Abstract

Globally, oil and gas service industry is one of the major contributors to the economic development of many nations. However, the industry is faced with problems of poor entrepreneurial orientation, inflexible planning and poor management of external environmental challenges. These problems have negatively affected their overall performance. This study therefore examined the effect of strategic entrepreneurship on overall performance. The study adopted cross-sectional survey research design with a target population of 9,324 owners and managers of oil and gas service companies operating in Lagos and Rivers States, Nigeria. A multi-stage sampling technique was adopted to select the sample size of 733 using the Cochran (1997) formula. The data was analyzed using descriptive statistics and multiple and hierarchical regression methods of analyses. Findings revealed that strategic entrepreneurship components (entrepreneurial orientation and planning flexibility) had significant effect on firm performance (R² = .216, F-stat = 34.743, p<0.05). Strategic entrepreneurship components significantly affected sales growth (Adj. R² = .582, F-stat = 98.422, p<0.05); market share (Adj. R² = .511, F-stat = 58.132, p<0.05); and profitability (Adj. R² = .410, F-stat = 42.982, p<0.05). External environment significantly moderated the relationship between strategic entrepreneurship and firm performance (ΔR² = .593, ΔF = 19.256; F-stat = 67.765, p<0.05) all at 5% level of significance. Implications of the findings and recommendations were made.

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