ENTREPRENEURIAL RESILIENCE, OPPORTUNITY CONNECTEDNESS AND ENTERPRISE GROWTH OF SMALL & MEDIUM ENTERPRISES (SMES) IN PLATEAU STATE

Abstract

Entrepreneurial resilience is widely acknowledged as a factor that leads to enterprise growth. Researchers posit that growth is inextricably intertwined with entrepreneurship. However, low business growth has been a major problem plaguing SMEs today, and businesses that transcend their first generation are very few. This study examines the relationship between entrepreneurial resilience, opportunity connectedness and enterprise growth of SMEs in Plateau State. Using a quantitative method, data was collected via questionnaire on a sample size of 352 SMEs in Plateau State. Using regression analysis, data was analyzed via PLS SEM (Smart PLS 4). The findings reveal that entrepreneurial resilience has significant relationship with opportunity connectedness and enterprise growth, while opportunity connectedness is significantly related to enterprise growth and partially mediates the relationship between entrepreneurial resilience and enterprise growth. Based on the results of the study, SMEs should factor in the combination of both entrepreneurial resilience and opportunity connectedness as effective predictors of enterprise growth. Entrepreneurs should develop resilience in their business methods by always being proactive and ready to adapt to changes in the business environment by being flexible, adaptable and open to strategic business thinking thereby increasing their chances at mitigating instabilities within their business environment. By implication, SMEs should identify new entrepreneurs and widen relationships with diverse stakeholders, and sustain the relationships with actors within their environment thus contributing to their business growth.