PERCEIVED INFLUENCE OF COVID-19 PANDEMIC ON ENTREPRENEURIAL SUCCESS IN LAGOS STATE, NIGERIA

Abstract

This study examined the perceived influence of Covid-19 pandemic on entrepreneurial success in Lagos State, Nigeria. Descriptive survey design was adopted. The population of the study comprised small and medium scale enterprises reside in Lagos State, Nigeria. A total of fifty-five small and medium scale enterprises reside in Lagos State were chosen using purposive sampling technique. Researchers developed questionnaire using ‘Perceived Influence of Covid-19 Pandemic on Entrepreneurial Success (PICPES) with reliability coefficient 0.75 was used to collect needed data. Descriptive statistics of mean and pie-chart were used for analyzing and presenting the answers to the research questions. The findings revealed that Covid-19 pandemic may have influence entrepreneurial success in terms of reduction in company cash inflow, customers patronage, increases in customers debt, disruptions in company supply chain, slowdown the rates of business transaction and increase employees pay-cut, disruption in companies’ productivities and supplies, reduction in companies’ sales volume as well as reduction in profitability index. The study recommends among others things that government should give loans to small and medium scale enterprises so that they can continue their business otherwise they will have to lay-off employees and cut down business. Tax imposed on employees’ salaries should be simplified for at least a year and increase import duties on the consumer and capital products that are produced locally.