KOGI STATE
Faculty of Management Sciences
Journal of MANAGEMENT
ISSN: 3212 - 3122
THE RELATIVE CONTRIBUTION OF MANAGEMENT SKILLS TO ENTREPRENEURIAL SUCCESS: A SURVEY OF SMALL AND MEDIUM ENTERPRISES (SMES) IN THE TRADE SECTOR
Kenneth Chukwujioke Agbim
Abstract
Studies have shown that SMEs focus on management skills to ensure a long run performance of their firms. Thus, owing to the increase in SMEs in the trade sector in Makurdi town, Benue State, this study examined the relative contribution of management skills to the success of these SMEs. A survey research method was adopted for the study, while systematic sampling technique was employed to gather data using questionnaires. The generated data were analysed using Principal Component Analysis (PCA) and regression analysis. It was found that the highest relative contribution was made by skills for planning and budgeting for a marketing strategy that provides attractive range of products, followed by skills to act quickly on detecting changes in the environment, skills for assessing sales problems as a way of maintaining good customer relations, skills to focus on product quality so as to capture a sizeable market share, and management expertise skills to attract and keep competent employees. The study recommends that trade entrepreneurs should be sensitized to concentrate on learning and developing the identified skills.
Keywords
Entrepreneur, Entrepreneurial capabilities, Entrepreneurial success, Management skills, Small and Medium Enterprises (SMEs)
Full Article
UNIVERSITY, ANYIGBA
