Entrepreneurship and Business Sustainability in COVID-19 Era in Ogun State, Nigeria

Abstract

The study examined the extent to which entrepreneurship predicts business sustainability during a challenging period of COVID-19 in Ogun State, Nigeria. A descriptive survey research design was adopted. The population of the study comprised 1,003 registered small and medium scale enterprises (SMEs) in Ogun State as of December 2020. A sample of 200 SMEs representing 19.9% of the population was selected as study sample size using the purposive sampling technique. Researcher Instrument tagged Entrepreneurship and Business Sustainability Questionnaire (EBSQ) with 0.93 was used for data collection. Mean, pie chart,and regression analysis were used.The findings revealed that entrepreneurship spirit, behavious, resilience, creativity, quick service delivery, passion, prudence in expenditure, and digital literacy were among the entrepreneurship factors that can predict business sustainability during a challenging period of COVID-19 in Ogun State, Nigeria. It was also found out that the outbreaks of the COVID-19 pandemic have negatively affected business sustainability. Workforce reduction, engaged suppliers, reduction in business expenditure, home delivery of goods and services, employee engagement through teleworking, and maintain healthy customers relationship were among the entrepreneurship strategies that can predict business sustainability during a challenging period of COVID-19. It was recommended that the government and stakeholders in the business organization should organize seminars and workshops for small and medium scale enterprises on the viable ways to manage COVID-19 and ensure business sustainability.The government should assist small and medium scale businesses financially by providing loans with single interest rates with long-term return rates.Government should stop importing locally made goods to a given room for local industry growth and sustainability.