Effect of Strategic Management on the Development of Entrepreneurial Competency in Nigeria

Abstract

This article determined the effect that strategic management has on the development of entrepreneurial competence in Nigeria. It also examined the influence of strategic management on competitive advantage, development and advancement of entrepreneurial competencies in Organizations. This study made use of survey research design. The population consists of forty (40) managers of small and medium sized enterprises operating in Abuja Nigeria. Simple random sampling techniques was employed. The study made use of primary source of data through distribution of questionnaire, using a five-point likert scale. Pearson Product Moment Correlation was used to test hypotheses, with the help of Statistical Package for Social Sciences (SPSS 20.1). In conclusion, the strategic management of an organization therefore can result in the positive advancement of entrepreneurial competencies if is appropriately implemented. Organizations that witnessed a positive implication of strategic management on the development and advancement of entrepreneurial competence are those who offered training centered on the acquisition of entrepreneurial competencies. The results showed that strategic management significantly enhance competitive advantage, there is significant relationship between strategic management and development of entrepreneurial competencies in Nigeria and strategic management significantly enhance advancement of entrepreneurial competencies in Organizations. The study therefore recommended amongst others that organizations should invest in training of their employees, as the human resource is an important internal strength of every organization and are therefore a source of competitive advantage for the firm and organizations should involve professional in their strategic management processes to increase the level of development and advancement of entrepreneurial competencies in Organizations.

Keywords: Strategic Management, Entrepreneurial Competence, Entrepreneurship.

DOI: 10.7176/EJBM/12-3-21

Publication date: January 31^st 2020