Strategic Entrepreneurial Tendencies and Performance of Family Businesses in Abia State Nigeria (Published)
The goal in this study is to decipher the association between strategic entrepreneurial tendencies and performance of family businesses in Abia State. Cross-sectional research design was employed in this study. Top level management staff of family owned small business in Abia State were 231 copies of the research instrument. A total of 212 were returned completed and useful for the analyses. The dimensions of the predictor variable (strategic entrepreneurial tendencies) used in the study are strategy implementation and strategy control. After a pilot test, which established the internal consistency of the instrument used for the study, the spearman rank order correlation coefficient statistical tool was used to test the hypotheses. The output reveals that strategic entrepreneurial tendencies such as strategy implementation and control have a significant impact on company performance, especially for family-owned firms. As a result, owners and managers of family businesses are advised to: improve their flow of communication to ensure that all stakeholders are provided timely and sufficient information in accordance with their strategic decisions; and more control techniques should be incorporated into their process by encouraging participatory target setting, standard practises, performance assessment, feedback, and corrective measures. These are all activities and practices that may be integrated into their process.
Keywords: Performance, Strategy Implementation, strategic entrepreneurial tendencies, strategy control