Assessing the Role of Entrepreneurial Skills in Enhancing Innovation and Competitiveness of Smes in Ekiti State, Nigeria

Lack of entrepreneurial skills remains one of the major impediments limiting the innovation and competitiveness of small and medium enterprises (SMEs). Many enterprises and institutions have experienced slow growth and weak innovation performance due to the inadequate entrepreneurial skills of their owners and managers. This study therefore examined the effect of entrepreneurial skills on the innovation and competitiveness of SMEs in Ekiti State, located in the South-West region of Nigeria. The survey method was adopted, and 267 questionnaires were distributed to business owners and managers across the state. Descriptive statistics were used for data analysis, while regression analysis was employed to test the hypotheses. The findings revealed a significant relationship between access to entrepreneurial skills and the innovation and competitive growth of SMEs (β = 0.544; p = 0.000). Capital availability also showed a significant relationship with SMEs’ access to entrepreneurial skills (β = 1.175; p = 0.000). Furthermore, the results indicated a strong correlation between entrepreneurial skills and the innovation and competitiveness growth of SMEs (r = 0.607; p = 0.000). The study concludes that entrepreneurial skills positively influence innovation and competitiveness among SMEs. It recommends that entrepreneurs should invest more in skill development, business owners should seek adequate capital to support growth through skills acquisition, and government should include SME owners in policy formulation and implementation.