Chapter One — 1.1 Background to the Study

Over the past decade, the relationship between business plan competitions and business survival rate of small and medium enterprises (smes) has become a subject of considerable debate among scholars and industry practitioners alike, particularly within the context of Selected Insurance Companies in Nigeria where operating conditions differ markedly from more developed markets.

Selected Insurance Companies in Nigeria presents a useful setting for examining this relationship precisely because the conditions there — structural, regulatory, and behavioural — differ from those typically assumed in the broader literature, most of which draws on evidence from more developed economies.

1.2 Statement of the Problem

Despite a growing body of literature on business plan competitions, there remains limited consensus on the precise nature of its relationship with business survival rate of small and medium enterprises (smes), particularly within Selected Insurance Companies in Nigeria. Many organizations continue to make decisions about business plan competitions without a clear, evidence-based understanding of how those decisions ultimately affect business survival rate of small and medium enterprises (smes). This gap between practice and empirical understanding is the central problem this study seeks to address.

1.3 Objectives of the Study

1. To examine the effect of Business Plan Competitions on business survival rate of small and medium enterprises (smes) in Selected Insurance Companies in Nigeria.
2. To assess the extent to which business plan competitions influences business survival rate of small and medium enterprises (smes) within the study area.
3. To identify the challenges associated with business plan competitions in relation to business survival rate of small and medium enterprises (smes).
4. To recommend strategies for optimizing business plan competitions in order to improve business survival rate of small and medium enterprises (smes).

1.4 Research Questions

1. What is the effect of business plan competitions on business survival rate of small and medium enterprises (smes) in Selected Insurance Companies in Nigeria?
2. To what extent does business plan competitions influence business survival rate of small and medium enterprises (smes) within the study area?
3. What challenges are associated with business plan competitions in relation to business survival rate of small and medium enterprises (smes)?
4. What strategies can be adopted to optimize business plan competitions in order to improve business survival rate of small and medium enterprises (smes)?

1.5 Significance of the Study

This study is significant to a range of stakeholders. For policymakers and regulators, the findings offer evidence to guide the design of frameworks that support healthier outcomes around business survival rate of small and medium enterprises (smes). For managers and practitioners within Selected Insurance Companies in Nigeria, the study provides practical insight into how business plan competitions can be better managed. Finally, it contributes to the academic literature on entrepreneurship by extending existing knowledge into a specific empirical context, and offers a reference point for future researchers.

1.6 Scope of the Study

In terms of scope, this BSc study confines itself to Selected Insurance Companies in Nigeria, focusing specifically on how business plan competitions relates to business survival rate of small and medium enterprises (smes) within that setting. Findings are interpreted within these boundaries rather than as universal claims applicable to every organization or market.