to be applied in the type of business resilience measures implemented towards achieving sustain ability based on the nature of SMEs.