Technology-Based Entrepreneurship Adoption and Business Performance among Small-Scale Enterprises in Nigeria: Evidence from Selected Retail Specialty Stores in Oyo State

Abstract

In an economy like Nigeria, technology-based entrepreneurship is becoming a key player in boosting the competitiveness and sustainability of businesses. This study examines the relationship between adopting technology-based entrepreneurship and the performance of small-scale enterprises (SSEs) in Oyo State, Nigeria, with a particular focus on the level of employee engagement as a key performance measure. A quantitative approach was used, gathering primary data through structured questionnaires distributed to all 118 managers of SSEs in selected retail specialty stores registered with SMEDAN. The data was analyzed using descriptive statistics and the Pearson Product Moment Correlation Coefficient at a 5% significance level. The results show a strong and statistically significant positive connection between technology-based entrepreneurship adoption and SSEs performance (r = 0.978 for LTU; r = 0.947 for TE; r = 0.964 for LTA; p < 0.05). This suggests that effective technology usage, enhanced technological efficiency, and strategic technology acquisition contribute to higher levels of employee engagement. The study concludes by emphasizing that adopting technology-based entrepreneurship is crucial for SSEs' performance in Oyo State, Nigeria, and recommends that strategic investments in digital innovation and supportive government policies are essential for fostering sustainable business growth of SSEs in Oyo State, Nigeria