Small-scale enterprise: exploring social adaptation of survival among traders in Akure, Nigeria Online publication date: Sun, 18-Sep-2022
by Damilola John Micah; Ezekiel Tunde Omolayo
World Review of Entrepreneurship, Management and Sustainable Development (WREMSD), Vol. 18, No. 5/6, 2022
Abstract: This study examined creative and socio-cultural characteristics exhibited by small-scale traders which predicted success and survival in entrepreneurial activities in the city of Akure, Nigeria. Using Weber and Kalberg's Rationality, 600 traders were sampled in descriptive design, multistage sampling and quantitative and qualitative method. Respondents' mean age was 39.5. 66% earned less than N50,000 monthly incomes. Creativity skills like customer relationship (68.7%), complimentary cards (45.3%), decent dressing (68.7%) and brand name (31.2%) retained patronage. Apprenticeship (49.7%) contributed to creative knowledge. Cultural factors like spouse's partnership (31.5%), family size (63.0%), religion (69.0%) and age (62.0%) contributed to success. Interpersonal relationship (x² = 64.5; P<0.000); dress code (x² = 24.3; P<0.021); and apprenticeship (x² = 31.8; P<0.030) were significant and predicted entrepreneurship success. Respondents showed that cultural and creative abilities served as social capital which drives patronage and adaptation of ventures. Social capital is required as prerequisite and recipe for success in small ventures.
Online publication date: Sun, 18-Sep-2022
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the World Review of Entrepreneurship, Management and Sustainable Development (WREMSD):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email firstname.lastname@example.org