Repositioning Small and Medium Scale Enterprises for Growth: Focus on Rural Women Entrepreneurs in Abia State, Nigeria

Abstract

Entrepreneurship is a potential tool for economic transformation, considering the impact it has on employment, wealth generation, and spurring local entrepreneurship. Thus, women entrepreneurs the world over, have continued to contribute significantly to the growth and development of their economies through this medium. This paper assessed the ways in which rural women SMEs can be repositioned for maximum growth, based on two objectives: to examine the factors that affect rural women SMEs; and to ascertain the determinants of growth of rural women SMEs. The paper utilized survey research method, and deployed a structured questionnaire based on the 5-point Likert scale. 250 participants were drawn for the study, while face and content validity techniques were employed. Reliability rate was determined using Pearson’s Correlation Coefficient Statistical Procedure. Findings revealed that rural women entrepreneurs are plagued with challenges ranging from lack of quality education, poor state of infrastructure, ineffective credit system as well as a harsh business climate. As a result, factors such as improved market access, ensuring an effective value chain, increased competitiveness, enhanced market entry, quality education/skill acquisition, efficient credit system, adequate infrastructure, and a friendly and enabling business environment were advocated for. The paper recommended among others, the need for financial inclusion and efficient credit system for rural women to enhance the growth of their SMEs.