Enterprise Success: Does Entrepreneurship Education Matter in Nigerian Small and Medium Enterprises?

Abstract

Developed and developing countries have demonstrated commitment toward nationwide enterprise culture. Success in entrepreneurship depends on many factors, including entrepreneurship education (EE). In Nigeria, research studies on factors affecting the success of small and medium enterprises (SMEs) are devoid of a comprehensive theoretical framework. Many SMEs owners are interested in discovering these critical success factors. The bulk of research on EE concentrates on its effect on entrepreneurial intentions (EI). The efficacy of EE in enterprise success (ES) is still uncertain. This study surveyed randomly selected 325 SMEs operating in Lagos using adapted research instruments adapted from previous studies. Correlations and multiple regression analysis were applied to analyze the data. The analysis revealed the non-significant relationship between most personal business demographics and the ES. However, the contribution of EE to ES was statistically significant. The study’s findings revealed that EE is the prime driver of ES. EE positively affects ES significantly. The implication is that a well-designed and implemented EE program will enhance business success. Therefore, entrepreneurs need to acquire knowledge relating to business management and the identification and exploitation of investment opportunities.