Adu, E T; Lamptey-Puddicombe, A D and Opawole, A (2020) Consultants' perspectives of survival strategies for small and medium construction firms at infancy stage. Journal of Construction Business and Management, 4(1), pp. 34-47. ISSN 2521-0165
Abstract
This study examines survival strategies for small and medium construction firms (SMCFs) at infancy stage as well as the factors affecting the adoption of these strategies. The study area is Uyo Metropolis in Akwa Ibom State, Nigeria. The study employed stratified random sampling technique to select a sample for the study. Primary data obtained from 103 validated questionnaires, administered to professionals in the built environment are analysed using percentage, mean score and Kruskal Wallis test. Results reveal that all the strategies examined in this study are significant for the survival of SMCFs at infancy stage; dominant among the factors are: innovativeness, required skills, willingness to take risk, entrepreneurial attitudes and behaviours, entrepreneurial organization structure and strategies, and financial resource management. The results further reveal that the dominant factors affecting the adoption of survival strategies for SMCFs at infancy stage are: availability and access to finance, the poor state of the country's infrastructure, poor managerial/executive capacity of the implementing agencies, characteristics of entrepreneurs and failure to adapt to the changing business environment. The study recommends that in addition to regular training to acquire required skills for effective management of the firms, SMCFs should also adopt any or a combination of the strategies highlighted, to survive in the current dynamic and competitive construction environment.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Nigeria; questionnaire survey; small and medium-sized enterprises |
| Index terms: | resource management, survival, sampling, built environment, executive, management of the firm, Nigeria, agency, questionnaire, construction firm, survey, strategy |
| Subjects: | organization, data collection methods, control systems, practitioner, environmental science, management, Geography, sociology, infrastructure and transport systems |
| Topics: | Roles and Professions, Sustainability, Business Strategy, Research Practice, Geographical Context, Project Management, Urban Studies |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here