Sustainability Practices and their Influence on Entrepreneurial Success: A Study of SMES in Lagos, Nigeria's Green Economy
Abstract
This study examines the influence of sustainability practices on entrepreneurial success among Small and Medium Enterprises (SMEs) operating within Lagos State, Nigeria’s emerging green economy. Using a descriptive survey design, data were collected from 120 SME owners through structured questionnaires and analyzed using descriptive statistics. The findings reveal that sustainability practices—such as waste management, energy efficiency, and eco-friendly production—are moderately to highly adopted among SMEs. These practices were found to significantly enhance operational efficiency, profitability, competitive advantage, and overall business performance, thereby contributing positively to entrepreneurial success.However, the study also identifies key challenges hindering effective adoption, including limited financial resources, high implementation costs, inadequate knowledge and awareness, insufficient government support, and regulatory uncertainties. Despite these barriers, the results underscore the strategic importance of sustainability as both an environmental and economic driver for SME growth.The study concludes that integrating sustainability into core business operations can improve long-term viability and competitiveness of SMEs. It recommends increased policy support, access to green financing, and capacity-building initiatives to promote sustainable entrepreneurship in Nigeria’s green economy.