ASSESSMENT OF SUITABLE RISK MANAGEMENT PRACTICES ADOPTED BY OWNERS OF SME IN ANAMBRA STATE FOR INSTITUTIONAL COLLABORATIONS FOR BUSINESS SUCCESS IN E- WORLD
Abstract
The study ascertained the extent owners of Small and Medium Enterprises adopt suitable risk management practices for institutional collaborations for business success in Anambra state. Descriptive survey design was adopted for the study. The population comprised 2502 owners of SMEs registered with Anambra State Ministry of Commerce, Industry and Technology. A sample of 750 owners was drawn through stratified random sampling technique. One research question guided the study and one null hypothesis was tested at 0.05 level of significance. A validated structured questionnaire with reliability coefficient of 0.76 was used to collect data for the study. Mean and standard deviation were used to answer the research questions while ANOVA was used to test the null hypothesis. Findings of the study revealed that the adoption of suitable risk management practices for business success was low among owners of SMEs in Anambra state. The findings further revealed that years of experience of the SME owners did not significantly affect their mean ratings on the extent they adopt suitable risk management practices in their businesses. It was concluded that there was need for collaborations between the Association of Owners of SME and higher educational institutions through training for acquisition of skills on the identified risk management practices that were not suitably adopted by owners of SME in their businesses for success. It was recommended among others that governments at all levels should make training on risk management practices in the electronic world compulsory among owners of SMEs through workshops, seminars and conferences; and as a requisite for provision and approval of loans to SMEs. This is to ensure effective use of resources provided for success of their businesses.
Keywords: Owners of SMEs, adopt, suitable risk management practices, business success and institutional collaborations
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