ENTREPRENEURSHIP DEVELOPMENT AND RISK MANAGEMENT APPROACHES TO SELECTED SMALL AND MEDIUM ENTERPRISES (SMEs) IN KWARA STATE

Abstract

The paper examines entrepreneurship development and risk management which is regarded as integral components of the business landscape which emphasized on innovation, economic growth, and job creation toward alleviating poverty and unemployment syndrome in the society while risk management helps to mitigate potential challenges and uncertainties associated with starting and running a business venture. The population of the study comprised one hundred and eighty registered SMEs between 2019 to 2023. Taro- Yamane’s sampling determination technique of (1967) was used to arrive at a sample size of 124.  Primary data was adopted through the use of well-structured questionnaire, 124 copies of questionnaire were distributed to the respondents only 121 copies were validly returned and used for this study. The formulated hypotheses were analyzed using pearson correlation and result revealed that entrepreneurship development  and risk management are  statistically significant and formed  essential component   of SMEs (p-value of F= 0.0000 < 0.05) with positive regression coefficient of 0.01. It was recommended that effective risk management strategies should be adapted to minimizing potential pitfalls and enhancing the resilience of entrepreneurial ventures, by striking a balance between calculated risks and SMEs survival toward long-term business sustainability. However, the paper underscores the essential nature of combining entrepreneurship and risk management to navigate the dynamic and uncertain business landscape.