The Impact of Socio-Cultural Factors on Small Business Success in Federal University of Technology, Minna

Abstract

Entrepreneurs are responsible for the promotion of enterprises and businesses and cause economic development as they infuse dynamism in economic activity within their territory, manage organizational and technical change, and also promote the innovation and learning culture on such environment. As such, the study investigated the impact of socio-cultural factors on small business success in Federal University of Technology, Minna. This was achieved by determining the effect of social factors, examining the influence of individual culture, investigate the influence of corporate culture and establishing the relationship between Federal University of Technology culture and the success of small businesses in FUT, Minna. The data were obtained from 76 business owners at the two campuses (Bosso and Gidan Kwanu). Random purposive sampling was used and all business owners contacted responded representing 100%. Data collected were analyzed using the Structural Equation Model (SEM) using PLS. the findings revealed a positive strong relationship between all the explanatory variables and success of small businesses in FUT, Minna. The study concluded that socio-cultural factors have impact on the success of small business in FUT, Minna. The study recommended that the university management should provide an enabling environment in the two campuses that will ensure businesses thrive. For example, provision of light and water 24hours of the day.