Small and medium enterprises (SMEs) play an essential role in the sustainable development of countries. They help in employment generation, industrial production increase, and export, social enrichment as well as political stability. This study investigates the survival strategies and sustainability of SMEs using selected small businesses in the Oshodi-Isolo Local Government Area, Lagos State. It examines the type of growth strategies that SMEs adopt, ascertains what influences their survival strategies as well as the challenges that hinder their growth. Fifty (50) SMEs were randomly sampled. Their owners and managers were interviewed using questionnaires. Data collected were analysed using descriptive statistics and Pearson product–moment correlation coefficient statistics. Our findings reveal that there is a statistically significant relationship between survival strategies and SMEs’ sustainability. The major implication of the findings is that maintaining small but committed and motivated employees is critical in guaranteeing the survival of the SMEs in a volatile economy. The study recommends that there be a need for orientation and educational programmes to change the mindset of business owners to enable them to graduate from sole atomistic proprietor devoid of modern scientific business practice and effective succession to corporate status with an apparatus of modern business management practices and corporate vision. Finally, the study further suggests some imperatives for policy makers concerned with promoting small businesses’ growth and sustainability in the Oshodi-Isolo Local Government Area of Lagos State.
Adebisi, Sunday A.; Gloria C. Alaneme; Aiwanehi B. Ofuani. (2015). Challenges of finance and the performance of small and medium enterprises (SMEs) in Lagos State. Developing Country Studies 5(8): 46–57.
Adegbite, Oyeyemi. (2001). Business incubators and small enterprise development: the Nigerian experience. Small Business Economics 17(3): 157–166.
Ajide, Folorunsho M.; Raimi A. Hameed; John A. Oyetade (2014). Environmental sustainability and financial performance of small and medium Enterprises (SMEs) in Nigeria: A study of selected firms in Lagos State. International Journal of Management Sciences and Humanities 2(2): 39–55.
Ayopo, Babajide A. (2011). Effects of microfinance on micro and small enterprises (MSEs) in Southwest Nigeria. Ota: Covenant University.
Bamidele, Rasak. (2012). Small and medium scale enterprises (smes): a panacea for economic growth in Nigeria. Journal of Management and Corporate Governance 4: 83–98.
Basil, Anthony N. (2005). Small and medium enterprises (SMEs) in Nigeria: problems and prospoects. St Clements University.
Esuh, Ossai-Igwe L.; Isaiah O. Adebayo. (2012). Is small and medium enterprises (SMEs) an entrepreneurship? International Journal of Academic Research in Business and Social Sciences 2(1): 487–496.
European Commission. (2003). Commission. Official Journal of the European Union. 36–41.
Ojo, Olu. (2009). Impact of microfinance on entrepreneurial development: The case of Nigeria. The International Conference on Administration and Business. Romania: ResearchGate. 536–545.
Omah, Ishmael; Stella T. Durowoju; Abayomi O. Adeoye; Ayobami F. Elegunde. (2012). Post-bank consolidation: A debacle in the survival of SMEs in Nigeria – An empirical study. Australian Journal of Business and Management Research 2(8): 1–6.
Osotimehin, K. O.; Charles A. Jegede; Babatunde H. Akinlabi; O. T. Olajide. (2012). An evaluation of the challenges and prospects of micro and small scale enterprises development in Nigeria. American International Journal of Contemporary Research. 174–185.
Yusuf, Tajudeen O.; Francis S. Dansu. (2013). SMEs, business risks and sustainability in Nigeria. European Journal of Business and Social Sciences 2(9): 76–94.