Understanding Survival Strategies in Micro and Small Enterprises In Nigeria: A Brief Review of the Literature

Wale-Oshinowo, Bamidele A. and Lebura, Sorbarikor and Ibidunni, Ayodotun Stephen. and Jevwegaga, Helen (2018) Understanding Survival Strategies in Micro and Small Enterprises In Nigeria: A Brief Review of the Literature. Covenant Journal of Entrepreneurship, 2 (1). pp. 72-78.

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Abstract

Empirical evidence overtime shows that micro and small enterprises are more susceptible to changes in their external environment due to their smallness and other peculiarities associated with them such as inadequate skill sets/manpower, lack of financial capacity, short-term orientation and necessity-entrepreneurial approach to business activities. In order to answer the question of how some MSEs survive the harsh economic environment in some developing African economies, we conducted a brief review of the literature to increase our understanding their approach to surviving difficult times. This article presents a brief review of the literature using the Sarasvathy’s Theory of Effectuation to create an understanding of the survival strategies of micro and small -scale enterprises (MSEs) during turbulent times. The article recommends that managers of MSEs are required to develop a problem-solving intuition that helps to either avoid, be passive or active towards business challenges. Moreover, the aid of strategic alliances and industrial clusters, can also be very beneficial in surviving environmental turbulence and uncertainties.

Item Type:	Article
Uncontrolled Keywords:	Survival Strategy, MSEs, Business Environment, Developing Economy
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HF Commerce
Divisions:	Faculty of Law, Arts and Social Sciences > School of Management
Depositing User:	Mrs Patricia Nwokealisi
Date Deposited:	20 Sep 2018 09:31
Last Modified:	20 Sep 2018 09:31
URI:	http://eprints.covenantuniversity.edu.ng/id/eprint/11838

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