Entrepreneurial Risk Management Strategies and Financial Success among Petrol Retail Outlet in Iwofe Zone Obia-Akpor, Rivers State, Nigeria

Abstract

This Study Investigated Entrepreneurial Risk Management Strategies and Financial Success among Petrol Retail Outlet Iwofe Zone in Obia-Akpor LGA, Rivers State, Nigeria. This study was guided by three (3) research questions, hypotheses and specific objectives. The study examined the concept of entrepreneurial risk management strategies as the predicting variables, financial success as the criterion variables and x-rayed the relationship between predicting variables and the criterion variables. The study was anchored on theory of risk bearing by Knight. The research design; adopted was correlational. The accessible population of the study was 100 petrol retail outlet SMSEs with a census sample size of 100 SMSEs. Structured questionnaire with 4 Likert scale was used as main source of data collection. PPMCC was used to test the hypotheses at 0.05 alpha level with the help of SPSS model. The finding revealed that there is a high positive significant relationship between risk mitigation management strategy and financial success of PRO of SMSEs. The study indicated that there is high positive significant relationship between transfer and acceptance risk management strategies and profitability and ROI of petrol retail outlet SMSEs. The concluded that entrepreneurial risk management strategies are inevitable for the financial success of petrol retail outlet SMSEs. The study recommended that entrepreneurs should cultivate the organisational culture of practising the habit entrepreneurial risk management strategy as a yardstick for financial success of SMSEs.