EFFECT OF INDIVIDUALISM CULTURE ON ENTREPRENEURIAL GROWTH OF SELECTED SMES IN SOUTH-SOUTH NIGERIA

This paper evaluated the effect of individualism cultural on entrepreneurial growth of selected small and medium enterprises in South-East Nigeria. The population size of the study was 1632 and the sample size of 321 was determined using the Krejcie and Morgan’s formula at 5% error tolerance and 95% level of confidence. Data for the study were collected through the use of structured questionnaire which was administered randomly to the selected sample size. Out of 321 copies of the questionnaire that were distributed to the SMEs operators in the selected areas, 298 copies were returned while 23 were not returned, however, regression was used to analyse the influence of collectivism culture on entrepreneurial survival of selected SMEs in South-South Nigeria. The finding revealed that the estimated coefficient of the regression parameters has positive sign and thus conform to a priori expectation of significant effect of individualism culture on the dependent variable (entrepreneurial growth of SMEs in South-East Nigeria). The study concluded that cultural values are integral parts of SME owners in South-South Nigeria to achieve optimal business performance. Based on the result, the study further concluded that there is strong relationship between individualism culture and entrepreneurial development of selected SMEs in South-South Nigeria. However, the study recommended that there is the need to improve individualistic in entrepreneurship education so as to make the entrepreneurs to have “hands on” enterprise experience as well as to practice entrepreneurial directed approach in improving entrepreneurial mindset.