Successful entrepreneurs are dynamic, visionary and relationship-oriented. Their flexibility enables adaptation to strategic business management approaches and, as Christensen (2013) noted, the importance of people, process and technology to business growth is better understood by the 21st century advancements in ICT, changing consumer preferences and constantly-evolving business management ideas.
SMEs in Nigeria therefore collapse because most managers lack creativity, innovation and design—the three major keys required to gain competitiveness in a volatile, highly-networked economy where fresh ideas can easily turn to money-spinners (Cooperrider & Srivastva., 2017).
According to Luo et al (2017), the level of education, strategic management ideas, relationship-building skills and risk-taking abilities of managers in the SME sector are responsible for either success or failure. In Nigeria, most small and medium-scale industries are dependent on obsolete machinery with low productivity level and high maintenance costs.
To compete favorably on the world stage, Nigerian entrepreneurs need to function in a high-tech business setting where production of premium, affordable, easily-accessible and safe products/services guarantees customer satisfaction. Unfortunately, this ideal business setting requires governmental control of Nigeria’s inherent socio-political factors which we shall discuss in the next article (Obi., 2013).
