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Survival Strategies and Sustainability of Small and Medium Enterprises in the Oshodi-Isolo Local Government Area of Lagos State

Author

Listed:
  • Ifekwem Nkiruka

    (Department of Business Administration, College of Management Sciences, Bells University of Technology, Ota, Ogun State)

  • Adedamola Ogundeinde

    (Department of Business Administration, College of Management Sciences, Bells University of Technology, Ota, Ogun State)

Abstract

Small and medium enterprises (SMEs) play an essential role in the sustainable development of countries. They help in employment generation, industrial production increase, and export, social enrichment as well as political stability. This study investigates the survival strategies and sustainability of SMEs using selected small businesses in the Oshodi-Isolo Local Government Area, Lagos State. It examines the type of growth strategies that SMEs adopt, ascertains what influences their survival strategies as well as the challenges that hinder their growth. Fifty (50) SMEs were randomly sampled. Their owners and managers were interviewed using questionnaires. Data collected were analysed using descriptive statistics and Pearson product–moment correlation coefficient statistics. Our findings reveal that there is a statistically significant relationship between survival strategies and SMEs’ sustainability. The major implication of the findings is that maintaining small but committed and motivated employees is critical in guaranteeing the survival of the SMEs in a volatile economy. The study recommends that there be a need for orientation and educational programmes to change the mindset of business owners to enable them to graduate from sole atomistic proprietor devoid of modern scientific business practice and effective succession to corporate status with an apparatus of modern business management practices and corporate vision. Finally, the study further suggests some imperatives for policy makers concerned with promoting small businesses’ growth and sustainability in the Oshodi-Isolo Local Government Area of Lagos State.

Suggested Citation

  • Ifekwem Nkiruka & Adedamola Ogundeinde, 2016. "Survival Strategies and Sustainability of Small and Medium Enterprises in the Oshodi-Isolo Local Government Area of Lagos State," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 4(1), pages 103-118, December.
    • Handle: RePEc:vrs:auseab:v:4:y:2016:i:1:p:103-118:n:6
    DOI: 10.1515/eb-2016-0006
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    Citations

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    Cited by:

    1. Sisira Kumara Naradda Gamage & EMS Ekanayake & GAKNJ Abeyrathne & RPIR Prasanna & JMSB Jayasundara & PSK Rajapakshe, 2020. "A Review of Global Challenges and Survival Strategies of Small and Medium Enterprises (SMEs)," Economies, MDPI, vol. 8(4), pages 1-24, October.
    2. RPIR Prasanna & JMHM Upulwehera & BDTN Senarath & GAKNJ Abeyrathne & PSK Rajapakshe & JMSB Jayasundara & EMS Ekanayake & Sisira Kumara Naradda Gamage, 2021. "Factors Determining the Competitive Strategic Positions of the SMEs in Asian Developing Nations: Case Study of SMEs in the Agricultural Sector in Sri Lanka," Economies, MDPI, vol. 9(4), pages 1-24, December.
    3. Michael Segun Ogunmuyiwa & Oluwakemi Rachel Aladegoroye & Adebiyi Julius Abosede, 2020. "Funding of Micro Scale Enterprises: Is Cooperative Financing Helpful?," Business & Management Compass, University of Economics Varna, issue 4, pages 430-443.

    More about this item

    Keywords

    economic growth; poverty; government policies; sole ownership;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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