Strategic Entrepreneurship Practices of Small and Medium Scale Enterprises in Southwestern Nigeria

The study analyzed the extent to which strategic entrepreneurship was practiced among small and medium scale enterprises (SMEs) in South-West Nigeria and examined the determinants of strategic entrepreneurship practices (SEPs) in the enterprises with a view to evaluating the relevance of SEPs for harnessing technology and innovation. The study used primary sources of data on strategic entrepreneurship obtained from a population of 23,290 owners/managers of enterprises in South-west Nigeria. Using Slovin’s formula as cited in Dionco-Adetayo, 2011, a sample size of three hundred and ninety-three (393) enterprises were randomly selected from the population. The data collected were analyzed using mean scores, graphs, bar charts, and multiple regression. Extent of SEPs in the enterprises were beyond average (58.6%). Specifically, the firms went as far as practicing opportunity recognition (75.6%), judgment (79.8%), innovation (81.0%), and creativity (75.0%) prominently. The study also revealed that prominent among the determinants of strategic entrepreneurship in the SMEs was technology (t=-8.89, p<0.01). The study concluded that the interplay of technological factors such as imbibing information technology to cope with competitive forces, government policy, resources and competition contributed to SEPs among SMEs in the study area which has profound implications for innovation and inclusive development going forward in an uncertain future