Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment
Small and medium enterprises (SMEs) have been considered as one of the engines of economic growth, sustainability, and industrial development of a nation, however, the survival rate of SMEs in Nigeria has been seriously affected by the volatile environment in which they operate. The use of survival...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Sciendo
2019-12-01
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| Series: | Management Dynamics in the Knowledge Economy |
| Subjects: | |
| Online Access: | https://doi.org/10.25019/mdke/7.4.07 |
| _version_ | 1818308983847387136 |
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| author | Adebisi Sunday Abayomi Bakare Nimota Adefunke |
| author_facet | Adebisi Sunday Abayomi Bakare Nimota Adefunke |
| author_sort | Adebisi Sunday Abayomi |
| collection | DOAJ |
| description | Small and medium enterprises (SMEs) have been considered as one of the engines of economic growth, sustainability, and industrial development of a nation, however, the survival rate of SMEs in Nigeria has been seriously affected by the volatile environment in which they operate. The use of survival strategies has also been one of the major challenges facing the business since most people believe that strategies are only meant for large and multinational companies. This study, therefore, examines the survival strategies and sustainability of small and medium enterprises in a volatile business environment using a quantitative approach. The data were administered through a questionnaire to 350 respondents from small and medium enterprises in Lagos State, Nigeria. The questionnaire was analyzed with the use of the Structural Equation Model. The results reveal that there is a significant and positive relationship between survival strategies and sustainability of small and medium scale enterprises in Nigeria. |
| first_indexed | 2024-12-13T07:22:57Z |
| format | Article |
| id | doaj.art-e5b1712deead4fd6b1e0114fa6fb7f22 |
| institution | Directory Open Access Journal |
| issn | 2392-8042 |
| language | English |
| last_indexed | 2024-12-13T07:22:57Z |
| publishDate | 2019-12-01 |
| publisher | Sciendo |
| record_format | Article |
| series | Management Dynamics in the Knowledge Economy |
| spelling | doaj.art-e5b1712deead4fd6b1e0114fa6fb7f222022-12-21T23:55:23ZengSciendoManagement Dynamics in the Knowledge Economy2392-80422019-12-017455356910.25019/mdke/7.4.07Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile EnvironmentAdebisi Sunday Abayomi0Bakare Nimota Adefunke1University of Lagos, Akoka, Lagos, NGUniversity of Lagos, Akoka, Lagos, NGSmall and medium enterprises (SMEs) have been considered as one of the engines of economic growth, sustainability, and industrial development of a nation, however, the survival rate of SMEs in Nigeria has been seriously affected by the volatile environment in which they operate. The use of survival strategies has also been one of the major challenges facing the business since most people believe that strategies are only meant for large and multinational companies. This study, therefore, examines the survival strategies and sustainability of small and medium enterprises in a volatile business environment using a quantitative approach. The data were administered through a questionnaire to 350 respondents from small and medium enterprises in Lagos State, Nigeria. The questionnaire was analyzed with the use of the Structural Equation Model. The results reveal that there is a significant and positive relationship between survival strategies and sustainability of small and medium scale enterprises in Nigeria.https://doi.org/10.25019/mdke/7.4.07survival strategysustainabilitysmall and medium enterprisesvolatile business environment |
| spellingShingle | Adebisi Sunday Abayomi Bakare Nimota Adefunke Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment Management Dynamics in the Knowledge Economy survival strategy sustainability small and medium enterprises volatile business environment |
| title | Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment |
| title_full | Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment |
| title_fullStr | Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment |
| title_full_unstemmed | Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment |
| title_short | Survival Strategies and Sustainability of Small and Medium Enterprises in a Volatile Environment |
| title_sort | survival strategies and sustainability of small and medium enterprises in a volatile environment |
| topic | survival strategy sustainability small and medium enterprises volatile business environment |
| url | https://doi.org/10.25019/mdke/7.4.07 |
| work_keys_str_mv | AT adebisisundayabayomi survivalstrategiesandsustainabilityofsmallandmediumenterprisesinavolatileenvironment AT bakarenimotaadefunke survivalstrategiesandsustainabilityofsmallandmediumenterprisesinavolatileenvironment |