THE PRACTICE OF ENTREPRENEURIAL AGILITY AND SMALL BUSINESS COMPETITIVENESS: LESSON FROM LAGOS STATE, NIGERIA

Abstract

One of the challenges of small businesses in developing economy like Nigeria is the ability to compete with medium and large businesses especially the multinational firms in the market. This demands that it is important for small businesses to be agile in their approaches to compete. Thus, the study examined the practice of entrepreneurial agility and its influence on the competitiveness of small businesses operating in commercial hub of Nigeria which is Lagos. The study adopted descriptive research design as well as simple random sampling. Data were collected from the primary source. The data collected from the respondents were to subjected diagnostic test and regression analysis was employed for the analysis of data. Findings indicated that continuous innovation has a significant effect on small businesses competitiveness in Lagos metropolis. Opportunity identification has a significant effect on small business competitiveness in Lagos metropolis. The study therefore concluded that entrepreneurial agility is a significant determinant for small businesses competitiveness in Lagos State. It was recommended that small businesses in Lagos State should continue to be innovative and improve on the existing innovation in line with market demands. Also, small businesses should continue to seek and pursue business and economic opportunities that occur in the environmental changes for competitive purpose(s). The study added to the body of knowledge on entrepreneurship literature by introducing the concept of entrepreneurial agility and as it is being practised by the small businesses in a developing economy like Nigeria. The introduction of entrepreneurial agility makes the study to be novel. The perspectives (continuous innovation and opportunity identification) of viewing entrepreneurial agility makes the study to be original and adds value to the existing body of knowledge.