Chapter One — 1.1 Background to the Study

In recent years, Business Plan Competitions has emerged as a critical factor shaping business survival rate of small and medium enterprises (smes) across organizations operating in and around Selected Fintech Companies in Nigeria. As institutions grapple with the pressures of globalization, regulatory reform, and shifting stakeholder expectations, understanding how business plan competitions relates to business survival rate of small and medium enterprises (smes) has become an important area of both scholarly and practical concern.

Selected Fintech 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 Fintech 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 Fintech 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 Fintech 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

Beyond its academic contribution to the field of entrepreneurship, this study has practical value for management teams within Selected Fintech Companies in Nigeria seeking to understand how business plan competitions translates into measurable outcomes around business survival rate of small and medium enterprises (smes). It is equally useful to students and future researchers looking for a localized empirical reference on this relationship.

1.6 Scope of the Study

The study is limited to an examination of Business Plan Competitions and its relationship with business survival rate of small and medium enterprises (smes) within the context of Selected Fintech Companies in Nigeria. It reflects a BSc-level scope of analysis and relies on data and perspectives available within that scope; generalizing the findings beyond this specific context should therefore be done with appropriate caution.