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Mitigating SMEs Challenges in Nigeria and Strategies for Sustainable Success
The importance of SMEs in developing and growing economies around the globe cannot be overemphasized. Small Businesses play a great role in providing citizens with employment opportunities, innovation, and economic growth. The number of attempts by entrepreneurs to establish ventures continues to grow, most of which failed in the formation stage. Therefore, there is the pain of small business failure, which affects the employment opportunities being rendered. Because of the importance of entrepreneurship and small businesses' growth and development, countries initiate intervention programs to support them to succeed and avoid failures. The USA created SBA, and Nigeria created SMEDAN, all in ...
Critical Success Factors (CSFs) of SMEs in Nigeria and the Mediating Impact of SMEDAN Initiative Between the CSFs and SMEs' Success
The study is deduced from a Ph.D. thesis investigating the critical success factors influencing SMEs in Jigawa State, Nigeria. Over twenty-one, critical success factors were identified in the literature review as influencing the success of SMEs across many locations and industries, and seven were considered important for this study. Studies confirmed the need to identify the CSFs that apply to SMEs of a location or industry. The federal government of Nigeria focused on developing entrepreneurship and SMEs to trigger socio-economic development, which resulted in many initiatives, including the establishment of SMEDAN to support the development of SMEs to reduce or eliminate their failure, as ...
A Review of Critical Success Factors Influencing the Success of SMEs
Objective: Critical success factors models for SMEs provide information to SMEs that were utilized to develop policies and strategies for best business practices that will mitigate failures. The objective was to review SME articles and books to identify CSFs influencing their success.Design: The article reviewed the literature on SMEs and identified critical success factors that influence the success of SMEs across locations and industries.Findings: Twenty-five critical success factors of SMEs were identified, and many more are considered part of them.Policy Implications: The paper will enable entrepreneurship researchers to understand the CSFs for application as variables in future CSFs models and SME operators for best business practices to reduce failure and grow/develop economies.Originality: The article is an exhaustive literature review of SME articles and books identifying the CSFs influencing their success.
History Maker
Alhaji Sule Lamido is one of the most prominent politicians in contemporary Nigeria. A dogged believer in political and economic freedom, he has faced trials and torments on his way to prominence. But he knows how to rise above all vicissitude to keep his career on an upward trajectory. History Maker presents the story of Lamidos political journey as told by different authors. It captures his origins, struggles, achievements, and travails. The book attempts to bring out the salient virtues of consistency, determination, belief in individual abilities, faith in God, and resolve to endure hardship to fulfil a personal dream, which are the hallmarks of Lamidos political life. It provides a guide to the attitude and disposition of Lamido to life and politics.
Critical Factors Influencing Opportunity Recognition and Exploitation
When entrepreneurs discover an opportunity, they take the risk of exploiting it by sourcing resources and applying them to develop the product or service, offer the product to customers through the relevant market, gather the appropriate human resources, and satisfy all the stakeholders. It is, therefore, important to understand the factors that will influence both entrepreneurial opportunity recognition and opportunity exploitation. This article presented a literature review and findings from the reviewed literature as it relates to critical factors that influence opportunity recognition and opportunity exploitation. The findings might help. Entrepreneurs understand critical factors that will influence them to discover an entrepreneurial opportunity quickly and efficiently and exploit the opportunity to form a new venture. The information presented in the article might guide researchers to explore more factors that will influence entrepreneurial opportunity recognition and exploitation, especially as it relates to specific industries.
Strategies for Navigating Entrepreneurial Ideas Into Successful Business Investment
Entrepreneurs are faced with enormous risks when investing in an entrepreneurial idea. A creative entrepreneur converts a recognized idea, otherwise known as an opportunity, into a new venture or improves on the existing venture, otherwise called innovation. An invention that will add value to customers is usually referred to as innovation, and entrepreneurs creatively innovate ideas into a product that will add value to customers. A product must pass through a business model that will satisfy the stakeholders involved in the entrepreneurial journey. The business model is to use strategies that will identify a market with a substantial number of customers that will make a profit on investment. This paper identified strategies that entrepreneurs use to develop a business model that reduces risk and adds value to customers and stakeholders. The paper will guide entrepreneurs in selecting a business plan that will reduce risk when investing.
The Dark Side of Psychological Contracts
There is a dark side to the psychological contract that exists between employers and employees. This dark side is demonstrated by how corporations use a positive reputation to close their job openings when the companies' leadership and management already know the organization functions with a toxic organizational culture. A catfish is a corporation or person who pretends to be someone or something that they are not in person or online. A catfish might use, for example, a misleading reputation or other information to make applicants or candidates believe false information about the organizational quality's conduciveness to psychological safety when in fact, the environment is not psychologica...
