ENTREPRENEURIAL MINDSET AND SURVIVAL OF SMES IN NORTH-CENTRAL NIGERIA

Abstract

In an ideal entrepreneurial ecosystem, a resilient mindset characterized by risk acceptance, passion, execution ability, and persistence served as a critical driver for SME survival. These attributes enabled founders to withstand volatility, adjust to market disruptions, and remain focused during adversity. This study examined entrepreneurial mindset and survival of SMEs in North-Central Nigeria. The study adopted a survey research design in which multi-stage sampling was used to obtain data from the respondents with the questionnaire administered to selected SME owners and managers operating across North-Central Nigeria, with a population of 2456, sample size (344) was used with 20% margin of safety was added to the sample size making it 413. The data were analysed using inferential statistics and multiple regression analysis at a 5% level of significance to test the formulated hypotheses in line with the objectives of the study. The findings revealed that risk acceptance exerted a significant positive effect on the survival of SMEs in North-Central Nigeria. The research concluded that risk acceptance is a decisive driver of SME survival in North-Central Nigeria. The study recommended that SMEs should develop calculated risk-taking strategies by establishing risk assessment frameworks before making investment decisions. Entrepreneurs should maintain emergency funds of 3-6 months operating expenses and diversify revenue streams to manage uncertainty. Regular market monitoring should be conducted to identify and capitalize on emerging opportunities that competitors may avoid due to risk aversion.