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Survival strategies as a Panacea to the Reduction of Small Business Mortality in Akwa Ibom State, Nigeria

Uduakobong Anietie, Ubong U Etim, Isaac U Inwang, PhD

Abstract

This study was carried out to examine the influence of survival strategies on the reduction of small business mortality in Akwa Ibom State, Nigeria. Survey research design was employed for the study. Population for the study was 9,483 registered small business in the 3 senatorial district headquarters of Uyo, Ikot Ekepene and Eket. Sample size was gotten as 384 using Taro Yamene’s formula for sample size determination. Primary source of data which was mainly questionnaire was used for the study. Simple random sampling technique was employed in administering the research instrument. Descriptive and Inferential statistical tool were employed. The inferential statistical tool was simple linear regression. Findings showed that there exists a significant and positive effect of managerial skill on business mortality. Also, there exist a significant and positive influence of succession plan on small business mortality in Akwa Ibom State. As such, it was concluded that adopting survival strategies have contributed to the reduction in small business mortality in Akwa Ibom State. As recommendations, small business owners should ensure that they get the required managerial skills from the onset or hire someone that possesses the needed competence to run the business as it grows. Also, Entrepreneurs should identify potential candidates to succeed them in business in case of death and train them to resume responsibility in case of emergency.

Keywords

Survival strategies Managerial skills Succession plans Business Mortality

References

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