Vol. 1 No. 1 (2023)
Articles

ENTREPRENEURIAL RESILIENCE AND SURVIVAL OF SMALL BUSINESSES IN RIVERS STATE

Elenwo, Patience Kelechi
Department of Management, Faculty of Management Sciences, University of Port Harcourt. patelenwo4me@gmail.com
Professor B. Chima Onuoha
Department of Management, Faculty of Management Sciences, University of Port Harcourt. benedict.onuoha@uniport.edu.ng

Published 2023-08-10

Keywords

  • Entrepreneurial Resilience,
  • Survival,
  • Resourcefulness,
  • Optimism

How to Cite

Elenwo, Patience Kelechi, & B. Chima Onuoha. (2023). ENTREPRENEURIAL RESILIENCE AND SURVIVAL OF SMALL BUSINESSES IN RIVERS STATE. Open Access Journal of Business and Entrepreneurship , 1(1), 111-125. https://www.openjournals.ijaar.org/index.php/oajbe/article/view/177

How to Cite

Elenwo, Patience Kelechi, & B. Chima Onuoha. (2023). ENTREPRENEURIAL RESILIENCE AND SURVIVAL OF SMALL BUSINESSES IN RIVERS STATE. Open Access Journal of Business and Entrepreneurship , 1(1), 111-125. https://www.openjournals.ijaar.org/index.php/oajbe/article/view/177

Abstract

This study sought to examine the relationship between entrepreneurial resilience and survival of small businesses in Rivers State. Owners of one hundred and eighty (180) registered Laundries, Packaged water and Paint dealers businesses constituted the population size, from which a sample of 123 was drawn using the Krejcie and Morgan’s sample size determination table. Two testable null hypotheses were formulated from the variables. Spearman’s Rank Order Correlation Coefficient was employed to analyze the null hypotheses, via the aid of Statistical Package for Social Sciences at 5% level of significance. 99 copies of the questionnaire were retrieved and analyzed out of the 123 copies of the questionnaire administered. All the null hypotheses were rejected and the alternate accepted. Hence, entrepreneurial resilience significantly influences the survival of startup businesses in Nigeria. It was concluded that there is a significant positive relationship between resourcefulness and adaptability, as well as optimism and adaptability. Thus, it was recommended that entrepreneurs should enhance their resourcefulness by seeking and having relevant information about the environment they operate in, apply the information gained in coming up with novel solutions, while being focused and persist even without signs of success and entrepreneurs should hold across time and situations positive expectations as this “rose tinted view” of the business world will allow them to continue with courses of action even when faced with setbacks.

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