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Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy

Small firms in a developing economy like Nigeria have been supported with funds, training, and enabling environment for success due to their role in economic growth. Despite these efforts to improve entrepreneurial characteristics and performance of firms, most small firms operate in the informal sector of the economy and do not have policies on sustainability practices. This study ascertains the personal entrepreneurial characteristics predominant in owners of small firms; and identifies the sustainability practices of small firms. All these were with the view to investigate the relationship between entrepreneurial characteristics of owners of small firms and sustainability practices of firms. A purposive sampling technique was used to select 94 respondents who are owners of small firms in Lagos State, Nigeria that responded to questions like the personal entrepreneurial characteristics predominant in owners of small firms; and the sustainability practices of small firms. Data were summarised using descriptive statistics and regression analysis to test the dependability of sustainability practices of small firms on the personal entrepreneurial characteristics of their owners. The results of this survey showed that majority of the owners of small firms possess entrepreneurial characteristics like opportunity seeking and initiative, risk taking propensity, demand for efficiency and product quality, innovation, creativity and persistence, commitment to the work contract, information seeking, proactiveness and goal setting, systematic planning and monitoring, networking and persuasion, independence, and self-confidence. It was also deduced from the survey that small firms do not fully implement sustainability practices in Nigeria (especially in the dimension of environmental conservation). The overall result shows that there is no significant relationship between entrepreneurial characteristics of owners of small firms and sustainability of small firms. In conclusion, entrepreneurial characteristics has no significant relationship with sustainability practices of firms.

Efficiency, Entrepreneurship, Environment, Inclusion, Innovation, Policy, Sustainability

APA Style

Victor Oghenenyerovwome Iki, Esther Ejobosele Otoghile. (2023). Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy. Science Journal of Business and Management, 11(4), 141-148. https://doi.org/10.11648/j.sjbm.20231104.11

ACS Style

Victor Oghenenyerovwome Iki; Esther Ejobosele Otoghile. Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy. Sci. J. Bus. Manag. 2023, 11(4), 141-148. doi: 10.11648/j.sjbm.20231104.11

AMA Style

Victor Oghenenyerovwome Iki, Esther Ejobosele Otoghile. Entrepreneurial Characteristics and Sustainability of Small Firms in a Developing Economy. Sci J Bus Manag. 2023;11(4):141-148. doi: 10.11648/j.sjbm.20231104.11

Copyright © 2023 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

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