Entrepreneurial Skills and Profitability in Lagos's Small and Medium Scale Enterprise: A Mainland Area Study
Keywords:
Business management, Entrepreneur, Profitability, SkillsAbstract
The study assessed the skills and profitability ratios of entrepreneurs within small and medium-scale enterprises (SMEs) in the Mainland Local Government Area of Lagos State, employing a descriptive survey research design. Addressing three research questions and testing two hypotheses, it involved 1200 SME owners, from which a sample size of 120 (10%) was selected using a simple random sampling technique. Data were collected through a structured questionnaire titled "Small and Medium Enterprise Assessment Skills Scale" and analyzed using simple percentages, mean, standard deviation, and Pearson's product moment correlation coefficient. The findings revealed significant relationships between both technical skills and business management skills with the profitability ratios of SMEs, among other insights. Consequently, the study concludes that entrepreneurial skills are essential for SMEs to thrive and become viable in Nigeria, recommending that SME owners should prioritize personal development to enhance their entrepreneurial skills.
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