Entrepreneurial Strategic Renewal and Efficiency of Selected General Service SMESin Nigeria

Abstract

This study examined the effect of entrepreneurial strategic renewal on the efficiency of selected general service small and medium-sized enterprises (SMEs) in Nigeria. A descriptive survey research design was adopted, targeting a population of 21,187 registered general service SMEs, from which a sample size of 393 was determined using the Taro Yamane formula. Data were collected using a structured questionnaire rated on a 5-point Likert scale and administered through a snowball sampling technique. To test the hypothesis, simple linear regression analysis was used at a 5% level of significance. The study result revealed that entrepreneurial strategic renewal has a positive and significant effect on firm efficiency (β = 0.877, p = 0.000). In conclusion, firms engaging in strategic renewal practices tend to 1.0 Introduction: achieve higher levels of operational performance. The study therefore recommended that SME owners and managers in Nigeria’s general service sector should regularly review and update their business strategies to better align with market changes, which will enhance resource use and overall productivity.