Abstract

In carrying multiple roles, entrepreneurs must equip themselves with entrepreneurial competencies. The environment in which entrepreneurs operate requires knowledge, skills and the ability to recognize opportunities and think out of the box. Owners of small and medium scale businesses need to have a resilience which will enable them to thrive well. This study assessed entrepreneurial competencies and entrepreneurial mindset as determinants of SMEs performance in developing countries. The study focused on SMEs in Benue State, Nigeria. Two research hypotheses were formulated to achieve the objectives of the study. A survey design is adopted and questionnaire was used as the instrument of data collection. The population of the study consists of 1,250 owners of SMEs in Benue State and, a sample of 300 participants was derived using the Taro Yamane formula. Regression analysis is used for data analysis and test of hypotheses at 0.05 significance level. Data analysis is carried out with the aid of the Statistical Package for Social Sciences (SPSS 21). Findings of the study revealed that entrepreneurial competencies significantly affect the performance of SMEs in Benue State, Nigeria. Results also indicated that there is a positive significant effect of entrepreneurial mindset on SMEs performance in Benue State, Nigeria. The study concludes that entrepreneurial competencies and an entrepreneurial mindset are significant predictors SMEs performance in developing countries. The study recommends that business owners and intending entrepreneurs should develop the ability to effectively manage their businesses by continuously making use of available opportunities.