Market and Entrepreneurial Orientations as Predictors of Small and Medium Enterprises’ Performance in the COVID-19 Era
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Date
2022
Authors
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Journal ISSN
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Publisher
Innovative Marketing
Abstract
The COVID-19 pandemic affected all sectors of the economy, including small and medium enterprises (SMEs). However, it has been observed that while some SMEs succumb to the pandemic, others thrive. Therefore, the study investigates the influence
of market orientation and entrepreneurial orientation as well as their dimensions on
the performance of SMEs in the COVID-19 era. A cross-sectional research design was
adopted in the study. The data were collected through a questionnaire administered to
385 SME owners and managers in Lagos State, Nigeria. 328 copies of the questionnaire,
representing 85.1%, were retrieved and used for the analyses. The results of structural equation modeling revealed that entrepreneurial orientation and its dimensions
significantly influenced SME performance. Innovativeness and pro-activeness positively influenced performance, while risk-taking negatively influenced performance.
Furthermore, the findings indicate that market orientation and its dimensions have no
significant influence on SME performance during COVID-19. The insights from the
findings will help SME owners and managers to run their operations in a challenging
business environment. It will also help SME development agencies in their efforts to
encourage SME growth and long-term viability
Description
Keywords
SMEs, Customer orientation, Innovativeness, Performance, Sustainability, Nigeria