EFFECT OF STRATEGIC ENTREPRENEURSHIP PRACTICES ON PERFORMANCE OF SMEs IN NASARAWA STATE, NIGERIA

Abstract

This study examines the effect of strategic entrepreneurship practices on the performance of SMEs in Nasarawa State. The study adopted a survey research design, the population of the study comprised of 10,728 registered SMEs in Nasarawa State, sample size of 386 was determined for the study using Taro Yamane sample size determination formular and used stratified random sampling to select the respondents. The study utilized adapted questionnaire to collect data. The data was analyzed using partial least square structural equation modeling. The study found that strategic entrepreneurial leadership and business networking has positive and significant effect on performance of SMEs in Nasarawa State at 5% level of significant, while strategic resource management has positive but insignificant effect on performance of SMEs in Nasarawa State at 5% level of significant. The study therefore concludes that strategic entrepreneurship practices influence performance of small and medium enterprises. The study recommends among others that SMEs in Nasarawa State should revisit their resource management strategies, prioritize optimizing resource allocation and ensuring that financial, human, and technological resources are aligned with business goals to improve their impact. This could involve adopting more sophisticated resource management tools and practices, such as budgeting software, performance tracking systems, and employee development programs.