ASSESSING THE EFFECT OF MARKET ORIENTATION AND ENTREPRENEURIAL ORIENTATION ON SME PERFORMANCE IN GHANA
ASSESSING THE EFFECT OF MARKET ORIENTATION AND ENTREPRENEURIAL ORIENTATION ON SME PERFORMANCE IN GHANA
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Date
2022
Authors
ERNEST, YAW AMOAH
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Abstract
This study sought to assess the effect of market orientation and entrepreneurial
orientation on performance of SMEs firms in Ghana. Data for the study was obtained
from 330 samples SMEs from industry, service and manufacturing selected from three
provinces in Ghana using structured questionnaires. The data for the study was analysed
using structural equation modelling by the help of SPSS and SmartPLS v.3.2.7
softwares. Findings from this study showed a positive and significant relationship
between market orientation and firm performance. Again, the findings from this study
revealed a positive and significant relationship between entrepreneurial orientation and
SME performance. Furthermore, findings with regards to the study revealed that, MO
has a positive and significant influence on EO. From the findings of the study, the study
concludes that both MO and EO do improve SME performance. This study provides
new insights into the MO-performance and EO-performance relationships among
SMEs from developing economies context particularly in Ghana. The findings of this
study further thus suggest that, EO and MO could assist firms to be innovative,
proactive, risk takers in order to have insight about customers, competitors as well as
their employees to achieve their corporate objectives. The study recommended that
small and medium enterprises utilise their knowledge gained effectively and efficiently
in order to realise the gains as found in this study in terms of the benefits or advantages
of being entrepreneurial as well as being a market-oriented firm. Also, managers or
business owners should also be prepared to take risks. When you lose it serves as a
lesson for future business deals. When you succeed, it adds to the fortune of the firm.