ABSTRACT
The research investigated the influence of entrepreneurial skills on the achievement of Small and Medium-sized Enterprises (SMEs) in Nigeria. The aim of the research was to evaluate the impact of entrepreneurial skills on the achievement of SMEs in Edo State, Benin City and to assess the obstacles faced by SMEs in Edo State, Benin City. One of the principal elements that can aid in the achievement of SMEs is the entrepreneurial skills held by their proprietors and administrators.
The survey study design, which is the collection of data from participants, was utilized, integrating both quantitative and qualitative research approaches. The quantitative stage included a survey of 100 small and medium-sized enterprises (SMEs), where information on entrepreneurial competencies in terms of abilities and experiences and obstacles encountered by SMEs was gathered. The replies from the distributed questionnaire were examined using descriptive statistics and the Chi-Square test. The Chi-Square test was carried out to investigate the difficulties faced by SMEs and a descriptive analysis to illustrate the connection between entrepreneurial competencies and SME success. The findings indicated a notable positive correlation between entrepreneurial competencies and SME success, as gauged by abilities and experiences. Particular competencies, such as the tendency to take risks, strategic thinking, and financial management abilities, were identified as especially impactful in fostering business success.
The qualitative discoveries highlighted several principal hurdles encountered by small and medium enterprises (SMEs) in Nigeria regarding entrepreneurial capabilities, including restricted entry to suitable training and advancement prospects, a shortage of capital, and challenges in adapting to fluctuating market conditions. This analysis enhances the current body of knowledge by providing empirical proof of the importance of entrepreneurial capabilities for SME prosperity in the Nigerian setting. The outcomes have practical consequences for lawmakers, educational bodies, and business support groups in formulating and implementing strategies to boost entrepreneurial capabilities and resolve the hurdles faced by SMEs. By fostering the cultivation of entrepreneurial capabilities and establishing a conducive environment for SMEs, Nigeria can unleash the potential of its entrepreneurial framework, driving economic development, job generation, and sustainable advancement.
