Unlocking Success: Nexus between Entrepreneurial Mindset and Performance of Small and Medium Scale Enterprises

Abstract

The study examined and unlocked the nexus between entrepreneurial mindset and the performance of small and medium scale enterprises (SMEs) Anambra State, Nigeria. The study was anchored on Effectuation theory. The study employed survey research design. The study population was drawn from the selected SMEs in Anambra State, Nigeria. The study conducted a census of all the 206-business owner/managers of the selected SMEs from the target population. Complete enumeration was adopted and so there was no need for sampling as all the selected SMEs were used. A nonprobability sampling technique was used. Primary data was used and was collected using questionnaires. The questionnaire was validated using face and content validity. Reliability analysis run with Cronbach Alpha indicates high internal consistency. Data analysis was done through the use of Spearman’s Correlation Coefficient. The findings of the study indicated that entrepreneurial mindset strongly related to performance of SMEs. The study concluded that traits such as innovativeness, creativity, and business alertness serve as pivotal markers of an entrepreneurial mindset, contributing substantially to the enhancement of SMEs performance. This study recommended that SMEs need to implement structured innovation programs to foster continuous improvement and product development encouraging employees to explore new ideas and technologies; and business stakeholders should encourage an atmosphere that nurtures creativity within SMEs by providing platforms for idea-sharing, incentivizing innovative thinking among employees.

Keywords: Entrepreneurial Mindset, Performance, Innovativeness, Creativity.