Multidimensional Factors Associated with the Performance of Women-Owned Entrepreneurial Businesses in Oyo State, Nigeria

Abstract

Women-owned enterprises contribute to household livelihoods, employment creation and local economic development, but their performance is shaped by interacting entrepreneurial and environmental conditions. Objective: This study assessed the performance of women-owned entrepreneurial businesses in Oyo State, Nigeria, and examined the combined and separate influence of internal and external multidimensional factors. A cross-sectional survey was conducted among 381 women entrepreneurs. Data were collected with a structured questionnaire and analysed using frequencies, percentages, means, weighted mean scores (WMS) and multiple regression. Entrepreneurial performance was assessed through profitability, sales growth, customer-base expansion, business expansion and business sustainability. Result indicate that Profitability had the highest performance rating (WMS=4.46), followed by customer-base expansion and business sustainability (WMS=3.86 each), sales growth (WMS=3.85) and business expansion (WMS=3.83). The combined internal-external model was statistically significant (F(12,369)=3.78, p=0.0018; R²=0.2698; adjusted R²=0.2460). The study concluded that women-owned businesses in Oyo State were generally profitable and sustainable, but business expansion was comparatively limited. Improving performance requires simultaneous attention to entrepreneurial capabilities and the external environment, particularly finance, infrastructure, training and socio-cultural constraints.