Effect of Entrepreneurial Development and its Dimensions on the Sustainability of Small and Medium-Sized Enterprises (SMEs) in Kwara State, Nigeria

Abstract

This study investigated the effect of entrepreneurial development and its key dimensions on the sustainability of SMEs. Utilizing a survey research design, data were collected through questionnaires from 154 SME owners and managers in Offa, Kwara State, Nigeria. The analysis identified 15 significant factors based on "Initial Eigenvalues," retaining those with eigenvalues greater than 1. These factors collectively account for 66.162% of the total variance in the observed variables, while post-rotation analysis explains 51.038% of the variance. Although the cumulative percentage before rotation is 66.162%, the note "When factors are correlated, sums of squared loadings cannot be added to obtain a total variance" clarifies the differences in cumulative percentages. The scree plot further supports the retention of 15 factors, indicating a distinct elbow where eigenvalues stabilize. The findings will aid SME managers in implementing entrepreneurial development strategies to achieve sustainable competitive advantage and provide guidance for regulatory agencies in formulating policies that promote the growth and survival of SMEs