DOI: https://doi.org/10.36347/sjebm.2024.v11i12.002

Pages: 383-395

Entrepreneurial resilience is crucial for the sustainability of small businesses in the dynamic and challenging environment of Lagos State. This study investigates the impact of business duration, business size, academic qualifications, and women’s participation in business on the resilience and adaptability of small business owners. The sample comprised 422 small business owners selected from five major markets in Lagos State: Bariga Market, Oyingbo Market, Computer Village, Ikotun Market, and Igando Market, using a stratified random sampling technique to ensure diverse representation across various business sectors. Data were collected through a structured questionnaire with a five-point Likert scale and analyzed using regression analysis. The results indicate a strong positive relationship between business duration and resilience, explaining 47.6% of the variance (R² = 0.476, p < 0.001), suggesting that longer operational history significantly enhances resilience through accumulated experience and strategic coping mechanisms. A moderate positive relationship was found between business size and resilience, accounting for 32.1% of the variance (R² = 0.321, p = 0.036), implying that larger businesses with more employees are better equipped to handle challenges due to greater resource capacity. Additionally, academic qualifications were found to be a significant predictor of adaptability, explaining 41.7% of the variance (R² = 0.417, p = 0.031), indicating that higher educational attainment improves business owners’ ability to adapt to environmental changes. Women’s participation in business also showed a positive influence on resilience, accounting for 26.9% of the variance (R² = 0.269, p < 0.001), highlighting the role of gender diversity in fostering resilience. These findings underscore the importance of experience, business size, education, and gender diversity in building resilience and adaptability among small business owners in Lagos State. ...