ENTREPRENEURIAL

This study examined the effect of entrepreneurial competencies on the success of small and medium enterprises (SMEs) in Benin City, Edo State. Entrepreneurial competencies are widely recognised as essential behavioural and skill-based attributes that enable entrepreneurs to effectively identify opportunities, manage resources, and sustain competitive advantage in dynamic business environments. The specific objectives of the study were to: Examine the effect of opportunity recognition on SME success Assess the influence of risk-taking on SME success Evaluate the effect of innovativeness on SME success Investigate the impact of networking on SME success Determine the effect of managerial competence on SME success. A survey research design was adopted, and structured questionnaires were administered to owners and managers of SMEs in Benin City using a purposive sampling technique. Data were analysed using descriptive statistics, correlation, and multiple regression analysis. The results revealed that opportunity recognition (B = 0.113, p = 0.048), innovativeness (B = 0.253, p = 0.016), and managerial competence (B = 0.372, p = 0.000) had positive and statistically significant effects on SME success, while risk-taking (B = –0.006, p = 0.939) and networking (B = 0.065, p = 0.301) exhibited positive but statistically insignificant effects. The regression model (R² = 0.642, F = 39.040, p = 0.000) indicated that the independent 13 variables collectively explained about 64.2% of the variance in SME success, suggesting a strong overall model fit. The study concludes that entrepreneurial competencies are critical determinants of SME success in Benin City, particularly opportunity recognition, innovativeness, and managerial competence. It recommends that SME operators enhance their entrepreneurial skills through continuous training and strategic learning to improve adaptability, innovation, and long-term competitiveness within the business environment.

The study investigated the influence of entrepreneurial characteristics on business performance. The purpose of the study was to determine the influence of entrepreneurial competency, innovation and skill acquisition on business performance, also to identify the factors affecting entrepreneurial development in Nigeria. Four research questions guided the study. A descriptive survey research was used for the study. The population of the study was 430 entrepreneurs and the sample was 86 entrepreneurs within the University of Benin community. Data was collected through the use of a well-structured questionnaire and the copies were administered, collected and analyzed. Mean was used for the data analysis. The findings revealed that entrepreneurial competency, innovation and skill acquisition influence business performance. The study recommends amongst others that on-the-job trainings and conferences should be encouraged in firms to increase entrepreneurs’ competency and competitive strategies, practical entrepreneurship approach should be adopted in teaching entrepreneurship in schools, also infrastructures such as electricity, good roads, should be put in good shape to ensure the survival of business enterprise and the creation of new business venture.