Developing Strategic Entrepreneurship for Organizational Profitability: Evidence of Nigerian Textile Firms

Abstract

IntroductionMaximization of profit is a very crucial goal for an organization to stay in business and to survive rivalry from companies in similar industry. Moreover, the intensity in business competition has made most firms particularly textile firms across the globe to be tactically aggressive towards improving their profits irrespective of the economy, industry, business organization and size (Sulaeman, Tisnawatisule, Hilmiana, & Cahyandito, 2018). As such, different business organizations have been challenged with the issues of profit maximization in the textile sector in order to sustain their ventures. According to Marrewijk (2014), the sustainability of the textile firms is being influenced by the coherent sets of corporate institutional parameters such employees' engagements, risk-taking, value systems, management philosophies, business adaptability and related measurement tools and practices that are been targeted towards achieving growth and firm's profitability.Business organization's goal has been associated with achieving business sustainability, which is feasible when the firm progressively attain its desired profit (Sulaeman, et al 2018). Also, Mule, Mukras, and Nzioka (2015) stated that for firms to ensure their survival, maximization of profits is strategically imperative. The limited capacity of managers to be innovative, take risk and futuristic has been identified as some of the reasons for this declining profits of firms (Hahn, 2019). Furthermore, Lee and Griffith (2019) opined that the inability of firms to formulate and implement appropriate strategies had hindered them from adapting to the turbulent business environment and limited their profits. As such, enterprise leaders are been challenged to be innovative and flexible so as to plunge all the difficulties that they encounter (Clarke, Deneus, Etcheverry, & Neira, 2019. According to the Central Bank of Nigeria ( 2019), firms in the textile sector are being faced with weak sales due to high cost and poor access to finance which confines them from been profitable and as such, failed to improve its contribution to the Gross Domestic Product [GDP]. Furthermore, the problems of importation, trafficking of cheap textiles