Strategic Management Practices and Entrepreneurial Orientation among Medium Scale Enterprises in Akure, Ondo State, Nigeria
Faloye, D.O.
Department of Business Administration, Achievers University, Owo, Nigeria.
Solola, L.S.
Department of Business Administration, Achievers University, Owo, Nigeria.
Akeredolu, A. G. *
Department of Business Administration, Achievers University, Owo, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
Strategic management is a top-level activity focused on decision-making regarding an organisation’s mission, vision, philosophy, objectives, strategies, and policies. This study scrutinized the relationship between strategic management and entrepreneurial orientation among medium-scale enterprises (MSEs) in Akure, Ondo State. A survey research design was employed, targeting a population of 2,160 registered enterprises. A sample of 200 enterprises was selected using Smith’s (1984) sampling formula, and simple random sampling was used to ensure fair representation. A structured and validated questionnaire served as the primary data collection instrument. Of the 200 questionnaires distributed, 191 were returned, yielding a high response rate of 96%. The reliability of the instrument was confirmed using Cronbach’s Alpha, with a coefficient of 0.836, indicating strong internal consistency. Descriptive and regression analyses were employed to address the research questions and test the study hypotheses. The findings revealed a significant positive relationship between strategic management practices and entrepreneurial orientation among MSEs in Akure. Socio-Economic Characteristics had a regression coefficient of 0.007004 (t=3.439912>2), suggesting that a one-unit increase in these characteristics is associated with a 0.007004 unit increase in entrepreneurial orientation, holding other variables constant. Performance control attributes yielded a coefficient of 0.027098 (t= 3.645051>2), indicating a stronger predictive relationship with entrepreneurial orientation, implying a strong significant relationship between socio-economic characteristic and entrepreneurial orientation. In light of these findings, the study recommends the development and implementation of robust entrepreneurship education programs tailored to the unique needs of MSEs in Akure. These programs should focus on equipping entrepreneurs with essential skills for strategic planning, innovation, and sustainable growth. These efforts are essential to bridge existing gaps in entrepreneurial capacity, especially among youth and first-time business owners. They align with the study's theoretical framework, which emphasizes the critical role of education and systemic support in fostering effective entrepreneurial orientation and long-term business success.
Keywords: Strategic management, entrepreneurial orientation, medium scale enterprise, socio-economic characteristics