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AN ASSESSMENT OF FINANCIAL BOOTSTRAPPING AND SMALL BUSINESS GROWTH IN LAGOS METROPOLIS, NIGERIA

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AN ASSESSMENT OF FINANCIAL BOOTSTRAPPING AND SMALL BUSINESS GROWTH IN LAGOS METROPOLIS, NIGERIA

 

 

 

Abstract:

This study sought to examine the effect of financial bootstrapping on small business growth in Lagos metropolis, Nigeria. The study adopted a survey research design and the primary data was sourced through structured questionnaire. Simple random sampling was used to obtain a sample of 207 small business owners in Lagos metropolis. However out of the 207 copies of the questionnaire administered, only 149 copies were duly filled and returned which shows a response rate of 71.98%. Descriptive statistics and regression analysis were adopted as the statistical analysis techniques. The results revealed that owners related finance is not statistically significant to small business growth because the half of Beta value is less than standard error value (β/2<Standard Error) and the p-value (-299) is higher than the significant level of  0.05%, The joint utilization of resources has no statistical effect and insignificant effect on small scale business growth as the half of  beta is less than the value of standard error (β/2 < Standard Error; P-value > .05% confident level), It is also revealed that delay payment has a negative and insignificant effect on the growth of small businesses in Lagos metropolis (β= -.012; P-value= .855). The overall results indicate that financial bootstrapping does not have significant effect on small business growth in Lagos metropolis. The study recommends that government should formulate policies to encourage financial institutions to offer credit facilities for small business owners which will enable them to complement their financial bootstrapping strategies.

Key words:

Owners’ related finance, joint utilization of resources, delay payment, small business growth.