Impact of Collectivist Culture on the Long-Term Viability of SMEs in South-South Nigeria
Abstract
This study explored the impact of collectivist culture on the long-term viability of selected small and medium-sized enterprises (SMEs) in the South-South region of Nigeria. Both primary and secondary data collection methods were employed. The population size was 1,632, and a sample size of 321 was calculated using Krejcie and Morgan's formula with a 5% margin of error and a 95% confidence level. Data were gathered using a meticulously designed questionnaire, which was randomly distributed among the selected sample. Out of the 321 surveys distributed, 298 were returned, while 23 were not. The study employed regression analysis to examine the influence of collectivist culture on the survival of the chosen SMEs. The results indicated that collectivist culture significantly impacts the entrepreneurial development of these SMEs. The study concluded that cultural values play a crucial role in enabling SME owners in South-South Nigeria to achieve optimal commercial performance. Additionally, it found that effectively managing various aspects of cultural values could lead to substantial improvements and a potential achievement rate of 90%. The study recommended that SMEs consistently adopt entrepreneurial collectivism values to enhance their survival chances and foster interdependence. This approach has significant implications for promoting sustainable, harmonious development and enabling expansion and growth.
Keywords
Collectivism
Culture
Entrepreneurial Survival
SMES in South-South
Nigeria
References
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