Strategies and Entrepreneurial Success: An Assessment of Selected Female-Owned Micro & Small Businesses in Ikenne LGA, Ogun State, Nigeria

Abstract

Entrepreneurial success is largely dependent on the strategies employed in exploiting a unique profitable opportunity. The utilization of tacit knowledge and innovations had enabled firms to gain competitive advantage and achieve success. This paper examined the effect of strategies on entrepreneurial success with focus on female-owned micro, small and medium enterprises (MSMEs). Diverse theoretical and empirical discourses were reviewed to establish relationships and effects with reference to strategies and success of MSMEs. The paper utilized primary data collected after administering validated copies of questionnaire to fifty-six female-owned enterprises in Ikenne Local Government Area of Ogun State, Nigeria. MSMEs were selected using purposive-convenient sampling technique. Hierarchical regression analysis was conducted with specified multiple regression-models to depict entrepreneurial success as a function of strategies. From the results, it was discovered that knowledge transfer and innovation were key in engendering entrepreneurial success. Also, the number of years in business had a moderating effect on the relationship between strategies and the success of female-owned enterprises. The paper recommends knowledge transfer and embedded innovation to stimulate success among MSMEs in other areas, in order to ensure enterprises' longevity.

Keywords: Innovation strategy, Knowledge transfer strategy, Entrepreneurial success, Knowledge-based view, Blue ocean strategy.